Out of thousands of cryptocurrencies available for crypto sports betting, only a few have survived in this ever-evolving cryptocurrency world.
Crypto sports betting is one of the fastest-growing industries, providing players with a new and secure way to own, wager, play games, and win in-game assets. Spotting the best crypto for sports betting involves analyzing an asset’s long-term utility and potential. Every crypto, including Bitcoin, Ethereum, Binance Coin, Tether USD, Cardano, Solana, Litecoin, TRON, EOS, and Polkadot, offers unique features, transaction speed, and fees. This makes it challenging for players to choose the best crypto in the market for their sports betting activities.
Let’s check out the popular cryptocurrencies available for sports bettors along with their market capitalization to help players determine their most preferred crypto –
Bitcoin
Market Cap – over $550 billion
Launched in 2009 by Satoshi Nakamoto, Bitcoin is a household name in every crypto sports betting website. Players prefer wagering or betting on Bitcoin sports betting platforms as it remains the leading player in terms of economic value and volumes, despite hundreds and thousands of competitors in the market. Bitcoin supports decentralized applications (dApps) and smart contracts, which is possible because of its excellent updates, such as taproot update and lightning network, making all the difference in Bitcoin sports betting. Although it is highly volatile and the value of Bitcoin fluctuates rapidly, it is still the most preferred crypto in the sports betting market.
When looking for the best Bitcoin sports betting site, players should consider factors such as security, user interface, available sports markets, and customer support. A reputable and reliable platform can enhance the overall betting experience and provide a safe environment for users to enjoy their favorite sports while betting with Bitcoin.
Ethereum
Market Cap – over $220 billion.
Ethereum is both a blockchain and a crypto platform, and it is a favorite digital asset for sports bettors. Ethereum is the second name people will most likely recognize in the crypto sports betting space after Bitcoin. It is also the second largest crypto, holding a dominant and robust position even on Bitcoin sports betting sites. Many players prefer using Ethereum while sports betting as it is one of the most significant cryptos to mark a massive reduction in the energy footprint, making it more environmentally friendly than others.
Binance Coin
Market Cap – over $50 billion
Binance coin can be used to deposit funds, trade, and wager by purchasing BNB tokens from the Binance exchange, one of the world’s largest cryptocurrency exchanges. To encourage the global adoption of BNB tokens, the transaction fees on the Binance exchange have been kept to the minimum level. BNB is also a stable cryptocurrency as Binance burns or destroys some of its circulating tokens. Thanks to these attributes, Binance Coin has become a favored choice for crypto sports betting enthusiasts. Its multifunctionality, cost-efficiency, and stable nature make it an attractive option for those looking to engage in secure and seamless sports betting activities using cryptocurrencies.
Tether USD
Market Cap – over $80 billion
Tether USD is a stablecoin that originated from the collaboration between Coinbase and Circle. It attempts to hold a ratio of 1:1 against the US Dollar, making it perfect for new blockchain sports bettors looking for a relatively less volatile currency for a safe betting experience. USDT gives the stability required in the highly volatile crypto market. As a stablecoin, bettors can be certain that their USDT investment is worth the same as the coin is pegged to the real-life asset. This makes USDT an excellent choice for crypto sports betting.
Cardano
Market Cap – over $13.4 billion
Cardano is another environmentally friendly crypto that uses proof-of-stake, which is less power intensive than proof-of-work cryptocurrencies like Bitcoin. This means bettors can wager more sustainably and bring less harm to the environment than other mainstream alternatives. Moreover, Cardano transactions on crypto sports betting sites are completely anonymous, and the coin works on Ouroboros, a unique proof-of-stake blockchain system. This protocol makes Cardano transactions quick, decentralized, peer-reviewed, and anonymous.
Solana
Market cap – over $8.8 billion
Solana, launched in 2017, aimed at providing speedy execution at crypto sports betting sites. Solana (SOL) is the Ethereum Killer, which can deliver more transactions per second at a much lower transaction cost. Betting with Solana uses proof-of-history, which makes betting more environmentally friendly, safe, reliable, and resource-intensive for transactions.
Litecoin
Market cap – Over $6 billion
Popularly known as the silver to Bitcoin’s gold, Litecoin is an open-source blockchain network with similar features. However, Litecoin was developed to provide a faster transaction processing time compared to Bitcoin. Since Litecoin is one of the oldest cryptocurrencies and quite well-established in crypto sports betting, many players prefer wagering with Litecoin.
TRON
Market Cap – over $5 billion
TRON is designed to support smart contract functionality with the best design and user experience. It holds the 16th position among the top cryptocurrencies and sits quite well among the top crypto sports betting sites. Players using TRON do not have to pay any transaction fee, which is quite a remarkable and unique feature. Additionally, the Tron network supports over 2000 transactions per second, making betting and wagering faster than any other crypto.
Dogecoin
Market Cap – $10 billion
Dogecoin was created as a meme or a joke after witnessing a run-up in Bitcoin. Dogecoin derived from an internet meme featuring a Shiba Inu. Unlike many digital currencies, Dogecoin has unlimited issuance and is one of the most preferred cryptos for sports betting. However, players must note that Dogecoin is highly volatile and may lead to heavy losses if used irrationally.
Conclusion
The betting industry is experiencing a considerable shift towards blockchain-based crypto sports betting options leading to the rise of crypto or Bitcoin sports betting sites. Among the most preferred cryptos for sports betting are Bitcoin, Ethereum, Binance coin, Tether USD, Cardano, Solana, Litecoin, TRON, and Dogecoin. Each crypto has unique features and functions that offer different experiences for bettors who want to wager on their favorite sporting events. Several new cryptocurrencies have come and vanished. Not all can survive in this ever-evolving space of the crypto-betting world. The above-mentioned digital coins are the most preferred as they are budding and have proven their relevance even during hard times, while others have simply faded out.
Read more:
Exploring the Top Cryptocurrencies for Crypto Sports Betting