Online gambling sites are constantly developing, new functions are gradually being introduced into them. Today you can play in casinos with Ethereum – one of the most famous cryptocurrencies. By using Ethereum for slot machines and live games, you will discover many benefits.
Description of the Ethereum cryptocurrency
Ethereum (or Ethereum) is a cryptocurrency invented by Canadian-Russian programmer Vitalik Buterin in 2013. The young specialist proposed an improved blockchain network in comparison with Bitcoin. In 2014, Buterin, together with his co-founders, raised over $ 18 million in donations for the project. The full Ethereum blockchain network was launched in 2015.The main distinguishing feature of Ethereum is smart contracts. They are computer code that works like a contract in real life. The program is able to bind individuals and/or legal entities with obligations without intermediaries and paperwork. At the same time, it becomes impossible for the parties to violate the terms of the transaction after signing. For online casinos and gamblers, the use of Ethereum smart contracts means automatic payouts after placing a bet and many other useful things.
Benefits of using Ethereum in online casinos
Making deposits in Ethereum is profitable due to the following positive features of the cryptocurrency:
* Anonymity. The player’s personal information is not disclosed to anyone during the transaction.
* Freedom from the control of the state and financial institutions. The tax office of the Russian Federation does not have access to Ethereum, therefore, if you are from Russia, it is not necessary to pay taxes on winnings in this case.
* High speed of money transactions. Ethereum transactions take less than ten minutes.
* Low commission. You will have to pay less for sending ether than sending bitcoins or regular money transfers.
* Avoidance of unscrupulous sites. Ethereum as one of the methods of making payments is presented only in licensed gaming clubs on the Internet, which play by the rules. You can personally verify the randomness of the bet result thanks to the Provably Fair technology (provably fair). Additionally, if the casino is cryptocurrency, then the payout percentages in it are usually higher than on conventional sites. Online casino account replenishment using Ethereum is a smart contract between the player and the online platform. The player can be sure that the establishment will not be able to hold the broadcast against the user’s will. Moreover, thanks to Ethereum, gambling addiction can be effectively controlled. To do this, you need to program a smart contract with limited bet amounts or periods of no betting.
It is much more profitable to have fun with slot machines and play live games with Ethereum than with ordinary money. This cryptocurrency ensures the security of transactions, is distinguished by anonymity, fast execution of transactions, and low commission. Ethereum is especially good for online casinos, as its smart contract technology ensures that virtual establishments are bound to meet the conditions.