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Online casinos that accept ethereum – can you bet with crypto?
Are you a crypto-investor or gambler? Do you know about the cryptocurrency Ethereum? Ethereum (ETH) is a blockchain-based, open-source, platform for “smart contracts.” The Ether token has plenty of functionality, even more so than Bitcoin.
If you’ve never heard of Ethereum before right now, that’s okay. Cryptocurrency is still a relatively new kid on the block, and millions of people are slow to the party. However, when you see the benefits behind involving yourself with the crypto economy, you’ll want to diversify your assets as fast as possible.
What is a decentralized platform?
Ethereum is a “decentralized” cryptocurrency. It gets this moniker because no central bank or issuing authority controls the creation or distribution of ETH and ETH classic. There is no jurisdiction over the cryptocurrency, with no country claiming it as suitable for payment of local taxes.
The decentralized nature of crypto, and ETH, means that governments cannot debase the currency (print more of it) to settle debts or fund government programs. As a result, there is a fixed monetary base for ETH, and it cannot experience dilution in the same way as fiat currencies.
In 2020 alone, the Federal Reserve printed nearly 6-trillion dollars. Many people think that this money simply appears, and we can spend it. However, the reality is that the Fed is debasing the currency, and that will eventually lead to inflation.
The Zimbabwean dollar is an excellent example of what printing money can do to a nation’s currency value. The massive hyperinflation in 2007 saw the Zimbabwean dollar reach an exchange rate of trillions of dollars to the USD.
However, the USD being the world reserve currency means that it exports its inflation to other markets. For this reason, emerging market currencies, such as the Argentinian Peso, Brazilian Real, and South African Rand experience devaluation of its currency against the USD.
The decentralized nature of crypto means that no-one can debase it by “printing more.” Instead, ETH and ETH Classic run on a technology called “the Blockchain.”
What is Ethereum?
Ethereum launched via crowd sale in 2014, with its developer Vitalik Buterin, spearheading the project.
Buterin developed the ETH blockchain to deploy “smart contracts,” offering more utility to the cryptocurrency than competitors like Bitcoin. Bitcoin is the world’s most popular crypto, with ETH chasing it in second place, far ahead of the competing coins.
What makes ETH unique to other coins is its smart contracts facility. With these contracts, you can enter so many different functions into the terms and conditions. For example, if you want to buy a house, you could enter into a smart contract that only releases ETH funds to the seller after taking occupation of your home.
This smart contract helps keep both parties in the deal honest. Only after fulfilling all terms and conditions on the smart contract, does the contract execute and send the funds. ETH’s transparency makes a significant selling point for the cryptocurrency, and one of the primary reasons it’s in use as a financial instrument on many online gaming sites.
After going live in 2015, Ethereum split the blockchain into two “forks.” The Ethereum currency split into two separates assets – ETH and ETH classic. In this post, we’ll focus on the ETH asset, and how you can use it to enjoy playing your favorite games at online casinos.
Can anyone hack Ethereum?
No, there is no way for hackers to manipulate your holding on the blockchain. The blockchain works using individual nodes (people holding ETRH), using these nodes to verify every ETH smart contract in existence.
There is no way to hack the blockchain, as it works off a secure, encrypted network that the world’s most advanced supercomputers can’t break. However, there is some discussion that the coming quantum age of computing might have the tech to break the blockchain encryption, but that still a long way off in the future.
The only way hackers can steal ETH is through gaining access to your wallet keys. If you leave your keys on a word or excel document on your PC, hackers can break through your computer’s security, gaining access to your data. If they find your keys, they can transfer your ETH out of your wallet.
Another method of stealing crypto involves hacking the exchanges themselves. Mt. Gox is the most infamous example of one of the biggest crypto heists in history. On June 19th, 2011, hackers penetrated the Mt. Gox security protocol, stealing over 850,000-BTC. The exchange never recovered the BTC and closed shortly after that.
How Ethereum can improve your gaming experience?
There are a ton of benefits to using ETH to enhance your gaming experience. Let’s unpack the advantages of gaming with crypto.
High RTP – When playing games with online ETH casinos, you get a high RTP of 99.5%, and it rarely drops below 99%.
Security and Transparency – ETH casinos run and monitor code in real-time, ensuring you get optimal functioning of the platform.
Fast withdrawal – The nature of the blockchain and smart contract functionality of ETH guarantees a speedy payout.
Anonymous gaming – With crypto, you don’t have to report your earnings to any central bank or government if you choose not to. The US demands that all crypto owners declare profits on their tax returns. However, there’s no way of them checking on the honesty of your return.
What are ETH casinos?
When gaming online, you can go with a traditional gaming facility that processes transactions in USD or another fiat currency. However, many states make it illegal to gamble online or operate an online casino.
As a result, many online gaming sites choose to host platforms in regions outside of the US that doesn’t adhere to the same financial regulations. These gaming platforms are notorious for cheating clients with fixed games.
Fortunately, the smarty contract nature of ETH levels the playing field for online gaming. This decentralized gaming strategy ensures players get a fair deal when playing online. In this post, we’ll unpack everything you need to know about Ethereum casinos. We’ll also discuss where to sign up for the best online gaming experience with your ETH.
A lack of available places to spend crypto is one of the central arguments against this alternative financial instrument being the new global standard of money. However, if you take the time to investigate the issue, you’ll find plenty of retailers and websites accepting payment in ETH or some form of crypto.
How to make a deposit and withdraw in Ethereum casinos?
If you have no experience dealing in cryptocurrency, the prospect of buying ETH can seem confusing. To make an ETH deposit at a gaming site, you’ll have to have ETH available for transfer in your e-wallet.
To purchase ETH, you’ll need to sign up with an exchange like Coinbase. If you’re exchanging fiat currency like USD or Euros into crypto, you’ll have to work with exchanges that allow for crypto purchases using credit cards or direct wire transfer.
If you’re planning on withdrawing your winnings in fiat, you’ll need to sign up with a regulated exchange like Coinbase. Kraken and other leading unregulated exchanges will accept deposits in USD, but they won’t convert your ETH to fiat when withdrawing.
Regulated exchanges like Coinbase follow international KYC and AML protocols to prevent the laundering of illicit funds. Most exchanges offer you a wallet address when signing up with the platform, allowing you to transfer the ETH to another wallet address, such as an online casino.
What are the best Ethereum exchanges?
When sourcing your ETH from an exchange, we recommend the following companies for a clean transaction. We split the categories into regulated and unregulated exchanges. If you want to withdraw in USD, EUR, or another fiat currency, you’ll need to use a regulated exchange for the transaction.
Regulated ETH exchanges
Coinbase – US-facing customers of ETH casinos will benefit from transacting with Coinbase. Coinbase is the largest regulated US-facing exchange, and it processes withdrawals and deposits in USD, as well as crypto. However, it’s important to note that Coinbase reports its customer activity to the IRS.
CEX.io – This exchange is the European version of Coinbase. It’s a regulated exchange offering deposits and withdrawals in both crypto and fiat. You can complete your transaction using SEPA transfers, credit card deposits, and bank wire transfer.
Unregulated ETH exchanges
Kraken – Founded in 2011, Kraken is one of the oldest unregulated exchanges. This company provides pricing data to Bloomberg, and it offers deposits in fiat through credit cards and bank wire transfer. However, the exchange does not process withdrawals in fiat such as USD and EUR.
Bitpanda– Bitpanda is a popular European unregulated exchange. As with Kraken, you get deposits in fiat, but no option for fiat withdrawals.
Other popular unregulated Bitcoin exchanges include the following.
Binance – The world’s leading cryptocurrency exchange in volume.
Bitfinex – A popular unregulated exchange. It’s also the producer of the Tether stablecoin.
Is it safe to deposit and bet with Ethereum?
You’ve probably heard stories in the news involving hackers stealing large amounts of cryptocurrency from online exchanges. Crypto exchanges run tight security, but there’s always a chance that hackers circumvent these controls, gaining access to whatever crypto is in the “hot wallet,” or immediate storage facility on the platform – and that includes your wallet on the exchange.
Therefore, we recommend you purchase your ETH on an exchange and send it to a cold-storage wallet. These offline wallets, such as the Nano Ledger, ensure that no-one but you have access to your ETH.
After safely storing your ETH, you can move as much as you like to your gaming platform of choice. We recommend you only send what you are willing to play. Keep the rest in your cold storage wallet for safekeeping until your next gaming session.
Most online ETH casinos have security protocols for handling ETH funds, but every time you make a transfer, there is some level of risk to the transaction. You won’t have to worry about the platform stealing your money – but rather hackers that might consider breaching the system to get your funds.
Make sure you sign up with a casino with a plan in place to refund players if they experience a hack. Most online casinos will have these clauses worked into its terms of service, check the TOS before you make your deposit.
What makes a good Ethereum casino?
So, what makes a good Ethereum casino? Let’s go over the following four characteristics to look for in a reliable online ETH gaming platform.
#1 Welcome bonuses
When signing up for an online ETH casino, look for platforms that are willing to give you an incentive for signing up. The online gaming industry is competitive, and it pays to shop around for the best signup bonuses you can find.
What is a signup bonus? It’s when the casino gives your free ETH to play with on the site. This crypto is only available for use on the specific casino site. If you default on the smart contract, you can’t withdraw the platform’s bonus ETH without using it in a game.
Welcome bonuses differ in size between platforms. Some casinos offer free spins, while others provide direct balances for gaming. Check on your casino before you sign up. It’s essential to check on the wagering requirements before signing up.
Some casinos offer huge incentives but neutralize the benefit by requiring large wagers on bets. If the bonus looks too good to be true, make sure you do your due diligence on the platform before signing up and depositing your ETH.
#2 The types of ETH games available
What kind of games do you enjoy playing? Whether you’re a fan of dice or poker, check that your casino offers a wide range of games. We recommend you look for casinos that offer a no-deposit free play bonus.
With this bonus, you can have a few free spins at the casino on your games of choice, without making a deposit. In most cases, you’ll have to open an account, but you don’t need to commit any funds to enjoy these no-deposit bonuses.
#3 withdrawals in ETH
policy. Some casinos facilitate withdrawals in ETH, and they don’t require any KYC documents to verify your identity. You have the option of withdrawing into your e-wallet, which you can send to any address.
Other platforms may allow you to deposit in ETH, but only offer withdrawals in fiat currency, such as USD or EUR.
These casinos require a copy of your photo ID for KYC when making a withdrawal. Some casinos also have high conversion fees for changing ETH to fiat on withdrawal. Always check that your preferred casino has deposits and withdrawals in ETH.
#4 provable gaming fairness
You might find yourself thinking about the legitimacy and fairness of online casinos. After all, with an electronic interface, how do you know the game is fair?
Fortunately, several open-source projects investigate the fairness of ETH casinos. Most casinos provide you with cryptographic proofs verifying the randomness of the games.
Casino bonuses and free spins with Ethereum deposit
ETH casinos often offer you a free spin bonus when signing up for an account with the platform. Free spins are like free money, and it’s a chance to increase your winnings, without dipping into the funds you deposit into your account.
It’s essential to check the free spin wagering requirements in the casino terms and conditions of service.
What are the best Ethereum games at ETH casinos?
Checking what kind of games are available to you is one of the most important aspects of signing up with your preferred ETH casino. Here are the most popular types of games you’ll find at ETH casinos.
With this card game, your goal is to get 21. You play against the dealer and other players. The player with a 21 score, or the closest to 21, is the winner.
Dice involves throwing a six-sided-die in combinations to win the game. Craps is a favorite dice game, and it’s available at most ETH casinos.
If you get a thrill out of choosing your lotto numbers, why not try it at an ETH casino? You pick a combination of numbers between 1 and 49, and if you guess it right, you win big!
Poker players sit around the table, pitting their wits against each other. This 5-card game requires you to be a master of strategy and skill. You build a set of 5-cards, looking for the best combination of cards to beat the other players.
Poker is one of the most popular betting games online, and it’s available at almost every online ETH casino.
Roulette involves spinning a wheel and betting on red or black – or specific numbers. Depending on the result, you could get a payout of up to 35:1. Most ETH gaming sites offer versions of this classic game.
Slots are possibly the most popular online ETH game available at casinos. Most casinos have a wide selection of games and jackpots.
Ethereum casino FAQ
Gambling is illegal in many countries around the world. However, since you’re using cryptocurrency to gamble, and not fiat, crypto-gaming is a grey area. Currently, there are no governments in the free world that crackdown on crypto gaming online. However, to take advantage of the unregulated crypto-gaming market, you’ll need to invest in ETH or BTC. Unfortunately, financial regulations surround the buying and selling of crypto and what it means for your assets and tax return. Make sure you speak with an accountant before converting any winnings into fiat currencies.
ETH and BTC have several differences. BTC is the most popular cryptocurrency, holding more than 60% of the total crypto market cap. However, some enthusiasts point out that ETH offers faster settling times and transfers due to its “smart contract” platform that processes transactions twice as fast as BTC. ETH has more versatility for a broader range of financial and industrial applications. Therefore, ETH is a more futuristic cryptocurrency and doesn’t have to deal with the same issues surrounding payments and transfers as Bitcoin.
No, an ETH wallet address will be different from your BTC wallet address. We recommend picking up an offline “cold storage” wallet for your ETH, such as the Nano Ledger S. This wallet will provide you with both BTC and ETH addresses for transfers.
Yes, there are plenty of online casinos that deal with a wide variety of cryptocurrencies. BTC is a popular choice, as is ETH. However, some platforms deal with other cryptos like Dash, Ripple, and Monero as well.
Online gaming is a $160-billion industry. With the global pandemic shuttering many casinos across the United States, we expect this trend to increase significantly over the next year or two as people decide to gamble from home.
As the dollar’s value continues to lose its purchasing power, we expect more people to start taking an interest in alternative crypto assets like Ethereum. With ETH gaming, you have a way to circumvent the tax authorities, letting you keep more of your winnings.
ETH gaming represents a sliver of the gaming community, but it’s growing with each passing month. If you want to involve yourself with the currency of the future, and start gaming with ETH, open an account on and exchange and sign up for an ETH casino today.
ETH gaming offers a fantastic welcome and no-deposit bonuses to keep you coming back for more. ETH gaming gives you the freedom to gamble online, without worrying about the authorities breathing down your neck. It’s your money, spend it how you see fit. Start ETH gaming today, and join the financial system of the future.