With nearly 16,000 digital assets now available for use, knowing which cryptographic currency to put resources into can be a challenge.
Investors looking to make money through cryptocurrencies are looking for the next big thing.
We present here the top 5 digital currencies based on market capitalizations or the total value of all coins and tokens currently in circulation.
1. Bitcoin (BTC)
Market cap: Over $846 billion
In the online sports betting industry, Bitcoin has the largest market capitalization. The first-ever virtual currency captured a whopping 41.9 percent market share by November 2021, which represents significant coverage of over 2000 different cryptocurrencies at the time.
A bitcoin wallet is required for anyone newly entering the crypto sports betting market. The wallet is similar to a traditional bank account. This is then followed by the same procedure as when punting in fiat currencies.
2. Ethereum (ETH)
Market cap: Over $361 billion
Ethereum, which is both a cryptocurrency and a blockchain platform, is a favorite among programmers due to the potential applications it offers, such as smart contracts that execute automatically when certain conditions are met and non-fungible tokens (NFTs).
Those who prefer Ethereum over Bitcoin in sports betting must follow a completely different procedure. To begin, you must first obtain an ETH address from any bookie cricket after selecting your deposit amount. You can then send the specified amount of ETH to your Ethereum sportsbook address using a cryptocurrency exchange or wallet.
The time it takes to transfer Ethereum depends on how congested the ETH blockchain is. It can take as little as a few minutes or as long as a few hours. When the ETH arrives at the sportsbook’s address, the funds will be credited to your account. It’s important to note that once processed, the funds won’t appear as Ethereum since it will be converted to the currency selected by you.
3. Ripple
Market cap: Over $19.8 billion
Transactions are completed faster. That’s all. While Bitcoin transactions can take up to ten minutes to complete, XRP transaction confirmations take only 3-5 seconds. The design of XRP processing allows for approximately 1,500 transactions per second.
However, because Ripple also uses blockchain technology, Bitcoin is required to purchase it in order to use it in sports betting. As a result, using Ripple is usually best for those who are already familiar with Bitcoin.
Once you have Ripple coins, you must send a transfer request to the betting site you are using. You can only make the transfer after submitting the request, just like you would with any other virtual currency.
4. Bitcoin Cash
Market cap: Over $5.4 billion
After Bitcoin and Ethereum, Bitcoin Cash was the third-largest crypto asset by market share in November 2021, accounting for 0.6 percent of the total.
Bitcoin Cash has an advantage over Bitcoin in sports betting because its blockchains are larger than Bitcoin’s. This, in turn, allows for more transactions per second.
Due to a lack of understanding of the Bitcoin Coin, this currency is less expensive than its more well-known counterpart. As a result, it’s less likely to be accepted as a payment method when it comes to sports betting.
5. EOS
Market cap: Over $7.83 billion
EOS is a blockchain platform that was created to eliminate transaction fees and can handle millions of transactions per second.
Placing a bet with an EOS coin, like any other currency, necessitates the use of a wallet. The coins must be purchased through an exchange platform, which means you should expect to pay a fee when buying EOS.
Once you have coins in your wallet, the next step is to register with an EOS-regulated betting platform. It’s important to note that when you sign up, you must select EOS as your preferred payment method.
Then, enter the number of coins you want to deposit and finish the rest of the process.
Conclusion
More and more sportsbooks are encouraging their customers to place bets using digital currencies. There are several benefits to using cryptocurrency while betting for both bettors and sportsbooks, such as faster transactions, improved security, larger bonuses, lower fees, higher limits, and so on.
