Ethereum (ETH) is a form of a digital currency that allows users to make online casino payments. It was invented in 2013, but it was until 2014 that it was released for sale. Ethereum is available as a banking option in over 1000 online casinos across the iGaming market.
Just like Bitcoin, Ethereum is a decentralized cryptocurrency. This simply means there is no issuing authority or a central bank that controls the distribution and creation of Ethereum. So, what makes ETH different from other cryptocurrencies is its smart contracts feature. With this option, you can adjust the terms and conditions to fit your preferences.
So, on this page, we will look at the best online casinos that accept Ethereum as a payment option.
Who can use Ethereum?
Anyone can use Ethereum. All you have to do is play at a casino that accepts it as a deposit option. Apart from that, you must obtain the ETH coins through a mining process. To get Ethereum, you have to sign up with an exchange wallet like Coinbase or Jaxx.
However, if you must exchange currencies, for example, from USD to crypto, you can use credit cards or bank transfers. After setting up the Ethereum wallet, you will be provided with a unique address, which you will be required to provide when making the deposits.
Making a Deposit into your casino account using Ethereum
Using Ethereum to make online casino deposits is quite an easy process. After setting up the wallet, you will have to select Ethereum from the casino cashier page. You will then be required to put in your Ethereum wallet address, after which the deposit process will be completed. Ethereum casino deposits only take a few seconds. Your funds will be available for play almost immediately.
Advantages of Ethereum
With Ethereum, you don’t have to deal with the strict banking regulations that limit online gambling. This makes it the go-to payment option for most online gamblers. Also, with the smart contracts feature, the playing field is leveled as players are protected from exploitation by casino operators. Another advantage is that with Ethereum, you are assured of secure casino transactions. You will not be required to disclose your private banking details at the casino cashier page, hence limiting the ‘hacking factor.’
Disadvantages of Ethereum
Although Ethereum offers you a secure way of making casino payments, it is considered a risky option. Just like Bitcoin, its value depends on the prevailing market rates, which continually change. Another drawback of using this payment option is that some online casinos may not offer a welcome bonus for ETH deposits. You may also incur some currency conversion costs if you play at an online casino that only accepts the common currencies like USD or the GBP.
Even though depositing via Ethereum seems complex, you will see how easy and convenient it is once you start using it. In conclusion, Ethereum is a suitable payment option for players who want to avoid the complex central banking regulations that limit online gambling.
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