Ethereum Rising - The Crypto of Choice in Today’s Online Casinos
The iGaming industry has been on a significant rise, and cryptocurrencies are now taking up a large portion of all online gambling transactions. In fact, gamblers who use crypto place more than 300 bets every second. Bitcoin is already a well-known currency in the iGaming sector, and Ethereum is following its lead, being the second most popular cryptocurrency on the market today. Ethereum has come a long way since it was first launched, and this article will tell you all about its rise in the world of online gambling.
The History of Ethereum
Ethereum was officially launched in 2015, and it has experienced a true revolution since. It is an open-source project, and just like Bitcoin, is a decentralized, peer-to-peer network. As such, Ethereum is often compared to Bitcoin, and a lot of people are unaware of the core difference between the two. Namely, Ethereum is programmable, which broadens its scope, making it much more than just a digital currency. Ethereum is also a marketplace for games, apps, and financial services.
Even though the platform processes transactions faster than Bitcoin, and it surpassed it in the number of transactions in 2022, Ethereum is still behind the world’s most famous cryptocurrency when it comes to online search interest.
The Growth of Cryptocurrencies in Online Gambling
The global gambling industry is projected to reach a revenue of almost $280 billion in 2023. Over the years, crypto payments have accounted for 4% of all gambling-related transactions, and the percentage is expected to rise rapidly. Moreover, online players have wagered more than $4.5 billion in Bitcoin since 2014. Ethereum has also seen a higher demand when it comes to online punters, and more and more platforms respond to such growth by including the currency in their list of payment methods.
The Use of Ethereum in Online Casinos
Ethereum is widely accepted by a large number of online gambling sites, thanks to the fact that more and more players are getting to know all about the benefits of crypto transactions. Ethereum stands as a safe payment option with fast transaction times, which is appreciated by users from various parts of the world. Luckily for today’s players, finding a suitable online gambling site should not be difficult, as there are numerous Ethereum online casinos to choose from.
At the moment, almost all operators that accept Bitcoin also support the use of Ethereum. In order to join them and start making your first transactions, you will need to set up an Ethereum wallet with a trustworthy exchange platform. Once you do that, you can start making deposits and engaging in all of your favourite online casino games.
How to Make Deposits with Ethereum
As we already mentioned, to start making transactions, you must set up a crypto wallet. Some of the most popular options include Loafwallet, Coinbase, Colnomi, and Electrum. And after you’ve signed up for any of these, you can start using them to store Ethereum. But in order to buy the currency, you will have to visit a crypto exchange platform.
Once Ethereum is safely loaded in your wallet, you can sign up with an online gambling site and take the steps required to make your first deposit. After you’ve visited the banking section of the site and completed all the necessary actions, the transfer itself should only take a couple of minutes.
Your payment, just like all other transactions on the Blockchain platform is verified through multiple nodes hosted worldwide. The nodes keep track of actions by archiving copies of your deposits and adding them to the chain. At the moment, this is the most secure payment method in the industry since it’s not controlled by any banks or other regulatory bodies, and it safeguards the identity of all users involved.
What Makes Ethereum Ideal for iGaming
Even though you can use other cryptocurrencies to make online casino deposits and withdrawals, there are a few factors that help Ethereum stand out:
More Stability
Thanks to the fact that there isn’t as much hype relating to Ethereum, it is considered a pretty stable currency. In fact, Ethereum has shown lower volatility than Bitcoin, which improved its overall use, reflecting on the iGaming industry as well. Therefore, punters who use Ethereum for online gambling transactions get more value for their money. The currency is ideal for experienced and strategic gamblers as it works best with long-term investment.
Minimal Fees
The use of Ethereum involves minimal fees that take a much smaller portion of your bankroll than most other payment methods. The fact that the currency isn’t controlled by any banks makes it possible for the system to charge pretty low fees and still provide excellent safety and speed.
Smart Verification
Ethereum transactions are verified through smart contracts, which is a major shift from the way other digital currencies like Bitcoin and Litecoin function. This is an automated program used only by Ethereum. Smart contracts ensure the seamless execution of all transactions, paired with additional benefits like bundled transactions, customizable recovery options, and improved privacy.
The use of Ethereum has skyrocketed in many industries, and online gambling is surely one of them. The currency is now supported by a large number of online casinos, and more and more players are getting familiar with the benefits offered by this virtual currency.