Since Bitcoin launched the crypto revolution, there have been multiple contenders vying to usurp Bitcoin as the most popular cryptocurrency. Ethereum has now come along and is proving to be a serious contender. To understand Ethereum Gambling we have to first take a look at Ethereum as a whole, as it is completely different to Bitcoin.
Top Ethereum Gambling Sites
Gambling using Ether is an approach many gamblers are appreciating due to the inherent benefits of using cryptocurrencies for online betting. Ethereum can be considered an improvement of bitcoin due to processing speed and more options for users. Online casinos have been forced to re-engineer their services to incorporate Ether as a payment option. Below is a list of the top gambling sites that accept Ether.
What is Ethereum gambling?
Ethereum is a global network of interconnected computers (also referred to as nodes) that can execute programs in a decentralized manner without requiring computing functions of C.P.U and memory. Ether is the digital currency that runs on the Ethereum blockchain. Ethereum gambling refers to betting that involves games that are run on smart contracts on the Ethereum platform. Ethereum gambling is still a new concept. What casinos have adopted in regards to Ethereum is the use of ether as a payment method.
How Ethereum gambling works
Ethereum gambling is quite similar to traditional online gambling with slight differences arising from the use of Ethereum. To gamble using Ethereum you are required to have an Ethereum wallet either on the desktop or online. Ethereum gambling works in the following two ways.
- Centralized Ethereum gambling: This is whereby a player identifies a casino that accepts Ethereum and deposits Ether to the casino. Once the balance reflects, the gambler is ready to play. This is the ordinary process that casinos use. However, there are risks of not being paid since payment is upon players request and willingness of the casino to pay.
- Decentralized Ethereum gambling: This is the form of betting whereby casinos use Ethereum blockchain, smart contracts to be specific. Smart contract is a public proven code/program that is written on the Ethereum blockchain. With decentralized Ethereum gambling, players deposit Ether directly to a smart contract. Betting is run on the blockchain and therefore settling of bets and update of balance is run by smart contracts.
Advantages of Ethereum gambling
The following are the advantages of betting using Ether.
- Transparency. This is a benefit to many gamblers in the sense that all transactions are passed on the blockchain. Therefore, there are no chances of third-party interference.
- Security. Players are assured that their funds are secure all time as long as they don’t expose their wallet log in credentials. Credits cards and electronic wallets are always prone to hacking and information leak. With Ethereum it is impossible to have access to a user wallet since it works on a decentralized mode and users have their wallets on desktop.
- Anonymity. Players are guaranteed that their personal information is not retained anywhere. Many casinos accepting cryptocurrencies hardly require for personal details during registration and when making deposits or withdrawals.
- Instant processing. Playing using Ether comes with the benefit that balance processing is instant. By prompt handling, it means that credits are processed immediately and can reflect on your wallet in a short time. This could be attributed to the speed at which Ethereum blockchain processes transactions.
Future of Ethereum Gambling
Ethereum blockchain is a technology that is likely to change how current gambling works. Social interaction through casino games is one of the foreseeable changes to come. Since Ethereum allows running of programs on its core network. Casinos are likely to introduce social interaction while playing games.
Casinos are also likely to scale down or to shut down some of their current running technological equipment since the Ethereum blockchain runs on a decentralized environment. This means less equipment is required since casino operation would be entirely run on programs written on Ethereum blockchain.
Using Ethereum blockchain, casinos and sportbook are likely to introduce smart contracts when settling bets. This will guarantee gamblers that every winning bets are paid. At the same time, it will build casino’s trust to its customers since the smart contracts are foolproof. The same concept could be used to exclude gamblers especially when trying to avoid gambling addiction. Smart contracts could be used to regulate players according to their preferences. An example of a smart contract could be, “when gambler X losses y amount, disable the account for one month.”