Etherium is the second most popular online gambling currency, right next to Bitcoin. It carries many of the same advantages of gambling with Bitcoin, and a few advantages that are specific to the Ethereum blockchain and coin.
What is Ethereum Gambling?
First we need to know what Ethereum is, then we can teach you how to use it. It’s a crypto currency, and is purchased on a crypto exchange. For Ethereum gambling, you’ll need to purchase the coin before you can use it to play at casinos and sportsbooks online.
What is Ethereum?
Ethereum is a cryptocurrency that focuses on six major goals:
- Universal access to borrowing and saving on the blockchain
- Anonymous internet transactions
- Peer to peer agreements
- Reduction of centralized or government control
- Guaranteed access for everyone
- Compatibility with various projects and code.
What’s That Mean for Ethereum Gambling?
Peer to Peer means the use of smart contracts and the ability to exchange coins with as little oversight as possible. For some, this makes the coin itself more useful, and holding it in a casino wallet is a great way of managing your Ethereum for later use.
You’ll hear the term “built on Ethereum”. Essentially, this is a cryptocurrency that is tied to programmable applications, such as Defi, NFTs and DAOs.
These uses for the coin don’t add much for gamblers, other than the added benefit of Ethereum being useful outside of a way of storing wealth like any other coin.
How Do I Gamble Online with Ethereum
As with Bitcoin, you’ll purchase Ethereum (ETH) from Coinbase, Gate.io or another crypto exchange. The bettor will then move the crypto to a wallet, and use that wallet to move money to a casino wallet using a deposit address given to you by the online casino after click deposit. We detail this process in our Bitcoin Gambling coverage, and Etherum is uploaded to a casino wallet in exactly the same way.
Ethereum Gambling Versus Gambling with Other Crypto Currencies (Bitcoin)
ETH gambling has specific benefits over other currencies in online gambling, while carrying all the benefits of Bitcoin. Some sites may offer specific bonuses, like matching bonuses or free payouts specific to Bitcoin, but in all general cases Ethereum is equal.
Casino Ethereum Gambling Advantages
Ethereum often has free withdrawals at online casinos. Because of the nature of its blockchain, Ethereum has an easier time with withdrawals on the majority of onlines sportsbooks and casinos.
Ethereum is also faster than Bitcoin in deposits and transactions in general. On a busy day, or at the height of network use, Bitcoin can take between five and fifteen minutes. The more efficient ETH blockchain operates in under a minute.
It’s also more volatile than Bitcoin, so gambling with Ethereum can offer larger payouts because it has greater highs and lows. Withdrawing at the right time can dramatically increase your payout from Ethereum gambling.
In honor of Ether hitting an all-time-high above $3,000, I am sharing some bullish stats and charts about the second-largest cryptocurrency from The Block's data dashboard.
First off: Transactions on the Ethereum Network hit an all-time-high last month of 41.7 million. pic.twitter.com/aXHTatoiIg
— Frank Chaparro (@fintechfrank) May 3, 2021
While some are concerned with occasional crypto dips, Ethereum use for transactions has reached an all time high. It hardly looks like a crashing market when you consider the number of purchases this currency is making.
Disadvantages of Ethereum Gambling
The only real disadvantage of Ethereum when compared to Bitcoin or other major currencies is that the fees can change. The transaction fee for Ethereum itself, a fee that is paid to blockchain ledgers and miners, can be adjusted. This is annoying for some new crypto holders. Here is a breakdown of all Ethereum transaction past and future changes and speculations.
Ethereum Gambling and Casinos
First, note that while gambling online, all of the top sites now allow for crypto currency uploading. Using Ethereum for online casinos has virtually no downsides, unless you don’t like buying and holding crypto in the first place.
What is my Casino and Sportsbook Matching Bonus with Ethereum Gambling?
|Online Casino||Bonus On Crypto|
|Bovada||Up to $3750 100% matching at the Casino on Bitcoin, up to $750 100% matching at the Sports book|
|BetUs.com||A 50% matching bonus for first time deposits up to $2500|
|Betonline.ag||A 100% Bonus of Deposits on crypto and Bitcoin for first time Bitcoin deposits. 5% bonuses thereafter.|
Ethereum Gambling Recap
Ethereum boasts all the same bonuses as Bitcoin compared to cash, including faster upload and payout speeds, big uploading bonuses, and market volatility that can end up paying out even more by the time you withdraw and cash out your coin.
Advantages over Bitcoin
Ethereum Gambling has the added bonus of free and fast withdrawal at some online casinos, marginally faster than Bitcoin and other coins due to the nature of its code.
Advantages in the Crypto Market
As a coin, Ethereum may be slightly better for anonymous transactions outside of casinos, and a higher compatibility with code (NFT and DAO use) than Bitcoin. This leads some users to feel it’s more secure for the long run.