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Ethereum is a platform created in an open decentralized Internet environment, which is based on blockchain technology. Thanks to it, developers can create and implement new decentralized programs and peer-to-peer applications. Applications created in this environment are designed to support the so-called smart contracts. Ethereum was created by the Russian developer Vitalik Buterin, who proposed it in 2013. The official launch of the ETH blockchain took place in July 2015. It operates on similar principles as Bitcoin. However, although the technology is very similar, there are several important aspects worth noting. First, Bitcoin was primarily created for peer-to-peer transfers as a currency. In the case of Ethereum, which functions as a decentralized platform, currency is only one of its elements. Ethereum operates on the basis of EVM (Ethereum Virtual Machine). This is an environment composed of nodes for creating smart contracts. Anyone interested can create programs in this network. One of these applications is Ethereum casino games that operate on the blockchain, for example. So, with all that covered, let’s take a look at how you can use ETH at various crypto casinos.
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More information about Ethereum
Ethereum gambling is a popular concept, especially among players that value privacy and flexibility. Like other crypto and Bitcoin casino sites, platforms that work with Ethereum offer fast, anonymous, and reliable cash transfers. But what about their safety, licensing, and game menus? Well, let’s discover below.
All the questions regarding the legality and security of casino sites with Ethereum depend on the choices you make and where you live. Cryptocurrencies aren’t legal in all countries. So, if you live in jurisdictions where they are banned, gambling with ETH would be illegal for you.
As for licensing, most Ethereum gambling operators are based in Curacao and hold the Curacao eGaming license. A wide selection of operators approved by the UKGC, MGA, and other authorities also work with crypto payments but don’t offer gambling with crypto. Instead, your Ethereum payment will be exchanged at such casinos into the primary currency, which can be USD, EUR, GBP, or other.
iGaming platforms that accept this cryptocurrency usually follow one of two possible concepts. The first one is pure crypto gambling operators, where players can enjoy Provably Fair games. There are generally about tens of different options, including classic slot machines, table games, and arcades.
The rest are hybrid Ethereum gambling operators that have much better game offers. These feature both Provably Fair crypto games alongside popular casino titles. Here, you can find thousands of options powered by established providers like NetEnt, Play’n GO, Microgaming, and Betsoft. These platforms usually feature live dealer tables alongside other options like sports betting, virtuals, and even bingo.
Overall, consumers at ETH casinos have options. Regardless of whether they prefer simple crypto action or top-quality latest releases, everything is available.
Ethereum is unique when it comes to online casinos. You can deposit to one of the regular casinos that support cryptocurrencies and play the typical games they offer and play Ethereum games. You can deposit by visiting the cashier and sending a transaction from your Ethereum wallet via the provided QR code or the text wallet address.
First, then, simply go to "Send" in your crypto wallet. Insert the recipient address that you received from the casino. Enter the quantity you would like to send and confirm this. Then confirm the transaction with the corresponding button in your wallet. Ethereum casino deposits are usually relatively quick and will be available in your casino account within a matter of minutes.
But there is another way to play casino games and Ethereum slots. Thanks to the previously mentioned smart contracts that are a part of Ethereum, it is possible to create casino games that are not governed by a more common random number generator (RNG). Instead, the application is connected to the blockchain. Here, a decentralized computer network determines the outcome.
Since no single source is in control of the Ethereum blockchain, it is 100% certain that the result of every game round is random and fair. This is why many players love the games that were specially designed for the Ethereum network. The only downside is that there are not many such games. Plus, the operators using this kind of software are usually not licensed by established iGaming regulatory bodies.
You need your personal recipient address from your crypto wallet to receive your Ethereum withdrawal from an online casino. But where can you find this address? Open your crypto wallet. In almost every type of wallet, you will find the recipient address under "Receive.” Here, it is vital to choose the correct cryptocurrency. Otherwise, the payment will fail. After selecting Ethereum, you can find an address that will look something like this example: “0x1D1479C185d42AB90553a08b36B3DFa5F84A0E6B”
Copy the recipient address from your wallet or the transaction history. You can paste this address into the cashier of the online casino. Next, you have to choose how much you would like to send and confirm the transaction. As soon as the online casino has approved the withdrawal request, you’ll receive your funds almost immediately. The transaction time can depend on how “busy” the blockchain is at the time but, in most cases, you will only have to wait a couple of minutes. That’s why crypto is one of the most appreciated casino withdrawal methods among users these days.
Note that each transaction comes with a transfer fee. This is a contribution to the Ethereum network to process your transaction. You can consult the website ethergasstation.info to see the current pending transactions, how long it will take approximately, and how high the fees are expected to be at that time. When sending Ethereum, then, you can increase or decrease the transaction fee yourself. If you are okay with higher charges during busy periods, your transactions will get priority by the blockchain. In most cases, however, the default setting is sufficient.
Either way, the transaction fees on the blockchain are relatively negligible. It is essential to know that this is not a fee imposed by the online casino but rather by the network. Most crypto casinos don’t charge additional transaction fees, but it is advisable to check out potential extra costs before making a deposit.
One of the benefits of Ethereum casinos is the high deposit and withdrawal limits. These are often way better than the limitations imposed on regular Fiat currencies such as euros or US dollars. For this reason, cryptos might be especially interesting for high rollers, as you’ll be able to cash out larger amounts of money within a month – not bad!
If you are interested in playing with a deposit bonus, you are in luck. Ethereum bonuses are widely available in almost every crypto casino. In most cases, the operator will match your deposit with a similar amount to what you deposited. The best part is that crypto bonuses are often way more lucrative than regular casino bonuses.
As for the types of iGaming bonuses offered at ETH gambling sites, this is what you can expect:
- Welcome packages
- Free cash
- Free spins
- Cashback promotions
- VIP perks
A typical casino bonus is capped at a certain maximum amount at almost all gambling sites. Ethereum bonuses, on the other hand, are frequently unlimited, or the upper limits are insanely high. This means that you can take advantage of a generous bonus amount if you plan to make fairly large deposits. In some cases, you might even get extra free spins for making your first deposit at the casino.
From a practical point of view, a smart contract is similar to a traditional contract. However, it also allows the execution of a series of special rules automatically. Thanks to this end, then, it is possible for two people who do not know each other to carry out an economic interaction knowing that the wealth distribution will be fair.
The smart contracts operate within the blockchain – a decentralized network verifying that all transactions are added to the history correctly. Let's look at an example of how a smart contract works because this might seem a bit abstract to the uninitiated.
Imagine a website offering casino dice games, but it works automatically instead of being managed by people. The program code could, for example, execute the instructions in this order:
- Two or more players play a game where they bet on the outcome of a dice roll.
- The contract is scheduled to run every time more than two players place a bet, waiting five minutes if more players want to join.
- Once two or more players are betting and five minutes have passed, the contract is automatically activated.
- The dice roll takes place.
- After this event, the profit-sharing condition is activated among the players who have succeeded.
- In case no one has hit the contract, it will wait again for two players to bet.
- The entire Ethereum user network verifies that the steps are being followed correctly, thus preventing a third party from appropriating the money.
As you can see, at no time has a dealer been needed – thanks to Ethereum online casinos, it is possible to eliminate intermediaries thanks to supervised automation.
A cryptocurrency exchange such as Kraken or Bitfinex is suitable for purchasing Ethereum. Depending on the demand and trade on a given market, you can find the most suitable exchange. Each Ethereum cryptocurrency exchange has a very liquid and vital instrument for trading. Ethereum is currently the second-largest cryptocurrency in the world. The first is the legendary Bitcoin, of course. Acquisition of Ether by trading is, of course, only one of the ways to purchase it.
As with many cryptocurrencies, Ethereum can be obtained by so-called Ethereum mining. Ethereum is mined using the Proof-of-Work method. To do this, you have to download and install the appropriate mining software on your computer. While running the software, your computer makes complex calculations that contribute to the Ethereum transactions and keep the network moving. For doing this, you can get rewarded with free Ethereum yourself.
You should note that a compelling and expensive setup of multiple graphic cards is required if you want to make substantial profits. For most regular people, the cost of equipment and electricity can’t make up for the small reward that you might get in the end. For this reason, it might be the better choice to buy your Ethereum from one of the crypto exchanges instead.
Now that you know all about Ethereum casinos and how they work, we want to wrap things up by summarizing the essentials. Consider each of the points listed below before deciding whether ETH gambling is the right concept for you.
- Not many online casino sites accept Ethereum.
- Ethereum transfers are fast, safe, and anonymous.
- The Ethereum price is very volatile, which makes it risky.
- Cryptocurrencies aren’t legal in many countries.
- Pure Ethereum and crypto casino games have exceptionally high RTPs.
- It may be complicated for first-time users to set everything up.
- Most ETH operators operate from Curacao.