Ethereum Casino

ethereum casino

Known as the crypto-currency that is close on the heels of the unchallenged bitcoin, Ethereum has a much more complex vision than the very first crypto-currency. Launched in 2015, Ethereum is a blockchain system that serves as a foundation for creating various decentralized online services, including apps. The cryptocurrency is Ether (ETH) and it is mainly used as a currency in exchanges and services driven by the Ethereum blockchain. Wrongly, the name Ethereum is increasingly used to designate its currency.

Ethereum VS bitcoin

Ethereum and Bitcoin both use the blockchain system. They have, among other things, the same specificities. Money creation is done by mining, transactions are validated by the network and registered on the blockchain. And so on. It is the vision that differs. Bitcoin was created as a currency that allows people to pay securely online without relying on a traditional middleman. The Ethereum blockchain, in addition to allowing payments through Ether, has some pretty advanced features. They are made possible by the system’s ability to allow smarts contracts developed by the users themselves. Thus, the platform is a conglomerate of small programs that use Ether as a transaction currency.

As far as technology is concerned, the two entities take different paths. But in practice, the differences lie in the speed of transactions, the characteristics of mining, the prices or the associated services.

Which Ethereum Casino to choose?

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Smart Contracts, Gas and Ether

These terms come up a lot when you start looking closely at Ethereum. In practical terms, an average user with no programming skills need only be concerned about this to a limited extent.

Smart contracts are small computer programs based on the Ethereum blockchain. They are supposed to facilitate certain operations. They automatically act according to a prewritten pattern when certain criteria are met, hence the “contract”. To a user, it is a small piece of software with an interface as familiar as a wallet. These are the famous Dapp, the decentralized applications. For example, a Dapp allows you to borrow Ether. The transaction can only take place if the applicant meets certain defined criteria, such as having owned a portfolio for a certain period of time.

The Ether is the currency of exchange to take advantage of the Dapp services. Gas refers to transaction fees. It is an almost negligible unit of Aether.

Get Ether

In a good self-respecting cryptocurrency, Ether is obtained by mining. An algorithm issues complex calculations that miners try to solve with the power of their computer via a mining software. Whoever achieves this is rewarded with Ether. Currently, this reward is 5 ETH. However, mining requires very powerful equipment, especially since the difficulty of the calculations has increased again towards the beginning of 2021. In addition to the depreciation of this equipment, you will have to anticipate a huge electricity bill.

Ether can also be acquired by buying them on exchange platforms such as Coinbase, Binance or Kraken. In other words, you will have to exchange another currency for Ether. It can be euro, dollars or another cryptocurrency. While the world of cryptocurrencies is known to be discreet, these platforms perform rigorous identity checks.

Spending Ether and Investing

The principle of a currency is to use it in one way or another. True to its origin, Ether is used to buy the services of hundreds of dapps developed by the Ethereum community. The latter are very varied and concern various fields such as online games (Dark Forest), finance (PoolTogether, Oasis, Uniswap), art (Foundation) or technology.

The popularity of this cryptocurrency, often dubbed the “challenger to bitcoin”, means that it can be used as payment with more and more offline and online merchants, such as web hosts.

Those who want to make money can also invest in Ether. A delicate operation that involves risks. Many blogs on trading remind us that a sum invested is a sum that we expect to never see again and we should only invest what we can afford to lose. The Ether (ETH) is very volatile, as it goes through ups and downs. Currently, the price of Ether is around 1600 euros.

What you should know about Ethereum and Ether

Both the Ethereum network and Ether have huge potentials that make its cryptocurrency a powerful unit in the middle.

  • Minable cryptocurrency similar to bitcoin: Using blockchain technology, Ether and bitcoin are similar in terms of mining and its difficulty level. However, adding new blocks to Ethereum will soon be done through proof-of-stake. Unlike bitcoin, the number of Ether minables is unlimited.
  • Diversified related services: thanks to the way the Ethereum blockchain works, the use of Ether cryptocurrencies already comes with convenient services. Compared to bitcoin, Ether transactions are also twice as fast. The existence of the Ethereum network also gives hope that the infrastructure will be able to adapt to the growing number of its users.
  • A successful cryptocurrency: second only to Bitcoin, Ether is right on its heels and has grown significantly over the past few years. With a large user base, it is increasingly used as a payment by individuals and companies.

🙋 Frequently Asked Questions “Ethereum Casino”

Which casinos use Ethereum payments?

Our list of recommended casinos: Bitstarz, Betcoin, Betflip, Bitcasino, Betplay,

Why bet on a crypto casino with Ethereum?

Transactions are instant and secure, fees are low, you are anonymous! Read more about bitcoin casinos

What are the crypto currencies for online casinos?

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