Ethereum is the second most popularly-mined cryptocurrency behind Bitcoin. Cryptocurrencies are a very popular banking option used at online casinos. This should come as no surprise as this form of banking offers greater safety and privacy. Thus, both Bitcoin and Ethereum casinos are very popular with gamblers around the world.
If you are unfamiliar with cryptocurrencies, the idea of using Ethereum may sound a little intimidating. After all, is cryptocurrency even real money and accepted like fiat currency?
Well, we can assure you that it does have value and that many US online casinos allow players to use Ethereum for deposits and withdrawals. Not only does this allow for safe transactions, but quick ones too.
If you would like to find out more about Ethereum and how ETH casinos work, stick around. Below we look at all you need to know about this cryptocurrency, including:
What it is,
How to use it,
Whether it is safe,
And, the pros and cons of using it.
We also list a load of the best Ethereum casinos available to US players, so that you can get started on gambling as soon as you know what you need to know.
Ethereum is an open-source blockchain platform used to mine and distribute a cryptocurrency known formally known as “ether” (although a lot of people just call it Ethereum.) It was developed by a large assembly of coders who had worked with Bitcoin for a long time and officially launched in 2015.
Since then, it has grown to become the second-most traded cryptocurrency in the world and the most liquid. Although Bitcoin is still worth more, Ethereum is easier to trade, making it popular at online vendors, such as casinos.
How to Use Ethereum
Buying Ethereum is pretty easy. All you need to do is visit a crypto exchange, such as CoinBase, CoinMama, and CEX.io. There are many exchanges, so make sure to analyze each site to find one that works best for you.
When you join an exchange, you can buy, trade, and sell cryptocurrencies. Most will allow you to buy more than just Bitcoin or ETH, so there is an opportunity to make some money on these exchanges too if you know what you are doing.
When you sign up to trade, exchanges may require that you provide them with some documentation before you can join the exchange. This is to ensure your safety when using the platform. Once you have provided the exchange with what they need, you will be free to begin trading.
Note that before you can buy Ether, you will need to get yourself an Ethereum wallet. This is a personal wallet that you use to store the cryptocurrency.
Pros of Using Ethereum at Casinos
There are loads of advantages that come with using Ethereum at casinos. Some of the most noteworthy include:
Deposits and withdrawals are processed very quickly.
You don’t need to share your personal banking details with the casino.
You pay lower fees than with some other banking options.
Some casinos offer cryptocurrency-exclusive bonuses.
Cons of Using Ethereum
Unfortunately, everything that has its benefits, has its drawbacks too. Here are some of the biggest disadvantages that come with using Ethereum:
Unfortunately, not as many casinos accept Ethereum as Bitcoin.
Using cryptocurrency can be a bigger hassle than simply using your credit card. You need to join an exchange, get a wallet, and start trading before can make a casino deposit. Compare this to how easy it is to whip out your MasterCard or Visa card and make a payment.
A cryptocurrency exchange isn’t exactly bulletproof itself. It can also fall victim to cyberattacks.
Ethereum Casino Games
Games available at Ethereum casinos differ based on which software provider supplies the casino with games. On our site, you will find casinos that accept Ethereum supplied by all the biggest names in the business, including:
Casino Ethereum – FAQs
Is Ethereum worth buying?
If you are in the cryptocurrency game, diversifying to Ethereum and other currencies is a good idea that every investor should consider.
Should I buy Bitcoin or Ethereum?
If you are an investor, Bitcoin still makes more money than Ethereum. It is easier to trade Ethereum though. However, more casinos accept Ethereum.
Do casinos take Ethereum?
Yes, some casinos do take Ethereum. We’d suggest starting with having a look at the casinos we have included in our list above.
How do I cash out Ethereum?
All you need to do is head over to your Ethereum wallet. Click on the “Accounts” option and then the “Receive” option. Once you have completed all these steps, you will need to provide the address where your funds need to be sent.
Can Ethereum be hacked?
Ethereum has been hacked before. A decentralized autonomous organization exploited a loophole in the platform to steal more than $55 million in ETH.
Is Ethereum Safe?
Yes, Ethereum is safe. However, if you use an app or exchange with security vulnerabilities, you leave yourself exposed to being hacked or scammed. So, always make sure that you properly vet an exchange before you join it.