With the successful introduction of Bitcoin casinos in the casino industry, several online gambling platforms have started including cryptocurrencies as one of their payment methods. Ethereum is one of the dependable alternatives to Bitcoin and you can use it at plenty of online casinos, including Bitstarz casino.
Let's take a look at what Ethereum actually is and how you can use it at online casinos.
Best Ethereum Casinos - December 2023
What is Ethereum (ETH)?
The Ethereum digital currency was launched into the market in 2014. The person behind the invention of Ethereum is Vitalik Buterin, who used to write about cryptocurrencies in the Bitcoin Magazine. His aim was to create a cryptocurrency that would work quickly, smoothly and better than the initial Bitcoin.
Ethereum was based on blockchain technology but its processes, transactions, communications, and resolutions were much more varied. To be more exact, the main aim of Ethereum currency was not restricted to offer the exchange to fiat currencies. It was actually created to run and execute smart contracts.
How to Get and Use Ethereum at Online Casinos?
There are a few ways to use Ethereum:
- Mining: This is a complicated way in which you can acquire Ethereum since you need a lot of technological knowledge. In addition, it requires funds and computer power to process contracts and secures the network.
- Exchange BTC for ETH: Another alternative is to exchange your Bitcoin with others who have Ethereum. Experts suggest trading with reliable people.
- Purchase Ethereum with Fiat Currency: It is simple to buy Ethereum with Dollars. There are many exchanges such as Kraken and Poloneix for this facility. You can also purchase Ethereum and store it in Coinbase, which is a wallet that can be used to store your coins.
- Get Ethereum as Payment for Your Services: If you dabble in online selling, you can accept Ethereum as a payment method. Keep in mind though that you need to have a wallet in order to receive digital currency.
Get an ETH Wallet to Store Your Coins
The Ethereum wallet is just like Bitcoin where you store private keys that hold your coins. If you lose your key, you will also lose your currency. Therefore, it is imperative that you keep your currency safe and here’s how you can do it:
- Hardware Wallet: This is just like a USB drive with numerous security elements such as OLED display that assists by confirming transactions before you send them.
- Paper Wallet: You can jot down your keys on paper and keep it safely with you, which avoids the likelihood of having it hacked or stolen.
- Web Wallet: You can use web wallets such as Coinbase to keep your coins safe. Nevertheless, it is important that you remain vigilant with such services as some operators prefer having control over your private keys.
How to Make Deposits and Withdrawals at Online Casinos Sites Using ETH
If you have a wallet with Ethereum coins, you can easily and instantly make deposits to your real money casino account.
In order to make a deposit, just find the payment options at the online casino you are playing at. Then, select Ethereum as your payment method. This will provide you with the address which you can copy and paste onto your wallet. Next, you need to enter the amount you want to deposit at your casino account. Click ‘submit’.
If you are playing on your mobile, you will have a QR code that you need to scan. This will avoid the hassle of copying and pasting the address to your wallet.
When you wish to withdraw your winnings, you just need to click the withdrawal button and pick Ethereum as your option. Enter your wallet address and the amount you wish to withdraw.
It is crucial that you know that the process may differ from one online casino to another. Their fees, transactions times and limits may be different. When you are in doubt, you can always get in touch with the customer care staff or go through the online casino’s FAQ section.
The Pros of Using Ethereum
- Ethereum lets you play at online casinos anonymously. All transactions are anonymous so nobody will have your personal information.
- When you use ETH at online casinos that only accept cryptocurrencies, you are not required to send all the details to the online casino such as your address, name, email, and phone number.
- With Ethereum, you get your winnings into your account quickly. Compared to other online casino payment methods, the fee for processing ETH is low.
- Since Ethereum is safer and limits the incidences of scams, you can make larger deposits per transaction.
- Online casinos that accept Ethereum usually provide attractive payment method bonuses to their players. So, you can take advantage of these bonuses when you use ETH.
The Cons of Using Ethereum
There are a few cons of using Ethereum cryptocurrency when you gamble online:
- There can be bugs on the blockchain which includes security holes; however, it is easy to fix them.
- In case you have sent your Ether coins to the wrong address by mistake, you won’t be able to get your funds back.
- The value of Ether coins keeps fluctuating and there can be many variances, so you need to be aware of it.
- Ether currency is not as popular as Bitcoin and you may not find it at all online casinos.
When you use Ethereum at online casinos, you can sidestep using banks completely. In addition, there is no need to furnish your personal details and you can play anonymously.