Ethereum is a cryptocurrency that is becoming so popular among online gaming enthusiasts in New Zealand that many venues are keen to make themselves known as Ethereum casinos.
In this article we will look at the origins of Ethereum, why it is useful to casino players and how you can use it to make deposits and play at the growing number of establishments that accept it.
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Ethereum: An Overview
Ethereum is a decentralized blockchain that was conceived in 2013 by Bitcoin Magazine co-founder Vitalik Buterin and released in 2015. The basic idea was to create something like Bitcoin but for more than just money.
Decentralization means that the network isn't rooted in any one place, but that data is duplicated on a high number of computers around the world. This makes the system extremely difficult to compromise, which translates to its users enjoying an extremely high level of safety and security.
There are now more than 96 million Ethereum wallets in existence with a positive balance, and the total value of assets secured on Ethereum is a staggering $410 billion. Ethereum's native cryptocurrency is called Ether, which is often abbreviated as ETH.
Before you can make deposits at Ethereum casinos you will first need to set up an Ethereum wallet and purchase some Ether. There are different wallets for different purposes and different platforms (Mac OS, iOS, Android, Linux, and so on) so choose one that suits your particular needs and preferences. We would recommend getting a wallet that allows you to buy crypto from within it.
When you have some funds in your chosen wallet, making a deposit into an Ethereum-friendly casino is easy. All you have to do is:
Deposits made using Ethereum are usually processed within a few minutes, assuming that your ETH balance is sufficient to cover the transaction.
The process of making Ethereum withdrawals is very similar to making deposits, as you can see from the breakdown below:
Withdrawals tend to take longer than deposits. Exactly how long will depend on how busy the blockchain network is.
While Ethereum doesn't charge users in the same way as a bank or credit card might, it does charge something called gas fees. These exist to cover the computational cost of processing transactions. The average transaction fee varies from day to day but under most circumstances, it is usually just a dollar or two. For more information on this topic, visit the Ethereum website and look up Gas and Fees.
There are several valuable benefits to playing at Ethereum casinos. Here are four of the most important ones:
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Ethereum Casinos: Our Verdict
The number of casinos that accept deposits of ETH is growing month on month, and for good reason - there is a strong demand for such venues. Ethereum gives its users a very high level of safety and security, yet it is just as easy to use as a regular e-wallet.
If you haven't yet discovered the joys of crypto gaming, try playing at Ethereum casinos the next time you get the chance at one of our recommended casinos.