What is Ethereum?
A new craze in gambling is showing up in the form of an Ethereum casino. Ethereum gambling is a fast-growing industry that came to exist because of the Ethereum blockchain.
Ethereum is a platform, not a cryptocurrency. It is an open source platform designed to build and distribute decentralized applications known as dapps, that will operate on thousands of networks around the world. Ethereum became popular when the bitcoin craze took over the world. Both bitcoin and Ethereum have similar benefits such as security and anonymity. The difference lies in the time it takes to withdraw or deposit Ethereum. Ether has a much smaller time frame compared to bitcoin.
This has been the currency of choice for many gamblers because many online casinos accept ether. The reason for this is based on the way Ethereum is designed. It is practically impossible to tamper with because every smart contract must be verified by the users. Every Ethereum casino follows the same safety protocol so no matter what, you are protected.
Gambling with ether takes place two different ways. One is the ability to use ether as a deposit and withdraw method for online casinos. The other is to use smart contracts to place bets. Although you must verify the smart contract used, you do not have to verify your identity, helping you remain anonymous while gambling online.
The advantages to using Ethereum as a currency is that the casino doesn’t hold your funds so there is no risk of losing money. The payouts are made using an opensource code that cannot be interfered with. The payouts are immediate, no matter how much you want to withdraw.
The disadvantage is that placing a bet using ether tends to take longer than with other currency methods. This doesn’t seem to be a drawback for many users however because, despite this disadvantage, it has continued to gain popularity.
There is still a lot to learn about Ethereum as a currency, but this bit of information helps you gain a basic understanding. It seems cryptocurrency will be the money of the future. Could this save you money or cost you more?