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There is more! Winz.io has an awesome new bonus feature called WinzUP for casino players. Every wager turns into a reward and you can get up to 35% in wager free-rewards! If you play with Ethereum, your level up rewards will be boosted up to 10 times its normal value!
Ethereum casinos refer to online gambling platforms that go beyond just providing ETH as one of the deposit and/or withdrawal methods. Such casinos also allow you to place wagers on casino games using the ETH cryptocurrency.
But what is Ethereum? Proposed by Vitalik Buterin in 2013 and officially launched in 2015, it is a blockchain system that is best known for its smart contracts functionality. This means that contracts made this way are automatically executed once the terms and conditions are met.
To further strengthen and expand its capability, various upgrades have been introduced over the years. Today, ETH has the second-largest market cap for cryptocurrency.
ETH gambling is already possible and on the rise! Explore the possibilities and see if gambling with ETH is the right move for you.
Gamble with Ethereum: What Are the Benefits?
Compared to fiat currency, there are advantages that you’ll only be able to gain with a cryptocurrency like ETH.
Improved Security
The use of cryptocurrency for online transactions has vastly changed how we transact.
Ethereum gambling games provide an opportunity to enjoy enhanced security features that come with using crypto, such as:
- Immutability. All transactions are non-reversible, so there’s zero possibility of disputes or chargebacks.
- Decentralization. Because every transaction is recorded in a network of computers, its vulnerability to hacking is vastly reduced.
- Two-Factor Authentication. Many crypto wallets use 2FA before granting a user access to an account to reduce the risk of having funds stolen.
Cheaper and Faster Transactions
Cryptocurrency, in general, is known for fast transaction speeds, thanks to the removal of intermediaries in the payment process. Ethereum is even quicker because of the transition to Proof of Stake.
Here, something called Ethereum Rollups is introduced, which allows ETH to process as many as 40,000 TPS. With the enhanced capability to move ETH across the internet, transaction fees will become even lower.
Anonymous and Private Transactions
Encryption is used to process and record transactions, ensuring that no one will be able to alter details on the exchange.
Worldwide Accessibility
Gone are the days when casinos were only accessible in one location. Because these platforms are online, it’s common for a brand to be available in more than just one country. ETH is something that you can use no matter where you are, as no geographical restrictions exist.
How Does the Average Ethereum Casino Work?
These casinos are not vastly different from the average gambling platform. To illustrate, we’re going to show you how to bet using ETH in casino games on Winz.io.
- Set up your account. Regardless of your preferred gambling currency, it still starts with clicking Sign Up Now and providing the registration details. Since we want to bet using ETH, we’ll select that as our main currency.
- Deposit money. Click your account balance, then Deposit, and select ETH as your currency. Type how much you want to transfer, click the Deposit button, and send the money to the deposit address.
- Play ETH casino games. Pick a game, use ETH as the in-game currency, and start playing.
- Withdraw your winnings. Click your account balance again, then Cashout. Choose Ethereum as the payment method, specify how much you want to transfer, and provide your wallet address. Click Withdraw.
How ETH Compares with Other Banking Methods and Crypto Coins
Newsflash: Cryptocurrencies are not all the same. In the context of an ETH casino, this currency specifically stands out because of the Proof of Stake that improves scalability and sustainability. What does this mean for you? Faster and cheaper transactions in moving your money in and out of the casino.
Find more relevant information about Ethereum and compare it to traditional banking and other cryptocurrencies in the table below:
| Payment Method | Transaction Speed and Fees | Security | Supply | Relevant Technology Used |
|---|---|---|---|---|
| Ethereum | A few seconds, low fees | Decentralized consensus mechanism | Unlimited; mined at a relatively consistent rate | Proof of Stake |
| Traditional Banking Methods | Can take up to five days; high fees | Various cybersecurity protocols | Limited; based on central banks | FinTech |
| Other Cryptocurrencies | Few minutes; low to high fees | Decentralized consensus mechanism | Varies | Blockchain technology (Proof of Stake or Proof of Work) |
Challenges and Considerations in ETH Gambling
As mentioned in the previous section, there is an unlimited supply of Ethereum. Although unlikely, an extraordinary event could cause an oversupply of ETH, driving down the price of the currency and essentially wiping out your winnings on Ethereum games. Volatility exists in other types of cryptocurrency, as well.
Because the idea of betting using an ETH online casino is relatively new, there are currently no laws on how to regulate ETH gambling specifically.
In most areas, the current rules regarding online casinos will apply to using Ethereum in online gaming platforms. However, this can suddenly change as the law catches up.
Play Casino Games with Ethereum Cryptocurrency Today!
Ethereum users in online casinos enjoy the benefits that are generally associated with cryptocurrency, such as anonymity, faster and cheaper anonymous transactions, and global accessibility.
ETH is just about as mainstream as BTC, so we expect ETH casinos to follow the direction in which their BTC counterparts are traveling. We predict that there will be more players using ETH to manage their betting funds and place wagers in the future.
Players can enjoy the experience of betting combined with the added benefits that come with transacting with Ethereum. Contribute to the permanent expansion of ETH into gambling and play in an Ethereum casino today. Select one of our recommendations for a guaranteed excellent gaming experience.