Ethereum (ETH) Casinos
While 2017 is largely regarded as the year of Bitcoin, then in the cryptocurrency word 2018 is believed to be the year of Ethereum. As it grows in popularity and availability, this decentralized system launched is slowly but steadily starting to show up on more online casinos alongside Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Dogecoin (DOGE). Yet, it’s difficult for many to comprehend why would anyone want to switch from a good-old fiat currency or even Bitcoin. Here’s a brief overview of Ethereum gaming, including its differences, benefits and disadvantages. Immediately below, a list of the best casinos supporting Ethereum as banking option and as "currency".
What is Ethereum?
Co-founded in 2015 by a programmer Vitalik Buterin, Ethereum borrows heavily from Bitcoin's protocol and its blockchain design, but its use goes beyond monetary value as such. With the help of smart contracts, the Ethereum Virtual Machine, and Ether as the actual currency, among other things, it aims to offer the new blockchain technology as an open-source infrastructure for any application that seeks to benefit from the system as a whole.
There are many differences between Bitcoin since the two run on different platforms. But while the question of usefulness, security and scalability still remain, Ethereum clearly has an edge in the speed and cost of transactions, at least for now.
Gambling with Ethereum
There are more and more casinos starting to accept Ethereum and other “cryptocurrency” in addition to Bitcoin. While we are yet to see more EU- and UK-regulated casinos join mostly the Curaçao-licensed operators in supporting this type of payment method, there are a few ways it’s currently used to gamble.
In most cases, you just transfer ETH to the casino-controlled account which is then converted into fiat currency. Other game providers, such as Bgaming (formerly SoftSwiss) will let you use the crypto for betting directly in their games as well, oftentimes far exceeding the maximum bet limits compared to fiat currency which is good news for high rollers. In most of these cases, the games will also be Provably Fair, meaning the result of each spin can be confirmed to be truly random.
In some cases, the smart contract betting also eliminates the need for registration or a deposit account as the games operate entirely on the blockchain itself. The problem with that is that the results may be slower to compute, and the games are not that great. But in contrast to the other methods, it’s that much more anonymous which is what all crypto casinos promised in the first place.
Ethereum Casinos and Where to Find Them
It looks like it’s only a matter of time when Ethereum will catch up the scale of Bitcoin in the gaming industry. Be sure to refer to our list of Ethereum-friendly online casinos, which includes popular sites like BitStarz, Betchan and FortuneJack.
As noted above, there are several different ways ETH is used in casinos, so depending if you just want to use it for the convenience of making payments, placing bigger bets or for additional peace of mind when it comes to RNG results, Ethereum is a valid alternative to consider to Bitcoin.