If you’re into cryptocurrencies, you know that Bitcoin was the first crypto that appeared and revolutionized online banking as we knew it, but you also know that Ethereum is the second-best, offering way faster and safer transactions. Just like Bitcoin, it runs on the underlying blockchain technology, but it is more scalable, therefore offering improved processing times. It is also easier to use, thanks to its smart contracts. What is Ethereum and why choose it as your online casino payment method?
Top Ethereum Casinos
As introduced, when Ethereum was first launched, it was announced as a much-improved version of Bitcoin. Its native token is Ether, but NFTs (non-fungible tokens) are also available through it. It is, as any other cryptocurrency, open-source and decentralized, designed with the purpose to improve crypto transactions and make them safer and faster.
Being the second-best crypto today means it is special, offering something better than others. In fact, it was launched by a previous Bitcoin savvy, who was tired of the waiting times and wanted to create a crypto that would be smoother and easier to use, but also faster. Vitalik Buterin is the name behind it, who created a new network, running on the underlying blockchain technology, with more diverse operations, transactions and purposes when compared to Bitcoin. It went live in 2014.
The community-run technology powers thousands of decentralized apps, the native token Ether and non-fungible tokens. It makes the movement of assets, digital money, apps and payments go smoothly, regardless of where the senders/recipients are located across the globe, as long as they have a connection to the internet. Its decentralized finance system (DeFi) is available to literally anyone, and works on the execution of smart contracts, making it faster and safer than Bitcoin.
A few years back, when the non-fungible tokens appeared, Ethereum was among the first to embrace them. These are assets, and as such, they can be anything; for instance, you’re an inventor and you’ve invented a product. Just by tokenizing it, through Ethereum’s network, you could get royalties each time your NFT is resold, automatically. Anything you own, basically, can be tokenized and traded as a non-fungible token. And traded via smart contracts. These smart contracts, the foundation of this crypto, have become the foundation of many other new cryptocurrencies that appeared recently, more eco-friendly, greener alternatives, set to replace Bitcoin.
As you would assume, offering all of these perks we just mentioned, Ethereum’s community grew with the speed of light. People from all across the globe, with different backgrounds and interests, showed interest in it and joined the community, excited to make it bigger and stronger. And of course, most of these people are also online gamblers, so it is no wonder that the crypto arrived across the best online casinos soon after it was launched. Hundreds of operators are offering it across their sites for deposits and withdrawals since transactions with it are processed within seconds. Stay with us as we inform you how to get started with it and use it across Canadian online casinos.
Getting Started with the Solution
Considering this is not only a system for transacting digital money but also all kinds of apps, you can do so many things on its blockchain, such as creating NFTs, using decentralized apps and even coding with it. In case you want to learn all about these things, you can visit the website Ethereum.org, funded by the Ethereum Foundation and run by a small team of dedicated members. You can check the site to explore its full potential, as the team maintains it and updates it regularly to attend to the eager members’ interest.
Since we’re interested in how the crypto is used for online gambling transactions, let’s get down to it right away. First, you should understand how smart contracts work. A smart contract is an operation with pre-conditions to be met by the two parties that want to perform it. For instance, you’re in need of a translating service. The pre-conditions here would be for you to compensate the other party for the translation in Ether and the other party needs to provide you with the translation. The actual transaction is completed only after you both confirm that you’ve done your share of the contract. The actual smart contact operation is, of course, fueled by Ether.
This sounds familiar, right? Well, it’s because this is a simple exchange of goods and services. You pay, in digital money, for a service you received. Now, to obtain this digital money, you’d need to know that you won’t need to go through the exhausting and costly mining process, like with Bitcoin. Instead, you can perform a service, as explained and have someone pay you in Ether, or have someone send you some Ethers, or even purchase them with fiat currencies.
The last option is the fastest and easiest, so just visit an exchange platform, and purchase your tokens. In case you already own BTCs, you can simply exchange them for ETHs equivalents. Or, you can connect a payment method, like a credit card, and purchase your ETHs using Canadian dollars. It is that simple.
After you’ve obtained your ETHs, you’d need to create a crypto wallet to store them. You know the drill: create your wallet, and just like with any other crypto, you’ll get your wallet addresses, which you’ll be using each time you want to transact with Ethereum.
Depositing and Withdrawing
As introduced, Ethereum is a crypto offered across hundreds of online casino sites. Being the second-best digital currency that exists today, it is the number-one choice of many players across international online casinos, Canadians included. Therefore, you can just explore a few options, to find the site you’d like to join. Register your account with it and you’ll be ready to make your first deposit using ETH.
To make a deposit with Ethereum, you’d need to go through the following steps:
- Visit the casino’s Cashier/Deposits/Banking page.
- Locate Ethereum’s logo and press it.
- A pop-up will appear with the casino’s wallet address displayed. Copy it.
- You’ll be redirected to a page where you’ll need to enter your crypto wallet.
- Paste the casino’s address in the designated field and specify how many ETHs you’d like to deposit.
- Confirm the transaction by pressing Send and the ETHs will arrive on your balance in no time.
The withdrawing procedure is the same, meaning you’d need to look for the solution’s logo on the Withdrawals page, and this time, paste your wallet’s address in the designated field. Specify how much you’d like to cash out, and the casino will transfer the ETHs to your wallet in no time after it reviews your request and checks whether everything is in order.
We did not mention this, but the fees charged in relation to this crypto are called gas. The gas is the fee required to fuel, and conduct the Ethereum transaction successfully.
This gas fee is only a fraction of the transaction, and you can learn more about it and any additional fees charged by going to the official website and typing the Gas and Fees keyword in the search tool on the homepage. But in short, if you want to deposit 1 ETH to the casino, the total fee you’d need to pay for the transaction to succeed is 0.0042 ETH.
As said, you can purchase your coins using fiat currencies. This means any fiat currency, Canadian dollars included, which is offered at an exchange platform. You can also exchange any other crypto you own to get your ETHs.
But don’t forget that you can even create something, tokenize it and get some ETHs for it, by trading it on its network. Absolutely anything is possible with this incredible digital currency.
Ethereum is a global payment solution, an open-source, decentralized network that connects people from all across the globe.
It is widely used across Canada, don’t worry, and is available across many Canadian online casinos. Therefore, you can rest assured that you’ll be able to use it, by all means.
We mentioned the official website run by some members of the community, which you can explore to get all the info you need on this cryptocurrency. On this site, you’ll find a Contact page, and by visiting it, you’ll understand that you can email the team to ask questions directly.
However, if you’re experiencing problems with your deposits/withdrawals, you can always contact the casino’s Customer Support team, as they are trained to assist you with stuff like that.
Ethereum is currently one of the most popular, most traded and most wanted cryptocurrencies available on the market, there’s no doubt about that. When it comes to online gambling transactions, you should definitely consider using it, as it is available in Canada, across Canadian casinos, it offers some of the fastest deposits and withdrawals and it comes with small fees. You can use Canadian dollars to purchase it, too, so there’s nothing not to love about it. It will do you no harm to at least try it, so make sure you do.
Yes. Just like any other crypto, Ethereum’s value may increase or decrease, depending on the market. It is a risky asset, after all, so you need to be careful when buying or selling it.
No, not really. The solution allows you to transact as much as you want. However, you should beware of the limits implemented by your online casino. Due to responsible gambling policies, casinos need to limit the deposit/withdrawal transactions per day, so you must check with your chosen online casino to see exactly how much you can transact using this crypto.
Bitcoin, when it first started, offered faster transactions, but since it quickly experienced transaction overload on its blockchain, transactions with it started getting processed in about 10 minutes on average. Ethereum processes transactions within seconds.
Unfortunately, yes. Transactions with ETHs are also irreversible, considering this is, too, a decentralized digital currency.
Sure thing! The website is available in many languages. As you load it, you’ll see the Languages button on the right top corner of the screen. Press it and you’ll see that all kinds of languages are available, English and French included.