Wednesday, July 6, 2022
UncategorizedThe Rise of Ethereum Casinos: History, Benefits, and much more?

The Rise of Ethereum Casinos: History, Benefits, and much more?

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The gaming sphere is quickly adopting new technologies to enhance the user experience for players, and online casinos are among the fastest-growing businesses in the world. One of the major technological breakthroughs in the industry is the incorporation of digital assets, also known as cryptocurrencies. 

Photo by Shubham Dhage on Unsplash

Cryptocurrency casinos are increasingly becoming popular because they offer a thing that conventional casinos do not: anonymity. This means that players don’t have to provide personal information when creating accounts with the casinos of their choice. The digital assets are established on blockchain technology. The implication here is that a top Ethereum casino is safe, secure, and safe, and no one can tamper with it. Consequently, gamblers can play any time they like without concerns of being tracked or having their personal data being leaked.  

Among the top cryptocurrencies that are currently growing in popularity is Ethereum (Ether). With its exceptional features, Ethereum is one of the most used virtual assets in casino gaming. However, one of the concerns is whether the Ethereum casinos are worth the hype. Read on to find out the benefits of Ethereum casinos over traditional sites. 

What is an Ethereum casino?

Ethereum casinos refer to online betting sites that allow players to use ether for their depositing payments and payouts. In other cases, these platforms may also accept other forms of cryptocurrencies, including Litecoin and Bitcoin. An important thing to note about Ethereum casinos is that betting with this currency instead of fiat does not hinder your gambling experience. All the games on conventional online casinos may also be available for crypto gambling sites, and you will still enjoy your favorites. 

Brief history

The emergence of Bitcoin prompted the quick development of the cryptocurrency industry, which has slowly entered different fields. Gambling is one of the areas where digital assets are greatly utilized because Bitcoin enhanced the accessibility and security of the virtual gaming world. Today, several other digital tools are in circulation, and online casinos are incorporating them into their platforms. 

Vitalik Buterin established the Ethereum cryptocurrency in 2013. Its launch in 2015 was characterized by challenges, including theft of Ethereums and technical issues. Despite this, Ethereum is now the second-largest virtual asset in the world. Online casinos have adopted the cryptocurrency, especially due to the deployment of the Ethereum network’s new version, Ethereum 2.0, which promises better benefits than Bitcoin. Enhanced anonymity tops the list of these benefits.  

Differences between Bitcoin and Ethereum

Both Ethereum and Bitcoin offer almost similar benefits when it comes to online gambling. Nonetheless, a few differences exist between Bitcoin and Ethereum casinos, which make Ethereum a better choice. 

BitcoinEthereum
Relatively stable and matureHas scaling issues, which lower transaction speedDoes not allow smart contractsRelatively less stable than Bitcoin but growing steadilyThe transaction speed is higher than that of Bitcoin because it does not have scaling problemsEthereum allows its players to interact via smart contracts eliminating the requirement of a trustworthy interface between the online casino and the players  

Benefits of utilizing Ethereum to gamble

The following benefits make the use of Ethereum a desirable choice:

  1. Allows you to play with anonymity

This is the most relevant advantage of using ether to play in online casinos. When registering to join conventional casinos, you are asked to provide personal data, including your address, name, and date of birth. The casinos then store the data in their central systems, meaning that your data is handed over to third parties, and a security breach may allow cybercriminals to access and use your personal information for fraudulent activities.

On the other hand, Ethereum casinos guarantee anonymity because you don’t have to provide personal data to receive the cryptocurrency. You can create a wallet anonymously. Similarly, you do not have to provide personal data when registering in an Ether casino. You just need to select a username and link it to your Ether wallet. This is essential for your peace of mind as your details are secure and safe. Privacy is particularly essential in the context of online casinos because betting is considered a private affair. 

  1. You can use MetaMask

With Ether gambling, you can use MetaMask during your gaming sessions. This is a virtual online crypto wallet that allows you to store Ethereum tokens. The wallet works as an extension of various browsers, including Bravem, Firefox, and Chrome. 

The reason for the popularity of MetaMask is that it allows players to explore decentralized applications and smart contracts. Smart contracts refer to agreements between two parties that function in the form of a code running on a decentralized blockchain. Decentralized applications run on blockchains that work without requiring a central authority. The transactions of the apps are managed by smart contracts. 

  1. Using Ether is secure

With Ether, you are assured of heightened safety as you gamble. Given that you remain anonymous, your personal information can’t be stolen. Once a transaction has been recorded, nobody can tamper with it.  

  1. Fast transactions

Apart from enhanced security, using Ethereum to gamble is quite fast. Regular banking transactions may take some days before they are verified and completed. The slow process may take a toll on your gambling experience.

On the other hand, crypto transactions occur in real-time because these assets only work digitally. Once you select a trustworthy casino provider, you can transfer ether and begin your gaming spree immediately. 

The high speed of transactions is also beneficial to the players when processing payouts. For some players, being able to access their winning as quickly and easily as possible is prerequisite. With a payout in Ethereum, your winnings are available instantly. 

Interestingly, transacting using Ethereum is faster than transacting with Bitcoin. The Bitcoin network is currently facing scaling issues, making its transaction process a bit slower. 

  1. Less expensive than traditional casinos

Transacting using Ethereum is less expensive than transacting with conventional banking methods. With traditional banking, you will be required to pay some fees in order to transact. At Ethereum casinos, you will not be required to pay any fees to complete your transactions. All you incur is what is known as Gas, which is a maintenance fee for the Ether network. The fee is quite low compared to what you have to pay in terms of banking fees. 

  1. Casino Bonuses

Ethereum casinos are also advantageous because they offer bonuses, making your gaming experience more enjoyable. The bonuses vary from one casino to the other. Some bonuses that a certain Ethereum casino offers may not be available in another casino. Before you choose a casino, find out in advance what bonuses it is offering. 

  1. Ethereum is a promising investment

Ethereum cannot be at the same level as Bitcoin with regard to market capitalization. As of April 1, 2022, Ethereum’s market capitalization was 394.43B USD, while Bitcoin’s was 879.89B USD. However, this cryptocurrency takes a strong second position, which makes it a potential competitor to fill the position of the top cryptocurrency in the market. This is beneficial in that one can hold ether and benefit from potential increases in the value of the cryptocurrency in the future because it is growing gradually. Playing at an Ethereum online casino is an incredible opportunity to receive huge amounts of crypto and benefit from the increased value in the future. Moreover, if the value of Ethereum increases, any winnings made while playing will result in a more significant value. 

Smart contract gambling 

Ethereum gambling presents itself in two ways. The first form is the utilization of Ethereum for withdrawals and deposits on different online casino sites. The processing of Ethereum using this approach is the same as Bitcoin. The process is easy to use and offers an alternative method of payment to conventional currency transactions. The simplicity of this form makes Ethereum gambling quite popular. 

The second form of gambling, which makes Ethereum casinos better than Bitcoin ones, is the use of smart contract gambling. This less frequently used method entails the utilization of quick contacts to place bets. Instead of going through the trouble of sending the cryptocurrency to the web address of the preferred online casino, you have an option to transfer it straight to the smart contract. The smart contract then randomly generates and pays out based on your performance. 

Why smart contact gambling matters

Smart contracting has some advantages, including:

  1. Eradication of any potential risk because the casino does not hold the gamblers’ funds at any point during the gameplay
  2. Payments are free from any form of interruptions because they are made through an open-source code
  3. Regardless of the amount of winnings, you receive your payouts instantly 

Are there safety concerns about Ethereum gambling?

The security of Ethereum is excellent, with the reason behind the security of this cryptocurrency’s blockchain being the significant quantity of ‘hash power.’ Hash power was a term developed to describe the amount of energy miners use to authenticate and process transactions. Higher amounts of hash power translate to increased difficulties for third parties to subdue the network and rewrite transcriptions. 

While the Ethereum blockchain is secure, you must consider one safety issue before depositing Ethereum to your chosen online casino: the trustworthiness of the casino. This risk is not limited to Ethereum casinos; it is the same issue that every player should consider when dealing with any other currency type. 

How an Ethereum casino works

Generally, Ethereum gambling sites work in the same way. However, each of them has its bonuses, maximum and minimum banking limits, etc., setting them apart from each other. Consequently, you may need to check in advance before choosing an Ethereum casino. Nonetheless, Ether casinos normally work as described below:

  1. Register and purchase Ethereum

The initial step in using an Ethereum casino is signing up. The task is easy because you only need to provide the information asked by the casino. Depending on the site of your choice, you may be required to undergo identity verification, required under the Know Your Customer protocol. Identity verification is an essential step because it guarantees the security of the user and the activities on the gambling site. Once you have created an account, you should buy Ethereum from a cryptocurrency exchange and store it in your ether wallet. 

  1. Deposit funds

The next step entails depositing to top up your casino account with funds you will use to play games. Go to the casino’s deposit page and transfer the amount you decide. However, keep in mind that most Ethereum casinos set a minimum deposit. Therefore, make sure you check this information before making a deposit. Once you enter the amount you wish, the site produces an Ethereum address that you utilize to transfer funds from your wallet. 

  1. Withdraw your winnings

After depositing funds into your account, you can start playing your favorite games. Be sure to make the most out of the bonuses that different casinos offer. Once you get lucky and win, you can withdraw your earnings any time you wish. Just make sure you know the withdrawal limit your chosen casino has set. 

Choosing an Ethereum casino

Finding the best Ether Casino is not easy. However, when choosing an effective Ether casino make sure it meets the following factors:

  1. Safety

A good Ethereum casino should be safe enough to protect you from any risk. Look for a casino with good practices, including SSL encryption. You may also need to analyze community feedback to establish if there was any devious behavior in the past. 

  1. Bonuses

When choosing the best Ethereum casino, check to see if you can receive a good bonus. Check the casino’s betting conditions well and establish if it poses a possible object. If the casino does not represent a radical modification to your game, then go ahead. 

  1. The number of games available

Many Ethereum casinos usually provide an average range of games, including live casinos, slots, and table games. Be sure to find out whether your chosen casino has your favorite games. 

Final Thoughts

With the rise of Ethereum casinos, players are presented with new possibilities. These sites are secure, faster, cheaper, and offer players anonymity. You don’t want to miss out on this promising and exciting way of betting.

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