Ethereum (ETH) is both a cryptocurrency and a functional decentralized environment that truly revolutionized the entire IT field. It took the status of the second most popular cryptocurrency in the world and the most revolutionary one. Ethereum is a platform for the creation and operation of decentralized applications based on blockchain using smart contracts. The internal currency of the platform is ether. Ethers are used not only as a payment unit; also, they guarantee the performance of smart contracts.
Deposit and withdrawal method
Ethereum Casino Deposit and Withdrawal are something that every online casino fan should try.. In order to make such payments, you must have a special electronic wallet. The first full wallet with a clear interface for the Ethereum appeared only in 2016. Before that, you could only use a special command line (console) and work through the code entry. It was not a surprise that only advanced users had been working with it. At the moment there is a large selection of wallets for any needs.
The most convenient way to pay in Ethereum Online Casinos is an online wallet. MyEtherWallet is one of the most popular options. It differs in that you can control your private key on your own device. When registering, you do not have to enter your personal information. You can be confident in the security of your funds, since this wallet has an open source code, without third-party servers. It has a built-in mechanism for exchanging BTC / ETH and vice versa.
Coinbase is another online wallet. It is one of the most popular Bitcoin wallets and it also made Ethereum support this year. This is a simple and inexpensive way to store Ethereum in case it is supported in your country. The service operates in most European countries, as well as southern and northern America. The disadvantage is that private keys are not under your control, because they are stored on the hosted Coinbase servers.
Also, do not forget about Mist (Ethereum Wallet). This is the official desktop wallet for storing Ethereum. You need to go to GitHub and download the required version (for example, for Windows) to install. You do not need to worry about security, because the local Mist wallet stores your private keys directly on your computer. The wallet is designed for storing and sending the Etherium, and Mist also supports working with smart contracts.
You can make transfers to Ethereum Casino using any of these wallets. Transactions occur much faster than in the case of Bitcoin and other crypto-currencies. At the same time, you retain all the advantages of such methods, including anonymity.
In most cases, working with cryptocurrency wallets is easy, but there can always be problems. In the case of Ethereum online wallets, including those listed above, you can contact the support team. You can find the address or phone number on the official website of the service. The quality of the answer and its speed of response directly depend on the employees of your wallet. Otherwise, the Internet is full of information on the topic of crypto-currency, Ethereum in particular.
However, as for desktop services, not many developers are ready to communicate with users. In most cases, a wallet can have an official website and even contacts for communication, but you will not get an answer soon. However, you should not complain about the bad service, because the issues almost never arise. The work of the desktop wallet depends on your computer and the Internet in most cases. Also, in case of any problems, you do not have to worry about your Ethereum, since they are stored exclusively on your computer.
Advantages and disadvantages
When it comes to the advantages and disadvantages of Ethereum, it is important to clarify that there is a platform or a separate cryptocurrency (ether).
Let’s talk about the ether (cryptocurrency). It has no serious drawbacks compared to Bitcoin and other popular coins. Moreover, the network quickly processes transactions, which potentially increases the payment potential of ETH. Also, users do not have problems in buying or exchanging Ethereum for another cryptocurrency. Those who are going to do Ethereum Casino Deposit should also remember about anonymity as the advantage. It is also available worldwide.
However, Ethereum has several disadvantages from the economic point of view. In the case of Bitcoin, it is possible to talk about the market formation of the price; in the case of Ethereum, there is a direct dependence on the success of the platform at first. If someone releases an improved version or finds a shortcoming in Ethereum, this will bring down the cost of the tokens. Also, the problem is the absence of an emission limit that “devaluates” the cryptocurrency. For comparison, Bitcoin has a limit of 21,000,000 BTC.
- fast transactions;
- a large number of services serving the currency;
- vailable in any country;
- a lot of Ethereum Online Casinos.
- economic shortcomings of Ethereum.
Ethereum, like all crypto-currencies, is directly connected to the blockchain system. At the moment, this is considered the safest way to store and transmit any kind of information. The system is built in such a way that the data is stored on a large number of decentralized blocks. This excludes the possibility of hacking. No external factors affect the system and all information stored on the blocks cannot be deleted or replaced.
The main difference of Ethereum as a platform is the creation of smart contracts. They are a computer algorithm that ensures the holding of contracts inside the unit. Smart contracts are built in such a way that the performance of a certain action occurs only when certain conditions are met. Their purpose is the transfer of information and enforcement of contract terms by both parties. The number of Ethereum Online Casinos that work with the use of smart contracts is very small, but their number will increase over the years.
Casinos that accept Ethereum
There are many Ethereum Online Casinos that can be divided into 2 types. The first is online casinos that accept Ethereum in the usual way as any other method; you deposit, play and withdraw money. The second type is projects that use a reliable system of smart contracts.
Let’s start with the first type and the most popular representatives of Ethereum Online Casinos. FortuneJack is a multi-currency casino that provides a large number of games. A large number of promotions provided this casino with a place in the hearts of many gamblers. 1xBit Casino supports Ethereum payments, has live dealers and sports betting. Betchain offers many bonuses to lovers of cryptocurrency. They have a multilanguage interface and a special VIP program. Betcoin is considered one of the first casinos that support cryptocurrency. Players receive a large number of bonuses and the opportunity to try out the poker room. mBit Casino has a large selection of games and does not force you to provide and confirm your personal data.
Speaking of the second type of casino, unfortunately, such casinos are only prototypes and have primitive slots at the moment. Many of them already have an established system of Ethereum casino deposit and withdraw, but they still have to solve a number of problems. Smart contracts, unlike conventional transfers, are not made so quickly. In addition, they affect the speed of the game itself. A popularization of the online casinos that accept Ethereum is expected in the coming years, as it is really convenient for gamers.
Alternatives To Ethereum For Funding Online Casino Accounts
Ethereum is unique due to its platform and smart contracts. It is not much more advanced than Bitcoin, especially as a method for deposits in casinos. In general, Bitcoin is better at coping with the functions of the payment method. If you need a cryptocurrency for purchases, payment of services or storage of money, BTC is better than Ether. A large number of sites accept it, and the status of digital gold speaks for itself. As an alternative, you can also consider other crypto-currencies.
Also, do not forget about the usual currencies. Online casinos have always accepted and will accept dollars, euros and, in rare cases, other world currencies.
In general, Ethereum looks much more revolutionary than other crypto-currencies. Like Bitcoin, it opened something new to the world: smart contracts using a secure blockchain system. However, what does it give to those who want to make deposits in an online casino? Ethereum is the second most popular, therefore, it has a large number of casinos for deposit. If you keep your savings in the form of ethers, you can easily pick up a suitable platform for games. You can also try it out if you use a less popular cryptocurrency. However, in the case of Bitcoin, the transition is not rational. Also, do not forget about smart contracts, which are actively introduced into all spheres of life. Ethereum smart contracts will become popular in IGambling in the coming years.
- What are the main responsibilities of Ethereum?Ethereum is one of the most flexible and popular cryptocurrency. Its duties can be divided into 3 types:
- Payment instrument;
- The form of storage of assets;
- Investment asset.
Also, it’s worth remembering the work of smart contracts. Their main task is to secure all parties of the contract during the transaction. Smart contracts can be used for any financial actions in the sphere of insurance, registration or transfer of property, etc.
- What is Ethereum as a platform?It is a platform for the creation and operation of decentralized applications based on blockchain with the usage of smart contracts. Interesting applications/projects implemented on the Ethereum blockchain system:
- platforms for banks and investment funds;
- BackFeed is a socio-economic platform that makes ratings of different kinds;
- FreeMyVunk is a program for monetizing ratings in video games;
- First Blood is a platform for gamers and fans of eSports.
- What is the advantage of Ethereum and other cryptocurrencies in comparison with conventional currencies?Any cryptocurrency is much safer than any conventional currency. You can make fast anonymous transactions thanks to a unique blockchain system. In addition, the crypto-currencies are more stable; most factors do not affect tokens. The only drawback that hurts Ethereum and other cryptocurrencies are small popularity.
- How to get Ethereum?Ether appeared on almost all major exchanges in 2017 after a significant rise in the price. You can buy Ethereum on a crypto exchange like LiveCoin, Bitfinex, WEX or others. Another variant is to do the mining by yourself, but you must have special equipment for this.
- What is the essence of the work of smart contracts in the case of online casinos?Online casino with smart contracts can be the most reliable for the game, but it is very difficult to implement. The essence of the work is that the player makes a bet, the algorithm accepts it, gives a random number, and if it wins, it should immediately accrue winning back to the player’s wallet. At the moment, there are many prototypes that perform their basic functions. But because of a large number of actions, the system is very slow. Many developers are working on this problem at the moment.
- Is it worth exchanging Bitcoin coins for Ethereum coins?If you keep savings in the form of Bitcoin and already use them for deposits in online casinos, switching to another cryptocurrency is irrational. The reasons are many, primarily the popularity of cryptocurrency; Bitcoin is the leader and you are more likely to make a payment with it. However, considering other currencies compared to Ethereum individually, the transition may be necessary sometimes.