Ethereum is a cryptocurrency similar to Bitcoin that allows fast and international payments. Due to this, it has become a popular choice of currency of many gamblers and nowadays numerous online casinos accept it for both deposits and withdrawals. Gambling using this currency is growing rapidly due to the growing popularity of the blockchain. The blockchain enables the smart contracts, creating Ethereum Virtual Machine. These smart contracts are disrupting the online game market as they are removing the requirement of trust between the casino and the player. It has also gained popularity as an alternative payment to the currency Bitcoin.
The crypto assets, Bitcoin and Ethereum have similar benefits such as anonymity and security but it is possible to deposit and withdraw using Ether in a much shorter time frame. People who are looking for faster Bitcoin choose Ether as their choice of currency. Ethereum gambling comes in two forms, the first and the most common is to use it for deposit and withdrawal purpose at the online casinos. The second option open to you is to make use of contracts for betting purposes. Actually, there are available numerous casinos that operate fully on the blockchain. In place of sending the cryptocurrency to the casino’s wallet address, it can be sent to a smart contract directly.
Differences between Bitcoin and Ethereum
Both of them provide similar effects when casinos are discussed. Both are fast, secure, and anonymous- a perfect method of deposit and withdrawal for any gambler. For people who want to make deposits and withdrawals using cryptocurrency, there is no major advantage of one method over another. However, there are few small differences between the two. Ether is a quicker method and does not suffer from any scaling issues, which have halted Bitcoin. This means that the transactions processes are faster and often completed within a minute. But in case of Bitcoin, it often takes hours to complete the deposits and the withdrawals.
Ether has the ability to interact with the smart contracts. From the point of gambling, it is a major advantage because it removes the requirement of trust between the player and the casino. Bitcoin may receive the smart contract functionality, called Rootstock but it is not known when a casino will be ready for this platform. Bitcoin is considered to be more stable because the prices do not change between the bets dramatically. There are many other technical differences between the two methods of cryptocurrencies but for the gamblers, these are the only differences that matter to the gamblers.
How far is it safe?
The blockchain of this currency is secured by hash power. It is a term which is used to denote the energy the miners are putting for validating and processing the transactions. The more hash power is placed on the blockchain, the more difficult it is for the individual, government, and company to overpower it and rewrite the transactions. The security of this currency is extremely good. The only risk in an Ethereum gambling is the risk encountered while dealing with the US dollars and any other currency.