From being an ignored alternative form of digital money, the industry of cryptocurrency had gone a long way. Now, people invest in it, and some people even treat is as the new “digital gold.” Even in the world of online casino and online sports betting, more and more bookmakers are starting to accept Bitcoin as a mode of payment and withdrawal. However, some people, especially those who are not particularly indulged in the niche of crypto, assume that cryptocurrency is Bitcoin and vice-versa. While that is correct in a way, but Bitcoin is not the only form of cryptocurrency and is in fact not the only cryptocurrency you can use to bet on sports.
Payment method availability is important in sports betting, as not everyone has access to every method of payment there is. For bookmakers, it is always a good idea to support the most means of payment that you can, as this means your site or app will be accessible to more people. You can discover which bookies accept cryptocurrency as a form of payment in this Silentbet guide.
Here are some of the top cryptocurrencies that are also accepted in online sports betting aside from Bitcoin.
Russian-Canadian programmer Vitalik Buterin started Etehrium in 2013. The term “etherium” technically refers to the platform used for decentralized apps or Dapps, and ether is the token in ti used as a digital currency. However, it has become popularly known as Etherium, and became the second biggest crypto next to Bitcoin.
In its earliest days of conception, Etherium is used for dapps, or mobile applications that are not governed by third parties, such as Google or Apple. Right now, the Etherium project had split into two, giving birth to two different currencies: the ETH and the ETC (Etherium Classic). The ETH remains to be the more popular of the two.
When Bitcoin started to increase in popularity and also in value, the cryptocurrency saw a huge increase in the number of its users and the number of transactions made using it. One of the major problems of Bitcoin is that it has a slow processing capability, only able to process up to seven transactions per second.
This is where Bitcoin Cash (BCH) came in, a fork of the original BTC. Working on bigger blocks, BCH is able to handle and process more transactions per minute than the original Bitcoin. As originally intended by Bitcoin inventor Satoshi Nakamoto, Bitcoin was only meant to be used on a personal level, in a peer-to-peer setup. However, it became bigger than that. The purpose of BCH is to be faster na more efficient in terms of processing capabilities than Bitcoin.
Litecoin is another form of cryptocurrency that is only meant to be used on a smaller peer-to-peer level. It works highly similar to Bitcoin and is sometimes even referred to crypto enthusiasts as the “silver to Bitcoin’s gold.”
Litecoin was forked from Bitcoin by Charlie Lee in October 2011. Lew was a former Google and Coinbase employee. He wanted a coin that is still similar to Bitcoin but has a slight difference from it when it comes to features.
The Dogecoin is the form of cryptocurrency that only started out as a joke, but eventually became a serious currency. Its creator, Jackson Palmer, launched the Dogecoin in 2013. The name “DogecoinDogecoiin” came from the Japanese Shiba Inu dog that became a meme named Doge. Right now, Dogecoins consistently holds its place within the top 30 of all cryptos in use. It is mostly used to provide online tips, especially on Twitter.