Cryptocurrencies like Bitcoin have captured the world’s attention for years now, thanks to skyrocketing values and intriguing projects like the NFT market. Now, if none of that makes any sense to you, don’t worry. We’re going to go over all the basics and also explain how this modern digital currency is used to make online casino Ethereum sites some of the most popular in the world.
If you want to play casino games with Ethereum, you’ve come to the right place to learn everything you need to know.
What is Ethereum?
Ethereum is a cryptocurrency, also known as a “digital coin.” Much like Bitcoin – the only cryptocurrency that has a larger market capitalization – Ethereum is used just like traditional fiat money (e.g. U.S. dollars or Euro).
The main difference between dollars and crypto is that crypto is decentralized. Most importantly, this means that there is no central state-founded governmental authority with the power to influence the supply of a particular crypto coin. As such, it is not subject to the same type of manipulation as traditional money. It was this issue, among several others, that initially led to the development of cryptocurrencies following the worldwide financial instability in the years before 2010. The problems caused by this period in time wiped out a lot of value for many investors, and people began seeking alternative ways to store value.
A bold idea: the history of cryptocurrency
The leading cryptocurrency, Bitcoin, was first launched in early 2009. At first, it had incredibly low value and was plagued with skepticism. Famously, an early transaction involved the purchase of two pizzas for ₿10,000. The modern value of this amount of Bitcoin is around $700M, thanks to tremendous increases in the coin’s value.
Ethereum was launched years later, going live in July of 2015. At the time of this writing, the combined value of all ether (the name of the network’s currency) is nearing around $400B.
The key technology involved in cryptocurrency is the blockchain. Blockchain technology is a decentralized, distributed ledger that records transactions across multiple peer computers. Each transaction is grouped into a block, which is then linked to previous blocks, forming a “chain.” This structure ensures that once a transaction is recorded, it cannot be altered or deleted, providing immutability. The technology’s decentralized nature eliminates the need for intermediaries, making transactions faster and reducing costs. These benefits, along with global accessibility and privacy make cryptocurrency a valuable new component of the world’s financial systems.
Ethereum was also the key currency used in the non-fungible token or “NFT” markets that were so hot in 2021. These markets have cooled substantially, although NFT technology remains relevant for certain applications.
What is an Ethereum casino?
An Ethereum casino is an online gambling site that lets players gamble with ether. After depositing their coin, players can choose from a variety of casino games, from table classics like blackjack and craps to innovative new slots, crash games, and more. Once the game is launched, players make their wagers for real money using the ether they have deposited and can cash out whenever they like.
Benefits of playing at online crypto casinos
Online crypto casinos offering Ethereum gambling have many advantages:
Fast transactions
Ethereum transactions are fast (we offer 10 minutes or less at mBit Casino). This is in contrast to traditional transfers, which can take days and then still be declined due to strict financial regulations.
Low or no fees
Crypto transactions at sites like mBit Casino may have no added fees. The payment network or other third parties may charge a fee, depending on how the player has acquired and stored their money. Accordingly, players are advised to use low-cost operators like Jiggle.
Security
The rock-solid rules of a blockchain network make transactions unchangeable and highly secure. Players can always see where and when money is moved from their own digital wallet to their casino account, offering the player strong control over their funds.
Privacy
While a blockchain transaction is publicly recorded, the individual’s personally identifying information is never shared. Only the wallet address is known, not the wallet owner’s name or other data.
Accessibility
Players from all over the world have a chance to participate in online casinos, without the strictures imposed by a bank or credit card network. Players are still subject to the laws of the country in which they play/reside, as well as the rules and regulations of the casino operator and any overseeing authority.
Best Ethereum casino sites
Cryptonews offers a fairly helpful guide on how to choose an Ethereum casino. When you’re selecting a site to play at, you’ll want to review some key factors.
- Reputation and reviews. Do a bit of research at leading casino review sites to find out each site’s rating with players. Players often give unbiased accounts of their experiences with a given company, and so you can get a valuable look inside the treatment you can expect from the casino. A rating can give you a quick snapshot of the quality of an Ethereum casino, as well.
- News and press. See if the casino has had any news or events. These could be positive or negative, but it will give you a good sense of what major happenings have occurred with the company. The bigger a company gets, the more of a mix of news you’re going to find.
- Customer support commitments. Check out the company’s dedication to support. At a minimum, you want the casino to offer an accessible support line, whether that is chat or phone assistance. You will also want some commitment to a reasonable turnaround time (perhaps 24-48 hours) for support requests and tickets.
- Game variety. Check out each Ethereum casino’s game library. You will want to see a healthy selection of games, especially those that interest you most. Sites like ours feature thousands of different games, including live dealer games, and so you can play pretty much whatever you want.
- Crypto payment methods. You will want to see Ethereum, naturally, but also should seek out companies that offer transactions in Bitcoin, Litecoin, USDT, and more. Support for multiple payment methods indicates a financially healthy online casino site.
Trust your gut. Stick to high-quality crypto casino sites and you’ll be fine.
FAQ
Can I trade Ethereum money for “real money?”
Ethereum can be converted into dollars or euros whenever you like. Just transfer it from your casino account to your personal digital wallet, and then make a conversion request at your desired exchange.
Is Ethereum gambling fair?
Sites like mBit Casino are overseen by a regulator in Curacao, which ensures compliance with necessary regulations. We also include provably fair games from BGaming that can be independently verified by players using blockchain technology after the gaming session is over.
Will ether go up in value?
Many players hold cryptocurrency for the investment gain potential it presents. We cannot say whether your ETH will increase or decrease in value, but generally advise players to stay current on crypto news and pricing and to gamble responsibly.
What games can I play with Ethereum?
You can play slots, blackjack, roulette, baccarat, jackpot games, dice, and so much more. It all depends on which casino you select.