About Ethereum Platform And The Pros And Cons When Gambling With Ether
The past decade has seen the proliferation of cryptocurrencies all over the internet. Of course, Bitcoin is the pioneer in this area; it remains the one digital cash that most people have heard of and transacted with. However, since its release back in 2015, Ethereum is gradually staking its claim as one of the most mind-bending cryptos today. The innovation behind this crypto and the opportunities it brings has seen it branded as the “new internet.”
Like Bitcoin and other cryptocurrencies, Ethereum is built on Blockchain, a decentralized, distributed, and public ledger technology that is used to record transactions across numerous computers. This means that no bank or any other banking institution have any jurisdiction over any transaction made via Ethereum. But unlike Bitcoin, Ethereum is not just a digital currency; it’s an entirely new-fangled platform that opens ups revolutionary possibilities for its users. While the main currency used on the network is called Ether, operators can also use Ethereum as a decentralized computing platform.
This means that developers can use the platform to create other decentralized. On Ethereum, you can write a code that controls digital value, performs exactly as programmed, and is accessible anywhere around the world. Ethereum runs smart contracts which are applications that can be replicated on a user’s computer without having to go through a third-party, allowing for complete privacy of personal data.
Ethereum Gambling at Online Casinos
Ethereum is considered one safest and most secure digital currencies; that’s why most online casinos are adopting it as a viable payment method. Gambling with Ethereum come in two different formats. The first, and by far the most common, is payment using Ether. This works in the same way you’d do with Bitcoin or fiat currency [USD, GBP, or EUR]. This type of Ethereum gambling is the easiest to understand because it’s just a matter of deposit and withdrawal.
The second option is the use of smart contracts to place wagers. Currently, there are various online casinos that operate entirely on Ethereum Blockchain. With these casinos, instead of sending Ether directly to the casino’s wallet address, you send directly to a smart contract. From this point onwards, the smart contract will generate randomness and will pay you out depending on whether you win or lose.
One of the advantages of using smart contracts in Ethereum gambling is that payouts are immediate regardless of how large your winnings are. Since the casino does not hold your funds, there is also no risk of losing your cash.
Casinos for Online Gambling with Ethereum
Owing to the security and privacy brought by Ethereum, punters are currently digging up the web in search of online casinos that support this mode of payment. Although the number of Ethereum casinos is still merely a handful, the list is set to keep growing. The following are some of the trusted online casinos that accept Ethereum.
- JackpotCity Casino
JackpotCity is one of the top gambling destinations for people looking to enjoy the best online slots, poker, roulette, blackjack, and other casino games. This black and purple city-themed is easy to navigate with clearly labeled navigation bars. Essentially, this casino is one of the few credible online casinos that allow payment using Ether. The huge welcome bonus that the casino offers should be another incentive that attracts you to this experienced operator.
- 1xBit Casino
1xBit Casino is another modern and stylish casino that accepts payment with various cryptocurrencies, including Ether. Since its establishment in 2011, this casino has been gradually increasing its popularity and player base, especially after being one of the earliest adopters of cryptocurrencies.
- FortuneJack Casino
FortuneJack is very popular within the Bitcoin gambling community and is great for both experienced and inexperienced gamblers. With over 777,000 BTC wagered (roughly $5bn), it is fair to say that this is one of the most experienced online casinos to try with cryptos. Besides Ethereum and Bitcoin, players can also use Bitcoin Cash, Litecoin, and Monero.
- mBit Casino
mBit casino was founded in 2014 as a purely bitcoin-based operator, but it has grown to be a well-known casino that accepts Ethereum and fiat currencies. The casino provides excellent promotions, support, and continually updates its gaming portfolio to cater for needs of its ever-increasing following.
- Bitcoin Casino
Released just a couple of years back, Bitcoin Casino has made gigantic strides in the industry and remain one of the most visited crypto casinos today. As its name suggests, this casino was created as a crypto-focused operator. As such, it offers a variety of crypto-payment methods, including Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, and Litecoin.
Pros and Cons of Ethereum Gambling
Pros:
- Quick transfer time — One of the advantages of funding your casino account with Ethereum is the speed of transactions. Both deposits and withdrawals are completed in a matter of seconds, which is a big plus compared to fiat funding.
- Security — The technology behind Ethereum makes it completely safe and trusted to use, especially when utilizing smart contracts.
- Anonymous — With Ethereum, all transactions are carried out securely and anonymously, meaning that personal details are not visible or accessible to anyone.
Cons:
- Not a lot of online casinos accept Ether—Despite its growing fame, not many top casino operators accept Ether or smart contracts as yet.
- Less user-friendly than Bitcoin—Due to the added functionalities, Ethereum is much less user-friendly compared to Bitcoin.
Final Thoughts
Although Ethereum still has some catching up to do to match the fame or its older cousin Bitcoin, it provides the perfect alternative and will undoubtedly live up to the expectation of crypto gamblers. Ethereum only graced the world in 2015, but it has gone on to be Bitcoin’s main adversary and will only grow even bigger in years to come.