Skip to main content

On Altcoin Gambling: What Crypto Should Be Supported?

Bryan Burgett in Bitcoin Gambling published on 29, October 2014

Cryptogambling

For businesses that revolve around Bitcoin as their only method of payment, opening the doors to an altcoin is becoming a necessity. With Bitcoin’s somewhat slow confirmation times and quickly growing blockchain, keeping up with technology is a must. Luckily, there are a couple of altcoins that are among the top, with both of them enhancing the network where Bitcoin lacks.

Dogecoin

Dogecoin is often seen as being a joke, being that it was created with the popular meme “doge” in mind. Over time, its impact on the community has shown to be a great one, with social media boosting its value significantly. It has gone through ups and downs since its release, but due to being widespread and pretty cheap on a per-coin basis, it is an awesome choice when it comes to accepting payments. Plus, it has a great network of miners to help keep it stabilized, is merge-mined with Litecoin, and even has quick block times. All of these make Dogecoin gambling a great addition to sites that traditionally only accepted Bitcoin.

Litecoin

Litecoin is one of the oldest altcoins, and is the first to utilize the scrypt mining method. It was created with the idea of beating ASICs, which proved to be a failed attempt. But this doesn’t change the value Litecoin has. Due to being the first scrypt coin and being a replica of Bitcoin (but with faster blocks, more coins and a different method of mining), it is by far one of the most stable ones. To top it off, it’s been around for years, and it still doesn’t show any signs of going anywhere—reasons that justify some Bitcoin casinos’ support for Litecoin gambling.

Altcoin GamblingAccepting Multiple Payment Methods

Many businesses have started accepting multiple forms of cryptocurrency. For example, Peerbet offers the ability to gamble using 8 different ones, not the least of which include BTC, LTC and DOGE. FortuneJack is another Bitcoin gambling platform that accepts 8 altcoins, including Darkcoin, Peercoin, Namecoin, Reddcoin, and Novacoin besides the three previously mentioned cryptos. Some sites simply accept the Coinpayments network, which in itself comes with many supported altcoins. As with any business, opening the doors to making things easier on customers is of a huge benefit. Whether it’s a casino, a good seller or a service, the more currencies that are allowed, the better off they will be in terms of customer retention.

Minimizing Volatility With Altcoins

A huge problem many people have with altcoins is that they can be volatile. Even Litecoin is somewhat volatile from time to time, despite being around for a long time. Then again, so is Bitcoin. So what can be done to help reduce the risk one would otherwise face due to this? Use a Bitcoin exchange. An example of this would be to use Cryptsy’s API to pull values, accept payments based on that, and then instantly trade them on Cryptsy to obtain the bitcoins. While this adds a bit of work for the business, it allows users to pay in any currency they want that’s supported (with a list too long to count), while still allowing for the funds to be held in Bitcoin instead.

 

Like this article? Place your comments below