Over a period of a decade, crypto has changed from a curiosity of the techno enthusiasts to a market of $250 billion. It might ultimately alter the way people understand the money concept. Owing to its dramatic possibilities, many industries are adopting cryptocurrencies like Ethereum. It has also made its way into the gambling industries and you will find online casinos that accept ether.
Bitcoin had been the first cryptocurrency to be created. It was launched in 2009. However, following its success more started popping up. Each of them came with some strong features making them unique.
Nevertheless, it was not until 2015 that the second most prominent cryptocurrency was launched. Since then it has been growing in the gambling industry due to the security features it provides.
So, in this article, let’s take a look at the pros and cons of Ethereum Casino to better understand the future of this cryptocurrency.
However, for people who are new to cryptocurrency, let’s first discuss what Ethereum means.
What Is Ethereum?
Ethereum is a cryptocurrency that was created in 2015. Just like other cryptocurrencies, it is a blockchain base. One of the most unique features of the platform is the smart contract. It is a piece of computer code that is mostly used to ease, verify, and strengthen the performance of the contract.
What a majority of the people don’t understand is that Ethereum isn’t the name of the cryptocurrency. It is actually an entire system providing cryptocurrency called Ether.
Unlike Bitcoin, Ethereum does not work as a store of value. Ethereum is a World Computer that allows smart contracts, decentralized applications, and data storage.
The casinos that allow you to deposit in Ethereum is called Ethereum casino.
Pros of Ethereum Casinos
Faster than Bitcoin
Nothing’s better than winning a bet. However, when you get your money depends on the casino you are choosing. While Bitcoin transactions are much faster than the centralized currencies, Ethereum will put it to shame. It only takes a few seconds to make the transaction in comparison to Bitcoin’s few minutes. Who wouldn’t prefer a transaction made in a few seconds?
Cryptocurrency transactions are fast but when it comes to Ethereum, it can be instantaneous. Nevertheless, this does not mean that you are going to get the money as soon as you make the withdrawal. Prior to the processing period, the staff members of the casino have to approve the withdrawal application.
A majority of the cryptocurrencies are great when it comes to hiding the details of online gambling. However, Ethereum does an incredible job.
You will not have to provide any personal details when you sign up into the gambling site. This means you will not even have to enter the username. There are a few Ethereum sites where you don’t have to register to play. All you have to do is like the cryptocurrency wallet with the site and you can start gambling.
When you use other cryptos such as Bitcoin, you might have to provide at least a few details even if it is just the username.
Make sure you steer clear of a gambling site that asks you to add further details. In that case, you need to look for another one. The primary point of using a cryptocurrency like Ethereum is the anonymity it offers. So, you should not give that away.
Ethereum is decentralized. It means there is no banking system to authorize the transaction. It means you will not have to pay any fee since the work is done by an automated system. The only fee that you will have to pay is for the maintenance of the blockchain.
Cons of Ethereum Casinos
It is a Currency
This doesn’t mean it is going to change form but it is simply another kind of currency that might fall. Every currency falls at some point. So, digital currencies are not fireproof.
Hence, you should store the cryptocurrency at a safe place and not simply in a crypto exchange. In case something happens and you lose them, securing them back is going to be arduous. Thus, you have to spend some money to get a safe and secure wallet for the cryptocurrency.
Even though Ethereum is the second most popular cryptocurrency, it still stands at the second position. This is the reason many gambling sites are adopting Bitcoin as the currency choice while slowly introducing Ethereum. So, finding an Ethereum casino might be the best bet.
No doubt, Ethereum is the most transparent and secure gambling method. It comes with many advantages and a few disadvantages. So, deciding if you want to indulge in cryptocurrency gambling is only a matter of finding the right balance. What’s best is the benefits are only growing with time.