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Pros and Cons of Using Ethereum in an Online Casino

Written by:
Aaron Goldstein
Published on:
Nov/09/2022

Bitcoin is known as the most popular cryptocurrency on the market, but Ehtereum has now become the second most widely used cryptocurrency.

The main difference between these two currencies is that Bitcoin represents the decentralized blockchain system, while Ethereum works as a blockchain-based open-source computing platform. This type of platform was designed in 2013 and launched in 2015 with cryptocurrency token called Ether. Ethereum is a new version of the platform that provides many opportunities and gives numerous advantages in using, which makes this virtual currency extremely desirable for users.

The rise of Ethereum Gambling

The reason why Ethereum is becoming so popular is the EVM (Ethereum Virtual Machine) system of unlimited payments along with the smart-contract service. These agreements, written in the form of codes, automatically perform an action (payment) once the contract is fulfilled. This type of contract is transparent, elegant, practical, and cannot be delayed or recalled. Such characteristics are more than useful in the online gaming industry and probably the biggest advantage that makes users prefer Ethereum Casinos over other online gambling options. Players are additionally stimulated with a surprisingly large number of games and special bonuses for this digital currency.

Benefits of Ethereum

Probably the most important advantage of Ethereum Gambling is anonymity. Transactions, deposits or withdrawals, do not require any personal information about participants. The only information that has to be shared are amount and wallet address. Since this is a crypto platform, transfers are done automatically and very quickly. One step that guarantees the safety and helps to avoid possible frauds is verification, meaning every transaction has to be confirmed by the participants. It’s not a surprise that popular online casinos, such as FortuneJack, are encouraging their players to try their Ethereum Casino dice games with a variety of betting options. 

Potential problems with Ethereum

As nothing in the world is perfect, there are few things that could push a new user away, especially the one without any experience with cryptocurrencies. These users might find the Ethereum platform too comprehensive and complicated. Overcoming this obstacle is easy as most safe, licensed Ethereum Casinos have instructions, available on their gambling platform and technical support which can help players as well.

Although the number of these casinos is still limited, they continue to grow. The easiest way to obtain some Ethereum tokens would be if the player owns other cryptocurrencies, as they can be easily exchanged online for the Ether.

Ethereum Gambling is completely legal, so depositing and withdrawing Ether is in full compliance with the law. The only thing that player needs to do is to make that first step and start making some digital money on Ethereum platform while having fun.

Developments

In August 2022, it was annoucned that the Digital Commodities Consumer Protection Act will have the U.S. Governement treal Ethereum and other cryptocurrencies as commodities with regulation overseen by the Commodity Futures Trading Commission (CFTC).

Ethereum post-Merge hard forks are here

Referred to as the Paris upgrade, The Merge featured a switch from proof-of-work mining algorithms to a proof-of-stake model.

Like Y2K, the concerns ahead of this event were plentiful and sure there were a few hiccups at first. Weeks later, experts were left asking if the dreaded Etherum fork was actually nothing more than a mirage.

Banjamin Samuels of Alarabiya wrote: 

Many Bitcoin advocates have pounced on the new data as evidence that Ethereum’s transition to Proof-of-Stake was misguided and counter-productive, pointing to the lack of a comparable situation of state leverage among Bitcoin mining syndicates. Since big financial instruments like Coinbase can double as staking platforms, they argue, the staking community inevitably ends up running through the same channels that the rest of the financial ecosystem does, effectively recentralizing the network.

More digital currency gaming sites

Cryptofights - Considered among the more successful crypto platform games and utilizing the BSV blockchain, layers can also win valuable NFTs such as weapons and armor as well as real money by finishing on the game leaderboard in live tournaments.  Microtransactions are also utilized with this game.

DuroDogs - This game seemingly discourages folks from owning real dogs by teaching the responsibilities of owning one in the virtual world.  Pass the test, and you can go out and get yourself an actual Fido.

Player Steph Turret from Manila added: “My daughters have wanted a dog for some time but I felt they were too young at the time so I got them playing with Duro Dogs as a way of getting them used to what was involved which was great and now they finally have their own dog and its working out great.”

Axie Infinity - This game pops up frequently in searches for "most popular Bitcoin games".  Axie Infinity is a non-fungible token-based online video game developed by Vietnamese studio Sky Mavis and utilizes Ethereum-based cryptocurrencies. Players of Axie Infinity collect and mint NFTs which represent axolotl-inspired digital pets known as Axies.  Yeah, you're noticing plenty of pet themes here.

- Aaron Goldstein, Gambling911.com

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