Table of Contents
- The Popularity of Ethereum Casinos
- The Pros and Cons of Ethereum Casinos
- Ethereum Payment Methods Comparison Table
- Making a Withdrawal from an Ethereum Casino
- Background to Ethereum Casinos
- Playing at an Ethereum Casino in an Unregulated Market
- Staying Safe When Depositing at an Ethereum Casino
The Popularity of Ethereum Casinos
When you think of cryptocurrencies, Bitcoin is likely to come to mind. However, several alternatives have been developed recently, each having a positive aspect that makes them worthy of consideration for the discerning online casino fan.
Litecoin, Ethereum, Ripple, and Dogecoin have pros and cons that make them worthy options for depositing in your favourite online casino. Still, Ethereum has unique features that give it an edge over other alt choices.
Ethereum is a fairly recent addition to the crypto scene. Developed in 2014, Ethereum has a great pedigree. The engineers behind Ethereum had also worked on Bitcoin, meaning that the basis for ETH was strong, but these foundations could now be built upon.
Like Bitcoin, Ethereum is a decentralised currency that is tallied using blockchain. Owners of ETH record their holding on the peer-to-peer system that sellers then verify. It is this process that makes a cryptocurrency a cryptocurrency.
Individual computers hold information about the progression of ETH from user to user, and the information held on each of these computers would need to be amended for holdings to become insecure. This system reduces the incidence of fraud for Ethereum users to minimal levels, making it ideal as a payment method for security-conscious slots and table game fans.
The Pros and Cons of Ethereum Casinos
Deciding which payment method to use when making online payments can be complex.
You need a method that provides many of the benefits you desire while delivering the fewest downsides, and a calculation of these competing elements is often demanded.
To make life a little easier, we have compiled a list of the key pros and cons of using Ethereum as your preferred payment option so that you have complete clarity about this altcoin service.
- Fast Processing – Ethereum is similar to Bitcoin in many ways, but not so when it comes to blocking time. If you are not a crypto expert, the block time is the number of verifications required on the blockchain account method to prove ownership of an asset. The block time for Ethereum is roughly 1/50th of its Bitcoin rival, making ETH much more usable as a payment means. In the case of Ethereum, this sees payments completed in around 15 seconds compared to around 10 minutes for Bitcoin transfers.
- Withdrawals – Ethereum is more than a one-trick pony. As it appears in our list of top payment methods, you can deduce that ETH is great for making deposits at participating online casinos. But withdrawals can also be instigated. As long as you hold an appropriate crypto wallet, you can claim winnings via ETH, which will be available within four hours.
- Secure – the internet has created millions of opportunities that did not previously exist. Still, it has also provided new and outlandish routes through which scammers can try to get their cash. These security implications often dissuade consumers from using the world wide web to its maximum, but ETH can help. The main focus of cryptocurrency developers has always been to develop methods of payment and stores of value that others cannot easily view. Blockchain development means that Ethereum operates outside the regular financial infrastructure, creating headaches for bankers and would-be fraudsters alike. The only way to part a crypto holder from their holding would be to rewrite much of the blockchain that charts the ownership of the assets-an extremely complex task.
- Low Cost – as a deregulated currency form, the holders of Ethereum are not dealing with banks when moving assets from a to b. This has the advantage of keeping you clear of excessive banking fees. In another development, you are unlikely to see any Ethereum Casino charge you for making a withdrawal and even fewer that add fees to any player for simply making a deposit. Still, you may incur costs from your crypto-wallet firm for converting ETH to fiat money, but this sum is still competitive compared to some e-wallet forms.
- Universal – if you have a stable broadband signal and a VPN, you purchase Ethereum in nearly all countries. There are very few truly universal payment options. Perhaps MasterCard and Visa are the only alternatives that come close.
Of course, Ethereum also has its downsides, many of which will be deal breakers for some.
- Volatile – for anyone that keeps even the vaguest ear out for crypto news, you will have heard that the value of Bitcoin, Ethereum, and the rest is extremely volatile. Early adopters have gotten extremely wealthy because of these intermittent market fluctuations, but more recent speculators have often had their fingers burnt and their bank balances quickly emptied. Ironically, the one feature of crypto that sets it apart from other forms of finance is the one factor that could eventually lead to its downfall. As a de-centralised currency, Ethereum has no backup from the world’s central banks. This means that there is no endless supply of cash to prop up falling currency prices if an economic shock reduces confidence in crypto. If the prospect for the national currency fluctuates, a central bank can vary the interest rate that the holders of the country’s currency receive to influence behaviour. If interest rates are raised, it is more beneficial to hold that currency, so more investors will buy, leading to an increase in the value of the currency compared to others. Conversely, if a currency is rapidly appreciating, making manufactured goods more expensive to export, and threatening domestic productivity rates, interest rates can be cut to encourage a currency sell-off. None of this is possible to stabilise a cryptocurrency during periods of volatility. This lack of a safety net should concern all crypto holders as investors have just as much incentive to bet against the future prosperity of ETH as they can in supporting the virtual altcoin.
- Regulatory Restrictions – even though you can purchase Ethereum almost everywhere, this does not mean that you’ll be able to find an Ethereum Casino. Leading regulators, including the United Kingdom Gambling Commission (UKGC), take a dim view of the crypto scene, suggesting that blockchain technology places too many barriers in how operators understand how players fund their accounts. Know Your Customer (KYC) rules require casinos to determine the identity of all players and ensure they are not engaged in criminal activities such as money laundering. This work is much harder when crypto is involved, as a player’s receipts and spending are masked. For this reason, you are much more likely to find an Ethereum Casino in unregulated markets, where adherence to KYC legislation is less uniform.
- Low Cost
- Regulatory Restrictions
Ethereum Payment Methods Comparison Table
|Payment Method||Min Deposit (INR)||Max Deposit (INR)||Deposit Fees (INR)||Withdrawal Fees (INR)||Deposit Speed|
|Ethereum||0.01 ETH||0.5 ETH||Free||Free||Instant|
|Instadebit||500||5000000||Free||200||2 – 5 Days|
|Bank Transfer||500||5000000||Free||Free||1 – 5 Days|
|Bitcoin||0.0001 BCH||0.5 BCH||Free||Free||Instant|
|Litecoin||0.01 LTC||0.5 LTC||Free||Free||Instant|
|MasterCard (Debit & Credit)||500||5000000||Free||Free||Instant|
|Ripple||5 XRP||500 XRP||Free||Free||Instant|
|Visa (Debit & Credit)||500||5000000||Free||Free||Instant|
Making a Withdrawal from an Ethereum Casino
One of the biggest gripes I hear from casino fans is where payment methods come in deposit- or withdrawal-only forms. Sometimes logistics means that this must be the case, but often this seems to be the design of a masochistic middle manager.
In any case, Ethereum can be used as a means of deposit and a way to retrieve your winnings from all crypto-aligned platforms. And even better, withdrawals can be completed in just four little steps.
- Locate the ‘cashier’ section of your Ethereum Casino
- Head for the withdrawals page, and select ‘Ethereum.’
- At this point, you will be asked to provide details of your crypto wallet. Ensure that all details are correct before proceeding. It can be immensely difficult to re-unite crypto with its rightful owner once it has been sent off into the ether in error.
- Confirm your transfer amount, double for typos, and confirm.
Such is the efficiency of Ethereum that you should expect to see your cash arrive in under four hours.
Background to Ethereum Casinos
For such a large-scale industry, online Ethereum casino action is only fully regulated in a small number of countries. You’ll be aware of legends in the field, such as the United Kingdom Gambling Commission (UKGC) and the Malta Gaming Authority (MGA). These bodies have made great strides in increasing player protection available to all slot, roulette, and blackjack game fans by ensuring player deposits are ringfenced, terms and conditions are easy to understand, and withdrawal reversals are banned. But you are unlikely to find an Ethereum Casino wherever these agencies dictate local gambling rules. Both of these bodies are supporters of Know Your Customer (KYC) legislation that aims to prevent criminal activity in the iGaming industry. The acceptance of crypto is believed to undermine this effort.
Playing at an Ethereum Casino in an Unregulated Market
If you don’t live in the United Kingdom, Malta, Canada, or the United States, you will likely access Ethereum Casinos in an unregulated market. In essence, the local government has yet to create a legal framework that casino owners and users need to follow. Gambling is generally still allowed in these regions, but casino content will be imported from offshore providers in most cases.
This situation creates both opportunities and problems. If you want to fund craps and baccarat play via Ethereum, you can do so at thousands of awe-inspiring venues. However, if you expect to find support if you have a complaint against a gambling firm, this assistance is likely lacking.
Because this state of affairs is far from ideal, you should always be very careful when selecting a new Ethereum Casino to play at. In our eyes, you should only consider a platform with a decent track record of exceeding customer expectations and well-regarded within the gambling community.
Once you have found a site that will treat you fairly, you can concentrate on aspects of the casino market that makes life worth living, bonuses and software.
- Welcome Bonuses – all bonuses are great to receive, but welcome bonuses should be considered in a category all on their own. If you play your cards right (or your slots, for that matter), you can build up a decent payout from these handy new-player schemes. Most welcome bonuses come in four parts and require you to make an initial four deposits at the qualifying level or above. Once you transfer these sums, the goal is to turn bonus credit into withdrawable Ethereum. You do this by wagering your bonus a desired number of times. If you ever come across a no-wagering casino, this requirement is waived. Still, low-wagering casinos generally demand that you gamble your bonus thirty-five times before you can request a payout. One complication is the contribution rates for individual products. Usually, 100% of all stakes placed on participating slots count towards bonus terms. However, this can fall to 10% for table games.
- Software – you don’t order a hamburger at a premium steakhouse. This same feeling should come across casino fans everywhere who wish to drag every inch of excitement from their slot and table game investments. Evolution Gaming, NetEnt, IGT, Gameburger Studios, and Yggdrasil are some stellar studios that are represented at today’s top Ethereum Casinos.
Staying Safe When Depositing at an Ethereum Casino
Even Ethereum can be hacked, but this state of affairs should be made as difficult as possible for would-be criminals.
When it comes to infiltrating crypto, fraudsters need to gain access to more than half of the computers that verify transactions on the blockchain. To help to prevent this state of affairs from ever playing out in reality, there are several simple rules that you should follow.
- Keep your firewall up to date – your computer is at risk of picking up spyware or ransomware viruses if security on your hardware is no longer viable. Download security updates, as these are required to keep your PC one step ahead of malevolent forces at all times.
- Keep your passwords secret – never share your details with others and make sure you use unique passwords for all your accounts. It is difficult to remember the security details for hundreds of different accounts, so using a password manager could be of value.
- Only play at reputable outlets – it can be difficult to differentiate between a scam casino and a top operator. If in doubt, stick to the global big player’s sites or look at our list of recommendations for guidance.