The blockchain is going to revolutionize many different industries but at the forefront of development is the gambling sector as developers look to reap the rewards of this multi-billion dollar industry. One of the first important things you need to understand is that there are different blockchains and cryptos that all have special properties that make them unique. Ethereum is the world’s second-largest blockchain network and with its extra capabilities, it is going to be a game-changer.
The craze of gambling using cryptocurrencies started with Bitcoin but that was just the starting point. We are now seeing several new Ethereum based gambling platforms enter the space which is providing benefits such as no edge games and dividend payouts. With these types of incentives, it will not take too long for it to become mainstream and eventually rival the main players in the sector.
Ethereum Gambling Is Oh A High Ethereum Gambling Is Oh A High
Blockchain-based gambling is becoming popular by the day. Ethereum (ETH) casinos are all the rage nowadays. At this point, it appears as if some cryptocurrencies have fallen at the back no longer able to keep up with ETH casinos. Bitcoin (BTC) casinos were the first to be affected.
Bitcoin Dice and other BTC based gambling apps are no longer attractive, given their high transaction fees. Moreover; users who continue gambling via BTC say it takes them longer to play, and they spend a lot of funds on the platforms. In essence, cryptocurrency gambling came into the fray to provide punters with instant transactions, low fees, something Bitcoin has lost over time. Fortunately; Ethereum still holds the above advantages and grants them to all that love to gamble.
ETH uses Smart Contracts, which is set to disrupt the crypto-gambling domain. Smart Contracts ensure that players gain access only to provably fair games. It will be a moment before we start seeing more casino software developers create blockchain-based online games that are provably fair. The platforms will be using Smart Contracts to ensure fair gaming for both casino operators and gamers alike.
How To Gamble With Ethereum
There are two ways of using Ethereum for gambling. You can use ETH directly or exchange it in a casino to play with a stable currency and then convert it back to crypto and withdraw your funds! The first option gives you a limited choice as there are a few quality games in cryptocurrency casinos. You can only play a few card games, dice games, and a few slots. Thankfully, new games are being developed daily.
The second option annihilates the purpose of crypto gambling, which is anonymous playing, getting instant payments, and paying lower fees. With this option, players spend more funds than they would use in conventional payment systems fronted by the double exchange. Direct payments using ETH are more exciting, thanks to the Smart Contracts link.
How Smart Contracts Are Used
Smart Contracts serve as Ethereum in-built services. Smart Contracts allow gamers to bet on everything. The software is ingrained deep in the ETH code, and every bet made is part of a block that can’t be altered. It’s the sequence where if you bet on a specific event to occur, and it happens, you get paid via ETH automatically. Below are the advantages associated with the Ethereum system:
Besides; gambling through smart contracts doesn’t involve sending funds to anyone. The deal commences between the casino and player transacting in the same blockchain system. Nobody is in control of the funds, not the casino, nor the punter.
ETH Best For Gambling
With Ethereum, gamblers are not mandated to rely on anyone, not even the casino they’re playing at. We can equate this process to that of turning users’ bank accounts to casinos, but the statement still maintains its primary purpose.
Every bet is deducted straight from the account and all payments made are transferred to the same account immediately. Regardless of the amounts won, players get paid, and casinos are never in control to withhold or dispense winnings. Smart Contracts allow punters to place bets that are instantly recorded in the ETH code. The only way you can lose funds via this option is if Ethereum ceases to operate.
ETH Casino Disadvantages
There’s only a single disadvantage we have identified with Ethereum Casinos, and the challenge is its speed. Every bet gets recorded and saved in the blockchain, whenever a gamer makes a wager, it has to be confirmed in the very least a single block.
As it is now, one ETH block takes around 15 seconds to be created, so it takes fifteen seconds for the wager to be confirmed. Bets that exceed 1 ETH require more than a single block confirmation, which leads to a longer waiting time.
Ethereum Casino Advantages
As it is now, ETH is the best thing that has happened to the gambling industry. Why, thanks to its non-stop innovations and full transparency, it has brought to the gambling world. Users can see where their funds go and ensure that they get back the amounts they are entitled to without interruption. There are several successful ETH gambling projects in the offing today, including; digital currency schemes and edgeless casinos that are fraud-free.
The good thing being, during the betting process, casinos will not access ‘ players’ funds at any point. Why, because every transaction is guaranteed by the blockchain tech, which fully protects the funds. Many blockchain users have resulted in using cryptocurrency because they’re less trustful of financial institutions and systems.
The technology behind the Ethereum blockchain is still in the early days of development and every month that passes by we are seeing further developments in this new tech. It can be used to solve real problems that have affected the online casino and sports betting sector since its online inception. Trust is the most vital element and thanks to ETH and other cryptos we can expect a future where everything is transparent and trustless.
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