The proliferation of cryptocurrencies throughout the web has been rather noticeable in recent years. Bitcoin, as the pioneer of the concept of digital money, saw various derivations being introduced into the market. Ethereum has become one of the most popular alternatives for BTC. There are more and more casinos offering this banking option to customers from all over the world.
A group of programmers working closely with the Bitcoin community led by Vitalik Buterin launched Ethereum in 2014. It is a product of a Swiss non-profit organization. It grew into a more flexible and more liquid blockchain network than BTC. Predictions value 1 Ethereum coin as high as £1,000 for the year 2020. Even if this turns out to be an exaggeration the future looks good for this particular digital monetary system.
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What is Ethereum?
Ethereum coins are also known as Ether or ETH and you can obtain them by visiting one of the crypto exchange platforms on the web. The alternative would be to contact a CFD (Contract of Difference) broker. Some of the well-known ETH exchange portals include CoinMama, Cex.io, Coinbase, and Bitpanda.
Much like other digital currencies, ETH functions on a peer-to-peer network. Each computer in the network represents a “node” that validates transactions. These transactions are organized into blocks and broadcast to the entire network in real-time. Also, cryptocurrency exchange platforms work in a decentralized way, which means there is no standard authority overseeing the ETH monetary system and no jurisdiction in it based in.
How to Deposit via Ethereum?
Before you can deposit ETH in an online casino, you must first get the crypto coins and store them most safely and easily possible. You have the option of converting fiat currency to ETH at specialized exchanges and then set up an Ethereum wallet. It’s a physical wallet (like Ledger Nano S, for example) or online/software wallet, like MyEtherWallet, Exodus, or Jaxx Blockchain Wallet.
Once you’ve selected your casino website with the best live casino, you start registering. After that, you head to the cashier section. The next step would be to select the Ethereum option from the list of available cryptocurrencies. A wallet address, which begins “0x”, will be generated for you to copy and paste into your wallet. The desired number of Ether coins will be credited to your gaming balance as soon as you confirm the payment.
How to Withdraw with Ethereum?
If you have been lucky enough to accumulate winnings, you can cash out using Ether as well. Collect your winning by visiting the cashier again, but this time choose withdrawal instead of the deposit option. Indicate the amount you want to withdraw. Keep in mind that the sum needs to meet the casino’s minimum threshold.
The process is very similar to depositing – jut in reverse. Follow the instructions given by the system to send ETH back to your wallet. With everything typed in and confirmed, you can expect the casino to process the payment on time.
Transfer Times, Fees, and Security
Ethereum is considered faster than Bitcoin; both deposits and withdrawals are nearly instantaneous, taking barely several minutes to complete. Analysts often call ETH the “faster Bitcoin”, and this is enabled due to the efficiency of the blockchain and the size of the block. One other thing that the blockchain-based system provides is absolute anonymity. Any transaction is anonymous and it will not require you to share any data (personal or financial) with the online casino.
The Ethereum payment interface does not charge fees and online casinos do not practice charging fees on crypto use. On the contrary, they are willing to motivate their customers to use crypto coins by offering them special bonuses and promotions when they deposit through ETH or some other digital option. No payment option is 100% secure, but Ethereum does have a high level of security and has never been hacked. To use Ethereum safely, make sure to learn your seed phrase or better yet – write it down on a piece of paper and lock it in a safe. Going analog for this makes your Ether even safer.