Best Ethereum Casinos Online
About Ethereum
Today the number of Ethereum transactions exceed that of Bitcoin. Both these cryptos are based on the same fundamental principle, but Ethereum has a few distinctive features. The most important among them is the greater degree of privacy that it offers. Every time you use Ethereum, the transaction is added to a ledger on a blockchain, which is a decentralized network.
In other words, the data associated with Ethereum transactions is not controlled by a single authority. The information is split in pieces and stored in the decentralized network on different high-speed computers. As a result, the transactions made using this cryptocurrency are highly secure.
The concept of Ethereum was presented by Vitalik Buterin for the first time in 2013 in a white paper. He is a programmer and had co-founded the Bitcoin Magazine along with Vladimir Marchenko, Mihai Alisie, Vicente S, and Matthew N. Wright. The white paper explained a way to build applications that were decentralized.
In January 2014, the announcement of Ethereum was made at the North American Bitcoin Conference held in Miami. The work on incorporating executable smart contracts in the Ethereum blockchain was done by Gavin Wood. This led to the founding of the Ethereum Foundation. The funding for this development project came through online public crowd sale.
The cryptocurrency was finally launched on July 30, 2015. Ether became the second largest cryptocurrency by January 2018 in terms of market capitalization. The Ethereum network went through two network upgrades in 2021. One was ‘Berlin’ that was done on April 14. The second upgrade was ‘London’, done on August 5.
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Pros and Cons of using Ethereum in online casinos
Ethereum is the second most popular cryptocurrency in the world, the first being Bitcoin. It frees you from the need to deal with banks or other financial institutions. You are charged only a small fee on the transactions made using this cryptocurrency. Your online casino might also have certain fees on deposits and withdrawals.
The transactions made using Ethereum are usually fast and anonymous. Your password, private key, or any other information is never revealed in any of the transactions. They employ smart contracts under the blockchain protocol, eliminating the need to involve third parties. Here are some of the pros and cons of using Ethereum as a payment method in online casinos:
Pros
- You can make fast and anonymous deposits and withdrawals
- Ethereum’s transaction fee has reduced considerably after the ‘London’ upgrade
- Your sensitive personal details are never shared with anyone
- The deposits made using Ethereum often qualify for generous casino bonuses
Cons
- The transactions made using this cryptocurrency are irreversible
- Not many casinos accept Ethereum as a payment method
- All cryptocurrencies are extremely volatile and fluctuate in value
- Your online casino may charge you fees for using Ethereum
How does Ethereum compare to other payment methods?
It is quite obvious that Ethereum offers a higher level of privacy and anonymity than the traditional payment methods. While making deposits or withdrawals using credit cards or bank transfers, you’re required to provide certain details. There’s always a risk of such information falling into the wrong hands. As no real-world identities are revealed on the blockchain network, Ethereum doesn’t carry such risks.
There are some payment methods that don’t require users to reveal their personal details online. Among the best examples in this regard are prepaid vouchers. You typically need to enter only the number given on these vouchers during the transactions. However, there’s a risk of these cards getting lost or stolen. The only advantage of using them is that your transactions are processed instantly.
The popular e-wallets are also secure to a great extent, but not all of them would help you maintain anyonymity. When it comes to other cryptocurrencies, Bitcoin is certainly superior to Ethereum in terms of processing speed, but the latter has the advantage of Smart Contracts. This feature provides added security to the transactions made using this cryptocurrency.
Ethereum Gas Fees
Ethereum charges gas fees on transactions, which involve sending and receiving this cryptocurrency through its blockchain. Here, the term ‘gas’ refers to the unit measuring the amount of computational efforts needed for executing operations on the Ethereum network. So, a ‘gas fee’ refers to the fee charged for conducting a transaction successfully on the network of Ethereum.
The users are required to pay gas fees in this blockchain’s native currency, which is Ether or ETH. After the ‘London’ upgrade, there was a considerable change in Ethereum’s transaction fees. The fees charged would greatly depend on the network’s transactional capacity at the time of execution. Ethereum’s gas fees varies based on the transactional capacity during certain days of the week.
A particular time of the day and some off-peak hours might result in lower fees. The wallet you use for your Ethereum transactions have built-in calculators. They can automatically calculate the gas fees for you. If they’re not automatically set, you’ll need to set them manually.
How to use Ethereum for deposits in online casinos
Making deposits in online casinos using Ethereum is quite simple, but the process might vary depending on the casino website you’ve chosen. The first step would be to find an online casino that accepts Ethereum as a payment method. Once you’ve found such a casino, sign up on the website and head to the cashier, banking, or payments section.
When you are in this section, select Ethereum for depositing funds into your casino account. Next, you’ll need to use your QR Code or wallet address and specify the amount you want to deposit. Your transaction would be completed within a few clicks or taps.
The amount you’ve deposited will reflect in your casino account within minutes. You might be charged a certain amount of fees by your online casino for depositing funds using Ethereum. It is essential, therefore, to go through the casino’s terms and conditions before making any transaction.
How to use Ethereum for withdrawals in online casinos
Just like the process of making deposits, the method of withdrawing your winnings using Ethereum varies in different online casinos. Typically, the first step in making a withdrawal would be to check if your online casino account has a balance. If you have won a significant amount or claimed a bonus, it should reflect in your casino account.
Before making a withdrawal, go through the terms and conditions of the casino and check if there’s a wagering requirement. You’ll also need to ensure that the amount you want to withdraw falls within the minimum and maximum limit. Once you’re sure that you can make a withdrawal, go to the cashier, banking, or payments section of the website.
Choose Ethereum as your preferred method of withdrawal. If your withdrawal is successful, the amount would be credited to your Ethereum wallet. You should receive the payout within 2 to 48 hours, depending on your online casino.
How secure is Ethereum?
Since cryptocurrency transactions take place on a highly secure blockchain network, they’re generally secure. Ethereum transactions are verified for their validity and integrity on the blockchain network. Besides, you don’t need to provide any sensitive financial or personal details while making a transaction using Ethereum. This makes it a secure payment method for players of the online casinos.
However, there are certain measures that you need to take for ensuring better security while using Ethereum. This involves playing only in the online casinos that are certified by a leading casino gaming authority. The gaming authority of the government of Curacao and Malta Gaming Authority are the best examples.