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Pros and cons of using Ethereum in Online Casino

Written by:
Payton
Published on:
Sep/04/2019

Bitcoin is known as the most popular cryptocurrency on the market, but Ehtereum is on its way to become the second one.

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, their number is growing daily and soon it will not be an issue anymore. 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.

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