Online casinos accept a variety of different cryptocurrencies as payment methods. That way they can attract as many different players from all over the world. However, not all cryptocurrencies are made the same – Ethereum for instance, has features best suited to online gambling.
In this article, we’ll further explore what makes Ethereum different, when compared to other most-used cryptocurrencies, and how casinos are taking advantage of those advantages. It’s also important to note that payment method isn’t the only choice players need to make, it also helps if they choose a trustworthy and well-run gambling site.
Smart Contracts
The biggest advantage Ethereum provides to its users is smart contracts for which its blockchain technology is tailor-made. It creates a smart contract that self-executes when the conditions written into the code are met. This is especially applicable to online gambling.
Smart contracts are a way for casinos to verify that the terms of the bets will be met and that the players will get paid when they win a game. The terms of these bets are a part of the blockchain code so they are released automatically and instantly.
Decentralized Networks
Blockchain networks are decentralized unlike traditional banking and financial structures. This ensures that the cryptocurrency transactions are safe and that no entity has the power the censor or stop a transaction. This is becoming increasingly important since online censorship and government control over online transactions are increasing.
In a decentralized network, Ethereum operates on a peer-to-peer model where nodes (computers participating in the Ethereum network) maintain and validate the blockchain. It means the network gets more decentralized as it expands. This ability to on-board new users is one of the most important features of Ethereum.
Global Accessibility
Ethereum is available worldwide and some of the best Ethereum gambling sites are licensed in the off-shore zones that allow online gambling. This allows players to gamble online even if it’s not allowed to do so in their own countries. There’s a growing middle class in Asian countries that’s interested in online gambling and has disposable income.
In return, the influx of new players and new markets has changed the game selection. Games that were mostly oriented towards Asian markets are now known and often played by gamblers from all over the world. These games are often a mixture of Chinese and Western influences.
Transparency
Ethereum gambling sites are transparent in terms of odds and chances of winning. All of these are a part of the open code that the blockchain uses to execute payments. That way the players can easily inspect the code and find out what are the real chances of winning at casino games, the site provides.
All casino games have a small edge in favor of the casino and this is most noticeable in games of luck such as slots and crash gambling games. Poker and blackjack, which are based on skill, also have an edge in favor of the house, but a much smaller one.
Easy Transactions
Transactions made with Ethereum are fast and easy. Regardless of the sum you’re withdrawing or adding to your casino account, the payments are available instantly. That’s because there are no banks or cards in-between the casino and the user.
The fees paid on these transactions are also much lower than they would be with traditional banks or cards. It’s an especially useful feature for players who bet on small amounts and want to withdraw small winnings. Fees end up cutting deep into their payouts with traditional fiat currency payments.
Security
Transactions made with Ethereum are safe and easy to trace. Most gambling sites use the two-step authentication process. This means that a player needs to confirm the transaction with two devices – usually a mobile one and a desktop computer. Measures such as these prevent hacking and fraud.
It’s a crucial feature since most cryptocurrencies don’t have a physical location and even if something goes wrong, there’s little players can do to address the problem directly. Safe gambling sites are therefore their advertisement and Ethereum transactions are a big part of that. All the transactions are also encrypted meaning that no one has a record of how much a player has withdrawn or deposited, as is the case with traditional banks.
Clear Record Keeping
The transactions made with Ethereum are immutable. This means that once it’s made with blockchain there’s a clear record that it happened and it can’t be reversed. Temper-proof transactions are reassuring for players that use online gambling sites, based across the world.
It also means that if a transaction is made by accident there’s pretty much nothing a player can do to reverse it. That’s why the two-step authentication process is so important, as a safety measure.
Innovative Games
Ethereum gambling sites are known for their innovative game features. Younger players are always looking for ways to add casino game components to their casino experience. Many traditional games are innovating in this direction by adding in-game features similar to those you could find in computer games.
These games are often a break from the traditional gameplay and they are mostly based on luck and a random number generator. They can be used to add multipliers or unlock additional bonuses, but they are often played for money just like any other casino game.
Tokens
Ethereum smart contracts can be used to create in-game tokens. The tokens are used to make purchases within the game. These can affect the gameplay or they can be collectibles that won’t change the outcome of the game but are fun to collect and trade.
Tokens add a social dimension to casino games as players can trade them and exchange them amongst themselves. They can also be used to create VIP features that only players with tokens can access and use. Players can also exchange tokens across different platforms and games, creating a unified experience.
Community
There’s a growing community of players using Ethereum casinos exclusively. Ethereum also has numerous applications and is now expanding into more traditional financial institutions. These are important features to consider as they show what a player can do with their winnings once they make them.
Ethereum is also made so it can scale up quickly and accept new users and new networks. This will be important in the years to come as Ethereum gets more widely accepted and when new uses for it become applicable. Online gambling is always expanding, innovating, and adding new features and Ehereum is well-suited for it.
Conclusion
Ethereum is one of the cryptocurrencies that works best with online casinos. Its features and infrastructure are made to support smart contracts and transactions and it can on-board more users without losing any of its stability. The decentralized blockchain network makes transactions safe, inexpensive, and fast, all of which work great with online gambling sites.
Ethereum is also expanding into new and more widely accepted markets such as being traded at the stock market and in the years to come, this will mean that the value of the winnings made with Ethereum will increase, as more users join in.
