Ethereum is probably the second most known cryptocurrency after Bitcoin. No wonder many gambling sites started accepting it along with other altcoins or even making it the only supported payment option. If you are not familiar with Ethereum or would like to learn more about advantages of using it in online gambling, this concise guide is for you. On our site, you will also find a list of the best Ethereum casinos and individual reviews so that you’ll know where to play using this virtual currency.
Introduction to Ethereum
Ethereum was designed in 2013 as a groundbreaking open-source computing platform and has been gaining more and more recognition due to the opportunities it provides. While Bitcoin introduced a decentralized system called blockchain, Ethereum was meant to build on that and become even more universal. The platform was officially launched in July 2015 with a limited amount of coins representing a new cryptocurrency called Ether. Just like Bitcoin, it can be easily transferred between two accounts within the network. Transactions are confirmed by the blockchain users to keep track of all Ether movement, for which they are rewarded with a transaction fee.
However, the application of the EVM (Ethereum Virtual Machine) is not limited to making payments. It is also used to service the so-called smart contracts, which are probably the most valuable innovation brought by Ethereum. These are basically agreements with their terms and conditions written in the code. Once certain requirements are met, the smart contract automatically performs the specified action. For example, a certain amount of money is transferred upon completion of a contract clause.
Smart contracts are completely transparent and cannot be faltered with once written, making them a very attractive tool in the world of online gambling.
Ethereum as an Online Gambling Currency
Over the last few years, more and more online casinos started accepting cryptocurrencies, not only because they were following this trend but also because the advantages of virtual money for online gamblers could not be ignored. Some of the establishments also recognize the undeniable convenience of using Ethereum, which is why they added it to the list of available payment options. Even though their number is still too small if we compare it with those websites which support Bitcoin, this platform is sure to gain more and more followers. Partly, that is because Ethereum transactions are fast, reliable, and transparent. Another reason is the experience online casinos offer to Ethereum enthusiasts, and you will find out why it’s better than gambling with traditional currencies below.
What is Unique About Ethereum Casinos?
In order to attract new players and popularize Ethereum casino games, many websites offer special bonuses for those who use this particular cryptocurrency. This is a good reason to join sooner and get some extra coins or great chances to win them. Digital money is here to stay, but those incentives may be gone if you wait for too long.
If you fear that Ethereum casinos have a limited selection of games due to their novelty, you are seriously mistaken. These websites have the same options traditional online casinos offer, like slots, lottery, roulette, poker, baccarat, blackjack, and other table games. Betting on sports and playing live casino games can also be done using Ether, and some gambling sites even offer custom-made games that are available to those using this cryptocurrency.
Finally, all transactions take close to no time and don’t require any special knowledge or personal details.
Making a Deposit Using Ethereum
1) Create an account at an Ethereum casino. After it’s done, find the deposit page on the site. It’s usually easy to spot, and most of the time it’s located somewhere in your dashboard. Choose to deposit using Ethereum.
2) Enter the amount you would like to send from your virtual wallet to your casino account.
3) Send Ether to the address of the casino. Just check the amount one more time and proceed with payment.
4) There is actually nothing else to do except for waiting for the transfer to take place and the funds to become available in your account.
Withdrawing Your Winnings Using Ethereum
1) If your gambling was successful and you have some winnings in your account, withdrawing them in Ether should be available either in your dashboard or on the withdrawal page.
2) Specify how much you would like to withdraw and submit that amount.
3) That’s it, now wait for Ether to be transferred to your virtual wallet.
The Reasons for Using Ether at Online Casinos
One of the definite advantages of using Ethereum for payment is that transactions don’t require any personal information, letting gamblers remain completely anonymous. All you have to provide is the amount you want to deposit or withdraw and your wallet address.
When it comes to money, everyone wants to be sure that the transactions will not be used by some fraudulent parties. That’s where Ethereum truly shines, as its smart contracts cannot be faltered with. Not only they are transparent and cannot be altered after being drawn up, but every transaction needs to be verified by the blockchain participants. Thus, you can be sure that Ether will be transferred as stipulated in the smart contract’s conditions.
Due to an advanced crypto network, verifications happen very quickly, and transfers are done much faster than it used to be with some other traditional payment methods.
The Reasons Against Using Ether at Online Casinos
1. Can be too complicated for new users
If you are new to cryptocurrencies, you may find it a bit the specifics of Ethereum operation too comprehensive. It may be a good idea first to become familiar with Bitcoin, a much more widespread and user-friendly digital currency, and then move on to Ethereum.
2. Not easily obtainable
Even though Ethereum has been gaining more and more recognition, it may still not be that easy to get. However, if you do have some Bitcoin on your hands, things become much easier, as you can simply exchange it for Ether at an online cryptocurrency exchange.
3. Only accepted at a limited number of casinos
Despite the growing number of crypto casinos, the number of those accepting Ether is much smaller than that of Bitcoin casinos. And there are even fewer sites that have gained some reputation and a high rating in the online gambling world. However, we made a list of the best options for you to go to and play using Ether.
Ethereum Gambling FAQs
How is Ethereum different from Bitcoin?
There are a lot of similarities between these two most popular cryptocurrencies, but they are not identical. Being the first of its kind, Bitcoin is much more widespread and stable, as people tend to trust it more than any other altcoin. It’s also more user-friendly than Ethereum, which we already mentioned. Nevertheless, Ether transactions take considerably less time, and smart contracts offer a wider range of usage for this currency.
Is using Ethereum in online casinos legal?
Considering there are no laws that prohibit using Ethereum in gambling, it’s safe to suggest that it is legal. And frankly, it would be weird to put any restrictions on it, as Ethereum actually encourages transparency and verifiability in online gambling.
Will an Ethereum bonus be available to me on sign up?
Most online casinos offer new clients a welcome bonus, which becomes available once they register on the site. There may be a minimum deposit amount specified for you to be eligible for a bonus, so make sure to check the conditions at each site individually.
Do online casinos accept other cryptocurrencies?
Pretty often gambling sites will accept other altcoins, not only Ethereum cryptocurrency. Check the list of Bitcoin casinos we have reviewed and selected the one supporting cryptocurrency of your choice.
Choose a Casino to Play and Win Ether
We strongly advise you to get on board with Ethereum, as fiat money is no longer the best option to use in online gambling. This technology will only evolve and offer more opportunities to those who own some Ether. Online casinos allow you to earn it while also having a fun time doing that. Make sure to check our reviews and choose the best option for you. Or if you want to play using Bitcoin, you can do that and get some Ether at a cryptocurrency exchange later.