Cryptocurrencies have become wildly popular in recent times and have proliferated almost every market imaginable. It makes sense, then, for them to have gained a foothold in the online gambling sector as well. While not as prevalent as with other industries, crypto transactions are being accepted and promoted by the best high variance slots, too.
More and more casinos have opened their doors to the prospect of crypto payments. However, why should you consider them a viable alternative? Additionally, why should you go with Ethereum over Bitcoin, which is the gold standard of cryptocurrencies the world over? Well, in this article, we will tell you why you ought to use Ethereum transactions for online slots and start you on your way! So, let’s get started!
What is Ethereum?
Technically speaking, Ethereum is not a cryptocurrency. That would be Ether. Ethereum refers to the blockchain technology that is used to keep Ether going. However, popular usage often uses the two terms interchangeably, and both terms are used with the same frequency. For the purposes of this article, we shall continue to refer to it as Ethereum.
The technology was made in 2014 and went live the following year. Over the next five years, it has grown by leaps and bounds. So much so that it underwent stable release on the 5th of August, 2021, in London. It has more than 10,000 active hosts, with more coming in every day. It is a growing, stable network, meaning it is here to stay.
Ethereum in Online Gambling
Now, what about Ethereum casino games? Well, in countries like the UK that have a lenient attitude towards online gambling, this means added options for payment. A great many casinos these days push players to use cryptos as a means of payment by providing special games and bonuses for such players. Players will stand a chance to win more by utilising these gifts to their fullest.
But why Ethereum? Why not Bitcoin? Bitcoin is the most widely-known cryptocurrency there is right now, and that does not seem likely to change anytime soon. Why not go for the security it provides? The answer is a bit more complicated than choosing a clear winner. Let’s look at the benefits of playing on ETH.
Ethereum has Ease of Use
For instance, though Bitcoin reigns supreme, Ethereum is the second most traded cryptocurrency in the world, right after Bitcoin, making it the silver to Bitcoin’s gold. Over the last year, its prices have been swelling, and a lot of updates have gone into making the system better. So much so that there is talk of releasing Ethereum 2.0, a whole update. Speaking of which, the value of Ethereum fluctuates between 2,000-2,500 GBP – a lot more affordable than Bitcoin.
Ethereum has Better Transactional Value
Thanks to its blockchain technology, Ethereum allows players to engage in direct transactions with the casino itself, effectively cutting out the middleman. This allows every transaction to be recorded on the blockchain. Additionally, transactions with Ethereum happen far quicker than Bitcoin, meaning you will make more money playing with Ethereum.
Due to its high volume of use, a Bitcoin transaction takes upwards of a few minutes to go through, whereas an Ethereum transaction can be completed in a matter of seconds. The transaction fees on Ethereum are also smaller when compared to Bitcoin, leaving you more assets with which to make your bets. Bitcoin is better for people who bet huge amounts, but it is rare that you will be wagering a whole, or even a half, coin on a game of slots or poker.
A Word To The Wise
The advantages of doing Ethereum online slots gaming or really using any cryptocurrency are manifold. Thanks to it not being regulated, you can use it for transactions where regular banks would not allow you to do so. This is among the many reasons why crypto is gaining momentum among online gamblers.
However, as with gambling, it is best to know when to fold. The crypto market is incredibly volatile, and to navigate those waters to get to somewhere just as slippery and volatile requires a lot of knowledge. Study up on the risks and rewards and remain ever vigilant and responsible. A good time is never worth losing every penny.