In recent years, online gambling with the use of cryptocurrency has been increasing in popularity. One of the widely recognized cryptocurrencies in online gambling is Ethereum. However, despite its abrupt rise in popularity, many interested people still have little or no knowledge at all regarding how to gamble online using this crypto.
Ethereum Defined
Ethereum is a decentralized and blockchain-based technology. Several machines amounting to millions support this platform which is used to form a blockchain of several transactions that are all secured since they are all stored in every machine at once.
Similar to Bitcoin, which is another popular cryptocurrency, the blockchain of Ethereum is a ledger that is viewed publicly and contains every transaction of the currency it supports. The currency for Ethereum is called Ether.
Ethereum was launched in the year 2015. During the years since its launch, Ethereum has significantly grown in value and size. Just like other cryptocurrencies today, it is used for payments online and has a peer-to-peer format presentation.
Ether and other cryptocurrencies have many similarities. For one, a lot of cryptocurrencies can be used in several online casinos. To date, there are already several sites that accept Ether, and we can expect this to grow in number in the following years.
Despite the many similarities of Ether and other cryptocurrencies like Bitcoin, Ether has one major advantage which is the speed at which it processes its transactions. When you do a transaction using Bitcoin, the whole process usually takes 10 minutes more or less. Meanwhile, doing a transaction in Ethereum can be as fast as a mere 15 seconds.
Gambling with Ethereum
Now that we have a background on what Ethereum is, here’s how you can go and buy Ethereum so that you can use it for gambling in online casinos.
- Register for a digital wallet
A digital wallet or a cryptocurrency wallet is the one that holds all your cryptocurrencies. To buy Ether, you must first register or acquire a crypto wallet. There are many different types of digital wallets available today. Some of the most reliable and trusted are Coinbase, Bittrex, Gemini, Kraken, CoinMama, and many others.
A simple search for their official sites should do the trick. Visit their official sites and open an account. You may need to fill out a few personal information for this step. Generally, most digital wallets have a verification process through a phone call. Once you have successfully opened your digital wallet, you can then proceed to buy Ether.
- Input your financial details
Here is how digital wallets work. First, you need to put traditional money into it which may be done through the use of a credit card or a bank account. Take note that there may be some limitations to the method that you choose. After that, you will then need to enter your FIAT information. What this does is that allows you to move your cryptocurrency to and from your normal bank account.
- Buy Ether
Your wallet will then allow you to buy many different cryptocurrencies available today. All you have to do is search for Ether and purchase your desired amount. Once the transaction is over, you should be able to see your Ether balance in your digital wallet.
- Start gambling
Now that you have an Ethereum balance, you can now start gambling. There are many online casinos nowadays that accept Ether. If you are looking for a reliable and trusted Ethereum casino, you can visit Bitcoinbuster for a list of several online casinos that accepts Ethereum.
Once you have selected your desired online casino, the next thing that you need to do is connect your digital wallet to your gambling account. Simply choose Ether as your payment option then follow the steps until your funds will enter your gambling account.
Ethereum Gambling Now and in the Future
There are many advantages of using Ethereum in online gambling, one of which is security. Since every action you make is on the Ethereum blockchain, everything is encrypted and the online casino has no access to your personal information. Next is the speed of the transactions since Ethereum is known to be very fast and efficient in processing transactions.
However, despite the several advantages, there are still many things on which Ethereum can improve upon.
The first thing is the unpredictability of Ethereum’s value. Despite its upward trend in the world of cryptocurrency, Ethereum is still a fairly new cryptocurrency and its value fluctuates now and then. This means that you will not only be gambling on the online casino but also on the value of Ethereum itself.
Apart from that, despite Ethereum’s growing popularity, there are still several online casinos that do not accept Ether.
Shortly, however, it is safe to say that the value of Ethereum will stabilize or at least minimize that fluctuation rate. It could also mean that various sites will begin to adapt Ethereum and other cryptocurrencies.
