So, you want to get into crypto betting but don’t know where to start? Well, unlike the traditional gambling industry with FIAT, crypto betting is a bit more complicated.
Why? Well here, the entire process (fees, features, security) depends on the cryptocurrency used for gambling, whereas with traditional FIAT betting, the process is the same whether you use USD or EURO.
Since crypto betting is so popular at the moment, let’s look at some of the best and most obvious choices, which are Bitcoin and Ethereum. These are the two most valuable cryptocurrencies on the market, and even though they might look similar, once you dig a bit deeper, they are completely different.
This means that there isn’t a straightforward answer when it comes to choosing the right one. It all depends on personal preferences, the type of gambling you are interested in, and other factors.
So, let’s compare them side-by-side and find out which is better for you.
What’s the Difference Between Bitcoin and Ethereum?
Bitcoin and Ethereum may look very similar – they’re both cryptocurrencies, but if you peel back the first layer then you’ll find out that they serve quite different purposes.
First, we have probably the most popular option among gamblers – Bitcoin. Bitcoin is a type of crypto that is designed to store value rather than for everyday transactions.
On the other hand, Ethereum is built on a multi-purpose platform, that comes with smart contracts, fast transactions, and the ability to support decentralized applications (dApps).
So, as, you can see, they are completely different. Bitcoin is more focused on being a safe store of value, which is why it has a capped supply. But it works with a less futuristic technology where transactions might become more expensive and slower than other cryptocurrencies like Ethereum.
Ethereum, on the other hand, has the capability to process far more complex transactions, including smart contracts. Additionally, it has faster and more flexible transaction processing (with block times closer to 15 seconds), which is why it is a first choice for many decentralized finance apps.
But what about online gambling? Which one is better?
Which Is Better for Online Gambling
We have to compare them in multiple categories and find out which ones perform better.
Transaction Speed
The first and most important thing in online gambling is transaction speed. You’d want a currency that can land in your wallet in minutes. Having access to your money instantly is a huge thing in the world of gambling and it can make or break your entire strategy.
When it comes to Bitcoin and Ethereum, they both have decent speed. Yes, Ethereum might be faster, but if you are coming from traditional banks where you waited a couple of days for the money to land in your bank account, waiting a couple of minutes more wouldn’t make you any difference.
Transaction Fees
This is a big one. Transaction fees! Nobody wants them, but they are necessary in order to keep the network going.
If you are into crypto, then you probably already know that the fees depend on how busy is the network. The more transactions wait for miners to process them, the higher the “bribe” for miners to process certain transaction’s faster, which ultimately increases the fee.
Bitcoin fees are considered one of the highest (even though they are not that big) compared to other cryptocurrencies like Solana, XRP, or even Ethereum. As of 2024, the average Bitcoin transaction fee is around $2-$5.
In my opinion, the transaction fee shouldn’t be your focus when picking which one to gamble with since they both have better fees than traditional banks.
I’d focus more on the future of both cryptocurrencies, what can we expect, price movements, etc.
Why Choose Bitcoin?
I think it is more stable than Ethereum, especially after large organizations like Blackrock have shared an interest, and with the Bitcoin ETF approval.
Additionally, finding a Bitcoin gambling website is relatively easy. Lastly, Bitcoin has the proof-of-work model, which may be old, but at least it is tested for everything and perfected for security.
Why Choose Ethereum?
Ethereum is a more lightweight crypto that has faster transactions and greater flexibility. On top of that, the fees might be lower (most of the time) compared to Bitcoin.
Most people may think that there aren’t many ETH casinos, but they are wrong. There are actually plenty of ETH casinos there are even some Ethereum live dealer casinos.
Which is More Secure for Betting?
I think that both cryptocurrencies will provide a decent security. Although they are based on two different models, I think that they are much better than traditional finance.
As we mentioned before, Bitcoin uses proof-of-work (PoW) model, which might seem old, and consumes more energy, but at least it is tested and proved to be secured.
On the other hand, Ethereum uses proof-of-stake (PoS), which is less energy-hungry system, more lightweight, and has faster transactions, but in terms of security, I think that Bitcoin’s network has the slightest edge.
Which One To Choose?
They both have similar features, and I think the choice should come down on the type of gambling website you are interested in (what crypto they support), the future value of the cryptocurrency and how volatile is it.
