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Your Guide To Ethereum Casinos
Ethereum casino is a concept that was introduced about the same time as Ethereum and more accurately Ether (ETH) as a cryptocurrency started to gain momentum. Today it is one of the largest cryptocurrencies and has been for quite some time. The term Ethereum casino refers to the use of the currency in a casino setting. Games that can be found in this setting are everything that we are used to finding in a traditional online casino. Slots, table games, live casino and sports betting are examples of what we expect to find in most Ethereum casinos.
In a fast-growing climate where new casinos are showing up daily, staying up to date with the latest information can be quite a hassle. We put in the time,effort and continual work to keep our lists of Ethereum casinos updated regularly. This way you don’t have to do the research. Continue reading if you wish to know more about Ethereum, and more specifically how Ethereum is used in a casino setting.
What Is Ethereum?
Ether(ETH) is a decentralized cryptocurrency that first was introduced back in 2015 on the Ethereum platform. The currency has been one of the biggest on the market since its launch. At launch, there was 72 million ether available for mining. Today that number has increased to approximately 120 million, with the possibility to mine up to 20 million new ethers each passing year. While other cryptocurrencies may come with a cap on the number of coins in circulation, ether doesn’t have one. The technology behind the Ethereum network is built by the community with co-founder Vitalik Buterin as the main figure behind it.
The coin can be used to transfer money between people without the use of a bank. The transactions are also anonymous, directly between two people, and a lot quicker than your traditional bank transfer would be. The people ultimately decide the value of the coin similar to how a stock is priced. Supply and demand. Storing Ethereum is normally done with the use of a crypto wallet but there are also ways to store it without the need for a wallet directly on your hardware, making it even more anonymous.
Ethereum At Online Casinos
The reason why players chose to use Ethererum when gambling at an online casino is mainly due to two reasons. Anonymity and speedy transactions. There’s generally no hassle when signing up to play at an Ethereum casino. Most of them will only require you to enter an e-mail and password to be eligible to play in the casino. Depositing and withdrawing Ethereum, like most coins, is usually done within a couple of minutes.
Since Ethereum has grown to the size it has, casinos have even started making games that are made entirely for playing with the currency. These may come with advantageous characteristics like better RTP (return-to-player) compared to the traditional slots or table games that are normally offered by a casino. However, Ethereum casino’s strengths, according to the population that uses it, lie in its anonymity and the speed at which you can transfer the coin between people without the need for a third-party source like a bank. The generally lower deposit limits combined with the possibility to make bigger deposits are also an edge when comparing it to traditional FIAT currencies.
Buying and Storing Ethereum
There are many ways to buy, sell or trade Ethereum. Today the market cap of Ethereum is about half that of the mother of cryptocurrency, Bitcoin, making it the second-largest coin by a good margin. This is quite beneficial when it comes to buying and trading Ethereum as the sheer size ensures you’re going to be able to find it in every exchange that handles cryptocurrencies.
To acquire Ethereum there are a couple of ways. Firstly, and perhaps the most used way of handling Ethereum, is through one of the crypto exchanges. Binance is the biggest in terms of the overall trading volume of different coins, but there are many exchanges to choose from. If you buy Ethereum using an exchange it will be stored safely on the site and can be accessed through any desktop browser or by using a mobile app from the exchange. The most common way of paying for Ethereum is by using traditional FIAT currencies like USD or EUR, paying with your credit card or with a bank transfer. However, you’re not limited to this option as most exchanges offer additional ways of paying for your Ethereum. For example, you can buy it directly from another owner of the coin by paying in whatever way requested or by using a third-party payment option like ADVcash or Flutterwave.
One potential problem for people that wish to stay anonymous is that when you’re using an exchange, you’re often required to go through a KYC (know your customer) on the creation of the account. This means you need to confirm your identity and thus removing the very attractive anonymity aspect of handling cryptocurrencies.
There are, however, options for buying and storing Ethereum offline. This is normally done using a USB device that has been specifically designed for storing coins and is protected by a pin code. Trezor is one of the most used offline hardware wallets and an option for the person wishing to keep their anonymity intact.
Once you’ve received your Ethereum you can trade them for other coins, use them for payments or simply keep them as an investment or an alternative to having your money in traditional currencies. You can also trade the coins back into FIAT money on the exchange and withdraw them to your bank account.
Ethereum Transaction Limits and Fees At Online Casinos
One of the reasons cryptocurrencies used within casinos have seen a huge uptick within the past couple of years is mainly due to the improved usability it offers over FIAT and bank money transfers.
Casinos have differing limits in regards to the minimum and maximum deposit and withdrawal limits they allow. For example, many casinos allow a minimum deposit of 50$ when using FIAT money (f.e credit cards, bank transfers) and a maximum of about 5000$ per transfer. Ethereum on the other hand often has a lower minimum deposit limit of about 20$ and a higher maximum limit of about 100 000$. This is quite a huge difference which ultimately means that more people are satisfied when using cryptocurrencies like Ethereum.
Another key factor that makes Ethereum a good option as a casino currency is that there are normally close to no fees on the transactions. Cryptocurrency transactions are never free but at Ethereum casinos, the charge is generally low when depositing or withdrawing Ether. If we compare it to its counterpart, FIAT transaction fees, these could go as high as 10% when depositing with the use of a credit card or bank transfer. This may be of interest to the player as Ethereum fees are usually near none in comparison.
In many cases when making transactions with Ethereum you yourself can choose the fee you wish to pay. This is done in order to speed up the transaction but is generally not a requirement as even transactions with the lowest of fees will be fast when dealing with Ethereum.
How Ethereum Compares to Other Coins
How does Ethereum compare to other cryptocurrencies and perhaps most interestingly a coin like Bitcoin? Ethereum is in fact not the name of the cryptocurrency but a name for the whole network that the coin Ether (ETH) can be bought, sold, or traded on. If we take a look at Bitcoin for example, we find that just like many other coins, it was only created with one purpose in mind – to be a digital currency. Ethereum on the other hand is a network with many additional uses that are based on smart contracts. Here developers can create apps within the Ethereum network that for example can be used for trading, selling or lending Ether.
You could make an app that is focused on lending money to people. The advantages of doing so would be mainly that there would be no need to involve the use of a traditional bank. Another improved aspect of this service would be the speed at which transactions are made and the lower fees that would apply. Basically, you’d be cutting out the need for using a third-party source. Other uses of the Ethereum network could be creating the newly founded concept of NFTs (non-fungible tokens). These are digital tokens that represent ownership of a unique digital item that can be made on the platform.
Many cryptocurrencies are made solely to be digital currency while the Ethereum network offers additional services and opportunities for crypto developers. This is one of the reasons some people think that Ethereum one day may take the number one spot from its big brother Bitcoin in becoming the biggest cryptocurrency. Make sure to try some of the Ethereum-specific game categories like Ethereum video poker or Ethereum blackjack.
Pros and Cons
Pros and cons can be found on virtually anything. Ethereum definitely has both and the following is a list of the key factors that we find to be the best and worst about the cryptocurrency Ether and the Ethereum network as a whole.
- Ethereum creators reputation The team behind Ethereum is admired for the innovative and smart solutions they’ve come up with in the network and with the coin. Especially one of the co-founders of Ethereum, Vitalik Burterin, has been praised by the masses for his involvement in the project. This reputation and admiration have resulted in speculations that Ethereum may become the biggest cryptocurrency over time.
- Less volatile than smaller coins Cryptocurrency is known for its swings and the high volatility it offers. In the short span that coins have been available to the masses, we find that the coins with bigger market caps are less prone to swings. Ethereum being the second-biggest cryptocurrency in terms of market cap has proved to be more stable than most other coins. This makes it a good option for the person looking to invest in the market that doesn’t want to deal with quite the swings that smaller coins experience. The coin’s lesser volatility to other cryptocurrencies has also resulted in it being accepted by major institutions and companies. Some of them invest heavily in the coin.
- Ethereum is decentralized The blockchain technology behind Ethereum makes it a decentralized currency. This means that there’s no need for the use of banks or third parties when using it, thus avoiding regulations, high transaction fees, or potential censorship.
- Additional uses from other coins Since Ethereum is more than a cryptocurrency, it’s a network, it can be used for multiple purposes compared to other coins. The network allows developers to create apps, programs or NFTs that use the currency Ether (ETH). Once again avoiding the need for using banks or third-party sources completely.
- Ethereum is constantly evolving Ethereum 2.0 is in the works and when released would result in a couple of upgrades to the old Ethereum. For example, they strive to handle more simultaneous transactions. Vitalik has expressed he wants the network to be able to handle a million transactions every second. There will also be increases in security on the network and a decrease in the required power and energy uses, making it more environmentally friendly. The latter being talked about a lot in recent times when discussing which coins are going to prevail in the longer term.
- Volatility Although being one of the most stable coins on the current market, Ethereum, still goes through quite big swings when the market is experiencing bullish (upward trends) or bearish (downward trends) surges. Users have to keep this in mind when choosing to invest in the coin.
- Fees With the increasing use of Ethereum as a whole, the fees on transactions using the coin saw similar increases previously. The fees spiked in may of 2021, reaching very high numbers compared to other coins but have seen a drastic decrease since then, making them more reasonable and comparable with the fees of other coins today.
Potential regulations coming Cryptocurrencies have been a somewhat hard to regulate market since their launch. There is however a fear that this may change in the future as governments most likely regulate it in some fashion. Regulations would probably result in major swings in the market.
Getting Started at Ethereum Casino Sites
You’ve now read the full walkthrough of the ins and outs of Ethereum casinos and have decided you want to try your luck in one of the casinos that offer Ethereum but are not quite sure where to start. Fortunately, we’ve got you covered as our team at CryptoCasinos.com has scanned the market and reviewed most of the casinos that offer games using Ethereum. We’ve then put them into numbered lists ranking each Ethereum casino on a number of factors that we find important when choosing where to gamble.
Before making your way over to one of the casinos from the lists, you should make sure that you have some Ether (ETH) in your possession. For this, you’ll be needing a cryptocurrency wallet. Binance and Coinbase are a couple of popular wallets but the list of exchanges and wallets is long. What wallet you ultimately choose is not that important as Ethereum is one of the biggest coins and thus will be available in every one of them. Once you’ve secured some currency in your wallet of choice you’re ready to roll. Choose the casino with the Ethereum games that you enjoy, like Ethereum Crash, and make a deposit. Deposits using Ethereum are regularly done within 10 minutes and once the transaction is completed you can start playing right away. When you’re done playing you can withdraw the money back to your wallet just as fast.
Do Ethereum casinos have restrictions?
In the past, Ethereum casinos would usually get around most of the country restrictions, but as the concept of cryptocurrencies is starting to become popularized even crypto casinos have some geographical restrictions.
These restrictions are luckily still a lot softer than the ones seen at traditional online casinos.
How long does it take to deposit with Ethereum?
Ethereum transactions are usually processed within a couple of minutes.
Who's Behind CryptoCasinos?
Since I stumbled upon the crypto space back in 2013 I've been obsessed with everything crypto-related. Back in 2016, I decided to combine my interest in crypto with my interest in gambling, and so CryptoCasinos was born.
Last updated 27 September, 2023