Introduction
If you’ve heard of cryptocurrency before, you’re probably most familiar with Bitcoin – the leader in the industry. There are plenty of smaller cryptocurrencies starting to become more widely used though, and one of these is undoubtedly Ethereum (ETH). This newer currency has the advantage of being faster than Bitcoin deposits and withdrawals, plus it’s also incredibly safe to use, providing a few simple precautions are followed.
Anyone looking to deposit at an online gambling site using cryptocurrency should definitely think about using this method. Find out more about why this is the case by reading through this detailed page.
Getting Started
To get started with this cryptocurrency, players will first need to head to an exchange and buy some. This can be done using a variety of different payment options. Once some of this currency has been bought, it will be stored in the marketplace. This isn’t the safest way to hold the currency though: instead, download a free wallet, such as MyEtherWallet.com. Even better, purchase a hardware wallet, such as the Nano Ledger S, which will ensure only those with the hardware can access the currency.
As with Bitcoin, it is also possible to mine Ether, but this is going to only be an option for a very small few. This is because mining this currency takes a huge amount of resources, and standard casino players simply don’t have these resources to hand. So, beginners to this currency should forget about mining and simply purchase some of this currency instead.
Once money has been added to the wallet, you’re ready to start playing at online casino websites. All that’s needed now is to just find a site offering this payment option – something that’s possible to do by reading through our reviews.
Deposits
Once you’ve found a great casino, it’s time to head to the depositing section, before then selecting the Ethereum option. A wallet address is generated, which is very important. This is because you’ll then need to head to your ETH wallet and direct payment of this currency to the casino, using the wallet address that has been given. After this, there’s usually a wait of around 15 seconds (or one confirmation) before the money is credited to the online casino account.
Once the money is in the casino account, some sites will allow players to actually gamble with the currency. In many cases though, the ETH will be converted into another currency. Definitely check this before starting to use this cryptocurrency at an online gambling site.
Withdrawals
Withdrawals are exceptionally easy. In fact, those who have withdrawn using Bitcoin before will find that the Ethereum process is almost identical. The first thing to do is to select the relevant option from the list of withdrawal methods. Then decide how much money to withdraw. Make sure to factor in things like wagering requirements before withdrawing, to ensure there are no penalties imposed by the casino in question.
The length of time it takes to receive money really depends on the site being used. Some will offer withdrawals that instantly hit your wallet, while others will take a couple of days to process the request.
It should be mentioned that not every casino accepting deposits of this type will also accept withdrawals. If there’s no option to withdraw, instead pick an alternative choice. Don’t worry though, as there are usually plenty to choose from.
Advantages
It’s not difficult to come up with advantages for this payment method. The first concerns the fees that are payable – or, indeed, the lack of them. There are some negligible charges along the way for using this currency, plus some kind of commission is usually paid at cryptocurrency exchanges, however, the fees are still much lower than many other more traditional ways to deposit and withdraw. The result? You can spend more playing online casino games!
Another huge advantage surrounds privacy. Many people don’t want their names, email addresses and other details to be held by casinos and paying with Ether can get around this problem. This is because some sites will allow people to play using this currency without needing to register anything. Instead, they’ll simply identify that it’s them playing by using their IP address, meaning that they stay anonymous.
Next up is speed…
…this form of payment is faster than its main competitor, Bitcoin, which has slowed down recently as it has become more and more popular. This means that deposits are generally in your casino account in just a few seconds. Withdrawals can also be very fast – some sites even offer instant withdrawals to those using this virtual currency.
Finally, cryptocurrency, including Ethereum, can be the answer for those looking to deposit in countries where online gambling is restricted. For example, gamblers in America won’t be able to deposit using a credit/debit card or e-wallet. They can deposit and play anonymously using ETH though. Of course, it’s important to consider the laws and regulations of a country before deciding to play at casinos though.
Disadvantages
The biggest disadvantage of using this virtual currency, as is the case with all other virtual currencies, is the fact that there’s no regulation or protection for users. This means that those who forget their username and password, or those who find their currency has been stolen, will not be able to claim it back. Instead, the money will be lost forever. This is why we recommend keeping details of your username and password somewhere safe and accessible. Also, those with larger balances should spread their money over a few different wallets.
There’s also another risk…
…when using this currency, and it’s the fact that the value of it could go down. Ethereum is known to be more volatile than both Bitcoin and Litecoin, so the price could conceivably dip quickly, which will see you losing money. Of course, the opposite could also happen though, meaning that you’ll find yourself making some money instead.
The final disadvantage is that this cryptocurrency is not yet offered at a huge number of different online gambling sites. This reduces the number of sites you can potentially play at. There are still some really good choices to be found when reading through our reviews though. What’s more, as this currency gets more and more popular, more gambling sites will start to offer it as a banking option.
FAQs
What exactly is this payment method?
This is a cryptocurrency – a type of currency that’s increasing in popularity all the time. The money is virtual – there’s no physical cash – and the currency is not issued by a government. Many people think it’s better than traditional currency as it’s more anonymous.
How much does it cost to buy Ether?
This really depends on two things. The first is how much the currency is worth when it is purchased – it is volatile, and the value goes up and down. Also, different exchanges charge different fees when you’re buying and selling this virtual currency.
What other alternative cryptocurrencies can I use?
There are also a number of other cryptocurrencies around, and the most famous of these is undoubtedly Bitcoin. You’ll also find Bitcoin Cash – a currency formed after a split in the Bitcoin user base – as well as Litecoin and Dogecoin, to name but a few.
What can I do to stay as safe as possible?
We would recommend only purchasing this currency from a well-respected marketplace. Also, it’s important to use a secure cryptocurrency wallet to store your funds or a hardware wallet. Finally, keep a note of any usernames and passwords, in case they’ve forgotten.
Where’s the best casino offering this banking option?
A growing number of casinos are now starting to accept this cryptocurrency, but there still aren’t loads of places to play. The top sites accepting this payment method can be found by reading through our range of casino reviews.