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Are Ethereum Casinos a Better Option than Bitcoin?
Ethereum Casinos are casinos that allow players make payments or bets using the cryptocurrency Ethereum (also known as Ether). Ethereum is an open source platform which has been growing in recent years. It was designed by Vitalik Buterin in 2013 with the aim of producing something innovative in the blockchain technology space. The platform officially launched in 2012 with over 10million coins. It offers a virtual machine which is recognized as the Ethereum Virtual Machine (EVM) which has the aim of rendering scripts using an international network of public nodes.
Ether is currently one of the most valuable and popular cryptocurrencies in the world. It is entirely possible to purchase and sell Ether just as you would Bitcoin, but Ethereum is more than digital currency. Just like Bitcoin, it makes use of a decentralised system which is called a blockchain to create smart contracts.
Deposits
Sign up for an Ethereum Casino and click on the Deposit page. From here, choose Ethereum as the method of payment option.
Next, indicate the amount you wish to send to your online casino account. After determining the amount desired to deposit, you would have to send it to the Ethereum wallet address the casino displays. Ensure it is correctly entered and submit your payment.
After a short while, the transferred funds will reflect in your Ethereum Casino account.
Withdrawals
If you have been lucky enough to make winnings on your chosen Ethereum casino, you will have the capacity to collect your winnings by simply moving to the page for withdrawal and selecting the payment option as Ethereum. Then just input the amount you wish to withdraw and submit.
Note:
As you can see, making deposits and withdrawals using Ethereum cryptocurrency is as comfortable as using a debit or credit card, The hard part is setting yourself up to acquire ether to use if you have never done this before. The process will require some preliminary steps which are beyond the scope of this article and is anyhow better explained by an authority specialising in Ethereum transactions.
Before you decide to carry out transactions on any Ethereum Casino online, it's best you have an idea of the potential benefits and drawbacks. Below are a few of them.
Benefits
Ability to Transact Anonymously: One of the benefits of playing at Ethereum casinos, unlike other payment methods, is that it can carry out transactions anonymously, without the fear of being tracked and traced.
Safe to Use: Ethereum has been thoroughly tried and tested on many online casino platforms. It has proven to be safe to use when withdrawing and making deposits at Ethereum Casinos. The Ethereum network makes use of smart contracts, and every transaction has to be verified by other users.
Fast Transfer Time: Rapid deposits and withdrawals are guaranteed when using Ethereum.
Low Commission
Drawbacks
Difficulty in Attaining Ethereum: Regardless of the fact that Ether has become quite popular in the past years, it can still be a challenge for new users to get going with this cryptocurrency. But for individuals who are already aware of how Bitcoin works, it might be easier, since there are some platforms that allow Bitcoin to be traded for Ether.
Few Casinos Accept Ether: Online casinos which accept Ether are not as popular and plentiful as those that take Bitcoin.
Ether is becoming more widely accepted on sites that allow for crypto gambling. Gambling organisations were not as fast to pick up on Ethereum as one of their approved currencies, but recent developments have resulted in rapid uptake of online Ethereum casinos.
This slow initial acceptance has now turned around. Furthermore, there are also a good many quality mainstream casinos accepting Ethereum as a payment method, meaning that a quality online casino experience can be found when using this particular cryptocurrency.
Ethereum is a good option when it comes to online casino and game availability compared with online Ethereum casinos which accept other cryptocurrencies. For players who already possess Ether, it is an excellent option to use. For anyone who would like to play casino games using Ethereum, there is the downside of having to go through the process of going through the necessary steps needed before depositing funds.