Ethereum Gambling – Today’s Smart Option

When we talk of gambling, Ethereum is the 2nd largest cryptocurrencymade available to gamblers.Ether, the currency of Ethereumoperates similarly asBitcoin, but the protocol is totally different.Ethereumwas launched in the year June 2015. It allows its users to make and receive payments with the help of internet without any kind of central authorities, regulations or taxes. What makes it different from other types of cryptocurrency is, it’s economy is based on a programmable and decentralized platform using smart contracts. The way in which the smart contracts of Ethereum worksit can accommodate infinity number of uses.

The different forms of gambling with Ether

There are two different forms of Ethereum gambling. The first and presently the most familiar way is the capabilityof using Ether as a withdrawal and deposit method indifferent online casinos. Just like Bitcoin, it provides an alternative payment processapart from the traditional transactions with USD, GBP and EUR. Gambling with Etheris probably the easiest to understand and also popular. All of the world’s best Ether casinos support this method of gambling. The second approach is using smart contracts while placing the bets.Presently, some of the casinos operate only on Ethereumblockchain. One of the advantages is instead of sending the coins to the address of your casino wallet, you can directly send them to the smart contract.These smart contacts randomly payout based on whether you have lost or won. Few advantages of betting Ethereum through smart contract are:

  • The casino does not hold your funds, so there is no risk of any loss
  • Payouts are made through open source code and can never be interfered with
  • Irrespective of the winning amount the payouts are immediate. This ensures that you get paid fast

The depositing rules

The depositing method of Ether at a casino is quite similar to that ofBitcoin. You can purchase Ether from any of the online exchange and make a transaction from your Coinbase wallet to the casino’s Ethereum wallet. There are a few vital points you should remember before you make an Ether deposit at a casino:

  • The address of the Ether wallet should be different from that ofa Bitcoin, or else it will not process and also might get lost
  • The amount deposited takes about 15 seconds to become visible, so have patience
  • Be double sure that you are sending the amount to the right address. If sent to the wrong address by mistake it is gone forever

Advantages of blockchain gambling

There are several advantages of blockchain gambling and since Ethereum gambling is a type of blockchain gambling, so the same applies to it too. Below mentioned are few of them like:

  • You don’t have to deal with any accounts
  • You never transfer your funds to any third party, but you can directly pay from personal Ethereum wallet
  • The funds can be directly sent to a smart contract while on the Ethereumblockchain
  • The bet is processed by the smart contract and the winning amount returnedto your wallet
  • Here, internal database is not guarded by any anonymous website owner
  • You directly control your funds, so no need to trust an outsider