Want to bet with Ethereum? Here’s how it’s done!
If you’re reading this article, then you’re either intrigued by cryptocurrencies or Ethereum (ETH) in particular. Good for you! While both might sound really complicated, don’t worry – we’ve got the insider’s scoop and all will be revealed.
We’ll cover topics such as what Ethereum is, how it’s different to Bitcoin, and how you can get your hands on the stuff. And of course, we’ll explore the reasons why you’re here – how to bet with Ethereum and what the ETH gambling benefits are.
Different strokes, folks: Bitcoin versus Ether
You might have heard this crypto referred to as Ether or Ethereum, but is there a difference? The answer is yes. Ethereum came about in 2015 when programmer Vitalik Buterin first proposed it. Ethereum is more like a decentralized computing system and Ether is its crypto token. Bitcoin, on the other hand, only functions as a currency.
While Bitcoin might have been first to market, Ether is killing it. The cryptocurrency saw an astonishing growth of 953% over the past year and even captured 14% of the market cap. Currently, Ether is the second most valuable cryptocurrency on the market (Bitcoin being the first).
Ether’s transactions are way faster than Bitcoin’s. We’re talking 12-15 seconds versus 10 minutes or even up to an hour.
When it comes to transaction fees, Bitcoin’s are manageable. With ETH though, you’ll need to cough up a little more these days.
The reason for this is because Ethereum runs on something called gas. Without getting too technical, every action on Ethereum needs an amount of gas in order to happen (like putting gas in your car to make it run, and paying for that fuel). If you’re comfortable with crypto and its jargon, then check out this link to see the proposed fees, or click here to see what the average Ethereum transaction fees are.
The next difference between the two crypto powerhouses is in terms of mining costs. Mining ETH is cheaper than mining Bitcoin and this has helped ETH gain popularity and traction.
The last difference has to do with scarcity. All forms of money need to be scarce as this keeps demand high and gives value to the currency. Bitcoin has capped its number of tokens at 21 million; not a single additional token will ever be made.
In contrast, ETH has already crossed over the 100-million mark and has no upper limit. Buterin, ETH’s creator, realized that this was an oversight and proposed a cap but this hasn’t been accepted yet. How this will affect ETH in the long term, we don’t yet know.
OK enough context; why should you bet with Ethereum?
First off, ETH’s validations are super-fast. That means payments and withdrawals are done in a fraction of the time, compared to other forms of crypto. Pay-out times at BitStarz are among the best in the industry – 10 minutes or less! – so you know we’ll have your money to you in no time.
If you bet with Ethereum, it means that your transactions are secure. Because there’s no central authority (i.e. a bank) to worry about, you’re not sharing any personal info.
When it comes to security, ETH’s transactions are recorded in a public ledger which means they’re unalterable and no one can spend Ethereum tokens twice. If you’re feeling brave, here’s an article on what blockchain is and how it keeps your crypto safe.
The other benefits to betting on Ethereum gambling sites are that, because of its digital nature, you can potentially overcome geo-blocking. This is because some countries still don’t see crypto as a currency so you’re not restricted from gambling with it – more fool them!
How do I get ETH?
You can buy ETH on many exchanges, but the best for this currency are said to be Binance and Coinbase.
After you’ve chosen your exchange, you’ll need to create an account. Thereafter, you can deposit your currency and following verification, you can start to buy ETH. Lastly, don’t forget to transfer your crypto to an e-wallet. To find out which e-wallets are the best for ETH, take a look here.
What about deposits and withdrawals?
Making a deposit on BitStarz is as easy as pennies from heaven, as we are the leading ETH gambling site after all. On our Home page, you’ll see a big old pop-up banner. Simply change the currency option to “ETH” and follow the prompts.
If you’re already logged in, you’ll still see the banner but you can also go into your Account and do it from there. You can select your currencies and then all you need to do is hit the green “Deposit” button.
Once you’ve done that, you’ll be taken to a page that lists some important info and also has your depositing address and a handy QR code. Simply use this address or scan the code from your e-wallet. And be on the lookout for your deposit bonus; we also offer these when you make an initial deposit (it is region dependent, though).
Getting your money out is just as simple. Click on the “Cash Out” button, then add your e-wallet address and you’re done!
What games can you play with ETH?
While not all games on BitStarz accept ETH, there are still a range of superb ones for you to choose from should you want to bet with Ethereum. Check out ETH slots titles such as Bison Trail, Brave Viking, Jade Valley, Wolf Gold and Deep Sea for your fix of ETH casino fun. Plus, who doesn’t love a bit of ETH blackjack or ETH roulette?
Game providers on BitStarz that accept ETH include Endorphina, Spinomenal, Habanero, Belatra, Pragmatic, Gameart, Wazdan, Lucky, Evolution, SoftSwiss, Platipus, Booming Games, NoLimit, and Mascot.
So what’s the verdict? Can Ethereum make you rich?
Thanks to a host of features that make ETH safe, quick to withdraw, cost-effective and anonymous, this form of crypto is a sound alternative to betting with fiat currency. Whether it will make you rich or not, is a question only Lady Luck can answer!
So come on down to BitStarz – rated among the best Ethereum casinos in the world – and experience crypto betting at its finest!