Ethereum, a seemingly distant cousin to Bitcoin, is a cryptocurrency, whose users are steadily growing in numbers, especially in Asia.
Cryptocurrencies are steadily permeating the online casino domain and the lives of online gambling and gaming fanatics. From anonymous transactions to quick and hassle-free transactions, due to these attractive features, people from all walks of life are striving to use these enigmatic currencies. In fact, some experts have predicted that Ethereum should be somewhere around $ 14,000 by 2019 and might experience a leap of upto $ 31,000 by the end of the year 2020. Bellow you can find a list of Ethereum Casinos rated and reviewed.
List of Online Casinos Using Ethereum
What is Ethereum?
Ethereum is a cryptocurrency developed by Vitalik Buterin in late 2013 and is sort of similar to every other cryptocurrency. When you think of cryptocurrencies, what are the things that come to your mind? A decentralized platform free from any outside intervention? A Custom built blockchain? Massively powerful global infrastructure? Yes, you got it right.
However, there are some technical differences that set Ethereum apart from the norm. It has some extraordinary potentialities. Being able to build smart contracts is one of its capabilities. It might sound confusing, however, it is as simple as it can get.
What exactly is a smart contract?
It is simply a phrase used to describe the computer code. It is smart in a way that it can self-executes various functions. Once the contract is created, it will handle everything from implementation to management and from performance to payment. This property of Ethereum empowers the developers to create the operations as per their own wish.
Gambling and Ethereum Casinos
It seems online gambling has been revolutionized ever since the advent of cryptocurrencies in the online casino realms. After Bitcoin and Litecoin, Ethereum is mostly preferred for online gambling. Ethereum’s popularity is rapidly growing in the world of gambling owing to the robust and powerful Ethereum Blockchain. So much so that a lot of online casinos are exclusively dealing with Ethereum only.
Since Ethereum’s smart contracts remove the need for trust between the casino and the player, it’s transforming the way online gambling is done.
Widely acclaimed online casinos like 1xbit, BitStarz, BetChain, Betcoin etc are among a few who are actively dealing in Ethereum. People eager to reap the benefits of the smart contracts are steadily flocking to these online casinos that cater to Ethereum transactions.
Further, casinos dealing in Ethereum have a distinguished variety of online casino games, ranging from roulette to blackjack and from baccarat to craps.
Despite everything, people often are skeptical and wonder, “Is ethereum gambling even legal?” Though no one can yet answer this in certain terms, however, there have been no qualms about its usage so far. There is no rule or legislation which declares Ethereum Gambling as illegal. Therefore, as for now, players can indulge in Ethereum gambling as long as they are doing it in the legitimate online casinos.
How Does Ethereum Gambling Work?
Gambling with Ethereum can be done through approaches.
The first is most frequently used as it works relatively similar to its counterpart — Bitcoin. It provides a reliable alternative from traditional fiat currency transactions at online casinos. It is the most popular approach owing to its simplicity and ease of use. However, don’t forget that the Ethereum address example, 0xE9de33B4470612500081aE64636f605D43B6641f is completely different than the Bitcoin address.
In the second approach smart contract is leveraged to place bets. Rather than sending the Ethereum to the wallet, the player sends the Ethereum directly to the smart contract.
The only drawback that the smart contract seems to have is that it might take a particular amount of time to process each bet.
The Future of Ethereum
Since Ethereum is a relatively new cryptocurrency in the market, its future remains uncertain but not bleak, not even close.
In addition, its smart technology is bound to garner the undivided attention of the players. The number of casinos dealing in Ethereum is predicted to see a dramatic rise over the course of years.
While, Bitcoin gave 9 times return in the past year, and Litecoin gave 17 times more growth, Ethereum gave an enthralling 20 times return. So, who knows, in the coming years, it might even transcend widely successful cryptocurrencies like Bitcoin and Litecoin.