Online Gambling: 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 money transfer for online gambling, virtual casinos are rapidly adopting the world’s second largest coin–Ethereum–as not only a standard, but a preferred method of payment. An Ethereum casino is an online gaming 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 to Super Slot Machines. For information on Ethereum itself, check out their site at What is Ethereum?
Most virtual casinos that accept Bitcoin will also accept Ethereum, and virtual gamblers tend to prefer this method over the traditional ones, such as credit cards, bank transfers, echecks, e-wallets, PayPal, Poli, and others. For a list of Ethereum casino reviews, check out this article on the Best Ethereum Betting Sites. The list not only reviews the top Ethereum casinos, but also offers a comparison of welcome bonuses and promotions for using it. BetOnline and Bovada are consistently listed at the top of reviews, and both have been running for over a decade.
How do Ethereum casinos work?
The short answer is, the same way as any other casinos, but they use Ethereum. The main difference with the use of Ethereum is that transaction speed is far quicker, fees are significantly lower, and the exchange itself is far more secure than traditional methods, such as credit cards and bank transfers. Once Bitcoin rose to fame, online casinos began to adopt other cryptos, and Ethereum was the natural next 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 computing transactions is a major industry innovation.
Ethereum is also a “preferred” method of exchange on nearly every online gambling site, which leads to bigger welcome bonuses and better promotions, as well as lower transaction fees for both deposit and withdrawal. Most online casinos also allow lower–and higher–deposit limits when using Ethereum (ranging from $20 to as high as $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 major advantage to cashing out in Ethereum is that payouts are free, where most casinos charge as high as 7.5% for other methods of transfer. Other than very low fees for third parties and the miners who facilitate the process, there is usually no fee at all for Ethereum transactions.
Compared with Bitcoin, which can take up to 30 minutes per transaction, Ethereum transactions are virtually instantaneous, most often complete in less than 15 seconds. Most other methods can take anywhere between a few minutes and an hour, sometimes even longer, and always have a higher fee than Ethereum. Some fees are charged at a percent rate, so a high-roller’s deposit can become pretty pricey for just a quick transaction.
Additionally, Ethereum is attractive because it uses “smart contracts” where both parties use signatures, locking the transaction into place. So when a bet is placed, it is set in stone. No party has any option to leave before the transaction is complete, as the end of the session will result in an automatic transaction. This helps build trust between users, and also in the online casino itself. Lastly, Ethereum is a volatile but constantly-rising altcoin, so cashing out in Ethereum can provide further value as the price of Ethereum rises. Many gamblers consider this to be a form of investment strategy. These smart contracts are unique to Ethereum.
Will Ethereum Make the Future of Gambling?
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 paved the way. Comprising all the advantages, and few, if any, disadvantages, to online transactions, Ethereum is certain to continue to rise in popularity.
For a multitude of reasons, Ethereum is among the safest, fastest, and most secure ways to transfer money online. Ethereum is completely anonymous and completely decentralized, meaning that banks and governments are not involved, and there is no digital record of the transaction after it closes. The use of blockchain technology renders it among the most user-friendly and cost effective ways to exchange money in online casinos.
The security of smart contracts is attractive to sports bettors, poker players, table gamers, slots players, and the house itself, because it builds an obvious trust among all parties. The transaction cannot be hacked, tracked, or defrauded by any involved party, and players can know 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 anytime soon. Further, the use of smart contracts allows players to limit the amount they spend, the amount of 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 surely see the advantages such limits might provide.
Ethereum offers bigger bonuses and promotions than other methods.
Lower and higher deposit and withdrawal limits for using Ethereum.
Faster transaction speed, lower fees, and completely anonymous.
The safest, most secure, and most user-friendly transaction possible.
Smart contracts make this method attractive, and are exclusive to Ethereum.
Players can limit their time, spending, and number of bets placed.
The use of Ethereum–and all cryptocurrency–continues to gain traction.
The rising price of Ethereum can be a sound investment in and of itself.