How to Get Started with Ethereum Gambling

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How to Get Started with Ethereum Gambling

What is Ethereum Gambling?

Nowadays, innovation and novelty are regular occurrences in our lives, often to a dizzying degree. In the span of a few years, online casinos have been reinvented many times over, eventually gracing us with Ethereum gambling, which is nothing more than wagering with Ether, a relatively new and rather useful cryptocurrency. 

How do Ethereum Casinos Operate?

Ethereum casinos are nothing more than casinos that accept Ether (the cryptocurrency offered by Ethereum) as a payment method, so they technically operate like any other online casino; however, certain online casinos have been built entirely to accept only cryptocurrencies as payment methods, with a handful of these casinos working entirely via cryptocurrencies based off the Ethereum blockchain. 

These online casinos have either fully integrated the Ethereum blockchain into the financial aspects of their platform, or have developed a whole new cryptocurrency that operates via the Ethereum blockchain (something that Ethereum was actually designed for) and use that proprietary currency to power all of its economic functions

What Kind of Ethereum Gambling Platforms Are There?

Ethereum casinos come in two different types: online casinos that accept Ethereum as one of their various payment methods, or casinos whose financial systems operate entirely via the Ethereum blockchain. 

Thankfully, Cryptimi has you covered when it comes to both of these types of casinos, as we’ve scoured the internet for the most reputable Ethereum casinos available. In fact, we’ve found several excellent casinos, including True Flip, BitStarz, Bao, CasinoFair, ZetCasino, 7Bit Casino, Casinoin, etc. You’re pretty much spoilt for choice! 

The Pros and Cons of Gambling Using Ethereum

Cryptocurrency isn’t just another internet fad that came and went, but has proven itself to be a rather revolutionary way of thinking about the economy on a grand scale: for instance, it has changed the way we usually go about international financial transactions entirely. Usually, these had to be processed by several intermediaries, especially banks.

However, with cryptocurrency, that all went out of the window, as people could simply effect payments to one another without the need for any middlemen in the process. This makes for an overall quick, easy and efficient system; and the cherry on top of the cake is that it can all be done anonymously, as was the original intention of Bitcoin and cryptocurrency in general. 

Obviously then, Ethereum offers the same advantages that other cryptocurrencies do, such as, for example, the possibility to affect transactions anonymously; in fact, certain casinos will simply skip over the tiresome KYC process, and just allow you to play. This is great because you’ll avoid the hassle of having to upload your documents. 

Moreover, the lack of any intermediary entities that carry the transaction over from point A to point B, as is usually the case with conventional transactions via banks, credit cards, etc., simply decreases the amount of time necessary for transactions to be processed, and hence will result in extremely quick transactions. 

On a similar note, the lack of intermediary institutions that govern the transactions, usage, etc., of cryptocurrency means that there aren’t any of the usual fees associated with using these services; fees that exist to cover the expenses incurred when running a vast operation of financial exchanges, including the logging of transactions (something the blockchain does automatically), fraud analysis, etc.

Finally, it has been noted (and there is a general consensus amongst economists and crypto-traders about this) that Ethereum is better designed than Bitcoin, in terms of its overall structure, programming, goals, sustainability, user-friendliness, pretty much in just about every aspect. Although Bitcoin has a much higher market cap, Ethereum could prove to be a better coin overall in terms of value and sustainability

However, you should always keep in mind that the price of cryptocurrencies varies – sometimes quite significantly. Cryptocurrency is far from being stable, and it always important to remember that you can potentially lose a substantial amount of money due to its volatility.

Why are Ethereum Casinos Gaining Popularity?

The popularity of gambling with cryptocurrency has been soaring in recent years, to the point that you might actually start being hard-pressed to find an online casino that doesn’t accept a form of cryptocurrency. Moreover, the number of casinos that have been designed from the ground up to support nothing but cryptocurrency has also been increasing. 

There are many reasons for this; apart from the reasons mentioned in the previous section, Ethereum has also proved useful to online operators. Apart from allowing operators to create decentralised applications, Ethereum has also proven to be a trustworthy, sustainable and secure currency. Moreover, its value is directly tied to computing power, which incentivises investment in it. Anonymity is also a huge pro for a lot of people; which again explains the rising popularity of such casinos.

Is Ethereum Gambling Legal?

Many might know that Bitcoin has, unfortunately, developed a bit of a bad reputation for itself, due to its being used in illicit dealings. Bitcoin gambling is still technically legal, but all this talk of illegality begs the question: is Ethereum gambling legal? Absolutely; Ethereum’s reputation is squeaky-clean, so you shouldn’t have any problems. 

Useful Tips for Gambling with Ethereum

Since Ethereum is simply a form of cryptocurrency, making it nothing more than another form of money, the tips that we’ll be giving you with regards to gambling with Ethereum can be applied just as easily to gambling with any other cryptocurrency, or even fiat currency for that matter.

First of all, we definitely recommend investing in a secure Ethereum wallet to store all of your currency. This will help your mind stay at rest in between ETH gambling sessions.

These are our useful tips that we think could help you avoid any disappointments:

  • Stick to a budget. Don’t play more than you can afford to lose.
  • Never chase your losses.
  • Gambling is fun with money, not a profitable endeavour.
  • Try out games for free before putting in any money.
  • Always read reviews before playing at casinos.
  • Make sure the casino you’re playing at is licenced and regulated.
  • Don’t play when you’re intoxicated. 

Concluding Thoughts

All in all, Ethereum has proven itself to be a worthwhile cryptocurrency in just about every aspect: it offers excellent security and sustainability, has a much better reputation than Bitcoin, doesn’t have a finite amount of coins, etc. There are obviously disadvantages to Ethereum (like its smart contracts being too literal, its lower market value than Bitcoin, etc.), but trust us, the advantages are just too good to give up on this coin. 

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