Are you planning on doing some online going? Why not use cryptocurrency to fund your account? There are plenty of benefits to using crypto online, and it keeps you out of view of the IRS and tax authorities.
Online casinos and bookies accept crypto for payment, with same day payout bookies offering you fast withdrawals from your account.
However, transaction times matter, and you need to know the specifics of the payment method you’re using on the site. Some cryptos can have longer transfer times than others, and if you want your money right away, you need to use the right crypto asset.
In this post, we’ll unpack the specifics around the cryptocurrencies with the fastest transaction times for your online gaming needs.
Which Crypto Currencies Have the Fastest Transaction times?
According to a recent survey of crypto assets, the following cryptocurrencies have the best transfer ties. However, before we start, you need to understand what to expect from an average transfer time.
The Visa network is the world’s fastest transaction marketplace. Visa completes 24,000-transactions a second, making it the benchmark for all payment methods to meet.
It’s important to note that you can’t expect those speeds from a cryptocurrency, but the closer you get to it, the better.
Ripple (CCC: XRP-USD): 1,500
Bitcoin Cash (CCC: BCH-USD): 60
Litecoin (CCC: LTC-USD): 56
Dash (CCC: DASH-USD): 48
Ethereum (CCC: ETH-USD): 20
Bitcoin (CCC: BTC-USD): 7
As you can see, the world’s favorite crypto, Bitcoin, has the worst transaction times out of all cryptos tested in the review.
You’ll also notice how much more impressive Visa is at processing transactions. Transaction times are one of the key factors holding back the global adoption of BTC and crypto in general.
However, what’s important to notice out of this data set is ripple speed (XRP). At 1,500 transactions per minute, it’s even faster than PayPal (190 transactions per second). That’s makes it the fastest transacting crypto by far, eclipsing the nearest competition with Bitcoin Cash only managing 60 transactions a second.
XRP offers users fast transaction times, and low fees, costing you fractions of a cent every time you move money from your wallet to your gaming account.
Litecoin isn’t far behind Bitcoin cash, with 56 transactions per second, and that’s much better than the original Bitcoin transfer times. Dash outperforms ETH but still lags behind the top contenders.
A Few Concerns for Gamblers and Crypto Withdrawals
It’s important to note that almost all gaming venues require you to verify your identity before withdrawing from your account. Just because you’re using crypto doesn’t mean that the site won’t track your basic information.
However, if you’re withdrawing your crypto profits in Fiat currency like US Dollars or Euros, you’re going to have to verify your identity with the gaming site.
To do this, you’ll need to send them a copy of a photo ID. The casino or gaming site won’t let you withdraw your funds until you complete the verification protocol. With some casinos, this can take up to 72-hours.
Therefore, if you want a fast and efficient withdrawal from your casino account, remember to verify your identity when signing up. This strategy prevents bottlenecks in the admin process when you want to withdraw.
It’s a simple tip; it can save you time when making your withdrawal.
Now you know the cryptos with the fastest transfer times. Use the information in this review to improve your gaming experience. Before signing up with any gaming site, make sure to visit the cashier section and check if they accept your crypto of choice.