Ethereum is a digital technology catering to electronic money, applications, and global payments. The open-source software platform lets developers create cryptocurrencies and digital applications that hold real money value and can be used for product and service purchases like online gambling.
Top Ethereum Casinos 2022 – NZ Casinos That Accept Ethereum
With an impressive market capitalization of over $350 billion and growing acceptance in the gambling community, Ethereum is at par with major financial companies like PayPal. ETH is undeniably one of the dominant players in the crypto market, making it a viable option when exploring digital currencies to use when gambling online. Acquiring the coins is hardly complicated, whether through centralized exchanges, decentralized exchanges, or wallets. Its decentralized nature, transaction speed, and blockchain security are significant advantages. On top of that, the currency is more scalable than Bitcoin, meaning it can be used as more than a digital currency. Regardless, remember that ETH’s value is still only as valuable as the market is willing to pay for it, so only purchase as much as is useful.
💳 Ethereum Review
Ethereum is a unique asset in the cryptocurrency world, embracing the open-source platform popularized by Bitcoin to create digital currencies, applications, and global payment systems. Ethereum is a community-run technology and decentralized distribution digital ledger, which is the foundation for crypto transactions. Its native cryptocurrency is Ether, popularly known by its trading ticker ETH. The currency was launched in 2015 and is currently one of the largest in market capitalization, second only to Bitcoin.
👍 How Ethereum Works
Ethereum is more than just digital money, building on Bitcoin’s blockchain innovation with several key differences. It is a permissionless, non-hierarchical network of nodes that produce and merge on an ever-expanding series of blocks. Each node communicates with a small subset of the network known as peers. Peers receive a copy of new transactions whenever they want to be included in the blockchain. Miners (special nodes in the blockchain) maintain a list of these new transactions and use them to create blocks sent to the rest of the network. The node then verifies the validity of the blocks before adding them to the chain and executing their transactions. The platform’s protocol dictates that the longest chain at any given moment is regarded as the most important while the shortest one is regularly dropped.
This Ethereum protocol generates the cryptocurrency Ether, which is used as a reward for miners for adding blocks to the blockchain. ETH is the only accepted currency, and it incentivizes miners to keep the platform growing. As ETH has gained value outside the Ethereum blockchain, it has become accepted as a valid currency for products and services outside the open-source blockchain.
💻 Opening an Account with Ethereum
Since Ethereum is a permissionless platform, accounts are not necessary to use ETH. However, an online wallet is required before purchasing the coins. There are lots of wallet options with different features like;
- Supporting the purchase of ETH with a bank card
- Designed to connect users to Ethereum dapps
- Providing access to decentralized finance, allowing users to borrow, lend, and earn interest directly
- The ability to withdraw ETH directly from a bank account without using an exchange
Ethereum wallets are usually given as a series of characters accessible with a unique password. After downloading it, ETH can be purchased directly from wallets or centralized exchanges that trade the coins for traditional currencies like NZD. Alternatively, the crypto can be purchased from decentralized peer-to-peer exchanges; this offers more control than buying from a centralized party.
🪙 Depositing with Ethereum
Ethereum works differently from FIAT currencies, but that does not complicate how it is deposited into online casinos. After landing an ideal website, locate the cashier section and choose Ethereum as the cashier channel, which prompts the gambling den to provide a wallet address. Log into your wallet and transfer the desired funds to the casino’s address.
🧾 Withdrawing with Ethereum
After accruing winnings, log in to your Ethereum casino and launch the banking section. Choose Ethereum as the preferred payment method and enter the amount to transfer along with the address it should be sent. Usually, the casino auto-fills the address after the first cashout.
💲 Transaction Speeds with Ethereum
Since Ethereum is a peer-to-peer exchange, transactions are processed in near-real-time, especially when a high fee is paid for the transfer. This is without counting the pending periods applied by casinos, which can last up to 72 hours.
Using Ethereum comes at a cost known as a gas fee, which compensates for the massive computing power used to run the blockchain. ETH gas fees are measured in gwei, which constantly change depending on the crypto market and the amount being transferred.
✔️ Upsides of Ethereum
Ethereum has significant strengths within the cryptocurrency and gambling contexts contributing to its ballooning popularity, including;
- The currency’s decentralized finance system allows users to send, receive, borrow, and stream funds without discrimination from anywhere in the world. This is unlike traditional funds controlled by governments, which come with risks like being seized or frozen.
- The only requirement to send and receive Ethereum coins is a wallet, which is easy to set up and control without disclosing personal information. That way, breaches to the casino or blockchain do not come with the risk of sensitive data being exposed.
- Ethereum can be more than just a digital currency – anything owned on the blockchain can be represented, traded, or used as non-fungible tokens (NFTs). The tokenized items can be sold and resold while the owner receives royalties. It can also be programmed to verify contracts and business transactions.
- It is transparent and open-source, allowing permissioned parties to track an asset’s journey through the blockchain using attached addresses
- Being the second most popular crypto, Ethereum is a staple in almost every gambling den that supports digital currencies
- Since third parties like financial institutions and governments are eliminated from ETH control, transactions are conducted on a peer-to-peer network that allows direct communication between parties.
❌ Downsides of Ethereum
Many reasons back the exploration of the growing trend of Ethereum in online gambling. Nonetheless, some elements of the currency advocate caution when using it, such as;
- While Ethereum is more scalable than Bitcoin, the asset value on its blockchain is only as valuable as what buyers are willing to pay for it. Therefore, the price can be high one moment and dip the next when the crypto fever dies down
- The currency being decentralized and not controlled by the stock market may be an advantage, but its value can burst like a bubble at any moment, sending the price plummeting. Significant dips have occurred, sending it from its all-time high price of about $3,400 in May 2021 to $1,150 in June 2022.
- Ethereum and other cryptos still have a low adoption rate compared to traditional currencies, limiting their acceptance in most online casinos.
- ETH has a complicated fee system, and its transfers incur more charges than BTC, BCH, and several other cryptocurrencies
- Cryptocurrencies can be locked out of claiming bonuses and promotions in gambling dens that mainly cater to FIAT currency users
Frequently Asked Questions
What is Ethereum?
How is Ethereum acquired and stored?
Ethereum can be purchased from centralized exchanges, businesses that allow the purchase of crypto using FIAT currencies, such as banks. You can also buy the currency from decentralized exchanges, which offer more control over the funds than purchasing from centralized companies. Some wallets also sell ETH, which can be paid using bank cards, bank transfers, or e-wallets like Apple Pay. The purchased coins are stored in wallets like Status, Gnosis Safe, Samsung Blockchain Wallet, Enjin, Trezor, Ledger, Opera browser, and ZenGo.
Can I play for free in Ethereum casinos?
Yes, you can. Ethereum casinos have free versions for all their listed games except those in the live lobby. The games are launchable with no deposit and have in-built credits to use as bets. In most cases, demo games are played before account registration.
What are the transaction limits in Ethereum casinos?
Each gambling den has varying limits for how much ETH players can cash in and out. Most casinos set a minimum deposit limit but leave the maximum to the wallet or merchant processor used. On the other hand, minimum and maximum withdrawal limits are set by the casino.
Can I play pokies in Ethereum casinos?
Yes, you can. Slots are the main attraction in almost all Ethereum casinos and are often provided in hundreds or thousands. Some pokies are even explicitly created for cryptos like Ethereum.
Can Ethereum deposits be used to claim bonuses and promotions?
The availability of incentives to crypto users depends on the casino. Ethereum deposits can be used to claim the same bonuses as traditional currencies, which are often the most favoured. In some cases, crypto users get dedicated incentives separate from the regular ones, while in others, they are locked out of most packages.
Final Remarks on Ethereum
Like other cryptocurrencies, Ethereum does not have racing certainties. The safety, viability, and overall concept of digital currencies still have reservations. Nonetheless, ETH has significant benefits on the broader cryptocurrency market explosion. The currency is scalable beyond purchasing online services like real money gambling and offers uses like smart contracts, applications, and NFTs backed by superior blockchain technology.