For the uninitiated, Ethereum is arguably the next most famous of the cryptocurrencies after the much-hallowed Bitcoin. If you are yet to encounter Ethereum, then fear not, because Casino Juggler is here to run you through the Ethereum casino landscape.
Which Casinos Accept Ethereum?
Before getting into the discussion, we would like to share some of our favourite Ethereum casino sites that are currently out there:
- Edgeless.io: Edgeless Casino offers 0% house edge, rapid transactions, and random number fairness checks.
- Bitsler.com: Deposit in Ethereum and start enjoying roulette, dice, and other popular instant games at Bitsler.
- Betcoin.ag: Betcoin welcome you with successive 100%, 50%, and 25% bonuses on your initial deposits with the crypto casino.
- Crypto-Games.net: Ethereum is one of many cryptos accepted at Crypto Games. Get playing slots, dice, blackjack, roulette, video poker, plinko, and lotto.
- FortuneJack.com: The casino offers a 110% welcome bonus with many more offers and free spins to follow at Fortune Jack.
What is Ethereum?
Ethereum is a next generation form of cryptocurrency that could seize the mantle from Bitcoin. By design, Ethereum is a public blockchain network on which operators receive the Ether cryptocurrency in exchange for performing transactions and developing applications.
Functionally, Ethereum runs on blockchain technology where records are listed out in blocks that are linked together in a secure fashion through cryptography. Mathematics, coding, computing, and various scientific principles can be used to device a complex system of digital cryptography.
Why Use Ethereum at Online Casinos?
Bitcoin casinos were once in their infancy, but now Ethereum casinos are ready to emerge as the next niche market for crypto gaming. So, what are the cases for and against wagering with Ethereum at casino sites?
The Pros of Ethereum Casinos
The positive case for these casinos is largely based on the technological innovations that have been obtained by Ethereum:
- More usable than Bitcoin: Ethereum is second to Bitcoin, but the value is a fraction. Naturally, investors crave the more valuable Bitcoin. However, Ethereum is easier to transact with because you are not so fearful with losing accrued value.
- Long-term potential: Bitcoin is designed to stop being crated once they reach 21 million, whereas Ethereum is designed to be crypto that can last into the future.
- Rapid transactions: A 15-second block-time means that Ethereum offers superior transaction speed compared to the 10-minute time for Bitcoin.
- Affordable transaction fees: As of December 2017, Ethereum would have charged you a $0.33 [£0.23] transaction fee for converting crypto, whereas Bitcoin would have been above $20.00 [£14.00].
The Cons of Ethereum Casinos
An Ethereum casino typically has shortcomings because of the site operator, rather than being caused by the crypto itself. Nevertheless, here are some potential negatives for you to think about:
- Less established: No crypto is yet to come close to the long-term performance of Bitcoin. Ethereum runs on innovative technology, but there is a risk that it one day gets overtaken by another crypto or run out of town by Bitcoin.
- Fewer casinos: Bitcoin is the crypto that the bulk of casino sites have rallied around. Even then, it still hasn’t achieved universal acceptance. For the short-term, you might be waiting a while for Ethereum casinos to become more established.
How Do I Deposit and Withdraw Using Ethereum?
If you’re new to the concept, then playing at Ethereum casinos does mean you will have to familiarise yourself with a new payment system. Don’t worry, though, as Casino Juggler is ready to guide you step-by-step through the basic process:
- Get an Ethereum wallet: Mobile is good for casual use, but lacks of the security of a desktop wallet. A hardware wallet is a good compromise because you can remove it from the web when not in use.
- Go to an Ethereum exchange: Coinbase or GDAX are a couple of options to check out. Create an account and you can then acquire Ethereum by exchanging real-world currency, which can be uploaded from a credit card.
- Join an Ethereum casino: You can start with one of the casinos from the list above. After joining, go to the cashier and select Ethereum as the payment method. The casino can then synch with your wallet to make the deposit.
- Withdraw winnings: If you find yourself way up with your deposit, then visit the cashier to transfer the winnings. Simply follow the instructions and enter the private key provided.
What’s the Difference between Ethereum and Bitcoin?
The shared fundamental of Ethereum and Bitcoin is that you are converting your real-world funds into a digital currency. However, Ethereum represents an evolution in the concept of cryptos, based on the technology used in its operation.
The rise of Ethereum has even led to the establishment of the Enterprise Ethereum Alliance (EEA). This all sounds grand, but the reason for its relevance is that the EEA has brought together major banks and companies to enhance security the technology of Ethereum.
Bitcoin was the first crypto to bring blockchain technology into relevance, but Ethereum runs on a form that is more advanced. In turn, this allows for developers to create decentralised software that further strengthens security protocols. For you, this means quicker transactions and greater security levels.
Is Ethereum Gambling Legal?
Cryptos have had a short history where they have been renowned for their anonymity. Consequently, this has led to many crypto holders using their currency to pay for illicit goods and services. In the case of Ethereum, however, the crypto is coming into the mainstream because of the scale of operations found in the EEA.
In short, this means that the Ethereum public ledger, which lists all transactions, might one day come under the scrutiny of international authorities tasked with investigating financial irregularities. All of this is to say that you should think carefully about where you elect to gamble with Ethereum and other cryptos.
Fundamentally, you should always perform a check to see that an Ethereum casino site is operating with a legitimate gaming licence. Failure to undertake this step could lead to the eventual loss of your funds.
Ethereum casinos are another exciting step forward and have some serious benefits compared to Bitcoin.