Other Altcoins

 As the world of cryptocurrency continues to evolve, various digital assets are making their way into the world of online gambling. On this page, I’ll provide you with a brief overview of some smaller altcoins that are being used at casinos I have reviewed, but first, let’s clarify some common terminologies.

1. Cryptocurrency vs Altcoins

At first, when diving into the world of digital finance, terms like ‘Bitcoin’ and ‘Altcoins’ are thrown around quite often. They might sound like just more tech jargon, but there’s a fascinating world behind these words. 

Let’s simplify things and delve into what they really stand for in the world of digital currency.

Cryptocurrency Explained

Picture this: A world where money isn’t paper, coins, or even gold – it’s a series of codes and cryptography (fancy word for code security). That’s the essence of cryptocurrency! This is not some magic internet money; it’s a revolutionary financial system without borders, banks, or bedtime.

At the heart of this revolution is Bitcoin, the original gangster of digital currencies. Birthed in 2009 by the elusive Satoshi Nakamoto (whose identity remains one of the internet’s favorite mysteries), Bitcoin introduced the idea of a decentralized currency. No central banks, no middlemen, just peer-to-peer transactions.

Cryptocurrency vs Altcoins

Altcoins Explained

Now, the crypto-world didn’t just stop at Bitcoin. Oh no, it’s vast and varied. And every cryptocurrency that isn’t Bitcoin? We affectionately call them Altcoins – short for ‘alternative coins’. 

Think of Bitcoin as the firstborn in a very, very large family. Every sibling (or altcoin) that came after has its own flair, style, and purpose.

Some of these Altcoins share many of its features but with their own little twists. Maybe they process transactions faster, or maybe they offer a bit more privacy. 

And then, there are the rebellious ones, completely breaking the mold and providing entirely new platforms and uses. From creating self-executing contracts to forming decentralized autonomous organizations – the crypto world is a vast frontier of innovation.

In short, while Bitcoin blazed the trail, Altcoins are the pioneers exploring all the exciting terrains that the world of cryptocurrency has to offer.

2. Different types of Altcoins

As you explore the digital world further, you’ll find that the cryptocurrency landscape offers a diverse range of options. Each Altcoin has its distinct features and functionalities.

Let’s delve into the different types of altcoins that are part of this ever-evolving domain.

Mining-based Coins

Mining-based coins, as their name suggests, can be mined – but put away that pickaxe! In the digital world, ‘mining’ refers to the act of validating and recording transactions on a blockchain. 

It’s like a digital treasure hunt, where you’re rewarded with new coins for your hard work. Ever heard of Litecoin or ZCash? They’re the poster children for this category, operating on nifty systems like proof-of-work or proof-of-stake.

Most popular Mining-Based Coins:

1. Bitcoin (BTC): The pioneer of all cryptocurrencies, Bitcoin operates on a proof-of-work algorithm and is the most recognized mining-based coin.
2. Litecoin (LTC): Often referred to as the silver to Bitcoin’s gold, Litecoin was one of the first altcoins. It uses a proof-of-work algorithm similar to Bitcoin but with some differences in hashing method and block generation times.
3. Ethereum (ETH): Initially, Ethereum operated on a proof-of-work system like Bitcoin, but has since switched to its proof-of-stake mechanism in 2022 because it is more secure.
4. ZCash (ZEC): A privacy-focused cryptocurrency, ZCash offers the option of transparent or shielded transactions and operates on a proof-of-work algorithm.
5. Monero (XMR): Another privacy-centric coin, Monero is known for its ring signatures and stealth addresses. It operates on a proof-of-work consensus algorithm.

Mining-Based Coins

Stablecoins

Crypto markets can be as unpredictable as a cat on catnip. Enter Stablecoins, the steady Eddies of the crypto world. Their mission? 

To offer a smooth sailing experience by pegging their value to a more stable reserve, whether that’s the gleam of gold or the trusty old US dollar. When you hear names like Dai or Paxos Standard (PAX), think of stability. In other words, they’re the crypto equivalent of keeping both feet on the ground.

Most popular Stable Coins:

1. Tether (USDT): One of the most well-known stablecoins, Tether is pegged to the US dollar and claims a 1:1 value ratio. It’s available on various blockchains including Ethereum (as an ERC-20 token) and Tron (as a TRC-20 token).
2. USD Coin (USDC): Developed by Circle and Coinbase, USDC is another stablecoin pegged to the US dollar with a transparent framework and regular audits.
3. Dai (DAI): Unique in its approach, Dai is an Ethereum-based stablecoin that is pegged to the US dollar but is backed by collateral on the MakerDAO platform.
4. Paxos Standard (PAX): A digital dollar, each PAX is backed by one US dollar, held in reserve in regulated banks.
5. TrueUSD (TUSD): Like other stablecoins, TrueUSD is pegged to the US dollar. The company behind it emphasizes transparency and regular attestations of their reserve holdings.

Top 5 Stable Coins

Security Tokens

Security tokens are like VIP passes in the crypto world. They’re backed by something tangible and often represent a slice of something much bigger. 

Specifically, think of owning a tiny piece of a company or a patch of prime real estate. These tokens are like holding a golden ticket, granting you access (or ownership) to some external asset. They’re more than just a coin; they’re a claim.

Most popular Security Tokens:

1. tZERO: One of the more well-known security token platforms, tZERO was designed to facilitate the trading of tokenized assets or securities on its platform. The tZERO token itself represents a stake in the tZERO platform.
2. Polymath (POLY): Polymath isn’t a security token per se, but it’s a platform aiming to make it easier for companies to create and manage security tokens in a regulatory-compliant manner.
3. Myco: This token represents equity in Myco Industries, an Australian mushroom company.
4. Blockchain Capital (BCAP): A venture capital company’s token, BCAP represents an indirect economic interest in the limited partnership interests in the token’s associated fund.
5. Science Blockchain: This was an ICO from Science, Inc., where the token represents an indirect equity interest in a company.

Top 5 Security Tokens

Memecoins

Additionally, we have the Memecoins. What started off as internet jokes turned into legit cryptocurrencies. 

It’s a rags-to-riches tale for the digital age. Dogecoin and Shiba Inu might’ve started as chuckles and memes, but they’ve pawed their way into the crypto hall of fame. They’re a testament to the power of community, humor, and a really, really cute dog picture.

Most popular Memecoins:

1. Dogecoin (DOGE): Originally created as a joke based on the popular “Doge” Shiba Inu meme, Dogecoin quickly gained a vast and passionate community. It’s arguably the most famous memecoin and has been endorsed by various celebrities, including Elon Musk.
2. Shiba Inu (SHIB): Dubbed the “Dogecoin killer,” Shiba Inu is another token that was inspired by the Shiba Inu dog breed. It has gained significant attention and market value, with a strong community behind it.
3. SafeMoon: Initially branded as a memecoin, SafeMoon introduced tokenomics that reward holders and penalize sellers. Its rapid rise in popularity got it attention, both positive and critical.
4. Elon Doge Token (EDOGE): As the name suggests, this coin attempts to capitalize on the popularity of Elon Musk’s influence in the cryptocurrency world and the Doge meme. It’s one of many tokens trying to tap into the Dogecoin hype.
5. Kishu Inu (KISHU): Another token inspired by the Shiba Inu dog breed, Kishu Inu is branded as a “little brother” to Dogecoin. It aims to provide holders with a decentralized and efficient method to earn returns.

Top 5 Meme Coins

3. Altcoins at Crypto Casinos

Undoubtedly, with the increasing adoption of cryptocurrencies, several Altcoins have emerged as popular choices among crypto casinos. As players seek diverse payment options, these casinos are expanding their repertoire beyond just Bitcoin. 

Explore the list below to discover which crypto casinos are embracing these dynamic Altcoins.

Polkadot (DOT)

This Altcoin serves as the native cryptocurrency for the Polkadot platform. Polkadot is a multi-chain interoperability platform designed to connect various blockchains, allowing them to interoperate and share information and functionality. 

It was created by Dr. Gavin Wood, one of the co-founders and former CTO of Ethereum.

Polkadot’s design offers several benefits:

Interoperability: Polkadot allows different blockchains to transfer messages and values in a trust-free fashion, aiming to make a web where diverse blockchains can operate together.

Scalability: By allowing multiple blockchains to run in parallel (known as parachains), Polkadot aims to achieve significant scalability, addressing one of the primary concerns of modern blockchain tech.

Shared Security: Polkadot provides a shared security model where blockchains can leverage collective security instead of starting from scratch.

Upgradeability: The Polkadot network can be upgraded without needing hard forks, making it adaptable.

Overall, the Polkadot network differentiates between several types of blockchains, including the main relay chain, para chains, and bridges to other networks like Ethereum. The DOT token is used for governance, staking, and bonding on the platform.

Casinos accepting Polkadot (DOT):

ZCash (ZEC)

ZCash (ZEC) is a privacy-focused cryptocurrency that aims to offer enhanced anonymity for its users compared to other cryptocurrencies like Bitcoin. Established in 2016, ZCash originated from the Zerocoin project, an improvement proposal for Bitcoin aiming to add cryptographic privacy to Bitcoin transactions.

Zooko Wilcox-O’Hearn, a recognized computer security specialist, spearheaded the development of ZCash.

ZCash (ZEC)

ZCash’s core features include:

Shielded Transactions: Unlike Bitcoin, where transactions are transparently recorded on the blockchain, ZCash allows users to optionally shield their transactions, hiding details like sender, recipient, and amount.

zk-SNARKs: Standing for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” this form of cryptography allows one party to prove to another that a statement is true without revealing any specific information about the statement itself. It’s the backbone of ZCash’s privacy.

Selective Transparency: While ZCash focuses on privacy, it still offers the option for users to reveal specific transactions for purposes like audits, using something known as a “viewing key.”

Encrypted Memo Fields: ZCash provides an encrypted memo field, allowing users to include an optional message with their shielded transactions, which can only be viewed by the recipient.

Moreover, in the broader context of the cryptocurrency world, ZCash is often viewed as one of the primary options for users seeking transactional privacy. Its unique approach to zero-knowledge proofs has also inspired other blockchain projects looking to incorporate privacy features. The ZEC token is primarily used for transaction fees and miner rewards within the ZCash network.

Casinos accepting ZCash (ZEC):

Chainlink (LINK)

Chainlink is not just another Altcoin. Undeniably, it’s the backbone of a decentralized oracle network aiming to bridge the gap between smart contracts on the blockchain and real-world data. The premise is that while blockchains are good at immutability and security, they aren’t great at accessing off-chain data which many dApps require. Chainlink is the solution to this problem.

Chainlink (LINK)

Key features and benefits of Chainlink include:

Decentralized Oracles: Chainlink uses a decentralized network of nodes to fetch and verify data from the outside world, ensuring that the data fed into the blockchain is reliable and secure.

LINK Token: The native token of the Chainlink ecosystem, LINK, is used to pay node operators for retrieving data, converting data into blockchain-readable formats, and ensuring the data’s uptime and reliability.

Reputation System: Node operators are ranked based on the performance and the number of assigned tasks completed, ensuring quality service and reliable data.

Flexibility: Chainlink can work with any blockchain, not just Ethereum, making it a versatile tool for a variety of decentralized applications and platforms.

Data Aggregation: Chainlink fetches data from multiple sources to ensure its accuracy, then aggregates this data and feeds it into the blockchain, mitigating the risk of any single point of failure.

Casinos accepting Chainlink (LINK):

Dai (DAI)

Dai (DAI) is a stablecoin cryptocurrency that is pegged to the US Dollar, ensuring that its value remains relatively stable in comparison to the often volatile nature of other cryptocurrencies. It’s a product of the MakerDAO system, which is part of the Ethereum blockchain ecosystem.

The MakerDAO project, which manages and issues Dai, was founded by Rune Christensen and has grown to become one of the more popular decentralized finance (DeFi) initiatives in the blockchain space.

Dai (DAI)

Dai’s defining attributes include:

Collateral-Backed Stability: Instead of being backed by a reserve of fiat currency, like some other stablecoins, Dai is overcollateralized with other digital assets, primarily Ethereum (ETH). These assets are locked in smart contracts, automatically maintaining the peg to the US Dollar.

Decentralized Governance: The rules and parameters of the MakerDAO system, including Dai, are governed by MKR token holders. This ensures that changes to the system are democratic and align with the community’s wishes.

Transparency: All the operations, from the issuance of Dai to the collateralization and the governance decisions, occur on the Ethereum blockchain, making them transparent and verifiable by anyone.

Savings Rate: Dai offers a unique feature where users can opt to lock up their Dai to earn a “Dai Savings Rate” or DSR, which provides an additional incentive for holding and using the token.

In the ever-evolving world of DeFi, Dai stands out as a decentralized stablecoin that offers a transparent, resilient, and censorship-resistant alternative to traditional financial systems. Its utility is evident in the myriad of DeFi platforms and services that choose Dai as a preferred stable currency.

Casinos accepting Dai (DAI):

Paxos Standard (PAX)

Paxos Standard (PAX) is a stablecoin whose value is anchored to the US Dollar on a 1:1 ratio. It is issued and redeemed by Paxos Trust Company, a regulated financial institution that has received approval from the New York State Department of Financial Services (NYDFS).

Paxos, the company behind PAX, was founded by Charles Cascarilla and Rich Teo. They aimed to modernize finance by mobilizing assets at the speed of the internet.

Paxos Standard (PAX)

Defining attributes of PAX include:

Regulatory Oversight: PAX stands out in the crypto space due to its full regulatory compliance and periodic attestations by top auditing firms.

1:1 USD Peg: Every PAX token is backed by one US Dollar, held in reserve, ensuring stability and trust in the token’s value.

Instant Transactions: Unlike traditional banking systems, PAX can be sent anywhere globally, instantly, 24/7, harnessing the speed and efficiency of blockchain technology.

Transparency: PAX ensures the monthly audits of its reserves, guaranteeing transparency and building trust within the crypto community.

PAX has grown to become one of the preferred stablecoins in the crypto ecosystem, widely accepted in various exchanges, wallets, and other platforms, mainly due to its regulated nature and trustworthiness.

Casinos accepting Paxos Standard (PAX):

TrueUSD (TUSD)

TrueUSD (TUSD) is one of the first fully-backed US Dollar stablecoins, transparently managed by TrustToken. It promises full collateral, regular auditing, and legal protections against misappropriation.

TrustToken, the platform behind TUSD, aims to bridge the gap between real-world assets and blockchain by tokenizing assets.

TrueUSD (TUSD)

Key features of TUSD:

Transparency: Third parties regularly attest and audit to ensure that every TUSD is always 100% collateralized by USD

Instant Minting and Redemption: Users can directly mint and redeem TUSD on the TrustToken platform. This ensures liquidity and the token’s peg to the USD.

Legal Protections: TUSD holders benefit from legal protections, a unique aspect among most stablecoins.

Broad Acceptance: TUSD has garnered wide acceptance across major crypto exchanges, OTC desks, and platforms. This further improves its position in the market.

Overall, TUSD has established itself as a reliable stablecoin within the crypto community.

Casinos accepting TrueUSD (TUSD):

Shiba Inu (SHIB)

Initially, Shiba Inu (SHIB) started as a meme token, akin to Dogecoin, but quickly gained traction and a devoted community. It’s often referred to as the “Doge Killer.” The token takes its branding from the Shiba Inu dog breed, popularized by the Dogecoin meme.

The exact origins of SHIB are somewhat mysterious, with the founder known pseudonymously as “Ryoshi.”

Shiba Inu (SHIB)

Notable characteristics of SHIB:

Decentralization: One of the project’s main tenets is its decentralized nature. Its founder claimed not to hold any tokens and gave 50% of the total supply to Ethereum’s co-founder, Vitalik Buterin. Subsequently, he burned most of it and donated the rest to charity.

ShibaSwap: Beyond being just a meme token, the Shiba Inu ecosystem introduced ShibaSwap, a decentralized exchange. This further solidified its place in the DeFi world.

Community-Driven: The SHIB community plays a significant role in its trajectory with numerous community-led initiatives and campaigns.

Ecosystem Expansion: SHIB is more than just a singular token. It’s part of an ecosystem that includes other tokens like LEASH and BONE.

Despite its meme origins, SHIB has demonstrated surprising resilience and adaptability, evolving into a recognized token in the wider cryptocurrency landscape.

Casinos accepting Shiba Inu (SHIB):

4. Conclusion

So, as we journey through the expanse of the crypto landscape, it’s clear that the frontier is far from settled. From the iconic Bitcoin to the ambitious Altcoins. This digital currency domain is bursting with potential. And some of that potential is carving its niche in the busy world of online gaming.

To put it simply, Bitcoin may have been the spark that ignited this digital financial renaissance, but it’s the Altcoins that are stoking the flames, pushing boundaries, and inviting us to reimagine what’s possible in both the world of crypto gaming. 

Above all, as this evolution continues, I’ll be right here. And will be sharing the latest from where the worlds of crypto and online gaming meet. Dive in and stay curious!