A new research report analyzing token popularity in crypto casinos reveals that while Bitcoin BTC/USD and Ethereum ETH/USD continue to dominate the market, alternative cryptocurrencies like Litecoin LTC/USD and Dogecoin DOGE/USD are gaining traction.
What Happened: The study, conducted by Renomowanekasyno.pl, highlights the various factors influencing players’ choices in online crypto gambling.
The report identifies Bitcoin as the most prominent cryptocurrency in the online casino world, with a market share exceeding 45%. The majority of online casinos accept Bitcoin as a primary payment method.
Ethereum follows, with approximately 25% of online casinos incorporating it into their systems due to its ability to support smart contracts.
The report noted that Litecoin and Dogecoin are also becoming popular.
Litecoin is used by around 10% of online casinos and is preferred due to its faster transactions and lower fees than Bitcoin, attracting players who want to avoid high costs.
Dogecoin, which was initially created as a joke, is also becoming popular, especially with younger users. 3% of all casino transactions are conducted using DOGE.
The report further analyzed the frequency of search queries on Google, showing that “Bitcoin casino” had 6,900 monthly queries, "Ethereum casino" had 1,100 queries, "Litecoin casino" had 500 queries and "Dogecoin casino" had 600 queries.
These results point to the dominance of Bitcoin, while showing interest in the other cryptocurrencies remains strong.
Also Read: El Salvador Changes Bitcoin Law But Legal Tender Status Remains
The report also explored the various reasons why players prefer certain cryptocurrencies:
- Ease of Use: Bitcoin and Ethereum offer the advantages of widespread recognition, as well as ease of use.
- Security and Anonymity: Cryptocurrencies offer players the ability to remain anonymous and conduct transactions securely.
- Transaction Costs: Litecoin and similar tokens provide lower transaction fees, making them attractive for those wanting to avoid high costs.
The research further suggests that casino operators may begin integrating stablecoins, such as Stably USD or Algo, and decentralized finance to allow users to leverage their crypto holdings for both betting and financial advantages.
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