Why You Should Consider Gambling With Ethereum Over Bitcoin
What is an Ethereum casino?
With the rise of cryptocurrency as the most widely used and accepted method of transferring money for online gambling, virtual casinos are rapidly embracing the world’s second largest coin – Ethereum – not only as the standard, but as the preferred method of payment. An Ethereum casino is an online gambling platform that accepts the popular altcoin as a method of exchange. These casinos offer the same games as other online casinos, from poker and sports betting to table games and super slots. For more information on Ethereum itself, check out their site on What is Ethereum?
Most virtual casinos that accept Bitcoin will also accept Ethereum, and virtual gamblers tend to prefer this method over traditional methods, such as credit cards, bank transfers, e-checks, e-wallets, PayPal, Poli and others . For a list of Ethereum casino reviews, see this article on the best Ethereum betting sites. The list not only reviews the best Ethereum casinos, but also offers a comparison of welcome bonuses and promotions for its use. BetOnline and Bovada are regularly listed at the top of reviews, and both have been operating for over a decade.
How do Ethereum casinos work?
The short answer is, the same as every other casino, but they use Ethereum. The main difference with using Ethereum is that the transaction speed is much faster, the fees are significantly lower, and the exchange itself is much more secure than traditional methods, such as credit cards and Bank transfers. Once Bitcoin rose to fame, online casinos started adopting other cryptos, and Ethereum was the next natural choice for several reasons. It offers the most secure platform and is the 2nd largest and 2nd most valuable cryptocurrency in the world (trading at just over $2500 today). Its unique method of calculating transactions is a major innovation in the industry.
Ethereum is also a “preferred” method of exchange on almost all online gambling sites, resulting in bigger welcome bonuses and better promotions, as well as lower transaction fees for deposits and withdrawals. Most online casinos also allow lower and upper deposit limits when using Ethereum (ranging from $20 to $100,000!). Most bank transfer and credit card transaction limits are between $50 minimum and $5,000 maximum, depending on the site.
Ethereum Gambling vs other cryptocurrencies
One of the main advantages of cashing out in Ethereum is that payments are free, with most casinos charging up to 7.5% for other transfer methods. Other than very low fees for third parties and miners that make the process easier, there are generally no fees for Ethereum transactions.
Compared to Bitcoin, which can take up to 30 minutes per transaction, Ethereum transactions are nearly instantaneous, most often completed in less than 15 seconds. Most other methods can take anywhere from a few minutes to an hour, sometimes even longer, and always have higher fees than Ethereum. Some fees are charged at a percentage rate, so a heavy bettor’s deposit can become quite expensive for a quick transaction.
Additionally, Ethereum is attractive because it uses “smart contracts” where both parties use signatures, locking the transaction in place. So when a bet is placed, it is set in stone. Neither party has the opportunity to leave before the end of the transaction, because the end of the session will result in an automatic transaction. This helps build trust between users, as well as within the online casino itself. Finally, Ethereum is a volatile but constantly rising altcoin, so cashing in on Ethereum can provide additional value as the price of Ethereum rises. Many players consider this a form of investment strategy. These smart contracts are unique to Ethereum.
Will Ethereum be the future of gaming?
Yes. Yes, it will. There is no longer any doubt that cryptocurrency is the wave of the future for online gambling, and Ethereum – along with its predecessor Bitcoin – has led the way. With all the advantages and few, if any, disadvantages of online transactions, Ethereum is sure to continue to grow in popularity.
For a multitude of reasons, Ethereum is one of the safest, fastest, and most secure ways to transfer money online. Ethereum is completely anonymous and completely decentralized, which means that banks and governments are not involved, and there is no digital record of the transaction after it is closed. The use of blockchain technology makes it one of the friendliest and most profitable ways to exchange money in online casinos.
Smart contract security is attractive to sports bettors, poker players, table players, slot machine players, and the house itself, as it establishes obvious trust between all parties. The transaction cannot be hacked, tracked, or defrauded by any party involved, and players can know that they are anonymous to everyone, including even the site itself.
Ethereum is the most decentralized and secure method of exchange, and that is unlikely to change any time soon. Additionally, the use of smart contracts allows players to limit the amount they spend, the time they play, and even the number of bets they are allowed to place. Those of us who have ever spent a little too much time or money in an online casino can certainly see the benefits such limits could offer.
Key points to remember
Ethereum offers bigger bonuses and promotions than other methods.
Lower and upper deposit and withdrawal limits for using Ethereum.
Faster transaction speed, lower fees and completely anonymous.
The safest, most secure and user-friendly transaction possible.
Smart contracts make this method attractive and are exclusive to Ethereum.
Players can limit their time, expenses and the number of bets placed.
The use of Ethereum – and all cryptocurrencies – continues to gain momentum.
The rising price of Ethereum can be a wise investment in itself.