A guide to the best Ethereum Casinos. Learn all about Ethereum, the advantages and disadvantages, and what are the best Ethereum Online Casinos
Last Updated on February 4, 2023 by Dave Hall
A guide to the best Ethereum casinos. This popular form of cryptocurrency is becoming ever more present among the online casino banking options. We take a look at the best casinos accepting Ethereum, the history of the currency and all the details you need to know.
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Introduction to Ethereum
Cash bills, irrespective of the currency, were once the only accepted form of payment in casinos. On the same casino floors, players turned into millionaires and enjoyed the thrill of playing their favorite games.
With time however and as things turned digital, casino games evolved into online platforms that were facilitated through cashless transactions. Players now enjoy the convenience of playing their best games at home and fund their accounts using credit/debit cards, e-wallets, and payment processing platforms.
With the invention of cryptocurrencies 11 years ago, it has found its way into the casino space. Currently, there are plenty of websites that accept cryptocurrencies as a means of funding user accounts.
As you may already know, there are many cryptocurrencies out there. Ethereum is one of the most popular cryptos whose value is expected to rise drastically in the next decade. It also boasts of a superior technology similar to that of Bitcoin and Litecoin.
Today, we are going to talk about Ethereum Casinos. We will start by giving you a quick overview of the Cryptocurrency and how it has been integrated into the crypto Casino space.
What is Ethereum and How Did It Come to Be?
This currency was invented in 2013 and was released for sale a year later. The genius behind Ethereum was Vitalik Buterin who was a frequent contributor in the famous Bitcoin Magazine. This invention was aimed to create a better currency than Bitcoin.
One which was smoother, with better technology and faster than other cryptocurrencies. Although the creation was based on the original blockchain technology, the mode of transactions and operations were better in so many ways.
While we are still talking about how it came to be. You should note that it was created to execute smart contracts. Since not everyone is familiar with what smart contracts are, it’s only fair that we go through its meaning.
Smart contracts can be defined as operations that can only be executed after all encoded preconditions have been met by all parties. For instance, if you want a certain service from a business and want to pay in Ethereum. The payment will be automatically performed after the services have been done by the provider.
With this smart contract feature, the security and safety of Ethereum is highly guaranteed. Additionally, these transactions can be processed in a matter of seconds.
How Do Ethereum Casinos Work?
Other than the form of payments, Ethereum casinos function similarly to the conventional ones. And because the online casino industry has been doing a great job at keeping up with the latest trends. Accepting Ethereum payments is a way of improving player experiences on their platforms.
Please be informed that Casinos which accept Ethereum run directly on the blockchain network. Therefore, to deposit funds, you can do so directly into the smart contract we have talked about above. Or deposit it into the casino wallet.
If you can remember, we said that a smart contract is an agreement between two parties in which funds are given after a service has been offered. In this case, the service provider is the casino. And there are no third parties involved in the agreement. Also, the transaction is represented in code and it is stored in a public database that can’t be altered.
In Ethereum casinos, the smart contract pays you when the requirements of the transaction have been fulfilled. Therefore, if you predict correctly and win, the pay is immediately sent to you. Should you lose, then your money will be lost. The good thing about Ethereum’s smart transactions is that there are no withdrawal caps or delays. The pay is instant because the money isn’t held by the casino.
To play using Ethereum, you should navigate to your favorite casino website. Ensure that they accept Ethereum before anything else. Head to their cashier section and click on Ethereum. It will automatically generate a wallet address that starts with ‘Ox’. From there, you can pay Ethereum to the casino’s wallet address and begin wagering as you would in conventional casino games.
Countries that Can/Can’t Use Ethereum to Fund Casino Accounts?
If you are looking to use Ethereum to fund your casino accounts, it is best that you confirm its legal status. Despite cryptocurrencies being a worldwide currency, there are countries that have welcomed the ideas, others have illegalized it and there are those that haven’t defined the laws on the use of cryptocurrencies.
Ethereum is welcomed in many countries. It has been legalized in 111 countries which include the US, Canada, UK, Switzerland, Netherlands, Germany, and Singapore. It is however illegal to use or sell Ethereum in Pakistan, Afghanistan, Saudi Arabia, Bolivia, and Bangladesh. There are some countries such as China where the use of cryptocurrencies risks you facing hefty fines and jail terms.
There are also those countries that haven’t defined any laws on the use or sale of cryptocurrencies. In Argentina, Albania, Colombia, Maldives, Panama, and the UAE, it is neither legal nor illegal to use Ethereum.
Before proceeding with the use of Ethereum to fund your casino accounts, we strongly advise you to confirm the legal status of Ethereum in your country. This can help avoid trouble with the relevant authorities.
Benefits of Using Ethereum for Online Casino Transactions
We already know that Ethereum as a Cryptocurrency offers convenience when it comes to making payments. But, what more advantages can you get by using it for online casino transactions? And are there any drawbacks to using this currency?
- Incorporation of Smart Contracts Technology
Out of all the advantages of Etheruem in online casinos, we have to agree that smart contracts technology is the most beneficial to both players and casinos. Since this technology relies on all requirements of a transaction to be met before payment can be executed. The security is heightened. If you win you can be assured you will get your prize and if you lose then your money will go to the casino’s wallet.
- Guaranteed Security
Ethereum’s blockchain structure is built and designed to offer maximum security. There are no third parties involved and the funds are not held by the casino. Therefore, there is no way your funds can get misplaced.
- Fast Transactions
Etheruem is probably one of the fastest modes of cashing in and out of your casino account allowing same day payouts. Not even Bitcoin can match to this currency’s transaction speed.
- It’s a Decentralized Currency
Being independent of any authority, this currency is independent. You don’t have to put it in banks or process it in any financial institution.
- Relatively Low Withdrawal Charges
Contrary to what most people say, the withdrawal charges for Ethereum online casino withdrawals and deposits are very low.
- Scarcity of Platform Choices
As great as Ethereum is, not many online casinos accept this form of payment. Especially when compared to Bitcoin Casinos for example. This, therefore, limits the player’s ability to explore different platforms. We do however list casinos that do accept at the top of this article.
- No Room to Reverse Transactions
Another drawback to using Etheruem for Casinos is that once a payment is initiated, there is no going back. This lack of reversibility advocates for players to be very keen when keying in the amount to be deposited or withdrawn.
We also have to admit that Etheruem and all other cryptocurrencies are risky to deal with. The values have been known to fluctuate irregularly. Nonetheless, Ethereum, unlike Bitcoin has an impeccable record when it comes to value changes.
Do I Need an Ethereum Wallet?
To store Ethereum, you will definitely need an e-wallet or paper wallet. This is the same case with all other cryptocurrencies. There are different e-wallet options out there. Some of the most popular being Ledger Nano X and Bluetooth, Atomic Wallet which is available for mobile and desktop, MetaMask and Jaxx among others.
Some of these e-wallets can store Ethereum and other currencies, or only one type of Cryptocurrency. There are those that also allow owners to exchange from one Cryptocurrency to another. Irrespective of the nature of your e-wallet of choice, there are two options; software and hardware.
The latter consists of separate storage units such as external hard drives and USBs. These minimize access to a person’s Ethereum wealth by saving the wallet’s public and private keys. The software option on the other hand requires you to download the e-wallet onto your gadgets, PC, or smartphone.
The downside of software e-wallet options is that they are connected to the internet most of the times and as we all know, the internet nowadays isn’t very safe.
Paper wallets though old school, they have retained more dominance in the crypto world. They are just pieces of paper that contain e-wallet keys. Their physical characteristic allows you to store it in safety deposit boxes or somewhere that you can’t misplace it.
Funding and Withdrawing from Your Ethereum Wallet?
Step 1: Sign up for an account with a Cryptocurrency exchange platform. Good examples include Coinbase and Kraken.
Step 2: After creating your account, navigate in your dashboard to the funding section.
Step 3: Click deposit and then choose your deposit currency.
Step 4: You will fund your account with some fiat currency and can proceed to buy some Ethereum.
The withdrawal aspect can be initiated on the Funding tab. The withdrawal can be made to an external wallet. At the Funding tab, you can choose to withdraw and proceed to select your currency and the wallet address.
With this information, you can fund your Etheruem wallet whenever you want to wager on a game. After winning, you can withdraw the amount back to your e-wallet.
Are There Any Fees Associated with Using Ethereum?
At the moment, the average transaction fee for Ethereum is $0.597. This is a rise compared to last year when the fee was $0.3094. The average fee is mostly measured in USD, and it is calculated when a transaction is processed by an Ethereum miner. The fees are known to spike when there is a lot of congestion on the network.
Is Ethereum Safe and Secure? Can It be Hacked?
It is obvious for one to have safety concerns when dealing with cryptocurrencies, more especially if it is your first transaction. However, the nature of Ethereum and its robust technology makes it a safe and secure option. More so, the smart contracts system ensures that all parties adhere to the terms of the contract before a payment can be executed.
With that being said, we can’t conclude that Ethereum does not have its vulnerabilities. Similar to credit cards and other payments, there are also some risks associated with using Ethereum.
This leads us to the next important question which is – can Ethereum be hacked?
Well, it has never been hacked and by the look of things, this may never happen. This blockchain is very secure. And although the Cryptocurrency has never been hacked, the exchanges have been hacked. This happens when a hacker gains entry into an exchange or a wallet and transfers the keys into an offline wallet.
Conclusion – Ethereum Casinos
Overall, using Ethereum improves your gaming experience drastically. You get to enjoy a higher RTP (return to player) that is above 99%. Also, this form of payment is transparent and secure. Most reputable casinos run real time code which makes this possible.
Fast withdrawals are also an added advantage to sum it up. Compared to other cryptocurrencies, Ethereum has proven itself to be the best currency for online casinos. We hope our guide to the best Ethereum Casinos has helped you learn more about this cryptocurrency, and decide on where to play.
Have fun and please gamble responsibly.
About the Author
Dave is a gambling enthusiast who boasts of two decades of experience. His writings not only unravel the intricacies of online casino games but also explore the psychology behind betting. Dave's commitment to responsible gambling shines through, making every wager a mindful choice for players seeking a thrilling yet balanced gaming experience.