Cryptocurrencies are growing at an exponential rate. But for online casino-goers, the benefits of playing with cryptocurrencies—especially Ethereum—are really of the essence. Here is all about Ethereum Gambling.
To start with, let’s find out how it works and what are the benefits of ethereum gambling?
Benefits of Ethereum Gambling
In addition to quick processing times, why is Ethereum a popular deposit and withdrawal method for real money online casinos? Here are a few major factors.
1. Low Cost
It offers a secure payment solution that doesn’t require any third party or bank account to process payments. This allows Ethereum gambling sites to keep fees low and avoid paying expensive banking costs.
Due to its nature of the blockchain ledger, players get complete transparency. If you’re tech-saavy, you can see the transactions that have occurred between the online casino and its users, which gives you a sense of security that your payments are well-documented in case of an incident.
Ethereum gambling sites also provide full security; the Ethereum network is built with complex equations and uses encryption to protect users’ accounts.
It is a highly sought-after currency, so many online casinos and crypto gambling sites offer exclusive bonuses to users that deposit Ethereum to play their slots or table games.
How to Gamble With Cryptocurrency
Prior to winning big at the roulette table, you first have to obtain cryptocurrency. If you already have Ethereum, just deposit it and skip ahead to the section about the best cryptocurrency casinos.
If you’re just starting out, here is how to purchase Ethereum online.
How to Buy ETH From a Cryptocurrency Exchange
Unlike other investments, the method to purchase ETH is a bit more complex. You’ll first have to find a reputable cryptocurrency exchange that will complete your transaction.
Sites like Coinbase, Binance, and Kraken are good cryptocurrency exchanges where you can buy and sell Ethereum, Bitcoin, Litecoin, and other popular currencies.
Signing up for a crypto exchange takes a bit longer than if you were to sign up for an e-wallet like PayPal.
When your verification comes through, you’ll be able to fund your account and purchase Ethereum from your exchange. It’s worth noting that all crypto exchanges charge a purchase fee when you buy crypto. But based on your purchase method, you might be able to avoid this fee.
Many crypto exchanges don’t offer fiat currency to crypto transactions. This is just a fancy way of saying you can’t directly purchase Ethereum with USD. If this is the case, you’ll have to use another crypto to exchange for Ethereum.
For beginners, this is an extremely frustrating part of the process. If you’re not familiar with cryptocurrencies and their exchange rates, you’re better off using a fiat-to-crypto exchange like Binance or Coinbase.
How to Buy Ethereum Using a Credit Card
If you want to purchase more, you can easily buy it using a credit card.
Using a credit card to buy Ethereum will get your Ether instantly. The drawback is that there are fees attached to the transaction worth 3% of the purchase price.
So, if you purchase $300 worth of Ethereum, you’ll pay $9 in fees. To cancel out this fee and make your investment worthwhile, look for a cryptocurrency casino to play at and win big.
Different exchanges also offer different payment plans and rates. Some credit card transactions take five days to process while others could take up to 30 days. Keep in mind that it can take up to a week for the funds from your credit card to hit your exchange.
How to Use Ethereum at Online Casinos
After having some Ethereum in your wallet, it’s time to play some online casino games with it. But first, you have to find a good online cryptocurrency casino.
As it is the second most used cryptocurrency in the world behind Bitcoin, there are tons of online casinos that accept Ethereum as a payment option. There are also many casinos that use Ether because it lowers fees. Expect to see more major online casinos using Ether in the future to lower fees and boost profits.
When choosing an online casino, make sure to check how it handles Ethereum deposits. There are a few different ways that platforms can process your Ether payments, including instant transfer and a traditional bank account payment system.
If you want to use Ethereum at an online casino that doesn’t accept Ether, you’ll need to exchange your Ether for Bitcoin and use the digital currency at casinos that allow Bitcoin deposits.
The main drawback in using Ethereum is the transaction fee. Most online casinos do not charge when you deposit in Ether, but they do add a small transaction fee when withdrawing your winnings or converting into fiat currencies such as US dollars and euros.
Now, it’s time to talk about connecting your crypto wallet to an online gambling site.
Connecting Your Ethereum Wallet to an Online Casino
The final step to the process is to connect your crypto wallet to the online casino of your choice. Most reputable online casinos have refined this process, making it easy for you to turn your Ethereum into pokies credits or tender for the craps table. All you have to do is transfer funds from your wallet and click the cashier symbol in the casino lobby.
After doing this, most platforms will prompt you to enter your deposit address and the amount of Ether you want to transfer. As most online casinos don’t charge a fee for processing Ether transactions, you’ll be able to play your favorite games without paying hefty transaction fees.
You may need to wait a few minutes after depositing Ethereum before it becomes available for purchasing digital gaming credits on the casino’s platform. This delay is normal and will vary from one online gambling destination to the next. The same is true if you choose to withdraw your winnings since some sites may take up to one to two hours to process your payment request.
With that being said, using ETH or other cryptocurrencies for online gambling is still the fastest method of withdrawal. Using e-wallets like PayPal might take hours to transfer. And after that, you’ll have to wait for PayPal to transfer the funds to your bank account.
In today’s fast-paced financial industry, Ethereum is by far one of the most effective methods for moving around funds.