Stablecoins have been around for a while, but only recently did crypto casino players start thinking about the possibility. Due to the demand, an increasing number of crypto casinos have started offering USDC as a payment option. And of course, crypto casino owners must follow, if they don’t want to lose customers in this competitive industry.
Many still wonder what the point of stablecoins is, but if you stay around for a bit more, you will come to understand in the following sub-section. Before that, it must be told that stablecoins have different advantages over regular cryptocurrencies.
Essentially, stablecoins are cryptocurrencies pegged to fiat currencies (usually the US dollar). This provides a sense of stability and security. Of course, you will be losing the chances of getting bigger cashouts upon withdrawal, because a regular token’s volatility can sometimes help. However, there is also the possibility of regular crypto losing its value and once you draw your tokens out of the casino, they might be worth nothing.
Officially, the USDC is a stablecoin pegged to the US dollar. To be more precise, it is pegged on a one-to-one basis, meaning 1 coin is worth $1. For each unit in circulation, $1 is held in reserve in US Treasury bonds. It is stated that the USDC is issued by financial institutions with strict regulations.
The stablecoin was founded back in 2018, aiming to be digital money in today’s modern age. This is supposed to make payments easier, faster, lower taxes, and ease the process of purchasing other cryptos with USDC. Additionally, it can be viewed as a safety vault in times of crypto market instability, since it will be keeping its price, while the rest of the regular tokens experience the dip.
Furthermore, USDC’s main goal is to create its own ecosystem, where the token is supported by the majority of the crypto wallet, CEXs, dApps, etc. This is great when you withdraw your winnings in a different token and wish to make sure you won’t lose their value.
So the question becomes, why would you play at a USDC casino, instead of in a crypto casino that supports non-stablecoin tokens. Well, this is not an easy question, so the answer cannot be short likewise.
To start off, USDC is quickly becoming one of the most popular stablecoins, right after USDT, which people expect will surpass by market cap in 2022. This means that many people are trading their $1 for 1 USDC. This allows users to trade USDC for other cryptos quickly, at a low tax rate. In contrast, if you are using fiat to play at a casino, you will be paying higher fees, waiting longer for transactions, which can be frustrating.
Interestingly enough, USDC has a low average fee of %1, which results in about $0.01. It is considerably lower than what you’d get from a conventional fiat payment. With USDC, even if you make 100 transactions, they will accumulate a total cost of $1. So even if you are someone who plans on staying at a USDC casino in the long term, the price will not affect you as much as other tokens’.
The transaction time sits within a 5-minute block, meaning this is the longest your transactions can take. Considering Bitcoin’s block time of 10 minutes, and Ethereum’s block time of 7 minutes, this is a significant improvement. This will ensure all your deposits and withdrawals will be happening in a very short period of time.
Most notably, the fact that you can use a stablecoin while the market is highly volatile is a great advantage, that no non-stablecoin cryptocurrency can offer. While the crypto market crashes and you are buying the dip, you can easily play using USDC for a stable outcome.
Of course, strictly speaking about crypto casino games, USDC has the upper hand over other fiat currencies. This is due to the fact that fiat currencies have the leash tightened, due to many regulations placed upon them. Of course, cryptocurrencies bypass any rules and regulations, allowing providers to place different limits. This includes both lower minimum and higher maximum betting amounts. This is perfect for those who are here to just explore the market and those who wish to risk more in order to win more.
USD Coin, as we already know, works completely differently than other cryptocurrencies on the market. This includes stability in value, centralization, and many more. For the viewing experience and convenience, we have formed a list of advantages and disadvantages USDC has over other crypto and fiat currencies.
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USDC is a cryptocurrency that’s been developed with the help of Coinbase, which is the second biggest CEX on the market, as of January 2022. This means that it also is the best place to purchase USDC from. However, if you prefer other platforms, some useful names are Binance, Kraken, KuCoin, Uniswap, Huobi Global, Poloniex, and more.
Even better, Coinbase has its own integrated crypto wallet, similar to the other platforms we mentioned, meaning you will not need an external one. However, it is a requirement to have a crypto wallet, otherwise, it is impossible to make deposits and withdrawals from a crypto casino. Some cool third-party crypto wallets are MetaMask, MyEtherWallet, Exodus, Electrum, and more.
USDC is definitely an interesting cryptocurrency, especially considering the fact that it is a stablecoin. However, exactly due to this the security surrounding it is much higher than for other tokens. This includes escaping crypto market crashes, and using USDC in the meantime at crypto casinos, so you won’t lose value, but can keep on playing.
The lack of volatility also ensures you will be taking your winnings at no additional risk over their value. The tremendous speed and negligible transaction costs are also a great benefit. USDC is probably the best token for players who are just getting into crypto casinos, simply because you will not be losing much at the end of the day, due to the low betting limits.
For some further information, we suggest checking out the FAQ section below.
First and foremost, USDC is what is called a stablecoin, meaning it is pegged to a currency (in this case the US dollar) and has extremely low volatility of no more than 1% usually. This ensures the stability of the currency, while also allowing you to reap the benefits of a regular cryptocurrency, such as transaction speed, low taxes, and more.
In terms of games, all cryptocurrencies, including USDC can be used to play the major categories of online crypto games. These include slots, table games, live casino games, sportsbooks, even cybersports, as well as sometimes unique and casino-original crypto games.
Unfortunately, the words decentralized and stablecoin do not go hand in hand, at least for now. This is due to the fact that stablecoins are pegged to a fiat currency, making it extremely hard to stay decentralized, as each token equals $1 in assets in the real world, kept in a reserve.
The advantages of such casinos come directly from the tokens’ advantages. These include transactions speed, low fees, complete stability of value, security of the network. On the other hand, we have crypto casino advantages such as crypto-only deposit bonuses, expanded betting limits, and sometimes exclusive promotions for crypto users.
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Crypto Specialist
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