Ethereum is a blockchain-based, open-source and public computing system or network whose native crypto currency token is called Ether but often called Ethereum. Ethereum is similar to an operating system with its own programming language which can be used to settle financial contracts like Bitcoin.
There are a number of crypto currencies that use the Ethereum platform which are stored in an Ethereum wallet such as MyEtherWallet. Ethereum has historically been impacted by issues surrounding speed and scalability which are being addressed. Since Ethereum is open source, it can be used by anyone around the world and the coins can be stored in a digital wallet.
The system was started in July 2015 and by September 2017 the currency value had grown by over 13,000% to over $1,400 before falling back down to earth in September 2008 at around $200. It is available to just about anyone in the world with an internet connection.
The Best Online Casinos accepting token Ether (Ethereum)
We’ve examined a number of casinos that accept Ethereum and we will be ranking them from top to bottom.
How does Ethereum work?
Ethereum has its own currency, called Ether (Ethereum) which is stored in a digital wallet, such as MYETHERWALLET, until you want to make a payment transaction online. In addition to a desktop and mobile wallet, there are also hardware wallets which stores your Ether when offline.
Creating an Ethereum wallet using MYETHERWALLET.COM
It literally takes only a couple of minutes to create an Ethereum wallet and we’ve included instructions on creating one using MYETHERWALLET.COM, though there are others. You’ll start by going to MYETHERWALLET.COM. Under the “New Wallet” heading, you’ll be asked to select a password. After that a “Keystore” file will be generated which you will be asked to download. This file is extremely important so you must ensure that you store it in a very secure place so that it is never lost or stolen. You must confirm you understanding of this where you will be provided with a Private Key which is a long alphanumeric set of numbers and characters. You can print a paper version of the wallet and save your address. Your address may also be referred to as your account number or your public key which is what you share to receive Ether or tokens. From there you will be asked how you want to access it and given a list of options that include Metamask / Mist, Ledger Wallet, TREZOR, Digital Bitbox, keystore /JSON File, Mnemonic Phrase or Private key. You then select your wallet file where your wallet is then encrypted. Enter your password and select the “Unlock your Wallet” button. You can track it on www.etherscan.io where you enter your address in the top right corner to see your balance, buy Ethereum and other details. You can buy Ethereum on several platforms and follow the instruction to top up your wallet.
Instructing an Ethereum deposit
Instructing a deposit using Ethereum is pretty easy to do but may vary slightly from casino to casino. You’ll need to go to the payments section of participating casinos where you’ll need to select the Ethereum method of deposit. Adjust the deposit amount or fill in the field, depending on the casino that you are using. Next you’ll need to select the address and the Ethereum equivalent and within a matter of minutes you should see the funds in your player account. There may be a fee to deposit money as well as a minimum deposit threshold by the casino so you should check first to avoid surprises.
Instructing an Ethereum withdrawal
To make a withdrawal, you’ll need to go to the payments section of the casino. Select the Ethereum method as well as the amount that you’d like to withdraw which must meet a minimum threshold.
- keyboard_tab What type of fees can I expect to pay using this payment method?
- There are no fees to deposit Ethereum itself however you online casino may apply their own charges. You should check your casino terms to find out.
- keyboard_tab How long does an Ethereum deposit take?
- Executing the deposit may take a few minutes before you see the funds in your player account. Remember there may be a minimum deposit amount.
- keyboard_tab Can I withdraw funds?
- You can withdraw funds using Ethereum as the method. Ordinarily, online casinos only allow you to use the method that you used to deposit funds in the first place. Like deposits, withdrawing in Ethereum is quick and free. Also like deposits, the casino may apply a fee to use this method as well as a minimum withdrawal size.
- keyboard_tab How long does it take to withdraw funds?
- This method is quick and can up to a few minutes.
- Deposits and withdrawals are very fast, anonymous and ordinarily take no longer than a few minutes.
- There are no fees to transfer Ethereum though the casinos may charge you a fee for using this method.
- Your personal info is not available to anyone else.
- Ethereum deposits qualify for welcome bonuses at participating online casinos.
- You cannot reverse transactions.
- Not many online casinos accept Ethereum. Bitcoins remains by far the most popular.
- Holding cryptocurrencies like Ethereum subjects you to potentially large swings in value.
Ethereum is a cryptocurrency using Blockchain technology which eliminates the need for intermediaries like banks, saving time and fees. Using them is quick, relatively safe and secure provided you use some common sense. While not as widely accepted as Bitcoins and other methods, one would assume that the list of casinos accepting this method can only grow as a method of depositing and withdrawing funds.