Why Ethereum is a great payment method in an online casino

Ethereum was launched in 2015, six years after Bitcoin. In just a couple of years it has become the second largest cryptocurrency in the world. Around the globe, it’s a very popular crypto payment method. So it’s not really surprising that more and more online casinos accept payments with Ethereum. Thanks to Ethereum, it has become much easier to transfer crypto coins to the casino.

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What is Ethereum and why using for gambling ?

Ethereum was established to make small-contracts possible. They have an agreed value, which is determined on the current price. So if you’ve bought a coin for 500 euros, the same contract could be worth 1000 euros depending on the value. Ethereum is digital like other cryptocurrencies such as Bitcoin, so you cannot physically own it. It’s possible to buy things with it digitally though. Some people love to gamble online with Ethereum. If you use the contracts, you swap one contract for play money. The current rate is used and this amount of money will be transferred to your account at the online casino.

In which casinos can you pay with Ethereum?

There are several popular online casinos where you can pay with Ethereum. Among them is Eskimo Casino, where you receive a nice 100 percent welcome bonus and 140 free spins. Spinia Casino and Casinoland have a nice welcome bonus for you, respectively 250 and 800 euros. At Spinia Casino you also receive 50 free spins. Perhaps they bring you a lot of luck!

Invest and earn or lose a lot of money
In the last couple of years, Ethereum has become very popular. At the beginning of 2017 the value of the coin was increasing a lot. In January 2017 the coin was only worth 7,50 euros, while in May it had already increased to 730 euros! This development shows that the value of Ethereum can change without gambling with it. This has both positive and negative effects. Yes, the value of the coin can rise, but it can also decrease. Those who have crypto coins soon discover that it’s a very volatile market. Because of this, the current value is always used when you make a deposit with coins in an online casino.

What is the difference between Ethereum and Bitcoin?

Bitcoin and Ethereum are the two most popular cryptocurrencies. There are a lot of differences between them actually. For example, Ethereum works with smart-contracts and Bitcoin is only a coin based on blockchain technology. The big advantage of Ethereum is its speed. A transaction can be done in just a few seconds, whereas this takes hours with Bitcoin. This is not really an advantage if you like to gamble with your crypto coins immediately. Another advantage is that through Ethereum you can sign a kind of contract with the casino. It contains a number of agreements including that they are obliged to return your coins if you ask for them. The only rule is that you shouldn’t have already gambled with them. This agreement makes people who gamble with Ethereum coins for the first time more relaxed.

Extra gambling element makes Ethereum unique
One of the attractive things about Ethereum is that it has an extra gambling element that regular casino games do not have. Imagine that someone has bought Ethereum coins that are worth 600 euros each. If this person deposits two coins into his or her casino account, the daily value will be 1200 euros in total. At most online casinos the money is deposited into an account in euros. Perhaps you’re one of the persons who has done this. After the deposit you can gamble with the money that has been converted for the coins. Hopefully you win twice as much. Now imagine that you buy four Ethereum coins with the winning money. Instead of being paid out in euros, you get Ethereum coins instead. 6 months later the rate has doubled and the coins are worth as much as eight coins when you’ve stopped gambling. So after waiting for a while you have much more money on your account, without having to do anything!

The pros and cons of Ethereum
Always compare the pros and cons of payment methods and chose the one that fits you best. Ethereum definitely has some advantages for casino players. Not just the extra gambling element, but also the possibility to pay anonymous. If you like this, Ethereum as a payment method in online casinos might be a very good choice. In the Netherlands online gambling is tolerated. However, at the moment there are no official Dutch online casinos. Because of this it can feel dangerous to create an account and leave your personal details behind. You don’t know what is going to happen with your personal information, and thus decide not to use crypto. Or perhaps you don’t like your partner to find out that you’re using money to gamble. Luckily there is a solution for people who have doubts or who want to keep their spending private: Ethereum. It gives you complete anonymity, which is one of the reasons for its popularity. Nobody in the entire world knows how many coins you own or for what purpose you’re using them for.

Money transfers and withdrawals are faster than ever
There’s another advantage of Ethereum besides complete anonymity: an Ethereum transfer is much faster than a bank transfer. What’s more, with this payment method your coins will be added to your account in just a few seconds! So you can start gambling with them immediately. Perhaps you were lucky and you’ve won money. Most traditional withdrawals take two to five working days to be completed. This is not the case with Ethereum though. If you choose this payment method, your play money will be paid out within 30 minutes. Many players find the quick withdrawals amazing. It’s also very useful when you like to buy a few extra coins quickly.

Very secure payment method Ethereum

Every player likes a little extra security and safety when he or she pays in an online casino. In that case, Ethereum is the perfect payment method for you. It has been developed in such a way that it’s actually one of the most secured payment methods in the world. This is also shown by the fact that fewer Ethereum accounts have been hacked than creditcard accounts. So in fact it’s safer to transfer money with Ethereum dan with Mastercard or VISA! For people who are suspicious of certain websites and don’t like to make a transaction, Ethereum is a great solution.

Perfect for high-roller players
Most online casinos use a payment limit of 1000 euros. It means that you cannot place a bet with a larger amount of money. Luckily there are ways to increase the payment limit. First of all, you could make a couple of transactions. Some high-roller players, those who spend a lot of money at the casino, work this way. However, sometimes it takes days to get their desired budget together. This is shame for those who like to play fast. In the last couple of years a better way to increase the payment limit has emerged: Ethereum. Imagine that the daily value of this crypto is a thousand euros. In the casino you can deposit up to 10 coins every day. This means that you can transfer 10.000 euros all at once without having to wait. So in the end Ethereum is the best way to play with a high limit.

What is an e-wallet?
If you like to own Ethereum coins, use a so-called ‘e-wallet’. This is a digital wallet where you can keep all the coins together. Nowadays there are several exchange websites where you can create an e-wallet. In these places you can buy Ethereum coins at the current exchange rate, However, most companies behind the websites ask for money when you buy and sell coins. On the other hand, your coins are perfectly safe in an e-wallet. It’s important to know that each e-wallet has a special login code with numbers and a password. You need this code to perform a transaction and to buy something with your coins, so don’t lose it! Once you’ve purchased coins from an exchange site, you can transfer and use them in an online casino.
The disadvantage of converting Ethereum into real money
Most casinos who accept crypto coins as a payment method convert it into real money. To do so, they use the daily rate of the coin. There is a disadvantage to this though. Imagine that you deposit two Ethereum coins on your account at the beginning of the month. You will get the daily rate before your pay-out. At the end of the month the coin is worth five hundred euros more. Because of this you can only buy back one coin instead of the two you had. Sometimes this happens in a casino and it obviously doesn’t make a crypto investor happy! On the other hand, your coin might be worth less. In that case you may get more coins in return, although they’re worth no as much as before. Luckily there’s an alternative to this, namely that you play casino games where you can earn the coins yourself. It means that the Ethereum coin will not be converted to valuta like Euros or Dollars at the daily rate. Instead you place a bet with one coin on a slot machine. If you’re lucky you could win more coins as a prize. This can be more lucrative if you consider the fact that exchange rates can be very volatile. The good news is that more and more casinos offer the possibility place a bet with a coin.

What about Ethereum and bonuses?

There are more and more online casinos that want to persuade players to deposit extra money or to opt for Ethereum. They do this because the coins also earn them more money. Especially when the exchange value rises, the money becomes worth a lot more than a deposit with Euros. This is the reason why online casinos they give away more and more deposit bonuses. You can easily double your money or coins because of it! For example, at some places you receive one coin as a gift if you deposit at least one coin. These are of course so-called ‘super bonuses’ that are especially interesting for high-rollers.

Is crypto the future for the casino industry?

In the last couple of years there have been a lot of developments in the crypto industry. Just ten years ago Ethereum did not even exist, and nowadays the coin is worth a lot. Many people believe that crypto coins can become the future of online gambling. Fact is that the coins are being used more and more for daily things, such as gambling or buying products. The possibilities of traditional payment seem to be outdated, while crypto offers a new way of paying. It’s a transparent way of gambling and the risk of fraud is less, which makes it an interesting option for many gamblers.

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