Majority of the present day gamblers are seeking for online casinos that make use of Ethereum as one of the payment methods, and the reason for this search is not far-fetched. Ether is among the strongest and biggest crypto currencies after Bitcoin. It presents a very good alternative for online casino payments and trumps many other payment systems because of its ‘smart contracts,’ which allows players to create the Ethereum Virtual Machine on the blockchain. This is meant to enhance more trust between players and the casinos. Of course, anything that brings more confidence between these two parties will always be welcomed.

One other reason why people choose the Ether above even Bitcoin for online casino payments is because while it is as secure and anonymous as the Bitcoin in all transactions, Ether has an added advantage. That is the fact that the deposit and withdrawal times with Ether are shorter than that of Bitcoin. People like to make transactions that would be completed with the speed of light, and Ethereum presents that. That explains why the number of Ethereum online casinos is increasing by the day.

What is Ethereum?

Ethereum is one of the open source and publicly accessible crypto currencies. It is a computing platform and operating system that is distributed through the blockchain technology, with the ‘smart contracts’ as one of its major features. It is compatible with an advanced version of the Nakamoto consensus, through transaction based state transitions. Now, through the Ethereum platform, the cryptocurrency known as Ether could be generated. When Ether is generated, it is possible to transfer it from one account to the other and use it as a means of settlement for participating mining nodes for the computations that are carried out. The Ethereum virtual machine, which is a form of Turing-virtual machine, is provided by the Ethereum platform, and with this machine, scripts could be executed with the help of an international network of public nodes. In the bid to forestall all sorts of scam, the platform uses ‘GAS,’ which is a pricing mechanism that is recognized all over the world, to share resources.

Now, the history of Ethereum has it that it was a cryptocurrency researcher and programmer known as Vitalik Buterin that first brought up the idea in 2013. For the purpose of the project, an online crowd-sale was instituted between July and August 2014. However, it was later on the 30th day of July 2015 that the platform was made public, and at that time, 11.9 million coins were already “pre-mined” for the crowd-sale. Presently, this amount is just about 13% of the total amount of Ether in circulation.

In 2016, the DAO project collapsed and the Ethereum platform was divided into two distinct blockchians. One was named Ethereum, with the ETH sign, and the other Ethereum Classic, with the ETC sign. However, in the year 2017, which was the most significant year in the life of crypto-currencies, the value of Ethereum skyrocketed by 13,000%.

Ethereum Online Casinos

The geometric rise in the value of Ethereum made many online casinos to adopt it. But the reason why many casino players are choosing it for payments is because it makes gambling easier through its swift transactions and because of the benefits that the ‘smart contracts’ bring.