Cryptocurrency is a new thing for online casinos, but the adoption of this payment method seems to be one of the most important trends in online casino gaming. Although there are some fees and extra charges, the transaction is supersonic and incomparably less expensive than other methods.
It is quite possible that banks are the problem in the game. For example, withdrawals from traditional casino sites are only allowed to be sent via wire transfer within US jurisdictions, and players would need to wait for about 5 days plus.
With the possibility of a 5-day cooling-off period among other factors, the slow yield of up to 10 business days for international wire transfers is not the only consequence. So out of 5 working days, this would probably take you 7 working days.
Adding that to a time-consuming registration, you end up with about two weeks during the payout process. Furthermore, the linked areas will be longer for the reasons including a 5-day set up of a cooling period thus you might receive your money after 10 business days. Hence, that’s four days more than they initially projected.
Also, a banker may be forced to report this large amount of money made out of nowhere to the tax authorities and the Reserve Bank.
Consequently, not only do you pay more in fees, but you also need to wait more, and you have to agree to a complex bank-to-bank operation.
It looks like traditional banks will be forgotten sooner as the world of online casinos rises to its ultimate peak through the cryptocurrencies.
Why Choose Ethereum for Casino Transactions?
Question is, if there are many different cryptocurrencies, why or how should you use Ethereum for online gambling?
In reality, Ethereum is too special. For one thing, it is the second most popular cryptocurrency on the market, which usually means that your assets are safer than in other less popular cryptos.
Moreover, Ethereum is hasty and charges a low processing fee. It was started off with a unique blockchain foundation, that offers tamper-proof security, at a low cost per transaction, and then it has sustained the same security and finance issues.
All of this was possible after Ethereum 2.0 introduced the blockchain network transition to Proof-Of-Stake, so that it became more efficient and at the same time consumed less energy.
In addition, Ethereum possesses smart contracts which are able to program the whole situation, therefore minimizing human errors and thus it makes the process more autonomous.
However, if you are new to the game and you are just learning about crypto, this will surely make no sense to you.
The only thing you need to worry about now is getting your money on and off online casinos quickly, safely, and efficiently, and it looks like Ethereum meets all the requirements so that you are good to go.
Step 1: Set Up an Ethereum Wallet
When you are ready to enjoy the world of cryptos, you first come into contact with the community. But, to start off you need an Ethereum wallet, which is the moment when the fun begins.
The wallet is the digital version of the bank account of your finances and that is where you will initiate all transactions. The two main types of wallets are:
Hot Wallets: Provide internet connectivity and are a bit cumbersome, but they can be easily used by a tech-savvy person live the examples of MetaMask and Trust Wallet.
Cold Wallets: Which are the ideal options for users who want to store digital money for a long time and do not need to use their wallet when paying for something. In other words, a cold wallet is not accessible online, it is an offline storage like Ledger Nano or Trezor.
To make sure, you should always remember to enable 2FA. Always think of your wallet as your digital repository of treasure, so make sure it is kept secure.
Step 2: Purchase Ethereum
With a wallet now loaded with ether, go ahead and add some funding to it. Here’s how to do it:
At the start, select any known and trusted platform, like Coinbase, Binance, or Kraken, as the one you make your first-ever trade on. After the account creation, you will need to be ID verified, as the KYC protocols are required by most of the exchanges.
Now you can purchase Ethereum using fiat currency or other cryptocurrencies after the verification. Finally, when you have the exchange, move your Ethereum from the exchange to your personalized wallet to ensure you are free from scammers.
By the way, the value of Ethereum is very volatile, so be ready to sell when the market is favorable to you.
Step 3: Find a Crypto-Friendly Casino
There are not many online casinos with the capability of Ethereum transactions at the moment. How do you choose one for yourself? You should check for the following key features:
● A current license from a prominent organization.
● A variety of crypto options including, but not limited to, Ethereum.
● The reputation of the casino that is backed by the feedback of happy customers.
● A wide choice of the games, from slots to
live poker.
Step 4: Deposit Ethereum
Now, before depositing your Ethereum, there is a tiny bump in the road. Choosing the right Ethereum-based casino is crucial. There are numerous options out there and it is your responsibility to look for the legit one, safe, and has your favorite game. A perfect choice in the beginning is Bovada’s Ethereum casino.
Transferring Ethereum to your casino account is not very difficult. Here’s how you do it:
First off, you should go to the cashier section of the casino’s website and pick Ethereum from the deposit list. A separate wallet address will be generated, and you will be prompted to send your funds there.
Thus, simply move in the process: copy the address from the casino, paste it into your digital wallet, and approve the transaction. Transactions are typically confirmed in a couple of minutes.
Note: Verify the address by rechecking it before making a transfer to avoid any mistakes.
Enjoy Fast and Secure Gameplay
After deposits are made, you are good to go. Ethereum transactions improve the gaming process by providing absence of currency conversion, more anonymity, faster payouts, and easier access to global marketplaces.
Clearly, the withdrawals through Ethereum are significantly faster, as opposed to the traditional bank options which usually take more time.
Common Pitfalls to Avoid
Without a doubt you would prefer Ethereum but there are risks. Still, you need to stay away from these common pitfalls
● Gas Fees: Ethereum transaction costs may differ depending on the network congestion. Employ apps like ETH Gas Station to spot the ideal timing for your upcoming transactions in lower fee periods.
● Scam Casinos: The offer might be very appealing but is it really such a good deal? It is better to go with the ideal platforms out there.
● Private Key Mishaps: You should never expose your wallet’s private key since that is the only way to your money. Without it, your money cannot be accessed.
Final Words
This would most likely seem overly complicated to you if you are just stepping into the world of cryptocurrencies. But trust me, it will turn out easier than using the traditional banks.
However, just follow these simple steps, go through your own research and never click the unknown tab.
