Online Casinos That Accept Ethereum
Currencies and financial instruments are undergoing a major revamp, with many new additions. The casino industry has adopted them into the mainstream pretty eagerly. As with the example of PayPal and its resounding success, gamblers are always willing to take a bet on anything that could possibly simplify their money management in addition to giving them a smoother way to carry out transactions in the process.
In this article, we will take a look at the latest tool in this collection - Ethereum. Let us explore what Ethereum is, how you can go about setting it up, where you might find online casinos that accept Ethereum, and a lot more.
Satoshi Nakamoto, a mysterious person or group, outlined the concept of blockchain, way back in 2008, and also invented the Bitcoin. The blockchain can best be described as a digital ledger that keeps track of every single transaction that has ever taken place across a particular digital currency. Due to the nature of its cryptography, it is extremely secure, and virtually impossible to crack.
Before diving in, let's gain some insight into what the story behind cryptocurrencies and blockchain really is.
The fact that Bitcoin was highly secure and could be globally distributed made it, along with other blockchain based currencies, fairly interesting. Bitcoin could be used for a variety of applications, in spite of the fluctuations it has suffered throughout the years. The combination of being globally distributed and highly secure made Bitcoin and other blockchain-based digital currencies highly attractive almost as soon as they were invented. It is no wonder that the gambling industry worldwide was also quick to jump on to the Bitcoin bandwagon.
It is obvious that the number of casinos that support Ethereum would be limited, considering that it is a very new technology. In addition, you need to make sure you are searching for the right thing, namely online casinos that accept Ether, the coin based cryptocurrency that Ethereum uses. Written as ETH, it has caught on quite a bit and continues to gain traction.
It's fairly easy to determine the worthiest candidates. You could make use of our comprehensive list of online casinos that accept Ethereum, and follow it up with a simple Google search if you're in the mood to explore. However, it is advisable to exercise more caution than usual, because of how new Ethereum is to the field. This means that you need to do more than your usual due diligence to figure out the right casino.
It is important to read online reviews, and understand the experience of existing players.
It is equally important to check the terms and conditions of sites offering Ethereum. Hidden clauses of newer casinos could prove to be fatal in the long run, and it is better that you realise that before signing up rather than after you try to cash out.
There are a number of advantages that come with using Ethereum for online gambling, even though it is a relatively new technology. Due to its widespread acceptance in global forums, it's not that hard to find casinos that accept Ethereum. The main advantages include:
○ Bitcoin gained a lot of attention mainly due to its ability to ensure that users didn't have to worry about anonymity and transparency. This gives a safe legal ground for use, making it a preferred payment method for many.
○ Transferring large volumes of money requires a level of certainty. Security becomes an even more important factor when you're digitally moving money around the world, which calls for an intrinsically secure solution. With giants like Microsoft, IBM, and JP Morgan investigating potential uses, it has quite a bright future. Even though a few security incidents have occurred, it does not take away the vast array of opportunities Ether could bring.
● Easier, cheaper and quicker
○ Ether, like all online wallets based on blockchain, promises to make quicker, easier and cheaper payments. Although these require some amount of technical know-how, it is bound to get easier with time, and definitely worth it.
Although Ethereum and Ether are promising, it isn't wise to adopt them without realising the risks and issues that accompany them. There are a number of snags when it comes to using these technologies for online gambling. Some of the key disadvantages are:
1. Ethereum is a very new platform, which means that the software is pretty new, even if you compare it with a relatively fresh software like the Bitcoin. The inherent risk that comes with such new technology cannot be ignored.The risk is even higher if you're an early adopter of the technology, which is why online casinos adopting Ether are at a far higher risk than those who wait and figure out the problems, and spend time solving the loopholes.
2. Ether and Ethereum require some amount of technical knowledge, and it is a known fact that even seasoned programmers are facing issues understanding the platform. This means that smart contracts will have to be reviewed with extra care, and a lot of good research.
3. Due to its freshness, it would be difficult to find online casinos accepting Ether. There is a possibility that more online casinos will accept it over the course of five years or so, but in today's scenario, you would have to be prepared to spend some time looking for casinos that do.
Now that we've covered significant ground in Ethereum, let's get to the exciting part - using Ethereum!
It's pretty straightforward, and involves downloading the Ethereum wallet from the site
You can use the tools to convert your existing cryptocurrencies to Ether, or buy Ether from popular exchanges such as Coinbase and others, and then transfer them into your Wallet.
Once this step is done, you can use it at online casinos just like Bitcoin, or any other currency.
You can register with the casino and then use Ether to make deposits.
This may seem easy, but make sure you do your research before going forward.