Why You Should Use Altcoin for Online Casino Deposits
Few of us believed that Bitcoin would break $40,000 in 2021, much less $50,000. However, now that this has happened, there’s a flurry of activity at online casinos. There are many players that are looking to either cashout or deposit Bitcoin in hopes of earning more crypto.
Today, we will give you an alternative train of thought regarding cryptocurrencies at online casinos. Instead of talking about Bitcoin, let’s discuss why you should use altcoins for crypto deposits during a Bitcoin boom.
Altcoins Provide a Lower Entry Point
The biggest draw of altcoin for investors is the lower pricing point and the potential for growth in the future. Coins like Litecoin, Ethereum, and even Bitcoin Cash allow you to come in at a much lower pricing point than Bitcoin.
If you spend $500 in Litecoin, you will get much more than if you spend the same in BTC. There are many low-cost altcoins that you can buy for a few bucks and many that are considered penny cryptos. You will get more for your money and the room for growth is tremendous.
Fluctuations Are Not as Drastic – Generally
With a lower pricing point, the fluctuations that you’ll see on a daily basis are not as drastic with altcoins as they are for Bitcoin. For example, if Litecoin drops 3 percent at present prices, you’re looking at about a $7 per coin drop. The same drop for Bitcoin will result in a drop of $1,650.
There is a big caveat depending on your currency. Some altcoins will see wild fluctuations based on the price of Bitcoin. Generally, if Bitcoin is up, altcoins are up and vice versa. However, there are some coins that will see drastic shifts in price. These are usually your lower-priced cryptos. More established coins will have fluctuation but you don’t have to worry about a single day drop of 50% for coins like Ethereum.
Altcoin Deposit Minimums Are Lower
Depending on your casino, you may find that deposit minimums for some altcoins are much lower than you’d find for Bitcoin. For example, a casino that requires a .001 minimum deposit in Bitcoin may only require a 500 DOGE minimum deposit. In fiat, that’s about half the cost.
Most casinos don’t shift their minimum deposits based on the current price of BTC. As such, some altcoins may allow a lower minimum deposit simply because they haven’t had a mammoth price jump. This allows you to deposit for less and gives you a lower cost of entry.
Miner Fees Are Lower and Deposits Are Generally Faster
The biggest advantage to using altcoins over BTC is speed and cost. While most casinos don’t charge a fee for deposits, miner fees are unavoidable. Altcoin miner fees are generally a fraction of what you’d pay for BTC.
For example, a transfer of $100 worth of BTC may cost you up to $20. The same amount in Litecoin might cost you 50 cents. The actual cost will vary depending on various factors, but that’s a good base example.
Furthermore, most altcoin deposits will hit your account much faster than BTC deposits. Instead of waiting up to four hours for a deposit to clear, you may have the deposit clear in five minutes or less.
You Can Always Convert Your Altcoin to BTC
One advantage of playing at Bitcoin online casinos is the ability to cash out using crypto. However, unlike many other deposit methods, you’re not required to cash out using the same crypto as you deposited with. If you deposit with DOGE and run it up, you can cash out using any crypto, including Bitcoin.
Many players will run up a balance playing blackjack or other online casino games and then cash out using Bitcoin. This is one way to acquire Bitcoin without buying it at an exchange. If the current Bitcoin bull run continues, this could be a way to pick up some BTC and HODL.
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