Bitcoin. Dogecoin. Litecoin. Namecoin. All of these and much more are famous cryptocurrencies used on a daily basis to complete transactions and transfer encrypted data.
Some are used more than others, and some are faster to work with – currently, there are over 900 cryptocurrencies out there. But, there is a single cryptocurrency which could easily be considered distinct from the others and unique in its way.
It is Ethereum, and we had a look at the benefits of using Ethereum with an online casino whenever you are in a gambling mood. We have also asked ourselves a question of what makes it so different from the other cryptocurrencies though? If you want to find out, then keep reading.
How to Use Ethereum in Online Gambling
Before we jump into explaining why you should use it, we are going to talk about how you can use Ethereum to gamble online.
Ethereum launched back in 2015, so not many online casinos trust it yet to enable players to play using it. But this isn’t the only reason.
Most often, while using an online casino to gamble, and using Ethereum, users are not obligated to provide personal details, except a cryptocurrency wallet’s address where Ethereum is stored.
Each cryptocurrency is used for different kinds of games. Ethereum is mostly used on the ones based on luck. You will not likely find Poker sites accepting Ethereum, and if you do, it will take other cryptocurrencies as well.
Take FortuneJack for example. It is one of the most popular cryptocurrency online casinos, and it accepts Bitcoin, as well as Ethereum, and many other famous cryptocurrencies. But, if you attempt to play Poker using Ethereum, then most probably a pop up will be displayed telling you that you can’t.
So if you want to use Ethereum to play on online casinos you would have to comply to games like the Roulette, Blackjack, slots, jackpots, and finally, dice. Dice games are probably the most popular ones as whole sites are devoted to that alone like Etheroll for example.
When you get on one of those sites you only have to connect your cryptocurrency wallet and just start playing. In most cases, you won’t be even asked to register as there is no need to.
Transactions aren’t the same with other currencies. The money you earn is immediately moved to your cryptocurrency wallet without any intermediaries involved.
Ethereum vs Bitcoin in Gambling
Just like we said before, each is used for different purposes. With Bitcoin, you can gamble on pretty much everything including even a Sportsbook or a Racebook. With Ethereum you don’t have that as of now. You may have it in the future, but not just yet.
There are some core differences among the two famous cryptocurrencies. They are the most valuable, and cryptocurrency trackers such as CoinMarketCap. But where exactly do they differ that much?
One of the crucial differences between Bitcoin and Ethereum is that the former is used as a store of value, and the latter a storehouse of information. Meaning that Bitcoin tends to be used as a method of payment, while Ethereum serves as a ‘world computer’ that can store all sorts of information, such as contracts.
So why is Ethereum infinitely better than Bitcoin? Ethereum is based on a different programming language than Bitcoin – given enough processing power and time it could do anything we put it up to. Online casinos may be scared of that, and it’s another reason not to accept the second most expensive cryptocurrency – Ethereum.
Another reason people will most likely turn to Ethereum is the way it can be mined. Early Bitcoin buyers already own most bitcoins available out there while Ethereum is calculated to have half its Ethers held in five years from now.
Also when Bitcoin was invented, it could mine using a CPU or a GPU. Nowadays, to be able to make a substantial profit, miners would have to rent or invest in a particular gaming computer – ASIC. Ethereum, on the other hand, can be mined with a standard GPU. Mining Ethereum is much cheaper than Bitcoin, hence most wants to switch to the Ethereum mining.
Benefits of Using Ethereum for Online Gambling
We already talked why it may be better than Bitcoin to use Ethereum while gambling online but are you convinced? I guess you are not and I don’t blame you. Who could? You already know and love Bitcoin.
But listen to this. Ethereum uses something called the “Ghost Protocol”, and that enables its block times, which means the duration of a block of data to be read, to be approximately 15 seconds. Bitcoin’s time can reach up to a few hours
Now if I told you that each transaction you make belongs to one of those blocks that get renewed all the time you would probably start to understand all by yourself how things are working.
Think about it for a minute. If a transaction gets 15 seconds tops to get processed, I may get my earnings in my cryptocurrency wallet almost instantly. With Bitcoin, you would have to wait up to few hours to get your money withdrawn.
This isn’t even all of it. Bitcoin will occupy the same space in a block for each transaction whereas Ethereum will not. It will hold a specific amount of data based on how much money or Ether to be exact you wish to withdraw.
That means that at least for online gamblers whose bets are relatively small, transactions will belong to the current data block thus making transactions completely instant almost in all occasions.
So now that you’ve read the whole article, you can finally see for yourself why Ethereum is going to become even more popular in the years to come. Both for transactions in general and online gambling.
The transaction time, the mining easiness, and relatively lower price mean Ethereum is in for a more steady game than Bitcoin. The value of Ethereum is lower than Bitcoin, but it is also more secure and will not give you as much of emotional turmoil as Bitcoin.
If I were you, I would invest in Ethereum before its price goes way up. That’s what happened with Bitcoin. It was worth at the beginning approximately a couple of hundred of dollars, and currently, at the time of writing this article, Bitcoin is worth almost $6,000. That says it all.
So there you have it, folks. If you wanted to know the benefits of using Ethereum with an online casino, you should feel confident about making your choice between Ethereum and Bitcoin in online gambling.
So without further convincing, we would like to wish you good luck on your future gambling adventures using Ethereum. May you win every bet you make with Ether!