Ethereum is a platform that functions on the blockchain technology but with the purpose to be used for app development that allows servers to store data the same way banks do, aiming to fully decentralize the internet, its network elements, and banking institutions. The currency known as Ether is a string of code that gets sent all over the platform. It acts as a fuel that allows the network to run its operations.
Ethereum is a faster and smoother decentralized cryptocurrency than Bitcoin
. It is based on the blockchain tech, but it offers more diverse transactions, operations, and purposes. One of the main differences between this cryptocurrency and Bitcoin is the Ethereum’s ability to execute smart contracts.
Smart contracts are made between two parties that want to pay and get paid in Ether. For instance, if a person wants to hire someone to do a service and give them their salary in Ether, with the smart contract, the payment will be automatically executed once the service provider finishes what they were hired to do. But to even consider these smart contracts, you need to learn how to obtain Ethers, how to store them and how to use them.
Considering that an Ether is not a dollar you could buy with your fiat currency in the nearest exchange store, you are probably aware that handling these crypto coins would require different action than taking a walk around the corner. Naturally, before you can play at your online casino with it, you will first need to have it in your possession, and here are the ways to obtain it:
No, it's not like it sounds. You don't need crude force and mines to get a hold of Ethers. You need computing power and a lot of it. The Ethereum platform, contrary to Bitcoin with its system that requires more complicated mining, ordinary people with their laptops and regular computers can mine Ether.
But there are other ways to obtain Ethers without mining them. Someone who already has Ethers can transfer them to your wallet directly. This is, however, an act that would be considered generous, because that someone would have to have mined them by themselves and do the job for you. But, these direct transactions also apply for service or product exchanges, so this is probably their main purpose.
Fiat Currency Exchange
Now we’re getting closer to the easier ways you can obtain Ethers. Believe it or not, you can purchase Ether using your everyday euro or dollar bills (figuratively, of course). No, seriously, Ethereum offers fiat currency exchange services, giving you the chance to obtain Ethers with your home currency.
And finally, of course, if you have entered the crypto world and you already have some Bitcoins in your wallet, you can trade them for the equivalent amount of Ethers.
Once you purchase or obtain your Ethers, you will need to store them in a safe place. You get three options here, e-Wallet options. The first one is the hardware option, which means any external hard drive or USB drive that allows you to save your private and public keys.
The second option is the software e-Wallet, but this option poses a more significant threat to your wealth, because it needs to be connected to the internet, and we all know that the internet is not always a safe place, with thousands of hackers preying around. You will need to download it onto your device, and again, this is not the safest way to keep your Ethers because someone can always steal your device and take all your Ethers.
And finally, you have the paper wallet option which is a piece of paper containing your keys, which is kept in safety deposit boxes.
Why Play at An Ethereum Online Casino
While there are plenty of operators who accept deposits and withdrawals with this option, there are just a few Ethereum casino sites that are created on its platform and ecosystem. However, words circle around that such online casinos are about to be created and are going to be ground-breaking.
The main reason why players choose to play with cryptocurrencies is that there is no need for an intermediary to facilitate their transactions. This means that a player has absolute anonymity. It is impossible for anyone to track your money stream and link your money to you as a person. This means that there is no third-party that needs to oversee or facilitate your transactions.
No middle man, no costs. When there is no third-party payment provider or bank in the middle to oversee your transactions or perform a service on your behalf, there are no fees involved. And this is every online casino player’s dream. They keep on looking for the latest Ethereum casino launched to join to take advantage of the fee-free online casino gambling.
Another advantage players get is the speed of the transactions. Players get to enjoy their favorite Ethereum casino games with no delay, since transactions with this cryptocurrency are instant, both deposits and withdrawals. This is why players are always on alert, looking for the newest Ethereum casino to sign-up in, and enjoy the instantaneous transactions.
Deposits and Withdrawals in the Best Ethereum Casino Sites
If you go on the internet and read some Ethereum casino reviews, you will see that these casinos are being treated as standard online casinos. We check the operator and its licenses; we look at the security measures it offers, the games, and of course, the Ethereum casino bonus offers.
Once we find the casino that meets all our criteria, we proceed to make deposits and withdrawals. A top online casino
that offers this cryptocurrency will have all the information you need laid out and will guide you through the deposit and withdrawal procedure.
Nevertheless, the steps are quite simple. Probably, the casino will also offer other crypto options, but you need to select Ethereum as your method of choice.
This is when you will be provided with the address for your online casino account. Copy the address and specify the amount you would like to deposit and use it as your destination. Confirm the transaction and your Ethers will be mined. Your Ethers will be available on your bankroll immediately, so you can start playing your favorite online slots
. Withdrawals are made pretty much in the same way, only in the opposite direction.