...casino floors saw beggars turn into kings and the other way around, all with the help of the simple cash bill. Regardless of the currency, or its exchange rate, any one casino player ultimately depended and even measured all their floor time, entertainment quality and success rate on the amount of cash they managed to accumulate.
As things turned digital...
...people became less willing to continue using cash – at kiosks, ATMs or specific cash transfer service establishments. Instead, they focused on cashless transactions using various methods, from credit and debit cards, through prepaid cards, to e-wallets and intermediary payment processing services.
During the last decade...
...or so, focus shifted once again with the invention of a whole new currency that went along these novel cashless transfer methods – cryptocurrencies. Bitcoin was only the first one of its kind, but many others have soon followed in its footsteps, among which Ethereum.
About Ethereum
The Ethereum decentralized digital currency was invented by the end of 2013, but only released for sale in 2014. Vitalik Buterin, a former Bitcoin supporter and regular contributor to the Bitcoin Magazine, turned out to be the person behind this novel cryptocurrency invention. He aimed to create one that would run faster, smoother and more functional that the original Bitcoin. Thus, the created Ethereum crypto was only based on the founding blockchain technology, while its operations, transactions and purposes were much more diverse.
To be more precise, the initial and primary purpose of the Ethereum platform was not limited to the providing substitution to fiat currencies. While it does contribute to the overall goal of making them redundant due to the perks of using decentralized currencies, it was first created as a system that would be able to run and execute smart contracts.
What are Smart Contracts?
These are specific operations which can only be performed considering all encoded preconditions have been met by both parties involved in the contract. For example, if someone wants to hire a person to do a service and pay them in Ether, the contract will allow the payment to be executed automatically once the service provider has done their part, i.e. whatever they were hired to do, make.
In this regard...
...it is also important to know that the Ether we just mentioned is the crytpocurrency of the Ethereum platform. Essentially, it is a fuel for the actual operations performed on the platform, as people supporting the execution of such smart contracts need to be given something in return. So far, since the early release, more than 60 million Ether coins have been mined for initial funding, and another 12 million for the development fund.
This platform...
...as it is, is a much more scalable solution, allowing transactions to be processed at the speed of a few seconds, with an average of 3 Ethers created for the miner of the block containing the specific transaction. So far, there hasn’t been an exact cap on the amount of Ethers in total, although implemented restrictions per annum managed to keep everyone on their toes.
How to Obtain Ether?
Considering that it is not a traditional fiat currency, there are bound to be some novelties in obtaining, storing and handling the cryptocoins. Before you are able to do anything with it, you will need to have it in your possession, and nowadays, there are more than enough ways to do it:
Mining – Just like mining Bitcoins, the process of mining Ether involves less crude force and tools and more computing power. Yet, whilst the Bitcoin system has grown and reduced in functionality, the Ethereum platform even allows everyday interested individuals owning regular desktops and laptops to remain competitive. Either way, regardless of the difficulty, the actual process of supporting the transaction execution rewards the respective members of the platform.
BTC-ETH Exchange platforms – Most crypto exchange platforms offer people the possibility to obtain any newer cryptocurrency in reference to Bitcoin. This is the case with Ether too, as most such platforms for exchange services allow people to trade their Bitcoins for the equivalent amount of ETH.
Fiat currency exchange platforms – Since its appearance, Ether rose in value and achieved some market stability. Even though it is falling slightly behind Bitcoin, a sure sign of progress is the presence of fiat currency exchange services, allowing people to obtain Ether with their everyday dollar or euro bills, figuratively.
Ether direct transactions – A fourth way to obtain Ether is to have someone transfer it to your wallet directly, which would be an awfully generous thing to do. Thus, these transfers are normally tied to some product or service exchange that needed to happen in order for the transaction to go through.
How to Store Ether?
Once you find the most suitable way to purchase it, you will also need to store it before choosing the best way to spend it. In this regard, Ether draws nearer to Bitcoin than in others, as it is stored in the same kind of cryptocurrency e-wallets. Some differ depending on the currency they are supposed to store, while others even allow users to exchange their cryptocoins from one currency to another.
Either way, the e-wallet options include hardware and software option, as well as the old-fashioned paper wallet. The first one refers to the separate storage units – USB, external hard drive or the likes that allow users to save their e-wallet public and private keys, and thus limit access to their Ether wealth. Contrary to these, software options are mainly downloaded onto the device or presented as a software-as-a-service kind.
They are normally connected to the Internet, even though not mandatorily full time, and have been considered to pose a greater threat to the Ether wealth. Lastly, paper wallets have maintained dominance in their field, even though they are actually just pieces of paper containing the e-wallet keys. These are stored in safety deposit boxes or safes to prevent misplacing them.
Ethereum as an Online Casino Payment Method
The online casino industry has been keeping up with the latest inventions in the finance world, most of which tended to include faster and more secure payment processing. Yet, as cryptocurrencies appeared, these features were factored in the new context, and allowed people to engage in their favourite form of entertainment with such payments.
Making Online Casino Deposits & Withdrawals
Now, there are all kinds of e-commerce, retail, employment and service provider operators offering Ether as an available payment option. A major portion of this range of Ethereum merchants includes top poker sites, online casinos, bingo sites, sportsbooks and the likes. Therefore, the main transactions that will be performed using this cryptocurrency include deposits and withdrawals.
The following step-by-step procedure will help players get a proper introduction to using the cryptocurrency at online gambling sites for the first time. What is more, the guidelines could be of service to anyone opting for a new casino operator on the whole, as the use of these currencies is still growing.
Step 1: The first thing to do when going for the Ethereum online casino option is to choose the suitable gambling platform. While most players will find it satisfactory that the operator offers such transactions, it is definitely more practical and currently widespread to include all the top cryptocurrencies available for conversion purposes. Choosing the best Ethereum casino hereafter includes additional considerations – the software providers featured in the game selection, the bonuses and promotional offers, or even the colour pattern and layout.
Step 2: Once the choice is made, just make sure you are able to register and access the casino with ease. A trustworthy operator should have all information laid out for their potential users, as well as a straightforward signup procedure. Once players gain access to the casino floor, head to the Banking section first. This way, by the time your eyes get used to the site colour scheme, you will have enough funds to go through the casino’s game selection.
Step 3: The Cashier section of an Ethereum casino may well feature other cryptocurrencies, as mentioned earlier. However, today’s hybrid sites include fiat currencies as well as their top payment processing solutions, all with the purpose of providing greater player accessibility, convenience and ultimately satisfaction.
Select Ethereum as your banking method and you will immediately be provided with the e-wallet address for your casino account. That way, all you need to do is copy it and use it as your destination once you specify the amount you wish to use as a casino bankroll. Upon confirming the transaction, Ethereum members on the platform will see it through for a particular fee and end up mining some Ethers along.
Step 4: Head straight from banking to the gameplay page at the casino platform – Ethereum transactions take seconds to complete and players should have the funds available in their players’ e-wallet account just in time to load their favourite game.
Withdrawals are performed in much the same way, as the transaction is still directly between two e-wallet solutions, only in the opposite direction. Many players are reluctant to have their funds, especially their winnings handled through such newly created options that are yet to be affirmed in the industry. However, with the numerous recent legal obstacles, specific regulations, player demands and all kinds of independent industry standards, Ethereum has largely become one of the most desirable and sustainable casino deposit and withdrawal methods.
Advantages
Smart contracts technology – The technology of employing smart contracts – strings of code that make actions on the Etherum blockchain depend on each other ensures that all preconditions are met prior to the execution of the final payment. This ensures higher player security, as well as potential for uses beyond their current scope. After all, the platform as it is offers users a unique language and fully functional programming base where they can create all kinds of applications and solutions for a range of socially commendable purposes.
Security & anonymity – Just the blockchain structure as an underlying basis is enough to ensure everyone of the cryptocurrency’s security. As for anonymity, the sole fact that players are never asked to disclose any personal information or banking details – from e-wallet registration to cashouts – makes it a trusted feature.
Scalability & transaction speed – Another unique improvement Ethereum had in relation to its predecessors is its scalability. Due to being able to delegate payments and allow each member computer to build a DAG, the platform enables any one individual to enjoy quite a more equal chance at getting a payment across and mining coins along the way than Bitcoin ever might.
Independent & decentralized nature – In order to honour the purpose of cryptocurrencies as an invention, Ethereum is also a decentralized and independent of any one authority. What is more, it does not require any traditional banking institutions to process funds, practically putting them straight out of use.
Smaller fees & higher amounts limits – A most welcome advantage of using Ether online casino deposits and withdrawals are the smaller fees. They are determined based on a range of additional by-factors, unlike Bitcoin’s fees which are mainly determined based on transaction volume. Speaking of which, this new cryptocurrency, much like all of its kind, allows players and users alike to perform payments of all sizes, as long as they are aware of the possible charges.
Disadvantages
Risk factor – Despite its impeccable record, Ethereum is still considered a risky factor. The coins not been able to reduce value fluctuations to a minimum, and platforms are constantly looking to add or remove it from their list of paymetnt options.
Less available – Even with so many additions of the cryptocurrency, the online player pool is still faced with scarcity of platform options.
Irreversible transactions – Once made, the Ethereum transaction is confirmed and processed, with funds lost or gained forever. This means that they are not reversible and need to be treated with great attention.
Ethereum Casinos
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What is the speed difference in transaction processing between Ethereum and Bitcoin?
The transaction speed differs greatly between Ethereum – a matter of moments, and Bitcoin – about 10 minutes on average.
What are the usual deposit and withdrawal limits for Ethereum players at such online casino sites?
Each casino operator determines their limits based on their specific policy preferences. Nevertheless, generally speaking, the payment method does not impose any restrictions in this regard.
Are there any bonus offers available?
Yes, players are most able to claim the full range of bonuses at Ethereum casino sites. Most of the time, they are even more generous in order to attract a wider player pool, and amounts can range from the hundreds up to $1000 at times.
What portions of the player pool are bound to benefit the most from this payment method?
The US base of interested players are among the most likely to benefit, as they normally need to abide by strict banking and online gaming content legal restrictions (the UIGEA, the Wire Act, etc).
Can land-based gambling establishments process and accept Ether payments?
Yes, they can. Most of these establishments feature a QR code that can be scanned by the player with their smartphone or tablet, and perform the payment directly.
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