Using Ethereum in Online Casino’s
First, what is Ethereum? Ethereum is an online cryptocurrency that can be used to create contracts and make exchanges with people. The question is, what do you do if you find yourself with some Ethereum on your hands and the itch to gamble on the internet? If you’ve ever asked yourself this question, then you have come to the right place. This handy-dandy guide to gambling with Ethereum will tell you everything you ever wanted to know on this subject, and probably a lot more.
The first thing you want to do is find a casino that will accept the Ethereum currency. One place to start is America’s Card Room. While there are a lot of nits and bots on their poker tables, they do accept Ethereum and who doesn’t like a challenge? As a matter of fact, America’s Card Room made headlines in cryptocurrency based newspapers recently by deciding to accept sixty different types of cryptocurrencies for deposits. You probably haven’t even heard of half of the different ways you can use cryptocurrency to deposit on America’s Card Room.
Another place where you can risk your Ethereum in an attempt to win more of it is Betcoin Sports. Now don’t let the name fool you, this is a full online casino as well as a sportsbook. So whether you want some blackjack action or if you are looking for a place to put a bet on the next football place this is a safe spot to deposit your coins. FortuneJack is another online casino that accepts Ethereum, and they have live dealer games there, so that is pretty sweet if those are what you are into. In fact, there are a number of other places that accept Ethereum deposits, such as Crypto-games, Lucky Games, 999Dice, Etheroll and more.
Now before you start gambling with Ethereum, you are going to have to obtain some. So you can either exchange some other cryptocurrency for it, trade dollars for it or work online and have someone pay you with it. There are lots of ways to get Ethereum and start gambling with it. You can buy it directly from Coinbase if you want, and this is a good method because they only charge a small market compared to P2P trading centres. Finally, you could also mine some ether if you wanted to get some of this cryptocurrency without trading in your Bitcoins or fiat money.
There are a lot of benefits to using Ethereum for online gambling. Transactions costs are very low, especially when compared to credit cards that hit you with brutal rates. Because it has a decentralised platform, Ethereum is a lot more private than anything that interacts with the banking system. Ethereum is also different from Bitcoin and other cryptocurrencies because it is really more contract-based than a store of value. So when you are gambling with Ethereum you are basically telling the casino you will pay them if you lose, as opposed to giving them your money and then gambling with it. This means the funds stay in your hands and you don’t have to worry about the casino not paying you out or having to wait to get a hold of your money. Because of the nature of Ethereum, it is even more conducive to privacy and anonymity than Bitcoin.
The Future of Etherium in Online Gaming
In many ways, Ethereum looks to be the future of online gambling. Why even have funds in the casino at all, when you can just make smart contracts? Take a poker game. Is it really necessary to have funds in the online casino, or can you just pay bets that you make as you make them? Ethereum is much more convenient for online gambling transactions because it facilitates these microtransactions with ease and if there is one thing we know it is that gamblers prefer for things to be convenient. In the future people might not make deposits at casino sites and instead do everything through smart contracts. In reality, it makes sense that you should be able to hold on to most of your money and just pay what you owe. Casinos are still ensured that they will receive winning bets, and because Ethereum payments are non-reversible, there really isn’t much potential for abuse or fraud.
Another advantage to this whole smart contract system is that you don’t miss out on the Ethereum gains like you would if you deposited at a casino with say Bitcoin that stored your money in American Dollars or Euros. Bitcoin and Ethereum have both been incredible investments over the years, and with Ethereum because your funds remain in your wallet except for what you lose you can appreciate the gains from your gambling bankroll in between sessions.
So while Bitcoin may be the most popular cryptocurrency for now when it comes to gambling, you should keep in mind that Ethereum is only two years old. With the lightning fast way that online gambling has been evolving lately it is likely that things will continue to change over the coming years. Whether Ethereum or even cryptocurrencies, in general, will ever overtake more traditional deposit methods is unknown, but the future certainly looks bright for Ethereum.