Introduction – Ethereum Gambling
Using Ethereum as a mode of payment in casinos is not as popular as BTC gambling and the main reason that is holding Ethereum back in the gambling industry is its less popularity than Bitcoin. In a period when there are a lot of speculations regarding cryptocurrency itself, instilling confidence in an altcoin that is less popular than Bitcoin is surely not expected.
Benefits of Ethereum Gambling
After crypto casinos have gained wide popularity with bitcoins, they are slowly moving towards other altcoins with Ethereum being on the top of the list. Some of the key benefits of Ethereum gambling are:
- Casinos accepting Ethereum does not require the players to disclose their personal information and therefore allows them to play anonymously.
- Sending Ethereum tokens is faster and cheaper due to the absence of intervention from any third party like banks or governments.
- Payout rates are much more in Ethereum gambling in comparison to traditional casinos.
- With the help of Ethereum, developers can create robust gambling sites using smart contracts and ETH embedded payments.
- Ethereum gambling offers players provably fair games that are not possible in traditional casinos.
Why Ethereum Gambling is Becoming Popular?
Ethereum is the second most popular cryptocurrency used in betting and the reasons are manifold. Besides its huge contribution to the DeFi sectors (decentralised finance), the technology has introduced a new and amazing concept of “smart” contracts that are helping developers to create top Ethereum gambling sites by automatically executing the terms of the contract, and virtually eliminating the risks associated with crypto gambling. Smart contracts are software codes that operate on blockchain technology and have the potential to send transactions, money, content, or assets within the network within minutes. Smart contracts cannot be altered or faked thus making Ethereum gaming much more robust and secured.
With the help of smart contracts, the deposits made to the casino account becomes a “smart” contract between the player and the casino site and there is no way that either of the party can leave the contract until it ends; if a player registers at any crypto casino for Ethereum gambling, then the contract will only end after he receives his winnings (if he wins) from the casino. Smart contracts significantly increase the level of trust and confidence of the players since every gambler can be rest assured that the crypto casino cannot hold their Ethereum tokens against their will.
However, this does not mean that Smart Contracts are meant to create an addiction to Ethereum gambling for players; the Ethereum platform has come up with another contract to counter the Smart contact. As per this new contract, players can limit their number of bets and the system will prohibit players to play or place bets on Ethereum casinos.
Therefore, with such a promising technology demanding a little attention from the entertainment industry, ETH got into the limelight and people began to realize the benefits that Ethereum provides to the casino industry.
The future of Ethereum Gambling
Though Ethereum is nowhere near the clout that Bitcoin has given to the online casino market, it is undoubtedly helping online casinos to rise and helping the crypto gambling industry as a whole to prosper. Blockchain technology provides players with some of the best security features along with allowing them to gamble anonymously which is always a major draw for players who prefer to keep their gambling activities a secret.
However, Ethereum has still not achieved a global acceptance as Bitcoin but Ethereum appeared to be more interesting than any other existing altcoins. The reason for such popularity is not only because of the blockchain technology that works behind every cryptocurrency, but particularly because the crypto casinos are more interested in smart contracts that are available only on the Ethereum platform.
Thus, though Ethereum casinos are relatively new in the gambling industry, the future of Ethereum gambling is bright with many new happenings to occur in the next few years.
Conclusion
Thus, it can be concluded that Ethereum gambling is also not very far beyond bitcoin gambling. ETH provides a faster, more convenient, and “Smarter” way to gamble online. As such Ethereum was very close to surpassing Bitcoin’s market capitalization in 2018. Back then, Ethereum’s market capitalization reached $131.5 billion as compared to Bitcoin’s market capitalization of $276.3 billion in January 2018. It was the highest ride in the altcoin run that the crypto market had ever witnessed. Though Ethereum could not surpass Bitcoin’s market capitalization back then, it could surpass BTC if another altcoin run occurs anytime soon, which will make ETH tokens popular in online casinos. However, indeed, the adoption of ETH tokens at the internet casinos will not blow up overnight but it is certainly heading in the right direction.
