Ethereum Casinos are a significant part of the different varieties of online casinos. These sites work using the cryptocurrency Ethereum as their website funds. Using the blockchain has benefits and negatives, some of which can be seen in Bitcoin and Ethereum when gaming online.
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What is Ethereum
Ethereum is a cryptocurrency commonly referred to as Eth. The digital currency is frequently traded on exchanges, held for later as an investment, purchasing items and services, and paying fees on the Eth network.
One notable aspect of all cryptocurrencies is the transaction fees. When using digital currency to pay for services, depending on the speed of the transaction, you’ll pay a varying amount of gwei or gas. This amount changes depending on the current traffic of Ethereum, costing more the faster and quicker you want the transaction completed.
When using the fast option, Ethereum transfer from wallet to wallet is almost instant. This trait makes it ideal for use online in casinos. However, as digital currency is traded often, it doesn’t hold a standard dollar ratio, making it somewhat odd to use at times.
Ethereum vs Bitcoin
When asking which is better, Ethereum or Bitcoin, you may as well ask, “where is the largest casino in the world?”. You’ll find the answer, but you may read through a few articles to find the answer you’re looking for.
Ethereum is a decentralised platform, not just a currency and payment option like Bitcoin. As this cryptocurrency sees more versatile use, it has more processing power due to its decentralised nature. This trait clears transactions at a high rate than bitcoin, making it a faster payment solution. The network can handle more than bitcoin, a must for large transactions on the platform.
Ethereum allows for the creation of decentralised apps through smart contracts. These applications offer a new and unique experience when gaming. Online casinos can run on the Ethereum blockchain and be fair and fun. In addition, you’ll be able to sign up for the site using your Ethereum wallet, offering a quicker way to register without requiring a deposit.
Speed is Everything
While Ethereum allows for faster transaction processing speeds, the network is widely used. This frequent use by various applications and services can congest the transaction traffic. This traffic will slow down speeds and affect how quickly a payment or deposit is transferred from one wallet to another. Congestion on the network also results in higher fees. While not as severe, this is an issue shared among all cryptocurrencies, including Bitcoin.
Decentralised Casinos
Decentralised apps are one of the many benefits of using the blockchain for online gaming. The most prominent use of these applications is the ability to connect a wallet and start playing without the need to deposit first. These decentralised apps work with ERC-20 tokens, a feature that makes Ethereum the optimal choice for their use.
Which Wallets Can You Use?
Most crypto casinos don’t require a specific wallet application for you to sync with when using their services. However, several wallets are popular due to their access to other websites.
Metamask is one of the most widely accepted Ethereum wallets available. The wallet is convenient and has easy access to many decentralised services. When picking a wallet for online casinos, it can be hard to decide which Ethereum wallet is best for you.
Are Ethereum Casinos Better?
Whether you’re using Ethereum or Bitcoin, the casino experience is relatively the same throughout your time spent online. When not during peak hours, Ethereum offers a quicker payment method. However, once the network becomes congested and full of transactions, fees increase as the time to process increases. Additionally, due to the changing nature of transaction fees, you may notice a slight decrease in your withdrawals from the casino.
Ethereum does allow for more unique games and experiences due to its use as a tool, creating decentralised applications. These apps allow for new games and services to be offered by the online casino.
Both options offer a secure and transparent way of handling funds in your and the casino’s wallets. While there’s anonymity, there’s always a digital signature for each transaction.
The Crypto Crunch
Cryptocurrencies such as Ethereum and Bitcoin are great for online gaming, offering an easy and tracked payment method. While there is a transaction fee, it’s often made up for by having twice the speed of other digital currencies. This speed makes Ethereum a great alternative to the more common Bitcoin casinos, as money is available within a few moments. In the end, you’ll have the same experience in almost any crypto casino as long as it’s a reputable service.
