When you think of cryptocurrencies, it is highly likely that your first thought will set on Bitcoin. However, if you are looking for a cryptocurrency that completes transactions in much less time, then maybe it is time you started to use Ethereum when depositing and withdrawing at online casinos.
There is now a good number of Ethereum casinos that you can use the Ether cryptocurrency at. Accepting US players, these online casinos will let you deposit and withdraw using Ethereum and will allow you to play anonymously and securely.
What is Ethereum?
To most on the outside of the crypto sphere, Ethereum is the world’s second-largest cryptocurrency by market cap behind Bitcoin. However, Ethereum is far more than just a cryptocurrency and has even been labelled the ‘new internet’.
While you can indeed buy, sell, and spend ‘Ether’, the cryptocurrency of Ethereum, Ethereum is actually an open-source software platform based on blockchain technology. Developers can use smart contracts on the platform to create decentralized apps (or specifically DApps).
These DApps do not have to rely on a third-party to facilitate a financial transaction in the same way that using standard fiat currencies would. Ether, which is minable on the blockchain, is instead used as it is faster, anonymous and decentralized.
While Bitcoin was the first Cryptocurrency to be accepted as payment at some online casinos, others like Ethereum soon followed suit. There are now many online casinos where you can use this decentralized cryptocurrency to enjoy some online gambling.
Ethereum Casinos – How to Choose
The process behind choosing an Ethereum casino is not much different from choosing a standard online casino in fairness. Once you have found some online casinos that accept Ethereum for deposits and withdrawals, there are certain things that you are going to want to establish before choosing which of them is the best to play at.
- Licensing: The number one thing a player should be looking at before registering with any casino is the licenses that it has. These licenses are issued by regulatory authorities such as the UK Gambling Commission, Malta Gaming Authority, Alderney Gambling Commission Control and Government of Curacao among others. At the very least, if an online casino has a license with one of these regulatory authorities, they will have to adhere to the rules and regulations of that authority. These regulations include the regular testing of the RNG on the games, the ensured segregation of player funds, and using SSL technology for transactions.
- Reputation: Would you buy a used car of an unreputable used car salesman? Probably not and likewise, you should not be expecting fair treatment at an unreputable online casino. While there are more reputable online casinos than ever before, there are still some that could be providing a much better service. Even if an online casino has some of the above licensing and is deemed to be fair, you should still look around online to get the opinions of other players. An online casino may even be completely fair but might still have a bad reputation due to poor customer support, slow payments, or low withdrawal limits.
- Bonuses and Promotions: There are some great welcome bonuses out there and while they should not be the main reason to sign up for an online casino, they should definitely be part of the consideration process. Just be sure to check the wagering requirements of any bonus. Thousands in bonus cash might sound better than hundreds but you could have to adhere to wagering requirements of 65x compared to 15x.
- Selection of Games: Of course, another key factor of your decision will be the type and number of games on offer at the online casino. With the ability to enjoy online slots, table games, live dealer games and more, it is important to find a casino that has what you prefer. Also, you might have a favourite software developer so will want a casino that has their games.
There are many other aspects that you will want to consider as well. The number of payment methods, withdrawal limits, the quality of their customer service, and how quickly they process their payouts are just some of these.
Ethereum Deposits
To make a deposit in Ether at your Ethereum casino, you will first need to create an account with them and sign in. Once inside, you simply have to find the deposit button. This is generally not difficult to find as online casinos ultimately want you to make a deposit.
Most of the time this will be at the top of the screen or in your account settings. Once you have clicked to make a deposit, you simply have to choose Ethereum as your payment currency/method, choose an amount and type the address of your ether wallet.
Ethereum Withdrawals
This is a very similar process to when you make a deposit using Ethereum. This time though, it will mean that you will have experienced a win at the online casino. Go back into your account settings and this time click ‘Withdraw’, ‘Cashout’, or whether word they use to describe it.
Once again, simply choose Ethereum as your withdrawal option, state your amount, and your Ether wallet address. Once satisfied, hit submit and your cryptocurrency will then be transferred.
Pros and Cons of Using Ethereums
Pros
Anonymous Transactions
One of the main benefits of most cryptocurrencies is the privacy and anonymity that they provide. There are no third-party financial intermediaries involved as with fiat currencies in the US, so there is no need to provide any personal information or verify who you are.
Increased Safety
As long as you keep your ether wallet address safe, there is literally no other way that anybody can get their hands on your Ethereum. Transactions cannot be hacked as the smart contracts used to create apps on the Ethereum blockchain cannot be tampered with. Furthermore, the transaction can be tracked across the blockchain network as each participant on the blockchain has to verify the transaction along the way.
Fast Transactions
While you will have to wait many banking days for transactions to complete using traditional banking options such as credit and debit cards, Ether transactions can be completed in minutes and even seconds. Again, this is due to the peer-to-peer nature of cryptocurrencies and the removal of relying on third-party intermediaries.
Cons
May Take Time to Get Used to
If you are new to cryptocurrencies, the whole process may seem a little complicated. First, you have to get a wallet that can store Ethereum and then you will have to find a cryptocurrency exchange that you can use to buy Ethereum. That is all before you can even think about using it to transact with an online casino.
Not Easy to Get Hold of Cryptocurrencies
An extension on our first point, if you have never bought or traded cryptocurrencies before, it can be easy to become overwhelmed when trying to get your hands on some Ether. Experienced traders will know when to buy, and when to sell but if you are planning just to use it as a currency, you will at least want to get a good price.
Not That Many Ether Casinos Right Now
While we expect the number of Ethereum casinos to increase in the next couple of years, there are not all that many that players from the United States can enjoy right now. There are still a fair few but not when compared to Bitcoin casinos.
Ethereum Exchanges and Wallets in the US
The easiest and most common way to purchase Ethereum in the United States is to use an Ethereum exchange. On these marketplaces, users will be able to purchase Ether using a variety of fiat currencies such as USD, GBP, and EUR or can exchange another cryptocurrency such as Bitcoin for some Ether.
Coinbase is one of the most popular cryptocurrency exchanges that people can use if they wish to get their hands on some Ethereum. Most importantly, US citizens can use this market and it has a good reputation compared to many others.
Another option is to use LocalEthereum. This is probably a more straightforward option and will be ideal for those new to cryptocurrencies. Credit/debit cards and even PayPal can be used to purchase Ether here.
As for storing your newly purchased Ethereum, we recommend that you do not leave them in the wallets at the exchanges. These exchanges are not always the safest and have been hacked on occasion in the past. Instead, get yourself an Ether wallet such as MetaMask or Gnosis Safe and transfer your Ether there.
Ethereum Casinos USA – FAQ
Why Not Just Use Bitcoin?
Well, you could. Both make for excellent deposit and withdrawal methods at the online casinos and are actually quite similar in many respects. They do differ in what they provide the user though. Bitcoin is wider spread and more well-known and thus can be found at more online casinos right now. That said, transacting in Ethereum is much faster than Bitcoin as it takes minutes rather than hours for transactions to complete.
Can I Use Other Cryptocurrencies at Ethereum Casinos?
This will depend on each online casino on a case by case basis. It is highly likely that if an online casino already accepts Ethereum, it will probably accept Bitcoin and perhaps others such as Dogecoin and Litecoin as well.
Can I Still Claim a Welcome Bonus if Depositing in Ethereum?
Each online casino will have its own terms and conditions attached to their bonuses. We would like to assume that most will let you claim a bonus no matter your method of depositing but we do suggest you read those terms and conditions before making that deposit.