Ethereum is a cryptocurrency developed by Vitalik Buterin in 2013. Then only 19 at the time, Buterin did not have the resources to launch the Ethereum network and so pitched the idea to the general public to generate interest. Sure enough, the project was immediately financed through crowdsourcing and the Ethereum network became operational in July 2015, with a total of 72 million coins.
(The Ethereum token is referred to as Ether or ETH, however, these terms are used interchangeably.)
Ethereum is one of the more established cryptocurrencies available today, and it is one of the most widely used. One of the reasons for this is the Ethereum blockchain’s ability to use smart contracts, which allow transactions to be made on the blockchain without the need for any middlemen. As a result, Ethereum has quickly risen to become one of the most widely used cryptocurrencies.
Ethereum, like Bitcoin, is built on an open-source, decentralized blockchain; however, the smart contract capability allows the conditions of the transaction between the buyer and seller to be self-executed, whereas this is not the case when you play at Bitcoin casinos. People may instantly conduct trades with one another without the need for further confirmation from a third party through the use of smart contracts, which can be included in Decentralized Autonomous Organizations (DAOs).
The elimination of mediation results in a more rapid and efficient process, which will profoundly alter the way the world does business in the future. As a result, for people who have been interested in investing in digital assets for a long time, Ethereum is sometimes thought to be more significant than Bitcoin.
Using Ethereum at a top Canadian online casino really isn’t all that different from using any currency, crypto or otherwise. In the context of online gambling, Ethereum simply gives you another wagering option when playing online slots or table games. We’ll break down the process of getting your Ethereum into your online casino account into three simple steps:
If you already have a general idea of using Ethereum, you can skip ahead to the next step, but for newer users, you will first need to :
Your cryptocurrency wallet will be used to verify your transactions with Ethereum. A couple of good options include Coinbase and MetaMask, although there are a bunch of options out there that you can use if these are not available.
You can deposit Ethereum into your wallet either by mining it with your computer hardware on the Ethereum blockchain or trading it on cryptocurrency exchanges. As we will discuss later, though, there are a few caveats to this.
Because cryptocurrencies are still very new to the mainstream casino market, when you play new casino sites, you'll find only a few accept Ethereum and other digital currencies. That being said, we at InsideCasino have reviewed several examples, which you can find on our casino reviews page. Once you’ve settled on an Ethereum casino, you will need to set up an account here.
With both ends of the transaction set up, all you need to do now is to actually transfer your ETH from your Ethereum wallet to your casino account. To do this, you will need to log in to your casino account and deposit funds, making sure to select Ethereum as your payment method.
The online casino will set up a one-time wallet address that you can send Ethereum to with your cryptocurrency wallet. Copying and pasting this address is recommended during this step as any typos will send your Ethereum to the wrong address and will be almost impossible to recover. Assuming you’ve done this correctly, your Ethereum should show up on your online casino account, ready to be wagered on any online casino game.
Now we find ourselves asking the fundamental question: should you actually use Ethereum for online gambling? If you were already dead set on using the cryptocurrency, then you can go on and check out our Ethereum casino reviews to help you find the best casino sites to play on.
However, if you are relatively new to crypto and are still on the fence about going through the process of obtaining Ethereum, we have a few pros and cons below that you should consider before you make your decision.
The best Ethereum online casinos feature top-of-the-line security features and customer support that helps ensure that your precious Ether coin is under your full control. Check out our Ethereum casino reviews here on InsideCasino to help you find the gambling site that fits your needs.
Yes, you can gamble online with Ethereum at Ethereum online casinos. At these casino sites, you can either use Ether coin directly as a currency to wager with or have it converted into a Fiat currency like Canadian dollars.
Generally speaking, an Ethereum casino is legal as long as it follows all of the regulatory standards expected of online casinos. However, this does not mean that all Ethereum casinos are legal—players do still have to exercise caution and read online casino reviews to find the ones that are truly legitimate.
Playing Ethereum with casinos is a simple matter of using your Ether as your source of funds for wagering at Ethereum casino games. This can be done by depositing Ether into your online casino account.
To withdraw Ethereum from an Ethereum casino, access your online casino account and use its fund withdrawal function. Depending on the online casino, you will be given the option of withdrawing your funds in ETH or in a fiat currency of your choice.
The extremely fast transaction processing speed of Ethereum can be attributed to the speed of the blockchain upon which Ether coins are built. To put things into perspective, the Ethereum blockchain processes blocks every 12 seconds, as opposed to the Bitcoin blockchain processing blocks every 9-10 minutes.