Introducing ethereum casinos: what you should know
Online gambling is a multi-billion dollar industry. With the increasing adoption and popularity of cryptocurrencies like bitcoin (BTC) and ethereum (ETH), many casinos support digital assets. Ethereum casinos support their player base to place bets using ETH.
Ethereum is a cryptocurrency network that supports the deployment of smart contracts. Smart contracts execute without depending on an intermediary. Once conditions are met, these special codes do as the coder said. In Ethereum, ETH is the native currency. It is used for paying Gas. The coin can also be staked for extra rewards. Users who choose to stake their coins help strengthen the network and make it more robust.
ETH is the second most valuable cryptocurrency by market capitalization. In the crypto leaderboard, it comes second to bitcoin. As of mid-February 2023, ETH had a market capitalization of $189.7b and is home to other projects like Uniswap, Tether (USDT), and more. Tokens of these projects are widely supported by crypto and ethereum casino sites across the globe.
Gambling on ethereum casinos
Gamblers who want to bet using ETH must first have a cryptocurrency wallet. There are many types of wallets available, but a hot wallet like MetaMask can be a good choice. Other options include Trust Wallet, Coinbase Wallet, Exodus, and more.
If you don’t have ETH, you can buy from a centralized exchange like Binance or Coinbase using USD. First, you must select the exchange, create an account, and deposit funds. After that, you can buy ETH and then transfer it to your hot wallet, in that case, MetaMask, or any other wallet of your choice.
The second step is to choose a good Ethereum casino. Ensure that the exchange support ETH to begin with. Some casinos might require you to fill out a form and submit your details. There are others which you don’t have to. Placing ETH bets in these casinos is anonymous.
The third step is to deposit ETH. Ensure you copy the correct ETH deposit address for the casino. This is because if funds are deposited to the wrong address, they are irrecoverable. To avoid avoidable losses, always double-check the given address; you can even reach out to support for confirmation.
With deposits reflecting in your Ethereum casino, you can begin playing. If you win, you can withdraw your funds to your wallet or even send them directly to the exchange for cash out. Still, in some instances, gamblers can spend their ETH winnings on platforms that support cryptocurrencies.
The good and bad of betting using ETH
ETH is a cryptocurrency. Therefore, gamblers benefit from fast transactions. Deposit times are always quicker than fiat alternatives since the user doesn’t have to wait for banks to clear them. Moreover, the global nature of the ethereum network means anyone in the world, safe in some jurisdictions where gambling is illegal, can participate.
The drawback of using ETH in casinos is that the coin is volatile. That means value can rise or sometimes drop, leading to losses. Holders can also lose their coins should they deposit to the wrong address or fall victim to scams or phishing campaigns. There is no recourse for lost coins considering the immutable nature of the Ethereum blockchain.
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