Guide to Ethereum: Top 2018 Gambling Sites That Accept Ethereum
For those who are both technologically savvy and interested in online gambling, cryptocurrency has opened up a whole new arena. Many sites are devoted to courting players who use cryptocurrency as payment, and Ethereum is certainly one of the most popular digital coins available. As a result, we’ve done you the service of compiling a list of the top 2018 gambling sites that accept Ethereum.
Have you not heard of cryptocurrency yet? If not, how is the weather on that secluded island where you’ve been residing for the past decade or so? Seriously though, you probably have heard of cryptocurrency, but you may have only encountered mentions of Bitcoin up to this point.
While Bitcoin is undoubtedly the most popular form of cryptocurrency, it has also spawned many others in its wake. At first, most of these competitors focused on mimicking what Bitcoin already did. But others soon began to form that found new uses for cryptocurrency beyond simply using it as a payment system, and Ethereum is the leader of that charge.
Ethereum was set up on the notion that the technology that drivers cryptocurrency can be far more versatile than just allowing people to pay for things in the digital sphere. It can also cover many more applications in modern life. Gambling is one of those applications, and Ethereum is uniquely set up in this manner to make your online wagering swift, easy, and profitable.
Of course, you can use it in the ways that you use Bitcoin and the other digital coins like it. But the Ethereum network, and the proprietary Ether coins that drive it can allow you to take advantage of gambling applications on the network itself. Or you can simply take the coins and spend them on third-party gambling sites, a growing number of which are accepting Ether for their deposits.
In the following article, we will break down the advantages of using Ethereum on either a gambling site or on the Ethereum network in a gambling app. You’ll also find information about how best to choose the sites that accept Ether for your gambling pleasure. Or, barring that, you can simply check out our list of the top 2018 gambling sites that accept Ethereum, because we’ve done all the homework for you.
An Introduction to Cryptocurrency
It might seem like we’re getting ahead of ourselves here, especially if you are a newbie to cryptocurrency. So let’s help you get educated with a quick rundown of some frequently asked questions about cryptocurrency. Once we do that, we can show you how Ethereum is unique among cryptocurrency coins.
What Is Cryptocurrency?
Cryptocurrency is a form of currency that exists only in the digital sphere. It is not physical, meaning that you can’t hold it like you would bills or coins. But you can exchange it for goods and services as long as the person or entity with whom you are transacting also has the capability of accepting the coins and you both have an internet connection.
Are Bitcoin and Cryptocurrency One And The Same?
Bitcoin was the first cryptocurrency and is still the most popular, but it is not the only one. Many other coins have been created as well, usually using the same blockchain technology that is employed by Bitcoin. Yet people get confused because Bitcoin is mentioned so often in news reports about cryptocurrency.
What Is the Blockchain?
The blockchain is the technology that runs most cryptocurrencies. Because it is somewhat involved, we suggest that you check out this site for the most technical description of it. But, in short, the blockchain allows each transaction made using cryptocurrency to be ratified, recorded, and legitimized, ensuring trust in those using the coins.
How Is Using Cryptocurrency Different from Paying Online With Other Methods?
Perhaps the best way to describe it is that cryptocurrency is analogous to paying someone with cash. You don’t need a bank or credit card for the transaction. It puts the control of one’s finances back in their hands, without having to worry about interference from a big institution like a bank or financial company.
How Do People Invest in Cryptocurrency?
Once people have acquired some cryptocurrency, they essentially have an investment as well. The coins rise and fall in value due to simple supply and demand principles. As a result, the coins tend to behave almost like a stock in your investment portfolio might.
How Do You Acquire Cryptocurrency?
You can buy cryptocurrency from a website known as a coin exchange. Or you can be paid some amount by someone else if you make a transaction with them. If you have a cryptocurrency wallet, which is either a piece of hardware or downloaded software on some online-enabled device like a tablet or phone, you can store your acquired coins in there.
The Ethereum Difference
Now that we’ve gone over the basics, we can start to focus on Ethereum and what it makes it such a unique opportunity for gamblers. After all, the reason that we can compile a list of the top 2018 gambling sites that accept Ethereum is because many sites are open to accepting the coins as payment. And it goes beyond the fact that Ethereum is right up there among the top of the cryptocurrency offerings, with the value of Ether usually only behind Bitcoin among digital coins.
You might consider the differences inherent in Ethereum in terms of generations. Think of Bitcoin, and other similar coins such as Dash, Litecoin or Bitcoin Cash, as the first generation of cryptocurrency. Ethereum is at the forefront of the second generation.
In many ways, Ethereum is responsible for driving the boom in coin offerings. People are understanding that the technology is useful for a lot of applications. It is similar to when the internet took off and businesses sprung up once they saw how beneficial online interaction with customers could be for them.
Ethereum is a network which allows other entrepreneurs to build decentralized applications on it. That means that these entrepreneurs can create endeavors that are free from any third-party oversight. It opens up the realm of possibilities for innovation, and gambling applications are just the tip of the iceberg.
The key to Ethereum is its promotion of smart contracts. These are agreements that are struck by two parties without any need for a third party, such as lawyers or notaries or anything like that, to get involved. That cuts down costs and streamlines the process.
Ethereum manages this through the use of the blockchain. In much the same way that a financial transaction can take place on the blockchain without outside involvement, so too can a contract be written and executed. The technology will make sure the agreed-upon terms are delivered once the predetermined stipulations are met.
Obviously, that can come into play in terms of gambling. Imagine I want to bet on a football team, and you offer me seven points to bet on that team at three to one odds. Doing it through Ethereum, I would gain three coins for every one that I staked if the team loses by less than seven points, and this would happen automatically without the need for a bookie or a website’s guidance.
Decentralized applications are sometimes referred to as dApps for easy understanding. And there are a growing number of these sprouting up on the Ethereum network. What they offer you is the chance to act out a direct, peer-to-peer gambling scenario as listed above.
The advantages to this are obvious. On the one hand, you wouldn’t need to create an account with a gambling website, some of which will require you to enter personal information. In addition, you can essentially control what you want to put out there in most cases, instead of a minimum deposit requirement.
You might even be able to negotiate terms or point spreads for specific wagers. That usually isn’t the case with a gambling site. So there are some interesting perks to the whole Ethereum dApp scenario.
The only problem is that this is still a kind of fledgling sector of the gambling industry. Chances are you won’t always be able to find the wagering opportunities on these dApps that you can find on more established websites. As these are also new enterprises, for the most part, you have no way of knowing if they will stand the test of time for you to build a typical relationship with them.
While dApps are an intriguing pocket of the gambling world, they might not yet be advanced enough for you if you plan on doing serious gambling over a long period of time. For that reason, at least for the time being, we recommend that you stick with our list of the top 2018 gambling sites that accept Ethereum for your gambling enterprises. After all, gambling on these sites with Ethereum comes with its own set of built-in advantages over simply using traditional means of payments.
Using Ethereum On Gambling Websites
The process for using Ethereum, or Ether to be more precise, on the top 2018 gambling sites that accept Ethereum as payment is a pretty simple one. Let’s run down the checklist:
- Purchase or Download An Ethereum Wallet. There are some wallets that will be applicable to many different coins of cryptocurrency, while some might only be used for Ether. Your best bet, for safety’s sake, is a hardware wallet that you purchase, since you can store your coins safely offline with it. If you must use a downloadable wallet that is connected to the internet, try to keep only a small amount of coins in there so that a hack can’t damage your finances too much.
- Purchase Some Ether. As Ethereum is the most popular cryptocurrency platform besides Bitcoin and is growing in popularity all the time, you shouldn’t have a hard time buying some off a coin exchange. In fact, many exchanges will let you trade either fiat currency (like Dollar or Pounds) or other crypto coins for it. Try to make the purchase at a time when the price of the Ether coins has dipped (more on that later.)
- Find the site that accepts Ether as payment. A simple search should do the trick for you. Or you can use the list of the top 2018 gambling sites that accept Ethereum that we’ve provided as a head start.
- Deposit your coins. From there it’s simply a matter of finding the site’s payment page and some data input of your Ethereum key. You only need to include the amount you want to deposit in this transaction, which, as you’re about to see, is one of the main advantages of using Ether to fund your gambling endeavors.
Advantages of Using Ethereum As A Gambling Site Payment
Since there isn’t the need for a bank or a credit card to be involved, your personal information doesn’t need to be exposed to anyone. The site might require some sort of identification details for you to proceed. But it won’t get a crack at all of your financial details.
What does that mean? Well, when you gamble using a credit card or debit card as payment, you have to essentially expose the entire account that you have with the third party, even if you are only using a little bit of it. That is how hackers do their damage, by stealing card numbers and the funds in accounts.
But by using Ethereum, you only need to give information on how much you are putting at stake. For example, say you want to gamble $1,000 but have $10,000 worth of Ethereum (how many coins that might be is dependent on the value of Ether at the time.) Only the $1,000 will go forth to the gambling site, while the rest stays behind safely in your wallet.
As anyone who has ever dealt with a gambling website before knows, issues can arise with withdrawals and deposits. For example, you might want to gamble on a certain event but need to deposit money to do so. It takes too long to go through and you miss out on the opportunity.
Withdrawals can be a slow process to begin with, and it becomes downright molasses-like with traditional levels of payment. Casino and gambling sites are loath to have you take your money out, and will often put up some hurdles before you can get your money out. Any delay caused by your credit card company can really bog everything down.
That’s where Ethereum makes a major difference. Whether you are withdrawing or depositing, it is an almost instantaneous process. And, since credit card companies can sometimes be leery of having their funds associated with even legitimate gambling sites, they can often try to put a stop to those funds going through.
That won’t happen with Ethereum, where there is no centralized body making decisions on matters like that. You are in charge and don’t need to worry as much about the deposit and withdrawal process being further interrupted.
Gambling websites love the idea of doing business with cryptocurrencies because of the ease of use and the possibility of the rise in value of the coins over time. In addition, they also know that people paying with coins like Ethereum will free them from burdensome credit card servicing fees. When they save money, they tend to pass savings onto the customers.
In addition, Ethereum users know that the processing fee for using the coins is relatively small. Compare that to Bitcoin, which sometimes costs users around twenty dollars or so per transaction because of the need to get through the logjam of transactions. That is one instance where the fact that Ethereum isn’t quite as well-known as Bitcoin actually works in its favor.
Disadvantages of Using Ethereum as a Gambling Site Payment
Let’s be honest: Cryptocurrencies like Ethereum make for an extremely innovative and exciting way to make payments. But not everyone is on board just yet. That reluctance and feet-dragging also can be found in the realm of gambling websites, and that leads to some of these disadvantages:
- Fewer Websites Available: There are many great sites, such as SportsBetting and BetOnline, that do rank among the very best around for gamblers that do accept Ethereum payments. But many haven’t made that technological leap yet. As a result, your choices might be somewhat limited compared to if you were using traditional currency.
- Changing Value: When you spend your Ethereum, you have to be prepared for the possibility that it will rise significantly in value. Cryptocurrency, in general, is often speculated upon by investors who believe there is great untapped potential in the technology. As a result, you could end up spending coins that turn out to be quite valuable down the line, value that even your gambling wins might not match.
- Confusion: For those who are a little concerned about technology, you might be too baffled by the concept of Ethereum to move forward. Most people generally realize that it is easier than they expect it to be once they try it. But some just can’t get over that hump.
What Makes a Top Ethereum Betting Website
We have listed some of the best websites that accept Ether as payment, making them compatible with the Ethereum network. Knowing the reasons why we chose the top legit betting websites that we did can help you determine if a site that you might find doing your own research is on the level. Here are some of the factors that you should be seeking.
Betting websites generally offer incentives to new gamblers to join up with their site. They also generally throw perks to their regular clients to keep them in the fold. But what’s interesting is how much these gambling sites want to be in business with cryptocurrency users, including those who utilize the Ethereum network.
As a result, you are short-changing yourself if you don’t attempt to find a site with the most aggressive bonus structure available. You can decide what kind of bonuses you prefer, whether they might be deposit boosts, VIP perks, free bets or all of the above. The bottom line is that any site that you choose should have a strong incentive system in place if you are going to spend your Ethereum for gambling with them.
Plentiful Gambling Options
If you’re one of the people who likes to spread your gambling capitol around to multiple locations, you need to know that a website will give you exposure to all of your favorite options. Perhaps you like to play casino games like slot machines, video poker or table games. Or maybe you need access to a sports book that gives you the chance to bet on your favorite teams and games.
Many sites are one-stop locations for just about every type of betting you can imagine. But it’s important to do your research before you sign on. Otherwise, you could find that you can’t do your Ethereum gambling in the fashion that you prefer.
As mentioned above, getting deposits into a website and withdrawing money out of it can sometimes be problematic. It’s best if the website in question makes these policies known somewhere on their website so there is no problem. Or, at the very least, they should communicate them to you.
Along those same lines, customer service should be a priority for any site that you consider. If you can’t go to the site’s leadership or representatives with a problem and at least get a timely response, you could be in line for disappointment. Make sure the website that you choose has developed a solid reputation for such customer service before deciding on creating an account with them.
Choosing the top 2018 gambling sites that accept Ethereum is a task that you can pull off if you follow the guidelines above. Or you can start by looking at our recommendations. In any case, you’re likely to find that Ethereum is the perfect way to fund your gambling exploits.