Ethereum is a cryptocurrency that is fast becoming a go to option for online gamers. Blockchain is what has been used to build up Ethereum. Here is what you need to know about gambling with Ethereum and the brilliance it is bringing to the gambling world.
Ethereum like Bitcoin, is a cryptocurrency that enables quick payments, that can be done anonymously from anywhere in the world. It is known globally as a decentralized platform for different modern applications and money. It is focused on running programming code. There are miners who make use of Ether, with the aim of earning Ether crypto tokens. Ether is unique as it is based on blockchain, but offers more than just cryptocurrency or virtual money.
Ether as the blockchain token for Ethereum is also known as ETH. This is one cryptocurrency that is amongst the top three in the world, with a market value of $16.34 billion.
Flexibility is at the core of what you can expect to enjoy from gambling with Ethereum. ETH is a crypto that focuses on the needs of the real world, and adjusts accordingly to meet these needs. It also has leadership that can be identified, which makes it much easier to respond to any issues that arise.
To understand the security of gambling with Ethereum, it is worth looking at what happened in the past. In 2016, there was as a decentralized venture capital fund that was hacked. This led to a massive loss of ether, more than $60 million in value. However, this should not have anyone believing that there is a significant issue with Ethereum when it comes to security. It is actually highly secure, though one should note that security issues may arise with the contracts that are built on Ethereum. These issues are the downside of having so much flexibility and developers experiencing extensive freedom. The blockchain itself has close to no vulnerabilities.
Buying Ethereum is easy, as there are several ways that you can do so. There are platforms online, such as Coinbase, Bitstamp, Binance, Kraken and Gemini. On these platforms, you are able to create an account and purchase Ethereum. The first step is to create the account. Then you need to verify your identity using photo ID. Then using your debit or credit card, or a direct payment from your bank account, you can purchase Ethereum.
Ethereum competes primarily with Bitcoin and Ripple. Bitcoin is the most common cryptocurrency that ETH is compared to. By 2019, it stood out as a more promising investment option that Bitcoin. The popularity could also be because there are a number of Fortune 500 companies and financial institutions that are making use of ETH. Investors are also focusing on ensuring that ETH forms a part of their investment portfolios.
ETH also has the benefit of speed when it comes to transactions. Other cryptocurrencies typically have longer times for confirmations. Also, in comparison, they charge higher fees. ETH stands out for being quick and offering great value. More platforms and casino are starting to accept ETH, making it incredibly easy to spend.
Modern gamers are all for making use of virtual currencies in their gaming experience, especially with decentralized applications. The biggest benefit of ETH gambling on online casinos is the transparency, due to the decentralized peer to peer network. The Smart Contract also ensures that rules can be incorporated to better control the gaming experience. As all this information is available for anyone to see, there is no room for cheating.
Wondering how to gamble with Ethereum? Have you managed to net yourself a big win? Great. Now try depositing this into your bank account and the joy that you feel could quickly ebb away. In some cases, the funds could even be frozen within your account. This is because making deposits into banks could often attract a significant number of questions, and investigation. You will need to justify where you got the funds from or how you earned it. Ethereum gambling has the benefit of being decentralized. This means that as a currency, there is no bank that has jurisdiction over the currency, and any transactions that are made with it.
Yes, Ethereum gambling is legal. However, you must find the right site so that you don’t run into any problems. The US has the most regulations when it comes to gambling transactions. Sites are regulated by the Unlawful Internet Gambling Enforcement Act (UIGEA). However, the UIGEA focuses on banks and other financial institutions by closely monitoring them. To date, there has been no mention from the UIGEA that cryptocurrencies are illegal on gambling sites. In regards to the law, there are no federal laws that are putting a stop to US students using offshore gambling sites that have been licensed. These are the best sites for using Ethereum gambling.
There are a number of advantages of ETH gambling and they include:
Most online gambling casinos require a significant number of documents from players, when it comes to transacting. This includes making deposits as well as withdrawals. Some of the documents that are requested include credit card copies, photo identification and in some cases, utility bills. When using a cryptocurrency, you have the advantage of anonymity. To use ETH on an online casino, you only have to deposit funds into your ETH gambling wallet. For withdrawal, you can choose a wallet of your choice. You do not need to have a myriad of documents to open up your ETH wallet. This ensures that you can keep your personal information safe, and play anonymously as well.
Transactions may take several minutes when you are going through the paces on an online gaming website. With ETH, confirmation can take mere seconds, typically less than twenty seconds. You can quicken your gaming time since once you make a deposit, kicking off your play is almost instantaneous.
Speed of withdrawals is best evaluated compared to a competing cryptocurrency. Bitcoin being the biggest competitor has proven to be slow when it comes to withdrawals. ETH on the other hand is much faster, completing transactions in seconds. In fact, there are sites that believe that it has an instant withdrawal feel for a virtual currency.
Ethereum online gaming sites have the benefit of cutting out the middle man. This has an effect on privacy as personal information does not need to be shared for a transaction. Furthermore, this reduces the total amount of transaction fees that a player needs to contend with. In fact, the typical amount that a player is charged when transacting with ETH is 0.00004 ETH. For a gambler who is looking to maximize on wins, this is excellent news.
There are a good number of Trusted Ethereum gambling Casinos that you can experience. Here are a few worth noting.
There are a few little steps that you need to follow when you want to deposit with Ethereum. First, you have to generate a wallet address where you can deposit from your ETH wallet. Once done, you should then go to your ETH wallet so that you can make a direct payment into the casino in the wallet address. Typically, this will take less than 20 seconds. Once done, you will find that the ETH has been deposited into your casino account. There are some casinos which will then convert your ETH into another currency, while others will allow you to place your wages in ETH.
Full transparency and automation are a key feature of gambling with Ethereum games. This comes down to the Ethereum smart contracts and provably fair games working hand in hand. The Ethereum platform is still working out a few kinks which will make it possible to hasten the verification process. This will avoid challenges that arise when gambling in real time.
Ethereum casinos are very much like normal casinos when it comes to the game offerings. This means that you will find an extensive range of games to experience. To begin with, there are slot games which include traditional slots as well as video slots. Table and card games such as blackjack and roulette can also be found in ETH casinos. If you love poker, these games are available as well as instant games such as keto and lotto.
Once Ethereum is in your gaming wallet, you may choose to change it into a currency for wagering, or to simply play with it as it is. Wagering is simple, just as it would be with other currencies.
We take ranking gambling with Ethereum casinos very seriously, and use strict criteria when it comes to sharing our finding. Here is what we look out for: