- An introduction to Ethereum
- Advantages of using an online Ethereum casino
- Using the best Ethereum casino – The financial advantages
- The gaming advantages of the best Ethereum casino
- What are the downsides of using Ethereum casinos?
- Finding the best Ethereum casino sites – Our conclusion
- Best Ethereum casino FAQ
An introduction to Ethereum
When it comes to Ethereum and how it works, there are two key elements to understand. Firstly, there is Ethereum, which is a programmable blockchain that can be used to send and receive cryptocurrencies and other digital assets, including DeFi loans and NFTs. Secondly, there’s Ether (ETH), the actual cryptocurrency itself that can be stored in a wallet, traded, and used to pay for goods and services.
Ether transactions all take place on the Ethereum blockchain, meaning that one cannot survive without the other. Ethereum is essentially the body that does all the work and Ether is the blood pumping through its veins to keep it running. When using the best Ethereum casino, you will actually be funding your account using ETH.
Ethereum vs Bitcoin
Every single altcoin on the market is naturally always going to draw comparisons against Bitcoin. Following Litecoin, Ethereum was amongst the earlier altcoins to emerge as a challenger to Bitcoin and, to this day, remains a successful alternative. In essence, Ethereum and Bitcoin are extremely similar however, there are a couple of key differences.
The main USP of Ethereum and the biggest advantage that it holds over Bitcoin is the programmable Ethereum blockchain. Bitcoin was created merely to offer a decentralized currency alternative that eliminates the need for third-party involvement in your digital transactions. The founders of Ethereum took that concept one step further by building a platform that allows users to become their own bankers and payment service providers.
Ethereum vs Litecoin
As it functions better as an actual day-to-day payment method, many crypto enthusiasts believe that Ethereum betting is a better choice than Bitcoin gambling sites – ourselves included. However, the best Ethereum casino sites are always going to have huge challengers in the form of Litecoin.
Litecoin was built as a fork of the Bitcoin blockchain and is the altcoin that is the closest to Bitcoin in almost every single way. In the same vein as Bitcoin though, Litecoin has a couple of key advantages over Bitcoin – mainly, that, in terms of it being a payment method, it is faster and cheaper than Bitcoin.
It’s also true to say that using Litecoin gambling sites is faster and cheaper than using even the best Ethereum casino. However, Ethereum also has a number of other advantages, that make the slightly higher fees and slower processing times worth tolerating.
For starters, the processing time really isn’t that slow with Ethereum. Although Litecoin transactions are processed in just 2.5 seconds on average, you still won’t have to wait longer than five minutes for ETH. The fees, admittedly, are a bit higher, but it’s where the fees go that’s important, as we’ll explain in the section below.
Advantages of using an online Ethereum casino
In this section, not only will we highlight some of the advantages of using crypto casinos over fiat currency casinos, we’ll also explain why we believe that the best Ethereum casino is always going to have an edge over Bitcoin, Litecoin and Dogecoin gambling sites. We are unapologetic crypto enthusiasts, but we’re also realists at the end of the day. Therefore we will highlight a couple of the main disadvantages of crypto casinos and how to combat them.
Using the best Ethereum casino – The financial advantages
First up, let’s take a look at how using Ethereum to fund your online casino account is advantageous to you from a personal and financial perspective.
Ethereum is more secure and private
When using any cryptocurrency to pay for anything, you are automatically going to be more protected for a number of reasons. All blockchain transactions are completely anonymous, meaning that neither the seller nor the buyer can be identified. This makes it virtually impossible for anyone to trace the transaction back to you or the casino. As a result, you are almost completely safe from online hackers and thieves.
Being one of the more established and programmable blockchains, Ethereum gives you an extra layer of security and protection. Additionally, the Ethereum blockchain isn’t the same as a bank, e-wallet, or payment provider. It is essentially the platform upon which you conduct your own transactional activity. This eliminates the need for a third party altogether, which adds an extra layer of privacy for you and virtually guarantees that your data won’t be sold for advertising purposes.
Crypto transactions are faster
As we’ve already mentioned previously, crypto transactions are always going to be faster than fiat currency payments, and this is especially true for withdrawals. While most fiat casinos will be able to match the transaction speed of the best Ethereum casino in terms of deposits, this is near-impossible for withdrawals.
When it comes to making a withdrawal from your regular fiat currency casino, you have a lot to contend with, By the time you add the verification process to the withdrawal approval period and the transaction processing times from both the casino and the bank, you can be looking at up to a week until you get your money. On top of that, you also have to contend with the fact that fiat currency casinos are happy for you to keep your winnings in your betting account for as long as possible.
With cryptocurrency casinos, the only withdrawal period that you have to worry about is the blockchain transaction processing time. In the case of Ethereum, this can take anywhere between 15 seconds and five minutes. Even on sites that manually process withdrawals to add an extra layer of security for you, the funds should still arrive in your account within a day. Added to that, the best Ethereum casinos will allow you to withdraw after every single win. You can therefore wave goodbye to daily, weekly, and monthly withdrawal limits!
Fees are lower with crypto casinos
Now, understandably, some of you might be thinking “My current fiat currency casino provider offers no-fee deposits and withdrawals – how can crypto casinos possibly be cheaper than that?”
For starters, not all online casinos truly offer no-fee withdrawals across all of the available payment methods. Secondly, there’s also the fact that online casinos can only speak for themselves – they cannot account for any deposit or withdrawal fees that your bank or payment provider may charge.
You might be surprised to hear it, but the majority of the most popular fiat currency payment providers will charge you some sort of fee. For example, PayPal charges you to receive money and some banks won’t even allow you to make deposits or withdrawals to an online casino account at all.
When using the best Ethereum casino, you will be charged a fee. But on average this will usually be less than $1. Not only are the fees cheaper with ETH, but your fee also gets put to a better cause. While banking and PayPal fees only serve to make multinational corporations richer, your Ethereum fee goes directly to the miner. This miner gets the fee in exchange for processing your transaction, which in turn keeps the Ethereum blockchain safe, secure, and able to operate as a decentralized platform without the need for third-party intervention.
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The gaming advantages of the best Ethereum casino
Not only does using Ethereum to fund your online casino account bring some financial advantages, but it also has some knock on effects for your casino gaming experience as well. Some of these advantages are huge, and we have highlighted them for you below.
In two of the main points that we highlighted in the previous section, we explained why the best Ethereum casino sites are able to offer you faster and cheaper transactions. Not only is this true, for you though – it’s also true for the operator as well. As a result of these savings, the operators are able to pass on extra rewards to you.
Generally, you will find that the best Ethereum casino bonuses are far larger in value than fiat casino ones. Additionally, the terms and conditions will also usually be fairer, particularly in terms of wagering requirements. It might seem hard to believe, but wagering-free bonuses are not uncommon in the crypto casino world.
Additionally, you will also typically find better odds on the games when playing at a crypto casino, for the same reasons that we detailed above. This is often the same for online sports betting with Ethereum or any other cryptocurrency.
Despite the rocketing popularity of online casinos and esports betting with Ethereum, crypto gambling sites, in general, are not yet as trusted as their fiat currency counterparts. The best Ethereum casino sites are therefore extremely keen to show potential new users why they are just as trustworthy, if not more so.
One of the main ways that they do this is by being more transparent. Many crypto casinos will publish their profits on the blockchain or openly show how they calculate the house edge. There are even operators who will show the inner workings of the algorithms behind their games in order to prove that they are entirely fair.
There has actually been a technology developed exclusively for cryptocurrency casinos called Porvability Fair. This allows you, as the player, to verify the fairness of the game before you play it. It also allows the casino to prove that the game is not trying to cheat you or guarantee losses in any way, shape or form.
This is one of the coolest things about using the best Ethereum casino sites, and why we love crypto gambling here at Esportsbetting.com. There is actually a whole new genre of casino games that have been created by and for crypto casino games. As well as offering fast and fun gameplay, they are also almost always Provability Fair as well.
Some of the best crypto games include Dice, Crash, Plinko and Diamonds. Although they do differ from one another, the majority of crypto casino games offer a test of nerve and risk vs reward style of gameplay. They are also designed to be played with a variety of budgets as well. For example, When playing Crash at Stake.com, you can bet as little as $0.01.
One of the other key themes of crypto casino games is that they offer instant play and a quick turnaround, with each round taking just seconds. Additionally, they aim to build a sense of community as you can also track the wins, losses and betting activities of all the other users who are playing the game.
What are the downsides of using Ethereum casinos?
As stated earlier, at Esportsbetting.com we don’t shy away from the fact that we are crypto Enthusiasts and lovers of the best Ethereum casino sites. However, part of being a crypto Enthusiast means acknowledging the potential risks and downsides. More importantly, we also want to provide you with some tips to help combat them.
One of the biggest risks posed by using Ethereum casinos is the volatility of the market. Like all cryptos, the decentralized nature of Ethereum means that many more elements can influence its value than fiat currencies. Generally speaking, fiat currencies are fairly stable, with their value fluctuating gradually based on the economy and political situation in the country.
Cryptocurrencies, on the other hand, can have their value impacted by legislative changes in countries, financial experts’ endorsements, memes and media hype – and that’s not even half of it. That is why over the years Ethereum has seen some sharp spikes and steep drops.
Our top tips for using the best Ethereum casino
While there is no quick-fix solution to combat the risks posed by the volatility of cryptocurrencies, you can try to manage the situation as best as you possibly can. First and foremost, you can do this by timing your deposits and withdrawals. Ideally, you want to make your deposits when the value is low, and withdraw when it’s high.
Additionally, the majority of the best Ethereum casino sites will automatically convert your account currency into USD once your deposit has been made, or at least give you the option to. This locks in your deposit at its marked value in USD at the time you made your deposit, essentially stabilizing the value while you bet.
The other advantage that this gives you, especially if you are new to gaming with Ethereum, is that it is easier to follow your bets, wins, and losses in USD than it is in crypto. Even for an experience ETH user, it’s easier to get your head around a $5 stake than a 0.0028 ETH bet.
Finding the best Ethereum casino sites – Our conclusion
Now that we’ve run you through the basics of Ethereum gambling, you can make use of the reviews here at Esportsbetting.com in order to find the best Ethereum casino for you. While there are many advantages to using Ethereum online casinos, it’s also vitally important you follow our tips to address the risks that the volatility of cryptocurrencies poses. Besides that though, Ethereum casinos can be a whole lot of fun to play on – so enjoy yourself!
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Best Ethereum casino FAQ
Many people have come to us here at Esportsbetting.com with concerns about the legal situation of using online casinos that accept Ethereum. As you can imagine, the answer to this question varies depending on where the world you intend on gambling from. It still remains a complex issue overall, but fortunately, the experts here at Esportsbetting.com have done their best to answer the question for you.
While using an ETH casino is very similar to using a fiat currency operator, there are some key differences that you need to be aware of. We have highlighted these differences in our expert guide to Ethereum casino gambling. Simply follow the link to Esportsbetting.com to discover more today!
It is very common and quite natural that many gamblers have concerns about the safety of using ETH casinos. We sent out a team of our experts and crypto enthusiasts to conduct a safety check on the top Ethereum online casinos today. You can find the result by following the link to our site and bookmarking the page today – Esportsbetting.com.