***Updated: September 10th, 2020***
Launched on July 30, 2015 by computer programmer Vitalik Buterin, Ethereum was an instant hit among cryptocurrency enthusiasts. It came to fruition through crowd funding efforts in the summer of 2014 and quickly gained international headlines in 2016 after an exploitation of a flaw in the DAO project’s software led to the theft of $50 million of Ether by faceless hackers.
It was then split into two separate blockchains causing the value of ETH to balloon 13,000% to over $1,400 USD in 2017 before crashing back down to $200 the following year. Both the original and it’s forked brother Ethereum Classic continued on the initial chain creating a fierce rivalry, leaving observers scrambling to figure out which one should be supported. It then forked twice more in the fourth quarter of 2016 in response to other attacks and has now improved its overall security greatly.
Like all high-performing engines, this coin runs on gas, although the fuel in this instance refers to the amount of mining resources required to fulfill a transfer. Specifically, it relates to usage loads the World Computer has to shoulder during the undertaking and also acts as a motivator for miners to use it as they are ultimately paid in this virtual gas.
It’s this computer called the Ethereum Virtual Machine (EVM) which completes calculations and facilitates data storage necessary for all orders. Everything comes together to ensure it can be mined by anyone with zero downtime in the network.
How to Deposit at Online Casinos with Ethereum
Using Ethereum follows the exact same process as depositing with Bitcoin, with the only difference being completion time. It’s necessary to use a 3rd party exchange to transfer money into wallets to buy Alt Coins, then sending them along to betting websites via an “address”. An address in this situation is simply a long, unique string of numbers and characters allowing the transaction to only be received by intended parties, basically functioning as a password.
Therefore, all that’s needed to start is a valid account at an exchange and the knowledge of how to purchase them, the rest easily falling into place. However, before registering for a wallet make sure they accept ETH because some don’t, although nowadays most obviously do.
As is the case with the majority of virtual currencies, there isn’t a maximum amount on how much can be sent and minimums are solely dictated by various recipients. Fees depend on the amount of mining required to finish the task each time, but rest assured it’s cheaper than dealing with American Express Casinos or other credit card institutions.
Pros and Cons of Ethereum
Numerous strengths are enjoyed with Ethereum, with the most important one being transactions are anonymous and untraceable, thereby protecting identities and keeping financial histories private. It’s also anonymous to move coins between personal accounts so it’s possible to send or receive money from friends with no issues whatsoever.
In addition, the procedure is much faster when compared to old school ways that can take hours or even days, like gambling with wire transfers, enabling sports wagers or poker tournament entires to be finalized in minutes. It’s a totally better way since nothing is more frustrating than not getting in on action that initially sparked the urge to play.
Only a few strong negatives surround ETH and they are the same as any other Alt Coin. Firstly, the process of setting up a Wallet to buy and sell crypto is time consuming in the beginning because it’s necessary to verify new profiles through forms and scans of official identification. Although, this is only a one-time requirement and isn’t requested again once accomplished.
Secondly, fees for smaller amounts are disproportionally higher than other coins, making them not worth the trouble. A lot of the cost goes towards actual mining so it’s optimal to send a reasonable minimum, such as $200 or more.
Also, like competitors, it’s essential to find an ATM supporting the currency used to ensure it doesn’t need to be moved into a personal account to withdraw it. However, cryptocurrency ATMs are becoming much more popular and easier to locate these days, so there shouldn’t be an issue (depending on region).
Lastly, since it’s purely digital, if login details for wallets are lost, funds are locked forever, never to be accessed again. Consequently, it’s vital to write passwords down and always know where they are.
Ethereum vs. Bitcoin
When comparing Ethereum to Bitcoin, only a few main differences are noticed at the surface level and most bigger ones involve technical details. First and foremost, generally lower fees sending ETH are enjoyed but as explained above, these are nullified on small amounts due to mining expenses. This is because they are based on storage requirements and bandwidth usage, while BTC fees are primarily related to block size (with a limit of 1 MB). The former is more accessible as it doesn’t have a “block limit”, which refers to the number of transactions put into a block by miners.
Secondly, processes are completed much quicker at an average of 15 seconds vs. 10 minutes. This won’t be an important factor for many, but sports bettors with a tight window to wager on a specific line will obviously want to choose the fastest option available.
Some experts argue that because ETH has advanced calculating algorithms embedded in it, it’s more vulnerable to attacks from hackers. This is still debated in the crypto community as new defenses are launched all the time. The other technical difference is a result of the EVM mentioned above, which allows its blockchain to run the programming code in a decentralized manner, ensuring it stays truly open source.
Best USA Online Casinos for Ethereum
Since it’s still rising in popularity around the globe, it’s occasionally difficult to find Ethereum in a list of USA online casino deposit methods but it’s certainly gaining momentum. Two great destinations currently taking it, a huge part of why they’re industry leaders.
Both operations are run by the same company who’s been delighting hundreds of thousands of Americans with excellent products for years. Their newer property, Wild, focuses solely on table games, video poker, and slots, while established brands of BetOnline and SportsBetting.ag are primarily sportsbooks taking action on every league around the world.
These are the three exclusively recommended ETH gambling sites for now, however, it can be assumed that more will be added soon as the electronic banking tool grows in popularity.