Cryptocurrencies are growing in popularity with casino players as they make a great choice for online gambling. Online casinos have quickly made them accessible and the following guide will show you how to get involved and make deposits.
Ethereum was released soon after Bitcoin and has been available since 2015. It is one of the mainstays of the crypto market and has ranked as the number two coin for many years. It also plays a very important part in the crypto ecosystem for NFT creation and sales, while the blockchain hosts many other projects. Ethereum is currently undergoing a version 2 upgrade named Merge and will soon be even faster to use.
People are choosing Ethereum over fiat currencies for many reasons, such as:
Cryptocurrency transactions are based on wallet addresses. Your name does not appear on these, which can give you anonymity in your transactions. Many casinos also do not require thorough background and ID checks, so your activity is guarded.
Decentralization is a key design feature of cryptocurrency, which means no centralized party is intruding on your activity. Traditional banks will see casino or gambling names on your transactions and can sometimes use this against you when looking for loans or other products.
Cryptocurrency is faster to send than bank transfers and in Ethereum’s case, it will soon be faster to process. Ethereum can be sent in an average of five minutes.
Cryptocurrency has lower transaction fees than bank transfers and withdrawals are the same fee.
Deposits at an Ethereum casino are very simple and users will be able to get the hang of it easily. The first thing that you need is Ethereum coins held in a virtual wallet. Cold wallets can be downloaded to a PC or mobile device to hold coins. There are also hot wallets at the key exchanges and coins can be freely sent to the address for Ethereum at the likes of VIPCoin Casino.
In general, the steps to deposit Ethereum with a crypto casino platform are as follows:
The following guide will assist you in purchasing Ethereum (ETH) for use at an Ethereum casino:
Ethereum coins can be stored in a decentralized digital wallet on your PC. There are different providers of these for free download and many will host a range of coins. Exchanges such as Coinbase or Kraken have their own wallets, and you can then have control of your coins without any need for a third-party.
Ethereum must first be purchased from one of the exchanges and sent to your wallet. Log on to your preferred exchange and purchase the required amount of coins with a debit or credit card.
Once you have coins in your possession, click ‘withdraw’ on the Ethereum holdings on the exchange. An address box will be shown and that is where you will send the tokens. Find the Ethereum deposit destination address in your wallet and paste that address into the exchange destination. The coins will transfer once you have confirmed the process and will arrive within the next 10 minutes.
Now that you own some Ethereum, it is time to send it to the casino and start playing. This will be a similar process as the previous steps. Simply find the deposit address at your casino which accepts ETH. Copy that address and paste it into the withdrawal destination in the wallet. Choose the amount of ETH that you want to send and confirm the transaction. This will take another 5-10 minutes, but you will then have the coins in your casino account and be ready to bet immediately.