Some players out there like to stay on the cutting edge of what’s happening in the online gambling industry, and playing with the Ethereum cryptocurrency is the hottest new thing. While there are going to be obvious comparisons to bitcoin as far as the cryptocurrency aspect is concerned, there are some major advantages of Ether that could see it overcome the inherent limitations in bitcoin for business-based transactions.
However, because it’s designed to be much easier to use for businesses than bitcoin, you’ll need to stay alert when vetting the sites that you consider playing with that offer this payment option. We want to show you exactly how to do that and which ethereum gambling sites are the most reputable in the industry.
Top Rated Gambling Sites That Accept Ether (Eth)
When I first launched this site, I wasn’t very enthusiastic about the current Ethereum gambling sites on the market. I’ve played at most of them during my research and while the vast majority paid very fast, the games looked like they were from the 1980’s. This has changed quite a bit just in the past several months and a lot of the popular Bitcoin gambling sites are now adopting and integrating ETH. One great example is FortuneJack which is one of the most reputable gambling sites accepting multiple crypto-currencies.
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What is Ethereum?
Ethereum is a relatively new crypto-currency that has its value determined in a way that’s a bit different traditional cryptocurrencies like bitcoin. It is referred to by several different names including Ethereum, Ether and ETH. It’s based on the Ethereum blockchain platform, which offers a number of features that previous cryptocurrencies could not offer because they simply weren’t built in to how it worked. Long story short, the value of Ether is based on computing power that’s been used to generate the currency instead of being based on a mining algorithm like what has been seen with most other cryptocurrencies to date.
Ether is held over the entire set of computers and systems that are set up to use it, so it can be used by businesses who want to purchase actual computing power. This is a very future-oriented way of thinking about a virtual currency, and it’s a stark contrast to the anti-government, anti-regulation, decentralization-focused approach that has been used with cryptocurrencies to date. This helps to make it much more public-friendly in terms of businesses feeling that it’s risky to accept the currency, which is the reason why a number of experts think it will surpass bitcoin as the top virtual currency for online gambling.
Why Are Cryptocurrencies So Popular in the Gambling Industry?
Payment options have always been a bit of a bottleneck in the online gambling industry. While credit cards and electronic wallets are still the most popular options, the fact of the matter is that more and more people have been using alternative methods like cryptocurrencies for good reason. They have lower fees for using them for deposits and withdrawals than the more traditional methods, and they have security features that you can’t get from credit cards or eWallets.
Aside from that, some people have to deal with payment options that aren’t very reliable or widespread in certain areas. In the United States, for example, the UIGEA makes it tricky for banks to accept online gambling deposits even though the government has explicitly stated there is no federal law that makes gambling on the Internet illegal. For these players, cryptocurrencies like Ether are excellent, reliable options for both depositing and cashing out funds from various types of online gambling sites.
Will Ether Gambling Ever Catch Up to Bitcoin?
Ethereum was only brought to market around the middle of 2015, so bitcoin definitely has a bit of a head start against it. However, there are a number of indicators that Ether could overtake its cryptocurrency cousin. First off, bitcoin has attracted a lot of negative attention from certain governments because of a number of scandals it has been involved in. ETH, however, has learned from the mistakes of bitcoin and has instituted a number of safeguards to avoid these types of situations.
Second, Ether is actually built from the ground up to be more sustainable in the long run than bitcoin, and it has some features that make it more business-friendly. In short, it’s easier to built-in Ethereum functionality into payment platforms than it is bitcoin, and it has been designed to be easier for the end user to access than bitcoin. While the overall learning curve is about the same for the player who wants to use either option at the time of this writing, Ether has been designed in a way that will give it several advantages over bitcoin in the months and years to come.
Things to Consider When Looking for a Gambling Site That Accepts Ether
At any given time, there are several hundred online casinos, poker rooms and sports betting sites available for players. And because the technology is open source, it’s fairly easy for anyone to set up their own gambling site that accepts cryptocurrencies like ETH, and that’s why it’s exceptionally important that you know what to look for when it comes to vetting these sites. While our reviews will walk you through everything you need to know about specific sites in the individual sense, it’s worth knowing why we recommend the brands we do and what goes into vetting these Ethereum gambling sites.
The very first thing you should look for is that the site has a license, but that’s not where things stop. You also have to look at where the license is from and verify that they actually hold the license they say they do. Licenses from some jurisdictions mean a lot more than licenses from others because some regulatory boards actually hold sites accountable while others don’t.
Trust And Reputation
We can also look at a site’s general reputation over time, especially for being fair with players and their history of paying out withdrawals. The same goes for the parent company, since these sites are typically owned by management groups that run a handful of different sites. Checking out the background and history of both the individual site and the company that runs the site can tell you a tremendous amount when it comes to determining if you can trust the site with your money.
Main Sections In Our Guide
Ethereum Casino Gambling
Ethereum Online Casinos – We only list the most reputable online casinos that accept ETH. We only recommend 1 as of now, but this will grow in time as more and more sites and softwares integrate this crypto currency. We will aslo offer more categories such as Ether Dice, Blackjack and Live Dealers.
Ethereum Sports Betting – The 1 sports betting site that accepted Ether deposits has now closed up shop. So we will update that page when we find another reputable sportsbook that adopts this crypto-currency.
Ethereum Poker Sites – While there aren’t any poker rooms that currently support Ethereum, there are some major developments coming soon where there will be full fledged online poker sites built on top of the Ethereum platform and completely decentralized.
Can Ethereum Be Trusted?
Any time there’s a newer payment method available in any online industry, people will naturally want to know if it can be trusted. At this stage in the game, Ethereum has proven itself to be trustworthy in the sense that it’s not just going to disappear one day, leaving you holding a bunch of worthless cryptocurrency that can’t be used anywhere. Ether is definitely here to stay for the foreseeable future because of massive investments they have received to keep the project going.
One thing that you do see with Ether right now, however, is that its value has seen some serious fluctuation at times while the market settles on a valuation. The exact same thing happened with bitcoin at one point after it was released, and it’s something that has been completely expected for ETH. To avoid having this really affect you at all when using it as an online gambling payment method is pretty simple.
All you need to do is avoid holding Ethereum in large amounts over the long run. When you purchase it, go ahead and deposit it where you want to play with a site that converts it back to a more traditional currency for playing purposes. When you receive cash outs in it, go ahead and cash it out into your currency of choice. By doing this, you avoid exposing yourself to any volatility that the cryptocurrency itself holds while still being able to use it as an effective banking method.