Polkadot is a relatively new blockchain and coin but has quickly risen to hover around the top 10 most valuable cryptocurrencies. With this in mind, it’s perhaps surprising that more crypto casinos aren’t accepting DOT.
We have found a few Polkadot gambling options for you to enjoy, though, and we expect more crypto casinos to start facilitating DOT payments throughout 2022. Check out the Gambling Crypt top picks below.
Or read on for our guide to Polkadot gambling.
Polkadot Casinos Top List
Polkadot Gambling Guide
What is Polkadot?
Polkadot functions as an open-source sharded multi-chain protocol. It connects and secures a network of specialized blockchains, allowing cross-chain transfer of any data type, not just coins and tokens. Think of Polkadot as a bridge that connects different blockchains.
Its central mission was to solve the issue of interoperability between competing blockchains. The technology allows different blockchains to work together, with Polkadot serving as a foundation for a decentralized internet of blockchains named Web3. DOT is the native cryptocurrency of Polkadot.
Polkadot is the flagship protocol of the Web3 Foundation, and the three founders have excellent credentials in this world. Dr Gavin Found co-founded Ethereum, created the smart contract language Solidity, and is credited with coining the term Web3.
Other Web3 Foundation co-founders, Robert Habermeier and Peter Czaban, have accomplished backgrounds in blockchain, cryptography, and fintech.
Polkadot has several things that make it unique in the crypto world. Firstly, as mentioned, it’s a sharded multi-chain network that can process transactions across various blockchains in parallel. These are called parachains. This improves scalability and connectivity.
Developing custom blockchains is fast and straightforward using the Substrate framework, and Substrate blockchains can easily connect to Polkadot’s network. Polkadot can be automatically upgraded to add new features and remove bugs without forks.
Finally, Polkadot has a sophisticated user-governance system where all token holders vote on how the network runs and will progress. Various nominators, validators, and collators secure and maintain the network.
How much is a Polkadot?
Polkadot raised 485,331 ETH with its first-ever token sale, which closed in October 2017.
Polkadot reached a high of $53.88 in November 2021. Like most cryptos, DOT experienced a sharp fall during the end of 2021 and the start of 2022.
A maximum amount of 1 billion DOT exists in circulation. Current live prices are listed below.
Advantages of Polkadot Casinos
Accepted at BC.Game – BC.Game is one of the largest crypto casinos on the internet with thousands of games including Provably Fair ones, and amazing promotions. It is one of the few crypto casinos that accept Polkadot and that Gambling Crypt recommends for DOT gambling.
Limitless scalability – Polkadot can connect an infinite number of blockchains. This could be exciting for the casino industry. With decentralized apps (dapps) set to be the next big thing in crypto gambling, Polkadot casinos wouldn’t be restricted to using one blockchain like Ethereum, Solana or Cardano. It could feature multiple dapps on multiple blockchains, all connected via Polkadot.
Respected coin – the people behind Polkadot are some of the brightest minds in cryptocurrency so expect more and more traffic to the Polkadot network in the next year. The coin will continue to be a valuable asset, and we’d expect more casinos and gambling sites to start accepting DOT soon. Remember, it’s much younger than most of its rivals and has more potential.
Token speed and low cost – Polkadot can handle thousands of transactions a second and, when fully operational, is forecast to handle a million transactions a second. That makes it a great choice to make payments at Polkadot casinos as deposits and withdrawals are instant. There are also low fees for transacting with DOT, which gives it an advantage over Bitcoin and Ethereum.
Disadvantages of Polkadot Casinos
Transaction fees could rise – Polkadot is currently cheaper than Ethereum to send funds, but DOT uses a weight-based transaction fee. This will presumably continue to grow as the coin’s value rises, meaning cheap transfers may not always remain cheap. This means other coins like Ripple should remain more popular at casinos.
Limited Polkadot casinos – Despite being a top-10 cryptocurrency, Polkadot has not found wide adoption easy. While Gambling Crypt has a variety of great casinos outside of the big two (Bitcoin and Ethereum), like Bitcoin Cash casinos, Litecoin casinos, Cardano casinos and even Monero casinos, there is just no wide choice of casinos that accept DOT. Instead, many Polkadot gambling dapps exist, but these aren’t widely played, offer very limited gambling opportunities and can’t be recommended over the best crypto casinos. However, this could clearly change, so watch this space!
Centralization – Polkadot is relatively centralized, which many crypto fans dislike. Decisions on the network are meant to be made democratically but to have a seat at the table, you effectively need to own millions of dollars of DOT.
Target for hackers – hackers have targeted Polkadot and Polkadot decentralized finance apps. In some cases, they have successfully stolen funds and or frozen up funds on the network. As Polkadot grows and more dapps are built on their technology, more hacks could damage trust and DOT’s value.
Lots of competition – Polkadot faces competition from Ethereum, Solana, Cardano and EOS, among others. While some of its features are unique, it hasn’t triumphed in the battle of the blockchains yet. Ethereum is stronger in terms of adoption, has more uses currently, and is designed to facilitate high-value transactions securely. For these reasons, Ethereum is better suited at the moment to casino gambling and dapps.