How Advanced Analysis Can Help You Decide Which Token to Use in a Crypto Casino

Choosing the right crypto for casino use involves looking at several areas

The acceptance of cryptocurrencies has made gambling online a lot easier and smoother to carry out. However, before you start moving any funds, you’ll want to see which tokens it makes sense for you to use. While many players simply opt for the most recognized assets, like Bitcoin and Ethereum, there’s more to take into account than that if you want to dig a little deeper.

Look for Upcoming Token Unlocks

A token’s unlock schedule lets you see how many new tokens are about to be released onto the open market. If you’re holding a cash balance in a token that has a huge unlock coming, you might see its value drop as sell pressure is increased due to this influx.

If we look at the Ozoon Canada site, we see that the supported tokens include Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH), all of which give access to a wide range of slots and table games, as well as sports betting. These are proof-of-work networks where new tokens can only be created through mining, with no locked amount to be released. The use of a halving protocol also makes the tokens more difficult to mine over time, introducing a deflationary aspect instead.

Ethereum (ETH) is also included as an option. This is a proof-of-stake network where all of the initial tokens are in circulation, and new ones are only issued based on validator staking rewards. However, you should be aware that the Ethereum Foundation, a non-profit organization that supports the network, regularly sells part of its new ETH holdings, which can have an effect similar to a token unlock by increasing the sell pressure.

Tether (USDT) operates differently from the others we’ve looked at. While a huge volume of new tokens is minted on a regular basis, they remain pegged to the US Dollar, with each token having a value of $1. This means that the issue of new coins doesn’t affect the price of any that you hold.

Staking and Other Rewards

What if you aren’t going to be using all of your bankroll at once? Let’s say that you buy a supply of your chosen token for your monthly bankroll, or for an even longer period? Holding these tokens in a staking mechanism or gaining rewards from an exchange can be a smart way to gain something extra on tokens that you aren’t using yet.

Bitcoin doesn’t have a staking mechanism, and neither do the other proof-of-work networks mentioned earlier. Tether doesn’t offer staking either, which means that Ethereum is the only token listed that offers native staking. If you’re going to use this option, you’ll want to make sure that any lock-up period you agree to fits with your bankroll strategy.

For those tokens that don’t have native staking, you may decide to collect some rewards on centralized exchanges, such as Binance and Kraken. The major tokens tend to offer relatively low interest rates while you hold them on these sites, although you may find a special offer.

Wallet Availability

You may buy your tokens on a centralized exchange and hold them there to earn rewards. Yet, when the time comes to send your funds to a crypto casino, you’ll need to do this from a self-custody wallet, rather than from your exchange account. It adds an extra step to the process, but it also ensures that you keep your tokens under your direct control at all times.

Since the tokens we’ve been looking at here are all major cryptos, they have a high level of compatibility with the leading wallets. Simply check before making a move to see if your chosen token is supported by the wallet you prefer to use.

With hot and cold wallets, mobile wallets, and other options to take into account, it makes sense to think carefully about what kind of wallet you want to use before doing anything else. This Britannica Money guide explains how each type works and how to get started.

Network Gas Fees and Settlement Costs

The faster transaction speed and lower costs of crypto transfers are among the main reasons why people use them to fund their casino accounts now. Because of this, you might want to take a closer look at exactly how long each network takes and how much it costs.

Bear in mind that the cost and speed vary according to network demand. For example, when a lot of BTC holders want to make transfers at the same time, you might need to wait several blocks for yours to be processed, and pay a higher fee for it too. The Blockchain site lets you see the current average confirmation times, as well as other useful stats.

As you can see, there are several important factors to take into account that not everyone knows about. Having said that, if you just want to start playing right away, there’s nothing to stop you from simply choosing a crypto you like and trust, provided it’s accepted by your chosen casino.