It seems like only yesterday we were talking about Solana and how the best online sportsbooks need to hurry up and accept it already.
But it was actually two days ago.
Anyway, there’s big news: BetOnline Sportsbook now offers Solana support for sports betting deposits!
Solana, if you didn’t already know, is the newest crypto hotness. It came out of nowhere over the last year or so to firmly establish itself inside the top 10 crypto coins.
At the time of this writing, Solana is sitting at fifth per CoinMarketCap, one spot ahead of similar crypto sweetheart, Cardano (ADA).
So, what is Solana? Well, honestly, it’s a lot like its chief rival – the aforementioned ADA.
Solana (ticker symbol SOL) is a blockchain platform initially released in 2019. Like so many other recent proof-of-stake (PoS) cryptocurrencies, SOL is able to handle smart contracts a la Ethereum, and it can process transactions much more quickly.
For this reason – again, like so many other recent proof-of-stake cryptocurrencies, SOL has been dubbed an “Ethereum killer.”
Of course, that’s nonsense, and even SOL co-founder Raj Gokal says so:
“Ethereum cannot be killed, it’s impossible. …
I’m…disappointed that every time non-Ethereum chains like Solana see success or take big swings at growing, it’s seen as taking swings against incumbents. We are trying to grow the movement.”
That sentiment is echoed by ADA founder Charles Hoskinson, and while it’s not shared by the majority of hodlers (as their biases preclude this whole “all aboard!” mentality), it’s certainly the right one.
And that’s the case when it comes to which crypto you’re going to use when you bet sports online, too.
Solana, despite finally being available at BetOnline (and, we hope, many other legitimate sportsbooks in the near future), isn’t necessarily the best choice or most beneficial choice for online gamblers.
For example, there’s no need to go out and buy Solana if you’re already using a different crypto to bet online.
On the other hand, if you’ve never used crypto before and are thinking of buying some with which to gamble, Solana is a very good first choice.
Transactions are as fast as the quickest gambling crypto coins, and fees are minimal.
Currently, the average cost per Solana transaction is reportedly under a thousandth of a cent, though this shouldn’t be taken as gospel.
Still, such tiny “gas fees” put Solana betting right alongside Stellar betting when it comes to getting the most bang for your buck.
At the end of the day – if you’re a crypto first-timer – the main determinant regarding which coin you should use for online sports betting will be which coin you think offers the best ROI for your bottom line.
This, of course, assumes you win your wagers or that you keep some of your crypto in a private wallet as an investment.
As such, SOL – right now – has been the biggest gainer year-over-year, and that makes it an attractive option.
But Cardano, too, has seen huge gains and has just as much upside in the wider crypto market as Solana, which also makes it a compelling.
Then there’s the psychology of it all.
For $100, you can get 0.54 SOL, or just over half a Solana coin. For that same $100, though, you can get 74.5 ADA coins. While the percentages of growth are what matter, there’s no denying that it feels more meaningful to have more coins.
But regardless of your logic, both coins – as well as all the other crypto currencies supported by the best online sportsbooks – are all viable and valuable.
As long as you’re betting with crypto, you’re already winning!
