Bitcoin was created back in 2009 and it was the first cryptocurrency to ever be accepted by online casinos.
However, the years that passed since then have shown that many, more advanced cryptocurrencies have come to the surface and one of them is Ethereum.
Ethereum is like most other cryptocurrencies when it comes to its essential elements, but it is also different and unique as to how it can be used and transacted.
Today we are going to talk about where to buy Ethereum for online gambling as well as provide you with some insights on how this can prove to be both useful and profitable for you.
What Is Ethereum?
Ethereum is a computing platform built on a blockchain technology, and it was created back in the summer of 2015.
It also allows smart contracts‘ programming which you can think of being a computer protocol whose use is to ease, authorise, or strengthen the terms of a contract or its performance.
Even though most people refer to Ethereum as a cryptocurrency, this is not entirely correct.
However, Ethereum offers a cryptocurrency which is called “Ether” (ETH) and can be used for transactions between different accounts and also help on computer data processing.
“Gas” is the mechanism that takes care of pricing, and its primary purpose is to lessen spam and help allocate data on a network. Gas and Ether are two different terms that usually pass as the same thing.
Hence, in that sense, Ethereum can be treated as a cryptocurrency, but it’s capable of much more than just processing payments.
Where to Buy Ethereum For Online Gambling
Ethereum is one of the most popular cryptocurrencies that are widely used online, so a large number of online exchanges provide users with the ability to purchase or sell their Ether.
They can be divided into two categories, the regular cryptocurrency exchanges, and the P2P exchanges.
The regular exchanges are run by companies which serve as intermediaries between two people or other organisations.
P2P cryptocurrency exchanges, which function as a peer-to-peer network, work exactly as their name suggests they do. There are no intermediaries.
Just an automated software that connects the two people wanting to make an exchange or the two “peers” as in the name of these type of exchange.
Both of these have their advantages and downsides which we are going to talk about after taking a look at some of them.
Regular Cryptocurrency Ethereum Exchanges
We are going to mention four exchanges which we think are the best ones you can use. Apart from their features, we will also account the elements that make each one of them unique.
Coinbase is and has been for some years now, the most significant exchange in the world. Apart from Ethereum you can also buy or sell two other famous cryptocurrencies, Bitcoin and Litecoin.
When you first sign-up on their site, you will be prompted to create a cryptocurrency wallet, before you can buy Ethereum.
As soon as you do so, you can either connect your bank account or personal credit/debit card details with your profile to buy or sell Ethereum using your own selected currency.
Coinbase features dedicated Android, and iOS mobile apps as well so you can use the wallet while on the go.
The more prominent part of cryptocurrency funds is stored in cold offline storage, and in case anything goes wrong the insurance protection will help you out.
If you are a European citizen then this exchange is the way to go as they are the most popular and trustworthy option available to this part of the world.
Apart from Ethereum you can also buy and sell Bitcoin, Dash, and Litecoin. As soon as you sign-up on BitPanda, it will also come with a free cryptocurrency wallet.
The best thing about this online exchange is the big selection of banking methods they accept. Sure, you can use your bank account or credit/debit card to buy or sell cryptocurrencies, but you could also use Neteller, SEPA, EPS, GiroPay, Sofort, Skrill, and OKPay.
If we were asked to tell you what Bitfinex is, then we would say it is something like Coinbase’s big brother.
The reason for that is they may as well feature the same core elements but when this one excels is that they provide a significant number of useful tools and insights that can help make your cryptocurrency exchange experience even more accessible.
They offer most cryptocurrencies that are widely used, and they feature dedicated Android and iOS mobile apps as well.
The unique feature of this Bitcoin and Ethereum exchange is automation.
By automation we mean the option they offer their users to set specific limits so that they can buy and sell when the prices are inside the limits they have set by themselves.
By doing this, Kraken is one step forward from other cryptocurrencies.
If you wanted to know where to buy Ethereum for online gambling, then this is the perfect place to do so as they also feature one of the best security systems you can find compared to other major similar exchanges.
P2P Cryptocurrency Ethereum Exchange
Even though Ethereum P2P exchanges aren’t as popular as for other cryptocurrencies such as Bitcoin, Dash, and Litecoin that doesn’t mean that you will not find a good one.
This is why for this article we wanted to mention a single but really good one. The name of this exchange is none other than Ethbits.
With only a 0.5% fee, Ethbits has quickly become the go-to place for any P2P Ethereum Exchange lovers.
Apart from Ethereum, you can also trade Bitcoin and Monero.
On their platform, you can easily exchange one cryptocurrency for another in just two clicks. That goes to show how easy using Ethereum can be when using a P2P Exchange like this one.
Their verification process is straightforward, and you are even able to select any physical place you might want to trade face to face, may that be a specific street, city, or house.
Ethbits currently supports 239 countries, 78 payment options, and 169 currencies for exchange.
The Advantages of Using a P2P Exchange
Just like previously mentioned at the beginning of this article, each exchange comes with its pros and cons. Let’s take a look at each of them.
Resistance of Transaction Censorship
Most cryptocurrencies are decentralised which means that no central banking systems have jurisdiction over transactions made using them.
Although when using a standard exchange, which is operated by real people and not machines, then your funds could be accessed or be tampered with.
On a P2P Exchange, there is only a piece of software that is responsible for the necessary processes carried out for its normal operation something like this cannot happen.
Regular exchanges are operated by real people and not machines. Those people have to make a living so the fees you pay will be far higher than what you would settle on a P2P Exchange.
As there aren’t any companies or organisations having authorisation over P2P exchanges no personal details are accounted. That means that the user can keep his full anonymity.
When you use a standard exchange, you have connected your cryptocurrency wallet with it, or you may even use the wallet provided by their own company or service.
That means that if something were to go wrong, your funds would freeze and may wouldn’t be able to get them back instantly or maybe even never.
Drawbacks of using P2P Exchanges
Targeted Towards Enthusiasts
Most P2P Exchanges usually are dedicated to specific groups of people with a certain level of knowledge on a chosen cryptocurrency.
Because of this, a newcomer to a P2P exchange like the one described would most likely find it very difficult to adapt to an environment like this.
Lower Trading Volumes
Because of the smaller amount of people using P2P Exchanges instead of regular ones finding someone to trade with can difficult as there may not be someone interested in your trade details.
Regular exchanges are automated to buy or sell specific cryptocurrencies so you could trade with the automated system of the company or service itself instantly without having to wait at all.
Long Trading Times
Because of the same reason stated previously on the second drawback of using P2P Exchanges the time a trade could take to be completed could be considered as opposed to that of an automated system like those that regular exchanges use.
Finding out where to buy Ethereum for online gambling shouldn’t be hard after reading our article.
Registering and connecting process of your cryptocurrency wallet are both very easy and fast.
Now, that you know all there is when it comes to basic Ethereum trading practices you can read more about the benefits of using an Ethereum with an online casino.
Good luck with your future Ethereum gambling adventures!