Learn more about Ethereum
Cryptocurrency has rapidly increased its popularity as a preferred payment method at online casinos, with Ethereum at the top of the list for deposits and withdrawals. We look at Ethereum and why it is such a popular payment option at crypto casinos today.
What is Ethereum?
Ethereum is an altcoin that got a late start. It was launched in 2015 by Vitalik Buterin and Gavin Wood. It’s a decentralised payment system that runs on blockchain technology like Bitcoin. One of the many things different about Ethereum is that its supply chain is a lot bigger.
Another big difference that makes Ethereum (ETH) brutal competition for Bitcoin is that it doesn’t only use blockchain for payments but also as storage for computer nodes to power secure smart contracts and decentralised apps, better known as dApps. Smart contracts are the mechanism behind NFTs.
How to use Ethereum
If you’re starting out in the world of crypto gambling, you might not yet be familiar with transferring funds to and from online gambling sites using crypto as a payment method. Don’t worry! The easy steps below will help you through the process of getting started with Ethereum at crypto casinos in no time!
Step 1: Find an Ethereum site
First, you must find a reputable crypto gaming site that enables you to transfer funds using Ethereum. If you’re not sure where to play, you can start by browsing our list of top recommended Ethereum sites on this page.
Step 2: Register a new player account
Now it’s time to create your new player account by completing the registration form and claiming the welcome bonus if any.
Step 3: Fund your account
From there, you can head over to the cashier to deposit in your Ethereum wallet. If you don’t have an Ethereum wallet, it’s a vital step. Then, open the cashier page, select Ethereum as your payment method, and copy the wallet address. Log in to your crypto exchange account to transfer to the ETH address.
Step 4: Start playing
Once you’ve successfully completed the transfer, you can start playing real money crypto games at the Ethereum online casino. Choose from the wide range of available crash games, online slots, table games, and provably fair titles.
No matter the payment method you decide to use, there are bound to be perks and drawbacks you must consider. Here are some of the most significant advantages and disadvantages of using Ethereum as your payment method.
- It’s Anonymous. You use your crypto wallet and add personal information, which enables complete anonymity in terms of payments.
- It’s Decentralised. Blockchain technology removes the middleman from the process, cutting down processing times.
- Faster Transactions than Bitcoin. You can enjoy fast deposits and withdrawals, with transactions processed and paid out within a few minutes.
- Flexible and Efficient. Its flexibility and efficiency make it one of the most attractive altcoins on the market.
- Stable Market Value. Like Bitcoin, Ethereum is stable and hold its value making it a great investment.
- Not Available at All Casinos. You will have only a select number of casinos that allow for deposits and withdrawals using Ethereum as a payment method.
- Value Fluctuates. You might go into a game with funds at one value point and come out only to find that the coin value has dropped significantly in the last few minutes.
- Fees to look out for. While these fees are a bare minimum, they are attached to transactions. These fees will change based on supply and demand.