Ethereum Casino

The name Ethereum comes from science-fiction, and it refers to an invisible matter among space which makes faster-than-light speed possible. Vitalik Buterin is a fan of sci-fi, so he picked the name of this imaginary matter for his currency. Like other currencies, Ethereum also has a value and can be exchanged with other currencies. At the time of this article, the value of 1 ETH (Ethereum) was equal to 295 USD. So it is actually a very valuable (but volatile) currency.

The main differences (*) between Bitcoin and Ethereum are:

• Ethereum is much secure and privacy-focused than Bitcoin.
• The blockchain of Ethereum is much more modern and supports smart-contracts (more info about this below).
• The transaction fees of ETH are lower.
• The transaction speed of ETH is faster.
• Due to its value, Ethereum is a better option for casual gamblers. You need thousands of dollars to buy even 1 BTC, but a couple hundred is enough for ETH.

(*) Note that there are many technical differences between ETH and BTC. However, we only mentioned the “non-technical” ones.

Advantages Using Ethereum

• Fast and Low. Transactions over Ethereum blockchain complete in a couple of minutes. To give you an idea, a Bitcoin transaction requires hours. In addition, ETH transfer fees are very low. The average transaction fee is 0.179 USD.
• Private and Secure. Ethereum is much more private and secure than Bitcoin. It is literally impossible to identify the real identity of its users. To join an Ethereum casino, you just need an email address.
• There is no ID verification. You can gamble anonymously. As a result, no government or tax office will be able to track your financial activities.
• Payment Guarantee. Due to smart contract support, all Ethereum casino payments are guaranteed. Let us elaborate: Each game at an Ethereum casino is a smart contract between you and the owner of the casino. The terms of the contract are guaranteed by the blockchain, which works autonomously. The owner of the casino must deposit a certain amount of ETH to the blockchain before offering the game. As long as there are enough ETH on the blockchain, the games are playable. When you win, the blockchain immediately releases the funds that are deposited by the owner and sends them to you automatically. So even if the owner goes bankrupt, your winnings are secured on the ETH blockchain. For the same reason, all withdrawals are instant.
• Fairness Guarantee. All games at Ethereum casinos are provably fair. Any player can check the randomness of the results and see the actual RTP rates of games. In this regard, the average house edge of Ethereum casinos is less than 1%. To give you an idea, the same rate is over 5% at regular online casinos.

Disadvantages Using Ethereum

• Volatility. The value of Ethereum changes every second, literally. You need to keep track of the current values and play/bet accordingly. You can suddenly lose 100 USD or win 200 USD: The value of ETH changes constantly and dramatically.

How to Make a Deposit With Ethereum

You need a software called “wallet” to pay with ETH. First, purchase some ETH from an exchange site with Fiat currency (or credit card). Download a wallet, they are free to use. Once you have a wallet, you will also get a blockchain address. This looks like a couple of random numbers and letters, and it really is random. This address will be your “IBAN number” on the blockchain.

Go to the exchange site and transfer your purchased ETH to your wallet. Giving your blockchain address to the exchange site is enough to do this. Now, to send ETH to another user, you need to know his/her address. Just like regular users, online casinos have blockchain addresses too. You can learn this address from the “payments” section of this casino.

Switch to your wallet, enter the address of the casino as the recipient, and send ETH to that address. The transaction will complete in a couple minutes and you will only use your own wallet to make the transaction. In other words, nobody will be able to see or store your confidential information.

How to Make a Withdrawal With Ethereum

The process is the same as making a deposit, just reversed. Visit the “payments” section of the casino, choose the “withdraw” option and provide your blockchain address. Nothing else is needed. Hit the “proceed” button, and the ETH will be automatically sent to your wallet. No need to verify your identity or anything like that. Remember that it is the blockchain who makes the transaction, so no “human” needs to approve your request.