How to Obtain Ethereum
This is where things can get quite complex if you’re new to the world of cryptocurrencies. Before you can deposit using ETH at an online casino, you must first own some. Generally, you have a few choices. Before you consider any of them, you first need a wallet to store your Ethereum.
- Buy from cryptocurrency exchanges: You can find many cryptocurrency exchanges that let you sign up and purchase ETH using fiat currencies, such as EUR and USD. Do your research, though, as you want to make sure the exchange you use is trustworthy.
- Mine for them: Your least likely option is to mine ETH for yourself. All the Ether ever created was originally mined. However, this requires a powerful computer and plenty of knowledge about mining cryptos.
- Have someone send you some: If you know somebody that already owns some ETH, you can just have them send you some in return for payment using a fiat currency.
Placing Wagers at an Online Casino
Now that you have an Ethereum wallet containing some ETH, the next step is to find a reputable online casino that accepts deposits and withdrawals using your newfound cryptocurrency. The good news is that more and more casinos increasingly accept popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
Once you’ve found an ideal destination, you now have to make the deposit. It is important to add that your transaction goes from your wallet to the wallet held by the casino. So, you will need to enter that casino's wallet address correctly. The great thing about crypto deposits is how quick they are. It will not take too long before you can start playing using your Ethereum.
Being Cautious When Gambling Online
While cryptocurrencies offer quick, cheap, and secure transactions, there is still cause to be on your guard. While many reputable platforms now accept crypto, so do many unscrupulous online casinos. Always do your research before choosing an online casino, especially for those who "only" accept cryptocurrencies.
Make sure the casino has a valid license for your jurisdiction and read some reviews about the experiences of other players. If something does not feel or look right about an online casino, sometimes it is best to trust your gut instincts. Only sign up and deposit when you’re 100% certain the platform has solid licensing and a spotless reputation.
Advantages of Gambling with Ethereum
So what benefits are there when using cryptocurrencies, such as Ethereum, as a casino payment method? Well, there has to be some, as it wouldn't have become so popular otherwise. For one, transactions complete instantly, and that is a big plus if you’re tired of waiting when using other methods. Also, your transactions are safe, as you do not share your banking information with the casino.
- Low fees
- Instant transactions
- Safe and secure
- No banks involved
Disadvantages of Using Ethereum at Online Casinos
One disadvantage that will concern some is just how volatile the cryptocurrency market is in terms of value. Price can fluctuate rapidly in either direction. While we always hear about how valuable some of these cryptos have become to date, there are big dips to consider, too.
Aside from that, if you lose your wallet address, you lose everything in it. Plus, if you enter the wrong address when sending money, it is gone forever.
Conclusion
Ethereum and most other cryptocurrencies make for a good option when depositing and withdrawing at online casinos. You will enjoy quick, cheap, and secure transactions as long as you pick your online casino carefully. That is the most important thing to remember when using cryptocurrencies. Stick to the best online casinos only, and do not take a risk on platforms you know little about. If you’re responsible, aware and smart, you can take advantage of all the benefits that the Ethereum (ETH) cryptocurrency offers.
