Ethereum Casinos – How to Use Ethereum at Online Casinos

Cryptocurrencies aren’t technically controlled or regulated by a single entity. Instead, the creators simply serve as a vessel to guide the development of these peer-to-peer platforms. With the Ethereum Foundation, things are a bit different. From the very beginning, the organization had a clear idea of what they wanted to do, so they opted to keep a hands-on approach for the sake of better execution.

Ethereum’s roots can be traced back to late 2013. Vitalik Buterin, a Russian-Canadian programmer and one of the founders of Bitcoin Magazine, realized that BTC really needed a new scripting language. Despite being great for transactions, Bitcoin’s blockchain became notorious as a bad platform for other creations and endeavours. After publishing an initial white paper about BTC’s architectural flaws, Vitalik suggested the creation of a whole new platform that would allow decentralized applications to be built by anyone. He called up a couple of friends and investors, and they decided to go for it.

ETH was formally announced in January 2014, at the NA Bitcoin Conference in Miami, with the foundation of Ethereum Switzerland marking the official beginning of development. A crowd sale funded the first stages of development, before 72 million Ethers were released on 30 July 2015. Today, Ethereum is the second-most used cryptocurrency and provides a software platform for over 1,900 other cryptos, 47 of which are in the top 100 when it comes to market capitalization.

Ethereum Updates

• March 2024: Ethereum has successfully activated the “Dencun” upgrade, introducing proto-danksharding to reduce data fees and benefit layer-2 networks, marking a crucial step towards scaling the network and addressing high transaction costs.
• April 2023: Ethereum’s Market Dominance at Risk from $4.8B Options Expiry.

The simplicity continues, believe it or not. Most crypto or mixed (offering both traditional payment methods and cryptos) casinos have streamlined the whole transfer process, making it straightforward. Even if you’re a total tech novice, you won’t need to do anything out of the ordinary. To make a casino deposit Ethereum:

1. Go to the casino’s banking section and select Ethereum as your preferred deposit option.
2. Once you click on the ETH logo, a pop-up window with the site’s wallet address will appear. It’s always a mix of random numbers, letters, and symbols. Write it down.
3. Go to your crypto wallet, enter the casino’s address, pick the amount of ETH you want to transfer, and voila – you will be able to start playing in just a few minutes.

As for Ethereum withdrawals, the process is even simpler.

1. Head over to the banking page and select ETH as your withdrawal method of choice.
2. Just enter your crypto wallet address, and independent miners will verify your transaction in anywhere between 15 seconds and 5 minutes.
3. Once your funds arrive in your wallet, you can keep them in the form of ETH or go to the exchange and switch them for fiat currencies (government-issued money without backing form a physical commodity). And that’s it!

Fees

What really makes Ethereum stand out is the fact that you have to pay next to nothing to make a transfer. Even if you make deposits worth tens of thousands of dollars, you won’t have to pay more than a few dollars. A large portion of these fees comes in the form of ‘gas’, a tip to miners – individuals who earn their own ETH by verifying transactions made by others.

We at Casino Banking Methods love peer-to-peer platforms, and Ethereum is a perfect example of that. However, you should also be aware of the notion that you might be charged either by your crypto wallet, your exchange, or your bank (if you’re wiring fiat currencies to your account later). All of these parties are known to take their cut, so it’s best to inform yourself about which percentage of your ETH winnings will you be required to relinquish.

Timeframes

One thing we really love about Ethereum is the fact that you can actually control the amount of time it takes for your transaction to be processed. The key lines in ‘gas’, the money that goes to the people verifying transfers.

You can set the ‘gas price’ at any amount you want. If you set a low one, it might take a bit longer as miners usually rush to take a higher amount of gas. However, don’t choose a fee that’s too high. Also, casinos with Ethereum might take a bit longer to process everything, so 2-3 days is a worst-case scenario. This is for withdrawals, as deposits are almost instant.

Limits

Ethereum was initially designed as a way of resolving many problems plaguing traditional payment methods. In particular, ETH looks to solve the problem of transfer limits – which many services, such as PayPal, VISA, Skrill, and others, impose.

While you can technically send and receive copious quantities of ETH (the max. gas price is 3 million), casinos accepting Ethereum deposits often impose their own limits. These may vary depending on the price of ETH, but the usual minimum deposit is mostly around the equivalent of $10. However, there are also sites devoted to high-rollers, which often have high minimum deposits, but negotiable maximum ones.

Overall, casino players have a positive impression of Ethereum. Most of the reviews we’ve seen praise the simplicity of making a transaction, as well as the lack of problems involving money transfers.

We also noticed that many crypto enthusiasts prefer to use ETH over BTC for their gaming needs. This is also in sync with the fact that 2020 saw an uptick in ETH trades on various exchanges, which experience believe to be a sign of ETH imminently overtaking BTC as the top dog in the crypto world.

Generally, player experiences with ETH depend more on the casinos than the actual currency. Pick one of the Ethereum online casinos from our list and you won’t have to worry about transaction-related issues and whatnot.