Ethereum, a smarter currency
Ethereum is a cryptocurrency platform that was initially presented by, then 19-year-old, Vitalik Buterin in 2013. The official launch of Ethereum occurred in 2015 after a very successful initial crowd sale. Ether, the token currency fueling Ethereum, is very similar to Bitcoin in that it is a decentralized cryptocurrency that publishes all transactions on the public ledger or blockchain and is generated by “mining” or computationally solving cryptographic puzzles.
What makes Ethereum stand apart from Bitcoin is that it offers increased functionality and flexibility on the blockchain via smart contracts. Smart contracts allow for code to be sent back and forth along with the Ether tokens with each transaction. Smart contracts lend themselves to “Dapps” or decentralized apps that can be thought of as smart-phone apps that exist on the Ethereum blockchain. Smart contracts and Dapps are considered, by many, to be a game-changer in the cryptocurrency world due to their seemingly endless utility. With the future transition away from proof-of-work to proof-of-stake, Ethereum will also increase the efficiency of its platform by removing its reliance on computation power. Lastly, given the performance of the Ethereum platform, transactions are able to be executed much faster than with Bitcoin.
Want to find out more about Ethereum? Head over to their main website here.
Gambling with Ether
As with Bitcoin, gambling using Ether offers incentives such as anonymity, provably fair Casino platforms, low fees (if any) on deposits and withdrawals, extremely low house edges, and fast transactions. Given the anonymity and its elusiveness from regulation, gambling with any cryptocurrency has boomed in recent years. The future continues to look bright as adoption and popularity of cryptocurrencies continues to grow. Ethereum’s future looks particularly bright as projects and creative start-ups are constantly being launched on the platform.
I have Bitcoin, why should I gamble with Ether? That is a good question to ask as there are more options to play with if you are using Bitcoin. To answer the question, first, Ether tokens are a more manageable sum of money at around $11. Therefore, when gambling, it is much harder to lose significant amount of money due to the idea that in dealing with larger token amount, gamblers are less inclined to take larger risks. This is a result of number desensitization. For example, for someone new to cryptocurrencies, they are more likely to risk 0.1 Bitcoin than say 5 Ether in one bet due to the difference in denominations. Even though both wagers are close to the same amount in fiat currency, it is inherently easier to see the smaller number as less risk if you are not accustomed to assigning more worth to the specific denomination.
Another potential reason for gambling with Ether is the higher potential (writer’s opinion) of currency appreciation. In other words, subjectively, Ether has a higher potential to increase in value than Bitcoin. Bitcoin is a relatively stable coin whereas Ether still has significant room to grow as there are major developments for the platform that are still to be released. Also, there is the idea of compounded value on the Ethereum platform. For each successful Dapp added, an additional level of utility and worth is factored into the value of the platform. This allows for potentially unlimited growth as more and more developers continue to release and grow their projects using Ethereum. Some examples of promising apps that already exist are Digix, Auger, Gnosis, SingularTV, and Golem. These are just a few, but who knows how many more will be released in the coming years. All this being said, gambling with Ether and realizing winnings could mean your winnings are worth a lot more if you hold on to them as the platform and thereby the currency continues to appreciate in value.
Now, you may already know about Ethereum or may be asking how to have some fun with your Ether at an online Casino. Luckily, there are a few very reputable casinos that offer Ether as an option for playing. However, when compared to Bitcoin, the options are rather limited.
CryptoGames, in particular, is an excellent option because it not only offers Ether, but you can play Dice, Slots, Blackjack, and Roulette. The site’s games have low house-edges, as low as 0.8%.
To gamble using Ether at CryptoGames, simply deposit into the Casino from either your wallet or exchange by using your personal CryptoGames deposit address (under “Deposit”). You should see your funds available for use within minutes. Next, choose your desired game and Ethereum from the drop down menu. You are now all set! We hope you have fun and as always- catch the winning spirit!
Other Gambling Options
Below are other reputable websites that offer Ether as a medium for gambling.
- Rouleth- Roulette, completely decentralized on the Ethereum platform
- vDice- Dice, 1.9% house edge, investments available
- BitDice- Multiple games, multiple currencies, investments available