Having only launched in September 2021, Avalanche has been rapidly rising up the cryptocurrency ranks. Although AVAX adoption is still quite limited, with only a few Avalanche gambling options available, we’re sure this precious coin will become more widely accepted soon.
Check out the best Avalanche casino options here. And read on for our Avalanche gambling guide.
Avalanche Casinos Top List
Avalanche Gambling Guide
What is Avalanche?
What is Avalanche?
Avalanche promotes itself as the fastest smart contract platform in the blockchain industry, measured by time-to-finality, with a renowned consensus protocol. Billing itself as ‘blazingly fast, low cost and eco-friendly, it can outperform other similar smart contract platforms like Solana and Ethereum in many areas.
Avalanche only launched in September 2020. But it has risen rapidly in the crypto and blockchain world, boasting over 1.5 million community members, hundreds of different projects and nearly 1,500 individual block-producing validators.
It uses a proof-of-stake system and is involved in decentralised finance (de-fi), digital collectables like NFTs, and AVAX, the token that powers Avalanche.
Avax is a leading crypto asset. It’s hard-capped, scarce and is used to pay for fees on the Avalanche blockchain. It also secures the platform through funding, as well as providing a basic unit of account between the multiple subnets on Avalanche.
The max supply of AVAX is capped at 720 million tokens, but AVAX users control how fast new coins are minted. This is done by AVAX holders controlling the rate of new coin creation. They can vote to adjust the amount of AVAX that is paid as a reward for adding a new block to the Avalanche blockchain.
The value of AVAX soared 3,000% during 2021, making it one of the biggest risers in the crypto world.
Currently, an AVAX coin is in the top 10 of the most valuable cryptocurrencies out there. As of April 2020, it was trading at around $72 for a total market cap of nearly $20 billion.
Advantages of Avalanche Casinos
Game choice
More than your typical online casino, average crypto casino sites will have a game choice in the thousands. Tons of slots, live casino, and a wide table game offering, allied with valuable promotions and big bonus feature will make you think you are in Las Vegas!
You can even enjoy sports betting on top events like ice hockey, the Stanley Cup final, for example, or the lastest NHL games with big teams like the Chicago Blackhawks and Dallas Stars.
Speed
The Avalance blockchain can process 4,500 transactions per second, thousands more than the likes of Bitcoin and Ethereum (currently). The speed of these digital assets make AVAX well-suited to online casino and betting site transactions where you want instant payments and deposits.
Negligible fees
Fees for using AVAX to deposit at leading an AVAX Casino are extremely low, running from around 0.0005 AVAX to 0.01 AVAX. This is far better than using coins like BTC and ETH, which always incur far steeper charges at online gambling sites. Transfer directly from your crypto wallet to the casino in seconds.
More privacy
Just like using other crypto coins, using AVAX to gamble keeps your transactions out of the eyes of prying banks and financial institutions – the opposite of traditional payment methods.
There are numerous reasons why you may not want gambling transactions appearing on your statements. Many banks take a dim view of these if you are looking at getting a loan or a mortgage, for example.
Do note, though, that a responsible gambling AVAX gambling platform will still need some basic personal information. Every licensed casino website needs this for any player joining and wanting to make a deposit.
Highly-respected
Unlike many crypto gambling tokens out there, Avalanche is seriously respected. This helps explain its meteoric rise in value in just two years. It has disruptive and innovative technology interoperable with other blockchains. It is also scalable and thus has attracted significant interest from cryptocurrency investors. More and more companies are using the blockchain, and there are numerous AVAX gambling dapps and sites out there.
A crypto casino offering payments in AVAX are ahead of the curve, as we expect this coin to become much more widespread this year.
Disadvantages of Avalanche Casinos
Lack of Avalanche casinos
We’re not really a fan of gambling dapps in general, and without those, there are not many trusted crypto casinos that offer AVAX gambling or sports. The few we rate and trust are at the top of this page. We suppose the good news is we expect more AVAX casinos this year.
No punishment for fraudulent behaviour on the network
Most proof-of-stake crypto networks punish validators for fraudulent behaviour or mistakes. At the end of the day, the integrity of these projects rests on faultless validation.
The process is called slashing and sees the validators lose some or all of their stake. This can obviously be worth a lot of money, so it is a fantastic way to ensure compliant and successful validation systems.
For reasons unknown, Avalanche doesn’t practice slashing, even going as far as to declare on its website that “staked tokens on Avalanche are never at risk of slashing.”
As the network and value of AVAX continue to grow, this could have effects on the integrity and credibility of the project.
Competition
Ultimately, the success of Avalanche in the long term remains to be seen. Like Solana, EOS and Cardano , Avalanche has also been touted as the fabled Ethereum-killer. There does seem to more advertising for the brand recently, so it’s going to be interesting to see what the rest of 2023 brings.
But the truth is Ethereum remains far more valuable and popular, and with improvement on the way for the ETH platform, it’s going to be a real struggle for Avalanche to continue to compete.
What does that mean for the future of the blockchain and AVAX? We will have to see.
