Betting with crypto currencies is getting very popular in the last few years, especially as gamblers have various options and alternatives to choose from -regarding the particular digital assets – and as online gambling sites and online sportsbooks have began not only to accept payments and transactions in cryptos, but they also encourage their customers to use them.
Regardless of the geographic location, gamblers have now the chance to play casino games or place wagers everywhere in the world using cryptos. For example, bitcoin gambling in the US or ethereum betting in DE can be done by all users no matter where they are in the world.
Gambling with cryptos is hyping and this is a fact clearly shown from stats and figures. In 2021, for example, the number of gamblers using crypto currencies in their transactions with online gambling sites and sportsbooks rose by 41% compared to the previous year. At the same time, the adoption of crypto currencies has increased radically and given that more than half of those who own cryptos are considering using them for online gambling, you can only imagine how the market is going to go in the very near future.
Lately, Ethereum betting is making a very strong performance in the online gambling market. If you consider using this crypto for online gambing, you can read the following in order to get an idea why it is actually a good idea to bet with ETH.
The launch of Ethereum
In 2009 the financial and digital worlds were both disrupted when a new form of ‘money’, a decentralized digital currency was introduced. Bitcoin was invented one year earlier, but it was launched in 2009, shaking the world up and creating a totally new conceptualization of a currency. The crypto market had just been created!
Some years later, in July 2015, the crypto world welcomed its second digital asset, the Ethereum (ETH) which is the native cryptocurrency of the Ethereum platform. This platform is blockchain-based – in fact it is an open-source blockchain upon which the Ether functions.
Since its first launch, Ethereum has been continuously gaining more and more value. Now, it is the second most valuable (by market capitalization) crypto and the second most popular digital asset, after BTC.
Why should you choose ETH for betting?
When thinking of cryptocurrencies, there are specific things that come to mind: blockchain, decentralization, security & safety, anonymity, speed, and efficiency. All these are prominently linked with cryptos, but what do they mean in practice for those who want to use them in betting? And what makes Ethereum a better choice than other cryptos?
- ETH is more efficient and has lower fees than any other crypto (in some cases there are no fees). So, in betting where too often you as punters will get to have many transactions (deposits and/or withdrawals), it is essential to keep costs as low as possible.
- Safety and security are crucial features of all cryptos, but with ETH we have smart contracts, which go a step further in increasing the trust between the two parties. When you use Ethereum for betting, the automated smart contacts are programs that ensure that the agreement between you and the online sportsbook will be executed (on the part of both parties). This adds an extra layer of security when using cryptos.
- Speed is undoubtedly one of the key advantages of cryptos. But pay attention to this: bitcoin, which is the largest and most valuable crypto at the moment, usually takes from 10 to 40 minutes for transaction completion. Ether takes only up to 15 seconds for transaction completion!
- Decentralization is another key feature of cryptos. But its full manifestation comes with Ethereum, which in fact is the decentralized platform for cryptocurrency functioning.
As for anonymity, needless to say, all cryptos -including Ethereum – ensure 100% anonymous transactions, whether they are payments, withdrawals, or deposits. Ethereum is no exception, but it is still worth noting this, just to remind you how important and beneficial betting with cryptos can be.