Table of Contents
- What is Ethereum and how does it work
- 5 reasons to play casinos with Ethereum
- How to deposit and withdraw at casinos with Ethereum
- Frequent questions
- What are the minimum and maximum deposit limits to deposit and withdraw?
- Is it available in many casinos?
- If I have a problem using Ethereum, who can I turn to?
- Can I exchange my Ethereum for euros?
Casinos with Ethereum
| This time we are going to talk about an unconventional payment method and, although financial technology is increasingly sophisticated, the privacy offered by the famous "blockchains" or blockchain of cryptocurrencies, make these a method deposits and payment increasingly accepted by different online casinos.
This is the case of Ethereum, the second most popular blockchain after Bitcoin in terms of fame and number of assets worldwide.
When you use conventional money to operate in a casino, banks and above all, the Public Treasury is aware at all times of your financial movements and that entails commissions in the first case and taxes in the second.
However, operating with Ethereum allows you three things at the same time: the first that your transactions are completely anonymous, the second that you avoid any bank commission for a payment or a deposit and third, you are paying with an unregulated financial asset, that is to say , as long as you pay and receive money on the Ethereum blockchain, you are operating outside of any country in theory. Later we will see that it is not quite like that.
What is Ethereum and how does it work
Ethereum is not a payment method, (not even a currency, since Ethereum's currency is called Ether, but we do not want to expand on this), it is an anonymous network of "smart contracts" between two completely anonymous parties, in in this case, a user and an online casino. This "smart contract" has its own currency that will be used to make payments and receive charges.
Ethereum was born in 2015 and was conceived to solve certain design problems of Bitcoin, (among them the amount of energy necessary to obtain it), and, from the first moment, it unseated Ripple as the second most important cryptocurrency.
Cryptocurrencies have an advantage over conventional money, in addition to their privacy, and that is that most of them have a finite number of issuance. This means that these cryptocurrencies can go up or down in value, but they will never have inflation, which makes them perfect to be a safe haven asset like gold.
This last quality makes cryptocurrencies like Ethereum highly coveted by investors and financial businesses and, if we also introduce the anonymity factor, they make more and more online casinos have an option to make deposits and payments in Ethereum.
To obtain Ethereum you must buy it through a cryptocurrency purchase and exchange entity, which are popularly known as "exchanges". In this regard, the two most popular exchange companies in the world are Coinbase and Binance. The first is American and the second, although of Chinese origin, is domiciled in the European Union.
Once you register and verify your account or credit card from which you are going to make your deposits, (this is what makes cryptocurrencies not completely anonymous), you will see a menu with many cryptocurrencies to buy. Look for Ethereum and make your purchase, (which, at the time of writing this article, the change is about $ 375 or € 320 for each Ether)
When you buy your Ethereum you will receive an address in the form of a phrase with many letters and that will be the equivalent of your account number in a bank. With this address, you are ready to search for a casino that accepts Ethereum as a payment and deposit method.
At first, only international casinos accepted cryptocurrencies, however as the regulations of different countries adapt to this new technology, there are already several regulated online casinos in USA that accept Ethereum.
Receiving, paying and operating with Ethereum is tax-free (since the Ethereum blockchain does not belong to any country), but, the moment you exchange your Ethereum for euros, the Treasury will charge you a tax as if it were from the sale of some shares of the stock market.
Ethereum advantages
- Transactions with Ethereum and other cryptocurrencies are very fast and commission-free.
5 reasons to play casinos with Ethereum
- The network through which the cryptocurrency is transferred is completely anonymous and non-hackable, so the security of collections and payments will always be guaranteed.
- Ethereum, despite fluctuations, is the second most used cryptocurrency. Thus, it is highly unlikely that its value will go to zero overnight.
- As it revalues over time and fluctuates so much, it is a great financial asset, so your winnings obtained in an online casino may have increased when they reach your Ethereum wallet.
- It is tax-free in USA as long as you do not exchange it for euros, (although a Law is being debated to have to declare the possession of it for information)
- It is increasingly a payment method more accepted by many online casinos and has its own debit cards to use it.
Disadvantages of Ethereum
Not everything was going to be advantages, it should be remembered some risks that are implicit in operating with cryptocurrencies such as Ethereum.
- It is a non-regulated financial asset. This means that, in case of problems, there is no authority that can defend you against an unwanted payment or a scam.
- Although the blockchain cannot be hacked, what can be hacked is the exchange where you keep your cryptocurrencies. There are methods of storing cryptocurrencies "cold", (outside the internet), such as the Ledger Nano, a kind of hard drive to store cryptocurrencies.
- It is a very volatile financial asset. So its price is continually going up and down every minute. Maybe when you deposit your Ethereum in an online casino, it is worth less than what you paid for it.
How to deposit and withdraw at casinos with Ethereum
More and more safe and reliable online casinos accept Ethereum as a method of making deposits and withdrawals. In addition, casinos should charge money that can be greatly appreciated over time.
How to deposit at an online casino
Access the main page of your favorite online casino and, once registered with your username, follow these simple steps.
How to withdraw at an online casino
Using cryptocurrencies was until recently unthinkable for many users, but they are becoming more and more popular among online operators. However, there are other options other than Ethereum to make your deposits and withdrawals:
Frequent questions
It depends. Transactions are safe, but you must be aware at all times that you are using an unregulated financial asset.
What are the minimum and maximum deposit limits to deposit and withdraw?
The amounts allowed by each casino will be valued based on the exchange rate that Ethereum has at that time with the euro or the dollar.
Is it available in many casinos?
Cryptocurrencies are not widely used, but more and more online casinos accept them for the advantages they entail.
If I have a problem using Ethereum, who can I turn to?
If the casino is regulated in USA, to the competent authorities. If the online casino is international, look for the country where it has an operating license, since it will be acting under that authority.
Can I exchange my Ethereum for euros?
Yes, always through an exchange or cryptocurrency exchange bank, (there are also pages specialized in exchanging cryptocurrencies called Swap), but remember that when exchanging your Ethereum for euros in USA you must declare it to the Treasury.
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Disclaimer
Internet casinos laws vary in every country all over the planet and are liable to change. Thusly, we ask our perusers to really take a look at neighbourhood laws prior to taking part in internet betting. We don't excuse betting inwards where it isn't allowed
