Ethereum is a famous blockchain platform that uses its Ether (ETH) tokens as a form of cryptocurrency. They are currently the second most popular crypto, behind Bitcoin. Ethereum offers a lot more than other types like Bitcoin and Litecoin, with a whole system used for Token Creation, Smart Contracts, ICO’s, NFT’s, and other unique crypto services.
The main feature that sets it apart is the creation of ‘Smart Contracts.’ These digital agreements are computer code that has predetermined actions, amounts, values, and orders. Once the code is live, it’s irreversible, and it will do what it’s programmed to do. This feature eliminates the need for human involvement & errors. Some popular smart contract uses are Initial Coin Offerings (ICO), Dividends, Voting, Finance, Betting & more.
The current market cap of Ethereum is $300 Billion, approximately 20% of the entire crypto industry. The price for one ETH token is $2,565, and the circulating supply is 116.2 Million tokens. The platform has enjoyed phenomenal success, with the cost of ETH rising from an All-Time Low of $0.4209 in October 2015 and rising to its current All-Time High of $4,362 per coin in May 2021.
With the massive rise in popularity, crypto like Ethereum is becoming more widely accepted, especially in the iGaming sector. In 2021 many online casinos are now taking ETH for deposits & withdrawals. Some popular places you can use ETH are AboCasino, Bitstarz, FastPay, JooCasino, KatsuBet, Playamo, SpinSamurai, and WildBlaster.
A Brief History of Ethereum
Vitalik Buterin is the creator of Ethereum after he originally proposed the idea at the end of 2013. After a year of hard work, team building, and crowdfunding, the Ethereum platform went live in 2015. It initially started with a total supply of 72,000,000 tokens, with the number growing as miners work & receive fees for running the network.
Ether, more commonly called ETH, is the digital currency created within the Ethereum blockchain. Miners work out increasingly complex cryptographic equations to earn rewards in the form of ETH fees. When a miner completes a block, it’s added to the blockchain. All transactions recorded in that block are now in the distributed & decentralized ledger.
When people send Ethereum, they need to pay a fee, and this is called ‘Gas.’ When millions of people use the network simultaneously, the gas price rises, so transaction prices rise. When this happens, the network can become slow and congested. This network overloading is one of the main downsides to the popularity of ETH.
There are some unique features of the Ethereum platform, like the ability for anyone to use the Solidity coding language to create, distribute, and use crypto tokens. People can mint custom ERC-20 tokens on the ETH network, which has proved a popular choice. Many companies starting in the industry use the ERC-20 Token standard for their coin supply.
Recently a new boom has hit the crypto market. Non Fungible Tokens (NFT). People create digital art, music, pictures, virtual worlds, maps, characters, and more, recorded with a unique blockchain signature. Some crazy prices have been seen, like a digital painting that sold for $1.6 million. The growth of the NFT industry has caused a boom in ETH prices and a rise in transaction fees, and slower processing times.
Ethereum – Pros and Cons
- Easy to send money anywhere in the world
- High limits
- Perfect for casino deposit & withdrawals
- Great for security (no need to use bank/credit cards)
- Some Ethereum casinos will allow for anonymous registration for extra privacy
- Transaction fees can be high
- Transactions can be slow when the network is congested
How to use Ethereum at Online Casinos
If you haven’t already got your stash of ETH, you’ll need to acquire some before you can deposit at a casino. Ethereum is available to buy on 100’s of exchanges. Some safe & reliable options are Binance, Coinbase, and Robinhood.
The next step is to either purchase a crypto hardware wallet or use an online service. You will need a personal wallet, as some exchanges won’t allow gambling deposits and may block cashouts.
One of the most popular Ethereum wallets is called My Ether Wallet (MEW). This free service lets anyone create a secure cryptocurrency wallet, with the ability to export the recovery phrase and private keys for ultimate security. These wallets are great for online use and perfect for sending your ETH to after you purchase it on an exchange.
Now you’ve got your Ether in your crypto wallet. It’s time to take your pick from the best Ethereum casinos and sign up for an account. After you verify your email, go to the cashier section. Here you can pick Ethereum from the list of options. Enter the amount you wish to add and click Deposit. *
A payment page will load with a wallet address and QR code. This wallet ID is your unique deposit address for the casino site. So any ETH you send to this address will reflect in your balance. You can scan the QR code using your mobile wallet app like Blockchain or Bread for an easy deposit. Alternatively, you can copy + paste the address into your wallet.
You can then send in the amount of ETH you wish to deposit to the casino. Transaction times will vary depending on the gas price you set and how busy the network is. Typically this is between 10 minutes – one hour. Most casino sites will credit your account after the transaction has been confirmed several times on the blockchain.
The majority of casino sites that accept Ethereum will convert the deposited ETH balance into a traditional FIAT currency like CAD, EUR, USD while betting & playing games.
When you’ve got lucky and hit the huge win, you’ll want to cash out some profits to enjoy. Click on the casino cashier and select Withdraw. Choose Ethereum from the list. Enter your ETH receiving address from your crypto wallet and how much you wish to cash out. The casino will then convert the FIAT balance and send your cash out in Ethereum.
The growth of Ethereum has proved this cryptocurrency is around for the long term. With many advanced features like Token Creation and Smart Contracts, the ETH network is busy helping pave the way for the future of crypto.
In 2021 you can play at more than 50 Ethereum casinos online. This digital currency offers easy deposits and high limit withdrawals on many gaming sites. It provides the perfect privacy solution for anyone not wanting to reveal their bank or credit card details at different places.
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