Ethereum Gambling Guide: What Is Ethereum? Is It Worth The Hussle?
First things first, NO, we’re not dishing out financial or trading advice. Past performance does not indicate future results, especially when dealing with cryptocurrency.
But us gambling geeks and freaks need to talk about the Ethereum network. This blockchain technology and its native currency Ether are becoming the most useful platform and currency in the entire crypto industry. Go figure!
The crypto market may be destabilized at the moment, but Ethereum seems to be topping Bitcoin for a myriad of reasons. That’s why this blog post has been a long time coming. So how does Ethereum fare in the world of online gambling? Are online casinos eager to catch the crypto gambling wave? And if so, are there any risks players should keep in mind before considering gambling with Ethereum?
What Is Ethereum Network And How Does It Work?
Ethereum is, well, a lot of things. If you ask the developers, they would describe it as ‘the world’s first programmable blockchain’ and ‘decentralized finance’. What does that mean for us mortals?
Ethereum is an open-source project. That means it isn’t owned or operated by a single individual but a whole community. In fact, the Ethereum community is responsible for all manner of amazing upgrades, products, and initiatives that are breaking records — from the number of active developers to daily transactions, total value locked, price of Ether, etc.
But we’re not here just to sing hymns about Ethereum. It’s not without shortcomings. The biggest and most obvious obstruction to achieving its full potential is the congestion it’s experiencing on the network. Because the amount of gas unit (the smallest type of work processed on the Ethereum network) allowed in a block is limited, there are only so many transactions that can be allowed in a single mined block. This prompts users to bid for the limited space, increasing the price of the gas (transaction fees) that they’re willing to pay. Essentially, miners are put in a position where they have to prioritize specific transactions into the soonest block.
But they have a little help to speed things up…
Automating The Execution Of An Agreement: What Are Smart Contracts?
Are we signing something here? Nope. Not physically, at least. But bear with us, this goes well beyond pen and paper contracts.
Ethereum has its own programming platform called Solidity. It is a platform that serves to make lil’ things like Python, Java, or C++. Essentially, a smart contract is a code that stems from this platform. You are signing something that your app or game or NFT can or cannot do on the Ethereum platform, depending on predetermined conditions.
Smart contracts work by following the simple logic of the “if-then” statements that are written into code on a blockchain. These actions are executed by a network of computers as long as the predetermined conditions have been met and verified. These actions can be many things: Releasing funds, registering a vehicle, issuing deposits and withdrawals at an online casino – you name it! Just bear in mind that once you “sign” a smart contract, it’s irreversible. No one can change it, not even the author.
The upside? Smart contracts run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. A smart contract just works. It gets s#!t done.
Ether And Ethereum: What’s The Difference?
Although no one would argue with you if you said that you bought Ethereum, there is a difference between the two terms. Ether is the fuel that powers Ethereum. It has only one purpose – to be used as currency for the wide range of Ethereum services. Put another way, when you see that abbreviation ETH, it is not Ethereum. It stands for Ether.
Ethereum, on the other hand, refers to a suite of protocols that define a platform for all decentralized applications. At the heart of it is the Ethereum Virtual Machine, or EVM for short, which serves to execute complex algorithms. For all you computer science nerds, Ethereum is Turing complete, which basically means it’s computationally universal. This may explain why some folks also like to describe Ethereum as a world computer.
Running the computers that execute code to power dapps (decentralized apps) consumes a lot of power, increasing the electricity bills. To tackle this issue, Ethereum created Ether in order to incentivize programmers to run the Ethereum protocol on their computers. Initially, Ether coins served as compensation for Ethereum developers. In today’s climate, however, other people (non-coders) have also started hoarding and trading with Ether, too.
Gamblers and online casinos are one of them, which bring us to…
How To Get Started With Ethereum Gambling
Open a Cryptocurrency Wallet
The first step is an obvious one. You need to open a wallet specifically designed to hold cryptocurrencies. Fortunately, there is no shortage of available wallets on the market. Here are many of the most popular choices:
- Binance, Coinbase, Gemini, CEX.io, Bittrex, CoinMama, Kraken…
Simply visit one of these sites, enter your personal data, open an account – and voila! Before you buy some Ether, the verification process may require taking a phone call. Folks on the other end of the line like to make sure you’re among the living.
Enter Your Financial Details
Funding your wallet with regular currency requires a bank or credit card. The funding option you choose may very well have a limit attached to it (for example, Ethereum doesn’t want you to buy truckloads of ETH on your credit card). Once you created an account, make sure to enter your FIAT banking information so you can move your cryptocurrency back and forth to your traditional bank account.
After setting up your wallet, you will be presented with various cryptocurrency options. All you have to do is search for Ether. When you find it, select the amount you want to buy and complete the transaction. After that, give yourself a pat on the back – you are officially a proud owner of ETH cryptocurrency!
Find an Ethereum Gambling Site
We will present you with a few Etherum gambling sites which we reviewed soon enough. These days, lots of online casinos are accepting Ether. As you will read further down, we will list out some Ethereum-friendly sites, and we will spend more time on each one in more detail.
Connect Your Cryptocurrency Wallet to Your Gambling Account
Once you find the Ethereum betting site you want to use, head to the cashier section. There, you will find the payment options, which will include Ether. When you choose that payment method, you will be directed to a site that will connect you to the casino via the Ethereum blockchain. Here, you can select how much you want to deposit at the site, and a few clicks later, your account will be funded!
Our Top Picks For Best Ethereum Gambling Sites
Even though the number is changing on a daily basis, the good news is that more and more sites are starting to accept Ether for gambling purposes. Here are some Ethereum sites that we recommend, hands down:
This platform rose up to the challenge by blending online gambling with both regular and cryptocurrencies, making a hybrid casino that changed the way we view online gambling today. Check our Bitstarz Casino review for more information!
Casino Sol may not be what some would call banking heaven, but it accepts cryptos and other popular deposit methods. Our Sol Casino review will provide you with all the deets.
No time to beat around the bush. These folks and keeping it fresh and the fact that they accept cryptocurrency proves that. Check out our Fresh Casino review!
This is one of the newest online casinos and it’s refreshing to know that they are keeping up with the latest trends – cryptocurrency included. Read our Jet Casino review to learn more about this gambling joint.
>Wolfy covers all major payment methods, including some of the leading cryptocurrencies, such as Bitcoin and Ether. Have a go at our Wolfy Casino review to find out more about their offers.
These folks accept just about any form of payment method. Whether it’s cards, bank transfers, e-wallets, or cryptocurrency – you name it, they probably have it covered. Read our AllReels Casino review for more info.
As for the casino itself, it’s your regular offshore adventure. But it accepts cryptocurrency, which makes it a gambling hotspot for crypto players. Take a look at our Winzinator Casino review to learn more about their bonuses and offers.
The Benefits Of Ethereum Gambling
Whatever you do with the Ethereum blockchain – including using Ether as a payment method at an online gambling site – it’s completely encrypted. This basically means your personal information can and will not be compromised. Casino sites will not have access to any of your payment information, which is a blessing in and of itself, all things considering.
Unlike most other payment methods, the transactions using the Ethereum platform take far less time to complete. Deposit your money faster, gamble faster, withdraw money faster.
Due to the digital nature of the transactions, Ether payments cost players far less to process, if at all. This ensures you keep even more of your winnings further down the line.
The nature of Ether drastically lowers the possibility of fraud. In other words, players who use this cryptocurrency are more likely to be given higher betting limits, deposit and withdrawal limits included.
We’ve seen many gambling sites that encourage players to use Ether as a payment method by offering far larger deposit bonuses. If this tickles your fancy as well, check out our casino 2022 bonus for the best places to indulge in Ethereum bonuses.
The Disadvantages Of Ethereum Gambling
Due to the rapid growth of the crypto industry, the prices of Ethereum are sent on a roller coaster. Put another way, even if you spend time gambling with Ether at a poker table, you will also be gambling on the value of the currency the moment you decide to buy and sell it on the open market.
Keep in mind that not every site that offers Ether as a payment option has a gaming license. This can lead to a cascade of security issues. While your cryptocurrency transactions perform without a hitch, the gambling site still has to approve payments. If you rub elbows with rogue casinos without licenses, you are more likely to experience trouble.
Despite the fact that the online gambling industry was among the first to accept cryptocurrency, there is still a majority of sites that steer clear of Ether as a payment method. Sure, Ether will continue to grow, but you will need to do some research and read casino reviews to unearth the places where you can use this currency without risk.
The Future Of Ethereum Gambling
Ethereum gambling is picking up steam. Big time! For now, we can’t say that a huge percentage of casinos accept Ether, but those that do offer pretty sweet bonuses for the Ethereum community. So make sure to check them out. After all, switching from traditional to more unconventional methods of gambling is a source of excitement in and of itself.
With new Ethereum gambling operators popping right, left, and center, it can be a doozy to navigate through the decentralized casino landscape. Not all online casinos are necessarily safe, even though Ethereum prides itself on circumventing spthat issue regardless of the gambling platform. Also, considering the advantages of using Ethereum in online gambling, our guess is that it could become one of the most dominant payment methods, if not THE payment method.
But let’s keep our feet on the ground and head out of the clouds. Despite its upward trend in the world of cryptocurrency, Ethereum is still fairly new and its value continues to fluctuate. In other words, not only will you be gambling at the online casino, but you’ll also be gambling with the value of Ethereum itself.
Ethereum Gambling Summary
Ethereum aims to take the decentralization, security, and openness afforded by blockchains and extend those qualities to virtually anything that can be computed. And unlike the Bitcoin network, the primary purpose of Ethereum is to eliminate the middleman and resolve any potential trust issues using smart contracts.
If you’ve got the computing power, you can contribute to the Ethereum network in exchange for currency. But online casinos seem to be another hot spot where Ether can be earned, traded, and lost. Just note that despite Ethereum’s growing popularity, there are still numerous online casinos that refuse to accept Ether.
Still, this is digital money, baby! It’s only a matter of time until we see just how world-changing it really is. Stay tuned and keep those fingers crossed! We got you, Bro!