Ethereum hit the scene in 2015. It’s a unit of cryptocurrency, or if you want to be technically correct, decentralized online currencies. A cryptocurrency eliminates the need for a middle man like a bank.
This gives the end-user (that is you) a lot more control when it comes to online business dealings. This includes anything from online purchases to playing stock markets. Ethereum or Ether (the name of the cryptocurrency when using Ethereum) can also be used for online gambling.
Ethereum is a decentralized platform, or blockchain, that can run on computers across the globe. It’s defining feature is a component called Smart Contracts. This functionality enables programmers to add an impressive number of applications varying from markets to registries to titles. This programming function allows Ethereum to explore an array of options that were limited under other cryptocurrencies like Bitcoin.
Ether is aimed at superior user security on the internet. Your money and what you do with it - buying, investing, or using it on entertainment like online gambling - is embedded in your Ether Wallet. You own your data. In this way, the risks of spyware are eliminated. Ethereum is an open and unbiased financial platform that isn’t owned or controlled.
As mentioned, Ethereum cryptocurrency is called Ether, which in turns carries the ETH abbreviation. Cryptocurrency is virtual (or internet) money. Since this money is digital, it can be used all over the world. Transactions are instant without the use of any personal data. It’s most noted feature is that, like Bitcoin, it isn’t owned or controlled by any government or business.
ETH can be used for all digital transactions where Ethereum is accepted. Unlike other cryptocurrencies, Ethereum has a programming function. Thus, it supports decentralized applications, also known as dapps. These are basically apps that are created to support specifics required by a user. You can buy, borrow, invest or lend with your ETH wallet.
Details about the Ethereum Payment System
An Ethereum wallet is the proverbial ‘safe’, or control centre, for your personal data and funds. There are a number of wallets to choose from. You can opt for a desktop, hardware, paper, or web wallet.
The most important aspects linked to these wallets are your security retrievals and password. Without these, your Ether is lost forever. Remember, there’s no customer care centre to help with retrievals. Thus, it places a huge responsibility on the user. The added security of not having personal information stored somewhere also poses a huge risk.
Buying Ether is an exchange process. The easiest way to obtain this cryptocurrency is to buy it with bitcoin or American dollars.
Fees and Commissions
You’ll pay a fee of approximately $0.40 for an Ethereum transaction. Online casinos may have their own transaction fees. Read the terms and conditions of the online casino to find out what these might be.
Deposit and Withdrawal Times
It takes between five and fifteen minutes to process transactions through Ethereum. Processing times also depend on the extent of network traffic and the conditions of the online casino.
Support Work Quality
Ethereum is an effective and convenient payment method at online casinos. It’s easier if you already have an Ether wallet and Ether. If not, you can always obtain a wallet and find this payment option with an online casino.
Mobile Versions and Applications
Ethereum is compatible with all mobile devices. Apps supporting Ether mobile wallets are Coinomi, Jaxx, Lumi, and Atomic.