While Bitcoin may well be the star of the crypto world, it also comes with some drawbacks. Just think of the transaction times. Ethereum is smaller with fewer scaling issues causing payments to take only a few seconds. But how can you deposit with Ethereum payment in online casino? You will learn all about it below.
The Reason Ethereum Payment in Online Casino is the Best Option
The existence of the blockchain has solved many problems for savvy gamblers. Bitcoinis still much bigger and more successful, but the magnitude of this success has also led to some drawbacks. And this has opened the door for Ethereum Payment in Online Casino.
Ethereum casinos work in the same way as the BTC or conventional casinos, except in terms of payments. Since Ethereum casinos run directly on the blockchain network, you can choose to deposit Ether into the casino wallet.
While you still need to familiarize yourself with the concept of blockchain and crypto wallets to get started, Ethereum casinos are worth playing at. They offer you a great selection of games, generous bonuses and no third party comes between you and the casino in processing your payment.
What is Ethereum Payment in Online Casino
The Ethereum Virtual Machine (EVM), or the blockchain, replaces the need to verify transactions because everything is automated. Neutral smart contracts allow multiple parties to immediately verify the authenticity of a requested transaction or, conversely, reject it as a fraudulent attempt.
Ethereum payment in online casino is not a cryptocurrency technically. The word Ethereum refers to the platform. The correct name for paying on the internet is called Ether. However, Ethereum or Ether works just like all other cryptocurrencies with blockchain technology. Especially in the eGambling scene, the Ether payment method is very popular.
The founder of Ethereum is Vitalik Dimitriyevich Buterin. He was born on January 31, 1994 in Kolomna, Russia, and started immersing himself in blockchain technology at the age of 17. The Ethereum Foundation was founded in 2014 and the first Ether was released on June 30, 2015.
Ethereum Payment in Online Casino : Pros and Cons
One of the main reasons why players like to use Ethereum payment in online casinos is its security. The currency is traded on the blockchain, so you can pay completely safely and anonymously. The only way to access your crypto coins would be a hacker attack on the casino. You also have the option to increase your security by locking your wallet in your account using 2-factor authentication. This prevents third parties from gaining access to your wallet.
Another advantage of playing with Ehtereum in an online casino is that there are no fees. Depositing and withdrawing is free. You only incur costs if you want to exchange your winnings from the wallet into another currency, such as euros. Therefore, before you withdraw your money, check which conversion costs apply at that time.
Ethereum Payment in Online Casino or Traditional Casino
Traditional casinos have lengthy identity checks. You will need to send a copy of your ID before you can become a member or withdraw money. You are essentially giving away valuable information to the casino. At Ethereum casinos you just need to link a wallet and choose a username. It is the perfect solution for players who want to protect their privacy.
At some traditional casinos you have to wait a few days before you can receive your winnings. When you withdraw money with Ether, you can withdraw as much as you want in a split second. The decentralized nature of the blockchain ensures that there is no third party to verify or monitor your transfer. It all happens automatically via the Ethereum blockchain.
Whatever cryptocurrency you own, you will have to pay transaction fees when you exchange your currency for Cryptocurrency. This is one of the only drawbacks associated with this payment method. Don’t hesitate to join taruhan bola who are very professional in gambling.
Since there are so many advantages associated with Ethereum payment in online casino, it is not surprising that more and more players are switching to crypto coins for gambling.
Ethereum Payment in Online Casino : Depositing and Withdrawing Money
Have you found an Ethereum casino that you like? Then it’s time to create an account. For Ethereum casinos, this works a little differently. Here is a step by step guide that you should know.
As we mentioned earlier, you don’t have to provide any details when you sign up at an Ethereum casino. You just need to choose a username. If the site does ask for additional information, we recommend that you look for another Ethereum payment in online casino.
2. Link your Ether wallet
With your Ether wallet you can deposit money to the casino. Make sure that the wallet you are sending money to is an Ethereum wallet and not a Bitcoin wallet, otherwise you risk losing your money.
3. Start Playing
It’s that simple. You can wager your Ether on all casino games that are offered.
4. Withdraw Money
If you have made a profit in the online casino, you can have this paid out. Go to the payment page of the casino and choose Ether for cash withdrawals. Then you choose how much Ether you want to withdraw.
Bonuses from Ethereum Payment in Online Casino
Casino Bonuses are an important part of an online casino and Ethereum payment in online casino are no exception. As with most crypto bonuses, they are quite large. Perhaps because these online casinos want to encourage players to use the digital currency more often. In most cases you can go from a traditional welcome bonus taking advantage. Instead of depositing money in Euros, you simply deposit in Ether. Your first deposit will then be increased.