This payment method is not currently supported by online casino logins Ethereum
Nowadays you can go to some online casino logins with different crypto currencies. Including Ethereum, read in this article more about where you can go with this currency, but also what the advantages and disadvantages are of this way.
At the moment no casino logins offer this payment method
Using Ethereum in an online casino login may sound strange. Just like ordering food online with a virtual coin. But in 2021 these things are actually not that bad anymore. At least not for people who are familiar with cryptocurrency, or virtual money. While the Ethereum casino logins are on the rise, it is therefore good to take a closer look at this phenomenon. Learn in this article what things like Ethereum, blockchain and cryptocurrency are and what they mean for you as an online casino login enthusiast!
Ethereum is a cryptocurrency, or online currency form. The currency is not managed by a central body, but "runs" on many different computers. If some of these computers fail, another part will take over. That's why Ethereum is often described as decentralized. The handy thing about Ethereum for online casino logins is that Ethereum can be used as a platform to build other applications "on top". This is called open-source (anyone can use it) blockchain technology. So anyone can develop programs (the blocks, building blocks) on which the Ethereum network is based (the chain). This can be especially helpful with applications that require some form of online payment.
Ethereum was developed by the Ethereum Foundation. Vitalik Buterin is the big brain behind the smart blockchain technology. He was very inspired by the bitcoin and then started his own cryptocurrency. But before we move on to applications such as the Ethereum online casino logins, it is useful to know what exactly that blockchain technology entails..
We can compare a blockchain with a spreadsheet on, for example, Google Drive. It is a shared file between several people in which you can actively work. People can make changes and others can see those changes again. The only difference is that in a blockchain you cannot change anything from the past. So you can change the file by adding information to it, but not by changing information from the past.
You now have a first impression about blockchain technology. But of course the story continues. The blockchain is a technology that records transactions. It is not only about money matters, but also about sending a message or saving a document. In fact, blockchain is a public database that records every transaction ever made. Each new transaction is strung like a bead on the chain, with each bead forming a "block of data" consisting of transactions.
Because the entire Ethereum network always keeps a real-time copy of the blockchain, fraudulent transactions will be immediately detected by the system. The blockchain can be used for any type of appointment or transaction, which is of course extremely attractive for many people and companies. In addition, transactions processed with blockchain technology do not in principle need an intermediary. Where companies such as banks have always had the task of keeping the accounts and the data of transactions, blockchain technology is now taking over such matters.
Take, for example, a wholesaler of clothing brands, which keeps accounts of the purchase and sale of various brands. When this company does business with another company, it works with an intermediary - such as the notary - to validate the transaction. The blockchain therefore replaces that intermediary, running on an entire network of different computers.
When discussing Ethereum, the following questions are often asked:
Why is it so important to replace that middleman with a network of computers?
Why is blockchain technology with its decentralized computer network so popular??
Perhaps we would rather see more transparency as confidence in democracy, banks and government has fallen to an all-time low. Trust should be the most important pillar of the economy, but unfortunately we often seem to have lost it. Only a decentralized transparent network can still benefit trust. This is because it simply becomes impossible to defraud in such a network. There is no central body where you can change data unnoticed. Everything is visible! Such transparency and openness could restore confidence in democracy. And that is exactly what the Ethereum blockchain has to offer. Instead of a Big Brother watching us, we're the one watching him! This is of course revolutionary and appeals to the imagination of many.
Ethereum is more than just a new currency. Some people even see it as the "new internet." Where Bitcoin uses the blockchain to track the transactions of every Bitcoin, Ethereum sees many more possibilities in the blockchain. Ethereum makes it easier for anyone who wants to develop applications that use blockchain technology.
In the Ethereum network, applications are called "decentralized Apps" or dApps for short. When someone transfers money via a bank application, the bank is used and that transaction is centrally controlled. If you were to perform the same transaction through a dApp, it would be done through different computers that are connected to the Ethereum network. Each computer provides a small portion of the power required for this transaction. Blockchain is currently seen as very complicated, and Ethereum wants to change that.
Thanks to Ethereum, blockchain dummies could still use this technology. Ethereum works as a kind of common language to create applications. It is therefore also called the “Appstore for the blockchain”.
In order to be able to make contracts, an online currency, also called a token, was linked to the Ethereum network: the ether. App developers pay their transaction fees and services on the Ethereum network through this currency. The Ether thus forms a kind of fuel on which the Ethereum network runs. You can also make your computer available so that the decentralized Apps can continue to run. You get ethers back for this. However, these ethers should not be seen as bitcoins, with which you can actually pay, but only as fuel for the Ethereum network..
The question now is: What does Ethereum have to do with online gaming? Ethereum casino logins are a fast-growing industry thanks to the emerging popularity of the Ethereum blockchain. The reason for this rising popularity is the so-called smart contracts, which make the trust between the casino login and the player superfluous (more on this later). In addition, Ethereum, just like Bitcoin in the online gaming world, has the great advantages of anonymity and security. In fact, Ether is much faster than Bitcoin in its processing, increasing its popularity.
Gambling with Ether can be done in two different ways.
The first way and the one that is also most common can be compared to the use of Bitcoin. You use Ether to deposit or withdraw money. In this case, you use ether as an alternative payment method, instead of the traditional currency such as the euro or US dollar.
Another approach of Ethereum in the online game world is to use those "smart contracts" for gambling. Smart contracts are digital protocols - codes - that manage, check and possibly adjust agreements between people if necessary. All actions that must be performed are recorded in the smart contracts. They are programmed in such a way that they can adapt exactly to the situation and what is being asked at the moment.
To illustrate this better, we look at one of the most popular cryptocurrency games: the dice game. The aim of the dice game is to predict the outcome of the number of pips. This is usually done by guessing whether the number of pips will be higher or lower than a previous total. When a player gambles at an online casino login website based on a decentralized App, this player can gamble without requiring the services of a third party. This is possible because the smart contract, for example, controls the randomization of the dice and sends the winnings directly to the player's Ethereum address. In this way, both parties are forced to fulfill their agreements and no tampering can take place.
These possibilities mean that the traditional online casino login industry is now becoming obsolete in some areas. This is because now a player no longer has to create an account, deposit money and wait long periods to get the winnings. The smart contracts ensure that both parties fulfill their agreements neatly and immediately. Otherwise, the online casino login will not get its money. Furthermore, these Ethereum smart contracts are not limited to dice games. Also blackjack, roulette, slot machines and sports gambling can make use of this.
Of course, the skeptic will not only listen to all the great benefits that smart contracts enable in Ethereum casino logins. There is a disadvantage to the use of blockchain technology, and this is mainly in the block confirmation. For technical reasons related to the security of the blockchain, every betting bet requires one block confirmation. This confirmation takes about 15 seconds before a decision is made on the winning bet. For larger bets, there is the possibility that the betting round can only be processed after multiple block confirmations, which will then take several minutes. As a result, some online casino logins will allow players to prefer a traditional casino login where they sacrifice some security in exchange for a faster gambling process.
However, this problem is being worked on. For example, FunFair is working on off-chain payment channels to handle the bets without requiring a block confirmation with every bet and without compromising security. The future will of course teach us more about this.
When viewed from an online casino login payment perspective, Ethereum and Bitcoin provide the same kind of benefits. They are both anonymous, fast and safe. In other words, the ideal deposit and cash withdrawal method for every gambler. When choosing between the two cryptocurrencies to transfer or withdraw money, there is not really a clear advantage of choosing one over the other. However, there are some minor differences to consider.
All cryptocurrencies are volatile, but the most stable among them is Bitcoin. This makes it a better currency to gamble with, as the price is unlikely to change dramatically between bets. Ether, on the other hand, is a faster method for online banking. The transaction process for Ether is much faster than for Bitcoin, where transferring and obtaining money can take hours. Another advantage that Ethereum has over Bitcoin is the use of the smart contracts, which ensure the agreements between online casino login and player. Furthermore, there are of course even more differences between Ethereum and Bitcoin, but for gamblers the mentioned differences are the most important to consider.
Transparency, security, openness and decentralization are the great values that Ethereum has to offer the online casino login industry. The possibilities of the Ethereum blockchain technology have certainly not yet reached the ceiling and the popularity of Ethereum casino logins will therefore certainly rise to further heights. That said, keeping a close eye on this cryptocurrency and its affected online casino logins is certainly not a bad idea. Through Safe casino login you can stay up to date with news and developments regarding Ethereum online casino logins and we advise you which Ethereum casino logins are worth a visit. So keep an eye on the articles!