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Pros and Cons of Depositing with Ethereum in Online Casinos

Pros and Cons of Depositing with Ethereum in Online Casinos

Bitcoin is the first association of most people when you mention cryptocurrency. However, those who scratch under the surface know that there are other popular currencies in the crypto world. Although it’s still not anywhere near BTC, Ethereum is one of the valuable cryptocurrencies. Can it be a smart deposit choice for online casinos?

If you are considering ETH as a deposit option, make sure to understand its advantages and drawbacks. Check out all details about using Ethereum on online gaming platforms!

Casino Selection – Is It an Advantage or Drawback?

It depends on your perspective. If you look at the top Ethereum online casinos, you’ll find a long list of platforms. Many major operators included ETH among the supported payment methods. However, the number of casinos accepting this cryptocurrency is still modest. Even those who support crypto mostly focus on offering BTC deposits. Only a restricted number of operators don’t hesitate to include Ethereum and other cryptos.

It’s evident the number of ETH casinos will only increase. Internet gaming operators are looking for new ways to attract customers, and expensing accepted payment options is a proven method of doing that!

Ethereum Casinos Pros – Why You Should Consider Them

What are the main advantages of using Ethereum casinos? Check out what this payment method could bring to players who select it!

1. Fast Withdrawals (and Deposits)

If you ever tried crypto casinos, you know the deposits aren’t instant. It takes time to transfer funds from your wallet to that platform and then to your account. An excellent thing about Ethereum is that its transactions are faster than BTC. If Bitcoin takes minutes, you’ll find ETH only requires seconds to process a transaction. That means you could see funds in your account in seconds.

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As for withdrawals, cryptocurrencies are famous for fast cash-out processes. Your chosen platform might have a pending withdrawal time. That’s how much it has to pass before they process your request. After processing, it shouldn’t take much time to see the withdrawn ETH in the crypto wallet. It’s much faster than waiting for days when using a credit card or bank transfer.

2. Maximum Anonymity

We know that maintaining complete anonymity on the internet is virtually impossible. You could use expert tips to be more anonymous online, but total anonymity is only a myth. As for internet gaming, you won’t find a payment option that provides more anonymity than crypto. 

The “standard” methods require providing credit card numbers and other details. The transaction will also appear in your bank statements, making it hard to be discreet about your gaming hobby.

Depositing Ethereum only requires the address to your ETH wallet. There’s no requirement for any financial details, which means your bank accounts stay completely secure. Additionally, there’s virtually no trace, which is great if you prefer to keep your gambling hobby private.

3. No Fees

Ethereum isn’t owned by any institution. It’s proud of its decentralization system, which means there’s no institution to approve the transaction. Thanks to that, you won’t have to pay a single cent. There are no fees involved, apart from the one for blockchain maintenance.

4. Ease of Use

Another fantastic thing about ETH is that it’s easy to use in online casinos. Here are the steps for depositing funds:

  1. Register an account on that platform.
  2. Head to the Cashier, choose Deposit, and pick Ethereum as a deposit method.
  3. Enter your wallet’s address and the sum to invest.
  4. Finalize the transaction.
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For withdrawing, use the Withdrawal option in the Cashier section. You’ll need to meet the minimum amount for withdrawing funds.

5. Special Bonuses

Some platforms might offer special bonuses if you use Ethereum or cryptocurrencies. But even those they don’t make sure to expand the general bonus offer to ETH. 

Do you know those welcome bonuses like deposit boosts and free spins? You can activate them by using Ethereum deposits, too. The only condition is to meet the required minimum deposit. That’s usually the same sum as for the fiat currencies. Depending on the platform, that could be from $5 to $50.

Ethereum Casinos Cons – Things to Consider

No payment method is perfect, and that’s also true for Ethereum. If you are planning on wagering this cryptocurrency in online casinos, these are the downsides to consider.

1. Volatility

All cryptocurrencies are volatile, and users know that well. One scenario is to wake up and see that Ethereum skyrocketed during the night and is now worth twice as much. It’s also possible its value decreased significantly. That might mean you practically lost even though you won funds in online casinos.

Although Ethereum is the second most popular crypto, its volatility is a normal thing. It’s all about following the news and waiting for the right moment to sell and buy the currency. That’s why this shouldn’t affect the actual playing experience.

2. Low Level of Security

Internet casinos acquire online gaming licenses to confirm they run a legit business. That guarantees transparency and liquidity to pay any sum the player wins. 

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But what happens if the casino withdraws from your country? The reason behind this is irrelevant if your ETH funds stay stuck on that platform. Banks and other financial institutions aren’t behind cryptocurrencies. If anything goes wrong, no one can protect you and assist in getting the funds back.

Final Thoughts

Bitcoin faces restricted circulation, and its value goes through the roof. That’s why people are turning to other cryptos, including Ethereum. It’s safe to say ETH is the future of online casinos, at least when it comes to crypto payment methods. The currency has had a stable value for years, and millions of users worldwide trust it. 

Players appreciate the anonymity that Ethereum provides but also the ease of depositing this currency. The withdrawals are surprisingly fast, which is another reason to attract users to ETH. If you are looking for crypto casinos, make sure to give it a shot to see why it’s among the best options available!

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