The inception of cryptocurrencies and decentralized finances has revealed numerous new possibilities for the usage of finances and assets online. While the grip of these new domains is yet to get firm across the world, cryptocurrencies and their applications have already begun to shift the paradigm for money transfers, exchanges, and online payments that include gambling. One of the leading crypto assets by market cap, Ethereum, is among the most popular altcoins that are being used for online gambling.
Traditional Online Gambling
The transition towards online gambling happened many years prior to the introduction of cryptocurrencies. The online or digital gambling casinos offered benefits to the users by mitigating the limitations of land-based casinos. Some of the primary advantages included a lack of need for a commute to the casino location and also the use of high finances without having to deal with issues related to one’s safety. Although traditional online gambling solved multiple issues related to conventional forms of gambling, it still had to operate within the bounds of financial institutions and was mostly limited to their local regions. However, the integration of cryptocurrencies resulted in the dawn of a new approach for online gambling that majorly served as a source of relief for gamblers around the world.
At its core, Ethereum gambling is similar to traditional online gambling with the slight difference being that this form of gambling is done by using Ethereum as the primary mode of payment. The use of a decentralized asset implies that the benefits of altcoins could be easily translated to the benefits of Ethereum gambling. As Ethereum is not controlled by any government or institution, the currency can be easily transferred without completely compromising the anonymity of the users. Several other benefits of gambling using Ethereum are one of the primary reasons behind the exponential rise of cryptocurrency gambling such as, instant transfer of funds, improved cyber security standards, remote access from various parts of the world, incentivized offers and promotions that add value to one’s online wagers.
What are the Similarities Between Ethereum Gambling and Traditional Online Gambling?
As gambling serves as the foundation for both of these gambling industries, there are a few similarities that can be observed as gamblers venture into either of the domain. Firstly, the inherent risks of gambling still are the common denominator that calls for a need to gamble responsibly. The next similarity that is somewhat common is that many platforms might require complete and thorough verification of the users (that might include a photo ID submission) before allowing the players to withdraw their winnings and this can severely affect the privacy of gamblers which is why it is often advised to look for completely decentralized and anonymous platforms. Lastly, both forms of online gambling strive to offer various bonuses and promotions to the users which is something that was not common in the case of physical and land-based casinos.
What is the Difference Between Ethereum Gambling and Traditional Online Gambling?
The success of Ethereum gambling can be attributed to the list of differences it has from traditional online gambling. The inherent benefit of being based on blockchain technology is Ethereum gambling offers enhanced privacy, security, and almost instant transfer of assets. Ethereum gambling can add value to one’s winning if the relative price of Ethereum in relation to fiat currencies increases in the financial market. Furthermore, the decentralized nature of Ethereum means that any user from around the world can get access to the altcoin and proceed to wager on the casinos available in any particular location. However, one thing to be mindful of is that Ethereum gambling might require concrete and proper understanding of cryptocurrencies if one seeks a completely pleasant gambling experience at online casinos.
While Ethereum gambling is yet to become more prevalent than traditional gambling, it does appear to be the future of gambling and online finances in the future. The list of advantages offered by Ethereum gambling makes it out to be the superior and more efficient form of gambling for the users who have access to it. If one is looking to make use of all the benefits of crypto or Ethereum gambling, starting with understanding the fundamentals of cryptocurrency and narrowing down the platforms to use as per the requirements would serve as a wise step while exploring the uncharted waters of Ethereum gambling.