Nine years ago, a thing called Bitcoin was released to the Internet. People didn’t pay much attention at first but how could they know that this, the very first cryptocurrency to be created, would reach a point that its value would be more than golds?
Inspired by Bitcoin more digital currencies like it started popping up.
It wasn’t until the end of July of 2015 that a new one was released called Ethereum and it would have a growing pace bigger than Bitcoin’s. This article is going to be about gambling and how to deposit Ethereum in an online casino.
But why should you even bother choosing it when you have Bitcoin? The cryptocurrency we all know and love.
Well, what you are going to learn today may change that mindset. Keep on reading to find out why you can and absolutely should give Ethereum a chance when it comes to gambling on the Internet.
What is Ethereum
Before we talk about how to deposit Ethereum in an online casino we should first take a look at what it is, how you can get it and where it can be stored.
The first release of Ethereum took place back on the 30th of July in the year 2015. At first, people thought it would be just another cryptocurrency but they soon found out that this wasn’t the case.
Ethereum was build using a Blockchain just like most other cryptocurrencies but its system was different. “How?” you may ask. Well, let us explain:
- Smart Contract Integration
We live in the 21st century where everything is labelled as being “smart” but in this case, it truly is. Ethereum featured smart contract integration.
Think of it as a computer code that helps ease, verify, or even strengthen the negotiation process or the performance of a contract. Simply put, it helps make transactions using Ethereum safer, faster, and cheaper.
Even if other cryptocurrencies implement this system they will never be able to reach Ethereum’s level.
Just like all of its other “family members” Ethereum follows the demand and supply rule. When there is interest the price will go up and due to the rise of Bitcoin’s price so came the rise of Ethereum’s value.
In fact, calling Ethereum a cryptocurrency is partially wrong as the actual unit is called Ether (ETH). Ethereum is the platform on which Ether operations are powered from. The mechanism used to eliminate spam and help with the allocation of resources in this network is called Gas.
- It’s Mine-able
So, Bitcoin is too, right? Well, yes and no. Bitcoin started out as being mine-able by regular users’ computers but it quickly changed to using special pieces of hardware like the “Antminer” for example.
Ethereum doesn’t do that. Anyone can help mine it using either his a usual CPU or GPU.
- Probably fair
This is probably the biggest advantage of using it when gambling online. Due to its open-source nature anyone can access and see the code running behind a specific operation made using Ethereum.
These online casinos cannot tamper with the code and the games offered by platforms that feature Ether using games are always provably fair.
- Fast and cheap Transactions
The Blockchain is compiled from a number of Blocks. Those Blocks are processed and when the “reading” is over than any transactions that belong to it can be completed. Bitcoin’s Block reading speed is 10-12 minutes on average but this can take longer sometimes.
Now get this. Ethereum’s processing speed is 15-30 seconds which due to a program called Ghost Protocol made it so both transactions times and fees are very small.
Now there are some drawbacks to using Ethereum instead of Bitcoin like the large difference in the number of casinos that accept them or that there are no bonuses involved.
How to Purchase Ethereum and Where to Store It?
Just like any other cryptocurrency you can purchase any amount of Ethereum you want by using a cryptocurrency exchange. Some of the best ones available out there are Coinbase, Bitfinex, and BitPanda.
Coinbase is the biggest exchange on the planet as more than 50 billion dollars’ worth of cryptocurrencies have been exchanged via their platform. With 32 supported countries they remain on the top of their game by offering Bitcoin, Ethereum, and Litecoin exchange services.
Bitfinex is like no other exchange. They operate on such a big amount of cryptocurrencies that we simply can’t list them all in this article. Ethereum is supported of course.
The last one is BitPanda which claims to be “Europe’s most popular service to buy and sell Bitcoin and Ethereum”. The offer Dash and Litecoin exchange services as well.
All three of those support credit/debit cards and bank accounts to provide their services.
Well, so you purchase Ethereum. Now, where will you put it? All major exchanges like the three mentioned previously, and much more like them, will offer you a free digital eWallet account.
If you don’t want to deal with huge amounts of money then you should go with this option.
However, you could also buy a physical device for further protection of your funds. There are plenty of choices but the best ones are the Ledger Nano S, the TREZOR, and last the KeepKey. We have talked about each of them in a previous article, so check it out.
Although, most major cryptocurrency exchanges hold most of their customers’ funds in secure cold storage that can’t be hacked and thus stolen.
How to Deposit Ethereum In An Online Casino
You have made it to this point so now it is time to actually learn how you can deposit Ethereum in an online casino and start gambling with it. You don’t have to worry about not understanding the process as it is fairly simple and easy.
First of all, you have to pick a good Ethereum-accepting online gambling platform. We have published articles based on this matter in the past so go check them out to find a good one that suits your preferences.
After that, you will have to either sign-up. Some online casinos will let you play without even registering on their site. You would have to simply link your eWallet address to the site and start playing their games.
This is how most of the major ones like to roll. If you are asked for any personal details then immediately leave and choose a different online casino.
The whole purpose of using cryptocurrencies is to eliminate the option of giving away personal information so something like this would defeat the whole meaning of gambling with Ethereum or any other cryptocurrency.
Now, due to the nature of how Ethereum works rarely will you find an online casino that lets you play table games using it. It is mostly used for games like DICE, lottery, and slots. Games that do not require much time or thought but only luck.
However, some platforms like FortuneJack, for example, let you use it for other games as well. One of those is Blackjack. You can also use it to play Poker but you will have to wait a bit as there is a platform called Virtue Poker which is still in the makings.
Apart from the usual sites, there is one called Etheroll. A funny yet clever play of words as they offer only a single game and that is DICE. You just have to connect your eWallet to the site and you are good to go.
They even let you install an extension in your browser to help you do it easily. There aren’t many platforms that would do that for their users, so make sure to check them out.
We have published a review of Etheroll in the past so if you want to find out more make sure you check it out.
Ethereum’s price is currently at about $450 US and it keeps going up. It is a very good time to purchase some and either gamble with it or just hold onto it and exchange it later to earn some extra cash.
You will never know if you like it until you try it yourself. So go out there, pick an Ethereum-accepting gambling site and start playing with it.
Having read this article you should know how to deposit Ethereum in an online casino so the only thing you have to do is to apply it. Now get out there and start gambling with Ethereum.