Cryptocurrencies have steadily gained popularity in the iGaming industry. Although Bitcoin is still the most popular crypto, it might not keep this title forever, especially with Ethereum being a close second.

There’s an ongoing debate surrounding cryptocurrencies and their volatility. However, Ethereum has managed to keep a steady course in the last year, compared to other crypto coins. That’s one of the main reasons why Ethereum might prevail and become the most popular cryptocurrency in online gambling.

Read on to find out whether Ethereum Casinos: The next big thing could soon appear as one of the headlines on your favorite news platform.

Reasons Why Ethereum Could Prevail in iGaming

Bitcoin is still the most popular cryptocurrency in online gambling, but Ethereum may have what it takes to dethrone it. If you are intrigued by this claim, read on and learn why we believe this could happen.

It’s the Second Most Popular Cryptocurrency

From the moment it appeared, Ethereum was considered as a Bitcoin replacement. Thanks to its fast transactions, environmentally-friendly business practices, and various other applications and features, ETH might become a more popular option. However, we might have to wait for a while before that happens, especially since the entire cryptocurrency market is rather unpredictable.

Ethereum Uses Smart Contracts

Unlike Bitcoin and other cryptocurrencies, Ethereum uses smart contracts — an automated program that ensures a smooth and highly secure execution of ETH transactions. With a built-in scripting language and various useful features, smart contracts can facilitate payments without needing a central authority or a third party.

The “Flippening” Is Still Possible

Flippening is the term that describes the possibility of Ethereum overtaking Bitcoin in market capitalization.

Even though it has always been the number one crypto, Bitcoin’s market dominance has significantly dropped during the last couple of years. The largest drop occurred in mid-2017 and early 2018, and many Ethereum enthusiasts hoped that the flippening would happen then. Although this shift still hasn’t taken place, many believe it’s only a matter of time.

What’s Stopping Ethereum from Growing in Popularity?

Ethereum could become more popular in casinos

Being the second most popular cryptocurrency is great and all, but Ethereum doesn’t have the same traction as Bitcoin in online casinos. While all the signs point to the real possibility of ETH taking over, we have found some elements that still prevent Ethereum from reaching its full potential. Read more about them below.

Bitcoin Still Dominates the Crypto World

Bitcoin was there first, and it had plenty of time to enter the online gambling scene, disrupt it, and become one of the most secure casino payment methods. The Bitcoin market cap is currently at £524 billion, while Ethereum is in second place, with £218 billion — nearly half less.

Although Bitcoin’s market cap has dropped, it’s still number one, meaning Ethereum has a long way to go before it comes close to its biggest competitor.

Cryptocurrency Use in Online Gambling Has Yet to Develop

You won’t find many crypto-focused online casinos. Although operators accept Bitcoin, they usually support other payment methods as well. These are reserved for players who aren’t familiar with cryptocurrencies.

Most online casino enthusiasts still choose traditional banking options, such as credit and debit cards, e-wallets, and bank transfers. Even though Bitcoin is the most popular cryptocurrency, it still isn’t the primary choice on online gambling sites. So, you can understand why Ethereum isn’t even an option in some online casinos.

Players Don’t Want to Leave the Comfort of Bitcoin

Players who have learned the ropes of Bitcoin and its nature now feel comfortable using it for their online casino payments. Despite being volatile, Bitcoin has created an ample market and offers more stability than Ethereum — at least for now. The fact that it has been around longer giving BTC dominance over ETH, which has yet to stand the test of time.