Advantages of Using Altcoin for Online Casino Deposits
Late last year we told you about some alternatives to depositing with Bitcoin at online casinos. Altcoin is becoming increasingly popular at Bitcoin online casinos, especially during the recent Bitcoin boom. What some players don’t know is that there are some advantages to using Altcoin for deposits. Today, we will look at those advantages.
Altcoin is Cheaper
The first reason that most people get into Altcoin is that it is monumentally cheaper than Bitcoin. Presently, Bitcoin is hovering around $57,500. Regardless of any fluctuation, Bitcoin is still the most expensive crypto in the world.
The majority of altcoins out there can be purchased for under $100. More expensive coins like Litecoin and Ethereum are still much cheaper than Bitcoin. This allows online casino players to get more for their money.
Your Minimum Deposit May Be Less
Depending on where you gamble, the amount of your minimum deposit may be less for altcoin as opposed to Bitcoin. It depends on whether your deposit is a static fee or based on the fiat currency of the site.
If the minimum deposit is a static fee, then the cost of your transaction will usually be less with altcoin. That’s due to the wild fluctuations of Bitcoin. If a site requires you to deposit .001 Bitcoin or .001 Litecoin, your Litecoin deposit will be much cheaper.
Some sites combat this by requiring that your deposit be the equivalent to fiat, such as a $10 BTC or altcoin equivalent.
Transfer Faster Than Bitcoin
The average speed of transfer of Bitcoin from one wallet to another is around 20 minutes. However, during times of high traffic on the blockchain, transactions can take hours to complete. This means that you will not be able to play with your deposit right away.
Most altcoin transfers in a matter of minutes, if not faster. Furthermore, most online casinos will require fewer confirmations for altcoin over Bitcoin. Where you may need 4 confirmations for Bitcoin, you may only need one or two for Dogecoin or Litecoin. This allows you to start playing right away.
Additional Deposit Bonuses May Be Available
Most online casinos will offer standard fiat deposit bonuses and then sprinkle in some Bitcoin deposit bonuses. However, some sites are now beginning to offer bonuses exclusively for altcoin players. If you plan to deposit with Tether or Litecoin, you can get a bonus exclusively for those coins.
Better still, these bonuses are usually in addition to any Bitcoin bonuses that you get at the website. As the price of Bitcoin shoots up, more sites will offer altcoin alternatives to attract those that don’t want to pay up to buy BTC.
You Can Usually Cash Out Using Bitcoin
With most fiat online casino deposits, you are forced to cash out using the same method. Otherwise, you have to cash out using your bank account or through check by mail. That’s because online casinos are relying on third-party payment processors to handle transactions. That’s not the case with crypto.
For Bitcoin and altcoin deposits, online casinos act as their own bank. This gives them much more freedom in how to handle transactions. As such, you are not restricted to cashing out using altcoin should you deposit with altcoin. You have the option of cashing out using Bitcoin.
When cashing out, just select Bitcoin for your transaction and provide a Bitcoin wallet to send your crypto to. Note that you do not want to use an exchange wallet as most exchanges don’t support gambling transactions.
Naturally, you can cash out using altcoin, but if you want to invest a little into BTC with your winnings, this is a great way to do so.