Cryptocurrencies have become mainstream enough for gambling venues to considering offering options for players to pay via cryptocurrencies and we’ve been seeing this trend mostly in online casinos even though some of the traditional casinos are starting to catch up, offering classic casino table games where players can utilize cryptocurrencies. Bitcoin is the most popular cryptocurrency. It became a huge part of online gambling in the last couple of years. However, there are other cryptocurrencies that are just as popular in the gambling world. But with this new trend, there are new challenges, a couple of changes in the way casinos accept payment or offer the wins so it’s important to have a clear understanding of what’s different when gambling with cryptocurrencies, specifically with Ethereum.
Ethereum Gambling Introduction
The step by step process is largely the same as with any regular casinos where you pay with cash, or in case of the online casino, you open up an account, make a deposit and wait for a win. When playing with Ethereum, the process is the same and you need to take the same steps, but there are differences in details because we are dealing with a different sort of currency. The process of opening the account will be the same in all online casinos.
One of the perks of online casinos is the easy registration process. When you are planning to play via cryptocurrencies the anonymity of the payer is guaranteed. You will be playing as an Anonymous player, only needing to write down your address and a password. Now, before you decide to transfer your assets, it is important to make sure that you are dealing with a licensed, legitimate online provider because the cryptocurrency industry is still new and in a lot of ways harder to control.
Before you make the transaction, the casino asks that you to write down your unique Ethereum wallet address. After that, you need to make sure that you transfer the money to the correct casino wallet. So, the first step to Ethereum gambling is getting an Ethereum Wallet.
There are three types of Ethereum wallets: software, hardware and paper wallets. As you would imagine, each of these offer advantages and disadvantages. Going for one or another will come down to your lifestyle and goals regarding cryptocurrencies.
- Do you consider ETH an investment or payment method?
- Are you going for a long-time or short-time investment?
- Would you like to buy and cash out ETH straight from your new wallet?
Formulating and answering these and other questions should help you out with the decision. In case you’re not aware of the pros and cons of the above-mentioned wallet types, make sure to read this before jumping into one:
- Software wallet: your private key are stored in data files online (hot wallets) or offline (cold wallets). Hot wallets tend to be a bit more risky to store your private key due to potential cyber attacks.
- Hardware wallet: instead of keeping your private key on a data file, a hardware wallet stores them in a physical device that requires a password or fingerprint to unlock your wallet.
- Paper wallet: don’t let your imagination go wild — a paper wallet is nothing more than a piece of paper that has your public address and private key printed on it. The obvious advantage is that it’s literally un-hackable.
For more information, check our How to get an Ethereum Wallet article.
Funding Your Wallet
Once you get the wallet, you need to fund it with Ethereum before you can make any transactions with it. You can always send any asset to any wallet, but if you want to send tokens out or from a wallet, that address needs to have Ether in it to pay the network fee. There are websites that can make this process much easier. The most popular one is known as Coinbase and is used my millions of people around the world.
After the funding is done, make sure you secured your account. Depending on what type of wallet you get, the security can be different. However, the most universal way that’s offered by everyone is connecting your phone to the account. Once you do that, every time you log in to your wallet, you will get a text message. So, if someone else tries to get in your account, the text message will notify you and you can take appropriate measures to protect your account.
Fund your Ethereum Gambling Account!
The Coinbet24 bitcoin betting and online casino gives you a chance to use your Ethereum wallet. With it, you can fund your betting account with Ethereum and use it to place your favorite bets. The cryptocurrency can be used to play all the games on the casino. This includes classic table games, online slots, as well as live casino options. Additionally, Ethereum can be used to place bets on the sportsbook.