Types Of Cryptocurrencies and How To Use Them?
For the last ten years, one of the most trending topics on several news platforms has been cryptocurrencies and their impact on the way we send and receive money. The many advantages that cryptocurrencies have over the traditional payment methods are the reason behind their popularity in recent years.
Many online platforms, including casino websites, have slowly started adopting cryptocurrencies as one of the payment methods. So, gamblers now have the option to choose between crypto and conventional payment methods. There are many different sorts of cryptocurrencies, and each has its own benefits.
If you are keen to learn more about the different types of crypto, this article is for you. I will discuss what a cryptocurrency is and the various benefits it has over other payment options available at online casinos. I will also share the various types of cryptocurrencies so that you know which one to use when you visit a cryptocurrency casino website in Malaysia.
What is Cryptocurrency?
A cryptocurrency refers to a digital currency that is used as a medium of exchange, and all the transactions details are stored in a decentralized digital ledger called the blockchain. All the transactions done with cryptocurrencies are secured by cryptography technology, making it almost impossible to add fake transactions on the blockchain. Therefore, cryptocurrencies are safe to use in all means.
Market dynamics like demand and supply predict the value of any cryptocurrency, which is why they are so unpredictable. Let’s look at some of the popular cryptocurrencies in the market today.
What Are the Major Types of Cryptocurrencies?
By the beginning of the year 2021, there were over 4000 cryptocurrencies being used on the internet. However, we shall not look at all the 4000. Let’s share with you the most popular ones that you will likely find at your favourite online casino in Malaysia. Also, check out our blog post about Why Bitcoin or Other Cryptocurrencies and Casinos are Great Together.
Bitcoin is still the most popular cryptocurrency in the world today. This crypto was the very first to exists, and it was created in 2008 by an anonymous individual called Satoshi Nakamoto. At the time of creation, Bitcoin’s value was less than $1. However, earlier this year, this currency managed to reach its all-time highest value of about $65,000.
Like we have earlier shared, the value of crypto is very volatile since it’s based mainly on the forces of demand and supply. By the time of writing this article, Bitcoin’s value was around $34,000, and it will likely be different a day after. One of the major benefits that Bitcoins enjoys over other cryptocurrencies is the fact that it was the first to be created, so it is the most popular amongst the rest.
If you want to place bets at online casinos in Malaysia using crypto, Bitcoin is one of the options you will find at most of them. The popularity of bitcoin also makes it much easier to exchange it with fiat currencies than other less popular coins.
Ethereum is a cryptocurrency that runs on the Ethereum blockchain technology. Unlike the bitcoin Blockchain, Ethereum’s is much more sophisticated, and it solves much more problems than just the exchange of money. One of the major benefits that Ethereum has over bitcoin is the transaction speeds.
Creating a block in Ethereum takes about 14 seconds compared to bitcoins 8 minutes. So, in principle, bitcoin is almost ten times slower than Ethereum when it comes to transaction speeds. So, if your priority is faster transaction speeds, Ethereum is the coin you need to use. However, when it comes to transaction fees, Ethereum is almost twice as expensive as bitcoin.
So, the transaction speeds you will get with Ethereum come at the cost of paying more fees for each transaction you make. However, these are still way smaller compared to what you would pay with the traditional payment methods.
Bitcoin Cash (BCH)
Bitcoin cash was initially part of Bitcoin but later forked away because of a disagreement between the minors and developers of Bitcoin then. One of the main differences it has with the original bitcoin is also in the transaction fees and speed. The average fee for each BCH transaction is about $0.03, while that of BTC is over $60.
When it comes to speed, Bitcoin cash can process over 116 transactions per second, whereas bitcoin only does 7 per second. That makes BCH almost 15 times faster than BTC. However, since BCH is still in bitcoin’s shadow, some people usually confuse the two.
Litecoin is also one of the most popular cryptocurrencies that were founded in 2011 by a former Google engineer called Charlie Lee. It has steadily been gaining value over the years, and its all-time high was $371 in 2017. This coin also has several differences that make it different from Bitcoin and the rest of the coins in the crypto space.
When you compare the speeds, Litecoin transactions are just two times faster than bitcoin. This means it also lags behind ETH and BCH in terms of transaction speeds. When it comes to the fees, the average fee for every LTC transaction is usually between $0.03 to $0.04. So, it is within the same range as BCH.
Benefits Of Using Crypto
- Lower transaction fees compared to the traditional payment methods.
- Easier and more convenient to send and receive money internationally.
- They are more secure and private.
Use Cryptocurrency as Casino Funds in BK8Asia
If you want to place bets using crypto, one of the online casinos in Malaysia that accept bitcoin and other popular coins as a payment method is BK8. Currently, they accept three cryptocurrencies, and these are Bitcoin, Ethereum, and Tether. When you use any of these three coins to deposit, BK8 will give a bonus that you can use to play some of your favourite games.
- Join BK8 Affiliate Program and Transform Your Ability to Pure Profit - October 12, 2021
- Follow These Strategies To Win at Online Sic Bo - October 5, 2021
- Kelly Smith Becomes BK8’s Brand Ambassador - September 28, 2021
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