The gaming industry has been throwing the word Ethereum around for quite some time and our readers are getting increasingly drawn to it. It’s only fair we went through the trouble – no trouble at all – of explaining how Ethereum actually works.
This brand-new thing is much more than a currency. Ethereum creators explain it as “an Internet where money and payment are built in.” In a nutshell, it’s an Internet which allows users to own their data. Furthermore, it allows you to keep your apps at bay and prevent them from spying or stealing from you. It’s an open financial system, built on neutral, open-access infrastructure and – most importantly – controlled by NO company. Or person.
Ethereum – Digital, Programmable, Unbelievable!
Similarly to other blockchains, Ethereum has its own native currency. It is called Ether and usually marked as ETH. So what is it? It’s digital money and can be sent to anyone in the world – wherever they are. The main difference between Ether and Bitcoin is that it is programmable. As a result, developers use it to build all kinds of new applications. All of these apps are decentralised – called ‘dapps’ – and all of them get all the benefits brought by the blockchain technology. Due to its versatility and originality, Ether is slowly gaining plenty of popularity across all branches of industry – gaming included. As a result, Ethereum boasts the largest and most active blockchain community in the world.
Casinos accepting Ethereum are a community of their own and one counted in hundreds. Naturally, a handful of leaders in this field are worth your time and Ether so before you dig into it, make sure to check if they boast a trusted status within the industry.
First things first, however, as you need to get all the nuts and bolts straight. The act of gambling using ETH comes in two different forms and players need to be aware of the difference.
Ethereum Gambling vs Ether Gambling
A number of casino establishments will take Ether as a form of payment. This particular type is no different to casinos accepting EUR, US Dollar, Bitcoin or any other currency for that matter. The process of depositing and withdrawing is not different from classic forms of gambling. Simply head over to your casino wallet, select Ethereum as your favoured payment method and you will have funds at the ready in a matter of seconds.
Contrastingly, brand-new exciting forms of casinos are pure Ether gambling venues. These offer casino games based on a string of smart contracts, while accepting payments in no other currency than Ether. Ether casinos have been leading the line forward in the industry by inventing new initiatives called Edgleless – which bring the 0% house edge gambling model. This disruptive piece of innovation has created plenty of wrinkles in the industry. However, it also helped bring Ether gambling to the very forefront of iGaming.
The advantages of using this particular currency – or model, to better put it – with online gambling are plenty. From security and safety to convenience and speed, Ethereum has ticked all the boxes. Disadvantages virtually do not exist, unless you are extremely keen to find some. In that light, a downside to using pure Ether casinos is the processing time. Instant in their core, Ether and its technicalities surrounding the blockchain security will require at least 1 block confirmation. Compared to instant processing, these 15 seconds could, therefore, make a world’s difference for the most demanding gamblers.
As a conclusion to this Ethereum Casinos review, we’d like to throw a word or two on advantages. Again. Smart contract betting might be a bit slower in its core, but you can rest assured that Ether Casinos will not hold your funds at any point. Therefore, there is no risk of unpredicted loss. Furthermore, all payouts will be made by open source and as such cannon be interfered with. Ultimately, even if processing time can be noticed, the payouts are immediate. The size of the winnings will not matter – you are guaranteed to get paid pronto!
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