As the multi-billion dollar gambling industry adapts to the growing realities of a rapidly changing world, Ethereum gambling is making steady inroads into the scene. The traditional gambling system is making room for digitization of the payment system. Cryptocurrencies are stamping their mark on the biggest gambling stage. Deposits are made and winnings are paid out in cryptocurrency, and it has proven to be a game-changer.
And while Bitcoin has continued to set the pace in the crypto gambling scene, Ethereum is hot on its chase. This is probably because of the many benefits the latter offers due to its vantage position in blockchain technology. In this article, we discuss the concept of Ethereum gambling and break down its workings to the smallest bits. Read along and find out why it is gaining popularity among crypto enthusiasts and gamblers alike.
In this section, we’ve outlined and briefly described a series of steps that can show you how to use Ethereum for online gambling.
The first step to take in your quest to take up Ethereum gambling is to set up an account with a bookmaker that supports Ether as a means of payment. To do this, you only have to visit the website of gambling platform and sign up with them.
Next, search for a crypto wallet that suits your specifications and download it if you don’t have one. Your wallet serves one purpose–to keep your cryptocurrency assets and deposit them for any reason you deem fit.
You can skip this step if you already have an account with an exchange platform. But if this is not the case with you, you can try out any of the exchanges that support Ether as a means of transaction. And once you’re set-up, go ahead to buy any units of Ether and transfer them to your wallet.
Using the coins that are well secured in your wallet, you can place your bets. And when you do so, the Ether in your wallet is withdrawn to fund the wager. You can specify the amount of Ether you want to use in your bet, and the bookie will accept your bets.
If you use a hybrid gambling platform, you can elect to first convert your Ether to a fiat currency such as the USD before placing your bet. On the other hand, a crypto-exclusive bookmaker will only accept bets placed using a cryptocurrency, and any winnings will be paid out in the same coin.
In this section, we discuss some of the advantages that Ethereum gambling sites offer over other cryptocurrencies s and traditional gambling platforms.
Because Ethereum builds on blockchain technology and a peer-to-peer network, the transactions processed using it are smoothly and swiftly executed. Payments made on these sites do not need to be validated by an intermediary or any third-party player.
Ethereum gambling sites are reputed to have some of the lowest transaction fees in the business of crypto gaming. This is because of how the coin is wired, coupled with the elimination of the intermediaries in the transaction process.
Gambling sites benefit from the smart contracts strategy that the Ethereum coin is designed around. This is because the players have equal access to the transaction data without being subjected to a central authority. The odds are on the button, and the results can not be influenced.
From sign-up bonuses to deposit and no-deposit bonuses, Ethereum gambling sites provide incentives to keep the old-timers and attract new potential customers.
Gamblers that side with Ethereum gambling sites benefit from the high volatility in the price of Ethereum assets to make huge booms. And because the average maximum allowable withdrawal amount is very high with them, you can hit the big break while playing the games.
The best Ethereum gambling site will offer some of the benefits listed in the previous sections, but there are even more. They should have a robust customer support system and employ robust security provisions to guarantee the safety of user funds and data. Another thing that often flies below the radar is the user interface, and it can be the difference between a high customer retention rate and a turn-off at first glance.
While it is admittedly not the easiest of tasks to tick all the right boxes, we can vouch for some platforms in the mainstream with the potential to make a difference. Step in www.crypto-gamblers.com, an all-in-one crypto gambling platform that aims to be the biggest name in the business. You can bet on many of the biggest sports and casino games on this website. And while you’re at it, you’ll be helped with tips, guides, and advice that can point you in the right direction when placing your bets.
There is barely a blanket answer to this question, as the issue most often lies with the laws of the land. If you’re in a country that criminalizes crypto trading, then you can say that it is illegal over there. Other countries have crypto-friendly laws that encourage crypto casinos to freely operate offline and online.
Most Ethereum gambling sites allow the players to stake on thousands of games using Ether, and many of them are some of the biggest games on offer. From crypto slots and crypto poker to some of the most popular casino games to esports titles and sports games, there’s no shortage of options to explore.
Yes, you can, but the withdrawal of your winnings from such games largely depends on the type of bonus. If the bonus is a sign-up bonus or a no-deposit bonus, you may be required to deposit before you’re allowed to withdraw your winnings. Alternatively, you may have to roll over your winnings over some games before you can be allowed to withdraw.
Crypto gambling operates in a similar fashion to traditional gambling, but with one major distinction that sets them apart. While traditional gambling accepts payment in fiat currency, crypto gambling sites accept payment in cryptocurrency. In this article, we’ve discussed how this distinction makes a lot of difference, particularly in how crypto gambling sites operate, using Ethereum as our case study cryptocurrency asset. We intend to shed light on the subject so you can see the vast potential as a profitable gambling resource.