Published on September 30th, 2020 | by Bibhuranjan

Ethereum gambling industry

The online casino games market is changing simultaneously through past years, and to avoid losses it is important to stay on track. So, let’s update the cryptocurrency casinos’ current data. In this article, we will speak about the Ethereum casino system as well as about Ethereum gambling.

Ether cryptocurrency

There are several advantages of using Ether cryptocurrency in general, so let’s list them before we head to the Ethereum casinos mechanism. Ethereum technology originally makes this cryptocurrency more liquid than even Bitcoin, as the transactions are provided faster and safer than for older cryptocurrencies. Last year this cryptocurrency showed a good rise. Nevertheless, currently, despite the predictions of USD 1000 rice of the Ether in 2020 it shows rise up to USD 343 to September 2020 only. So, do not forget to keep your mind cold while reading the predictions.

How does the Ethereum technology work?

As you know, all cryptocurrencies have a list of advantages compared to other currencies. This global market is growing exponentially as there are about 900 cryptocurrencies at the market to date.

Ethereum itself was launched in 2014 being a product developed by a group of programmers who initially worked close to the Bitcoin community. Technically Ethereum functions on a group of computers that are capable of building a distributed database that allows keeping all the information within a network. Each computer in this network names a “node” and can validate each transaction, which appears. Several incoming transactions are bound into blocks broadcasting to the entire network of the Ethereum. All these processes are happening in real-time. In other words, the Ethereum technology’s main aim is to replace third parties that can store financial and other users’ data.

The use of Ethereum in the gambling industry

Cryptocurrencies themselves are perfect for gambling. Amongst their advantages are a completely decentralized finance crypto control system and a wide range of related casinos to choose from. Many Ethereum casinos offer bonuses, which you can claim for right after you make your first deposit.

Depositing/withdrawing on Ethereum casino wallet

A common depositing process is quite simple. First, the online casino will ask you to enter your Ethereum wallet details (address), after that you transfer the money to the casino wallet. Be careful to check up on the wallet number and do write it correctly. In case of a mistake, the transaction will be impossible to cancel, and the deposit will be lost.

Ethereum’s withdrawal process is technically quite similar to its depositing. After you enter your account and push the withdrawal button, you should enter the Ethereum wallet information (and again, be sure to write it correctly because in the other way you will lose your money). Then you select the amount to withdraw and have to wait up to ten minutes.

How to choose a reliable Ethereum casino

At the moment there are plenty of online gambling platforms with the possibility of Ethereum use. However, admiring how young and hard to control the cryptocurrency market is, it is quite important to be sure you are opting for an anchored and trouble-free online casino. When choosing a platform pay attention to:

Automatic depositing/withdrawal requests processing – this allows transferring money right after the blockchain confirms the transaction is valid.
Customer support – a trouble proof online casino will be in touch with its customers 24/7.
Licensing – take a look at the licenses listed in the casino’s website.
Reputation – be attentive reading about the potential casino’s history. It is good to know how long it operates in the market (it is better to choose operators who are in the market no less than five years), as well as to read reviews to know other gamblers’ experience.
Bonuses – a lot of Ethereum casinos offer not only welcome bonuses but also have promotions for existing gamers.

A good example of a reliable Ethereum casino online platform is the 7bitcasino. Technically this platform meets all the requirements listed above and has a lot to offer. For example, it allows us to gamble at online mobile casinos and to use a Random Number Generator.

NOTE: Random Number Generator (RNG) is a software aimed to spit out results randomly. Casinos frequently use the so-called pseudo Random Number Generators. They only need a seed number and an algorithm, and they don’t need any external data to produce an output.

The other privilege of the 7bitcasino is a Theoretical Return to Player (TRTP) which is higher than usual for a wide range of the games offered by this platform. And of course, this online casino offers plenty of online casino games such as blackjack, video slots, roulette and others.

The pros and cons of using Ethereum

Ether applying fields grow year by year. It is widely used in trading as well as in investing and online shopping. By the way, one of the popular domains of the Ethereum usage is traditional offline casinos.

The facts saying “yes” to Ethereum:

You can play anonymously
Fast transactions because of real-time codes using (it can take up to 10 minutes for the deposit to appear on the website)
Plenty of online casino games to choose from
Transparent and safe transactions – Ethereum has never been hacked.

However, to avoid mistakes you have to consider the cryptocurrency industry itself remains new and hard to control. Therefore it makes crime preventing harder, so be sure you check all the terms correctly. The common rule on cryptocurrencies gambling is to be aware of the loss and pay a lot of attention to details especially when it comes to depositing and withdrawal.

Image by WorldSpectrum from Pixabay

Tags: casino, cryptocurrency, Ethereum, gambling

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.