Top 5 Cryptocurrencies for Online Betting: Secure and Fast Options

Photo by RDNE Stock project

In recent years, the adoption of cryptocurrencies as a payment option for online bookmakers has taken on a whole new dimension.

The increasing acceptance of cryptocurrencies by bookies and players is due to the many benefits they offer. And as the cryptocurrency ecosystem continues to evolve, more cryptocurrencies keep emerging, with each one offering a unique proposition.

If you are interested in using cryptocurrency for online betting, then you want one that is secure yet fast.

So, in this article, we will be elaborating on the top 5 cryptocurrencies to use for online betting and the factors that influence their transaction speed.

Top 5 Secure and Fast Cryptocurrencies to Use for Online Betting

From Bitcoin to Ethereum to Tether, there are thousands of different cryptocurrencies you can use for online betting. But if your focus is to use a cryptocurrency that offers incredible transaction speed, then you must also take into account the security measures that cryptocurrency has in place.

So, below we have wrapped up the top 5 cryptocurrencies that offer a fair combination of security and speed.

• Ethereum

Ethereum is one of the best options if you are looking for a cryptocurrency with a mixture of speed and top security. Choosing to use the best Ethereum betting sites offers you great advantages such as alluring bonuses and access to a large game library, plus Ethereum is the second largest cryptocurrency by market cap. With the Ethereum 2.0 version developers are working on, Ethereum could eventually support up to 100,000 transactions per second, address the issue of scalability, and reduce its energy consumption. 

• Solana

Solana is another excellent fast cryptocurrency to consider because of its high-performance blockchain network. Launched in 2017, Solana is unique in its PoS consensus mechanism that allows it to process up to 3000 transactions per second, or up to 710,000 transactions per second theoretically. The design of the Solana network provides a fast, secure, and low-cost transaction option, making it an excellent option for online betting. It also offers several cool features and tools to support developers, making it an attractive option for developers looking to build decentralized applications that can scale to meet the demands of a growing user base. 

• Ripple

Ripple is a real-time gross settlement system, remittance network, and currency exchange that allows for near-instantaneous transactions. According to the Ripple website, it uses a Ripple Protocol Consensus Algorithm (RPCA), where transaction settlement on the XRP Ledger takes 3-5 seconds. It is a cryptocurrency designed to be efficient and fast, with a transaction speed of 1,500 transactions per second. Also, Ripple offers low-cost transactions because its transaction fees are based on the amount of XRP used in the transaction and not the value of the transaction itself, making it an attractive option for bettors looking to process payment across borders quickly and efficiently. 

• Hedera

Hedera Hashgraph, popularly regarded as the next-generation distributed ledger technology, is designed to be a scalable, secure, and fast cryptocurrency. It uses a unique consensus mechanism, hash graph consensus, that allows for efficient and fast validation of transactions. The Hedera network can process up to 10,000 transactions per second, making it one of the fastest blockchains in the market. In addition to its impressive speed, Hedera offers low latency, increased security, stability, and high throughput. 

• Tron

Tron is a decentralized blockchain platform that offers bettors high speed and low cost on transactions, which comes in handy, especially after cracking the code to win your bets. It uses a Delegated Proof of Stake (DPoF) consensus mechanic that allows for efficient and fast validation of transactions. It is capable of processing over 2000 transactions per second, which is significantly faster than what many blockchain networks are capable of. Furthermore, Tron offers a thriving ecosystem of DeFi and dApp projects and support for multiple programming languages that make it highly scalable. 

Factors Influencing the Speed of Blockchain Transactions

Photo by RDNE Stock project

A slow blockchain transaction speed may lead to longer wait times for bettors, which can negatively impact their overall user experience.

Blockchain transaction speed can be influenced by several factors, causing it to be slow in processing and confirming your transactions.

If your transactions are taking longer than they ought to, it could be due to one of the following reasons:

• Network Congestion

When the number of transactions waiting to be processed exceeds the network’s capacity, it leads to network congestion, which can cause delays. During such times, such as significant market movement or during ICOs, miners tend to prioritize transactions that use congestion algorithms to manage the queue. 

• Transcation Fees

Another factor that can influence your transaction speed is the amount you set for the fee. You have the luxury of choosing how much you want to set for the transaction fee, but it’s important to note that setting too low a transaction fee may cause delays as miners tend to prioritize transactions with higher fees. Although when there are not many activities on the network, you may be able to get away with setting a low transaction fee and still get your transaction processed on time.   

• Block Size

When you set a transaction via crypto, it gets transmitted in what is called a block. Depending on the cryptocurrency, each block has a size that determines how much data it can transmit. As such, cryptocurrencies with larger block sizes can process more transactions, making them less prone to congestion or reduced speed. But it’s also worth noting that cryptocurrencies with larger block sizes require more computational resources. 

• Network Protocol

Furthermore, a cryptocurrency network protocol can influence its speed as it defines how data is transferred on the network. Depending on the cryptocurrency you use, some make use of consensus mechanisms like PoS, PoW, DPoS, and so on. It’s important to know the network protocol of the cryptocurrency you choose to use as it not only influences transaction speed but also scalability.

• Transaction Complexity

The complexity of a transaction is another factor that doesn’t get spoken about well enough. When you’re sending cryptocurrencies, you’re essentially sending data; however, not every data is equal. Some are more complex to decode than others, and the harder they are, the more computational resources, or longer it will take, as the case may be. As such, if your transaction type involves complex data, such as one involving a smart contract, it’s best to set high transaction fees to incentivise miners to process it faster. 

Related posts:

Most Popular Payment Methods And Withdrawal Times With Online Bookmakers The Question of Anonymity: How it is Addressed at Cryptocurrency and Sports Betting Sites Minimum Deposits in Online Casinos and Betting Sites: What You Need to Know Online Betting: Why Is It So Popular to This Day?