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Cryptocurrency banking is on the rise to make a deposit at online casinos to play pokies and other casino games. A few years back Bitcoins were the only currency used as a deposit option to fund the casino account to play pokies, but now there are lots of such digital currencies one popular being Ethereum.
Although both Ethereum and Bitcoin belong to the same cryptocurrency family, there are several differences between the two. For one thing, Bitcoin is older than Ethereum and hence more stable and mature. Secondly, despite the fact that Ether is younger it is profoundly quicker than Bitcoin in regards to transferring time. Also, Ether wallet addresses aren’t the same as Bitcoin. Hence, when transferring Ether to an Ethereum wallet you should never use the same address.
Ethereum is an innovative open-source computing platform that has hit the ground running in recent years. It was designed in 2013 by Vitalik Buterin with the intention of creating something cutting-edge and building on the groundbreaking creation of blockchain technology and decentralization. The platform, which officially went live in July 2015 with 11.9 million coins, provides a decentralized Turing-complete virtual machine known as the Ethereum Virtual Machine (EVM) that serves to render scripts using an international network of public nodes.
Other than using for computing, Ethereum also produces a cryptocurrency called ‘Ether’ which is the second most popular and valuable cryptocurrency in the world. This you can transfer between two accounts and can also use to pay participant nodes for any computations by way of a smart contract.
Although it’s possible to buy and sell Ether like Bitcoin, Ethereum is evidently so much more than a currency. Just like Bitcoin, Ethereum uses a decentralized system (known as blockchain) in order to keep track of transactions and where each unit of the cryptocurrency is stored. However, Ethereum takes this idea one step further by tracking and executing computer programs.
Many online casinos have sprung up in a few years around the Ethereum blockchain; including ‘provably fair’ models in which punters can determine with complete certainty that the house hasn’t tampered with the odds in any way. Ether – the currency which powers the Ethereum network – is highly versatile and is particularly meets the demands of online gambling.
By the notoriously volatile standards of cryptocurrencies, Ethereum is remarkably stable. Its value tends to stay reasonably constant against the dollar, give or take 5%.
This makes it much more suited to betting; as holders can store the coin in their casino wallets in the knowledge that it’s unlikely to dramatically drop in value overnight. Ethereum is also easily obtainable and boasts fast transaction times, certainly compared to Bitcoin.
You can play with ETH directly, or exchange it in a casino, play with your own currency, and then exchange back and withdraw your funds. Playing with AUD and then exchanging in ETH or vice versa you’ll probably have to pay more than you would if you were using a regular payment system because you will lose a lot of money due to the double exchange.
You can play anonymously and get payment instantly, and pay fewer fees. The direct payments with Ethereum are more interesting, mainly because of a new advantage they offer which is smart contracts.
Smart Contract is an in-built service of Ethereum that allows you to bet on pretty much anything. It is written down into the very code of Ethereum; and each bet you make becomes part of a block, and can’t be altered in any way. It’s the if/then sequence; where if you bet on a particular event to happen and it occurs, then you will get the payment by Ethereum automatically.
The advantage of this system is that it gives you the transparency you’ve always wanted. Each contract becomes a part of a blockchain. And you can see it and No one can alter the smart contract’s details or retroactively change; it after you win. Also, it’s as reliable as a deposit in a Swiss bank and eliminates the middlemen.
The best part is you don’t need to exchange your Ethers; you don’t need to register and pay the fees to anyone outside of the blockchain. You can deposit and withdraw money free without all those “pending withdrawal” shenanigans that regular casinos offer.
Smart Contracts are also trustless gambling, because of their one simple feature. Gambling via smart contracts doesn’t involve sending your money to anyone. The deal between a player and a casino is made within the blockchain system. And no one is in control of your funds. This feature means punters don’t have to rely on anyone; not even the casino they’re playing at! It’s like turning your bank account into a casino account, and yet the bank account still maintains its primary purpose.
Each bet deducts directly from your account, and all your payments are available to your account. No matter how much you win; you get paid, and a casino is simply never able to withhold your winnings at all. If you’ve ever had a dispute with a casino, then you know how it goes! They can say that you’ve made a slightly larger bet than their terms. Of course, they could simply stop you from placing such a bet in the first place; but they generally don’t, as it’s much more fun to withhold the winnings!
They will also say that you’ve used irregular betting patterns. Or that you were playing under a VPN, or that they’ve spotted a suspicious activity from your IP address. If you don’t agree to that; you can take your complaint to a mediation portal and wait for weeks for it to resolve; or go even further and place it on a site of the regulatory body that issued the casino with their license. Even if a player wins a dispute, it takes a lot of time and effort to finally resolve such disagreements. But with smart contracts, you only have to place the bet; and it instantly becomes carved in stone, or rather in the code of Ethereum. It leaves us with the only possibility of losing your money: if Ethereum itself ceases to operate.
Note that each bet with Ethereum is being saved in a blockchain, which means that when you place a bet, it has to be confirmed by at least one block. Currently, one Ethereum block takes about 15 seconds to be created, which means that each bet needs up to fifteen seconds for confirmation.
All bets exceeding one ETH need more than one block confirmation, which leads you to a longer waiting time. While playing at regular casinos you can bet instantly, but your problems might start when you actually try and withdraw your winnings, and find the process to be slower than you might like.
But Ethereum might be the best thing that had ever happened to play pokies, because of the non-stop innovations and complete transparency that it’s bringing to casinos. You can see where your money goes, you can make sure that you will get back as much as you should be getting back, and nobody is going to interrupt the process, or trick you in any way.
There are many exciting and successful Ethereum gambling projects in the gambling business, including edgeless casinos as they have no house edge and digital currency schemes that appear to be fraud, but actually aren’t exactly fraud after all. The best thing is that during the process of betting, the casino site will not hold your funds at any point; because each transaction is ensured by the blockchain technology itself, and leaves your funds protected at all times.
Wanna know what are the best Ethereum casinos to play pokies in 2019 then read our next answer to this question.
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