Created by Vitalik Buterin and his team in 2015, Ethereum is a decentralized blockchain with a native cryptocurrency called Ether (ETH). This crypto is regarded as the most serious competition to Bitcoin (BTC), the main reason being that these two cryptos lead the way when it comes to the number of users.
Ether is incredibly popular in the online gambling community for several reasons starting with the fact that its transaction times are relatively short. ETH transactions are significantly faster than those made with BTC.
What this means is that if you deposit to your casino account with ETH, the money will be there in a matter of minutes or even seconds, depending on how much money you’re sending. The same goes for withdrawals as well, although they might also depend on how long the casino operator takes to process payout requests.
Another reason why gamblers love ETH is that it’s usually free to send this cryptocurrency from/to their casino account. Even in cases when there’s a processing charge, it’s usually very small.
Ethereum is also a popular choice among gamblers because many online casinos support it. In fact, ETH is second only to Bitcoin when it comes to the number of gambling sites that accept it. You can find literally dozens of top-rated internet casinos on our website that work with this cryptocurrency, with some of them even giving away lucrative bonuses on ETH deposits.
Advantages and Disadvantages of Using Ethereum Classic at Online Casinos
Advantages:
Decentralization and Security: Ethereum Classic maintains a decentralized and secure blockchain, ensuring that transactions are safe and free from tampering.
Lower Fees: Compared to traditional banking methods, Ethereum Classic often offers lower transaction fees, making it a cost-effective option for deposits.
Faster Transactions: ETC transactions are generally faster than traditional methods like bank transfers, providing quick access to funds in your casino account.
Anonymity: Using Ethereum Classic can offer a higher level of privacy compared to conventional banking methods, as transactions do not require personal information.
Accessibility: ETC can be bought and sold on most cryptocurrency exchanges, making it easily accessible for users.
Smart Contracts: Ethereum Classic supports smart contracts, which can enhance the functionality and transparency of online casino operations.
Disadvantages:
Volatility: Like most cryptocurrencies, Ethereum Classic is subject to market volatility, which can affect the value of your deposits.
Limited Acceptance: ETC is not as widely accepted as other cryptocurrencies like Bitcoin or Ethereum, so fewer online casinos may support it.
Regulatory Concerns: Cryptocurrency regulations vary by country, and using ETC for gambling might not be allowed in some regions, leading to potential legal issues.
Technical Knowledge: Users need a basic understanding of cryptocurrency wallets and blockchain technology, which can be a barrier for those unfamiliar with the space.
Slower than Other Cryptos: While faster than traditional methods, ETC transactions can be slower compared to those of more advanced cryptocurrencies like Ethereum (ETH).
Potential for Hacks: Although secure, the blockchain is not entirely immune to hacks and fraud, posing a risk to your funds.
Apart from being a common payment option on gambling platforms, ETH Is also frequently found in cryptocurrency exchanges (e.g., Binance, Kraken, etc.) and crypto marketplaces (e.g., Paxful, CryptoExchange, etc.). What this means is that you can easily buy Ether, as well as sell it for dollars (or whatever fiat currency you prefer) if you end up making profits from your online gambling adventure.
Another banking option you might find suitable for you is Tether.