When you hear about cryptocurrencies the first thing that comes to mind is Bitcoin. This is a great digital currency that has lots of benefits to investors which is why it’s a viable payment method at many online venues. Online casinos also offer this currency as a payment method and there are even casinos that focus solely on Bitcoin. But for all its pros, there’s a currency that surpasses Bitcoin in a few ways. And that currency is Ethereum.
The Similarities Between Bitcoin and Ethereum
The thing about these 2 is that they’re pretty similar. They’re both based on blockchain technology which shows you just how safe they are to use. The users of both digital currencies are practically anonymous when it comes to transactions which means their personal and financial data is pretty safe.
The decentralized system makes sure of that. That technology keeps all the transactions safe and encrypted on a ledger that no one can mess with. Neither Bitcoin nor Ethereum require a regulatory body as they can regulate themselves thanks to the advanced system. Additionally, all the transactions happen fast which is why they’re ideal payment methods at online casinos. So, security is no issue when it comes to Ethereum, but how does it surpass Bitcoin?
Bitcoin vs Ethereum Casinos
Now that players are aware of what kind of security they can expect from both digital currencies, it’s time to see what makes Ethereum slightly better than Bitcoin. The first thing is processing speed. This means that Bitcoin processes a transaction in about 10 minutes whereas, Ethereum does this in seconds.
The second reason is the use of smart contract technology which allows Ethereum users to interact directly with the casino site which makes the transactions easier and safer. Safety is paramount when it comes to online casinos which is why players go for the best Ethereum casinos. They have been reviewed and approved the top spot, which is not a thing a site earns easily. The main thing to remember about casino sites is to enjoy them responsibly.
Ethereum vs Fiat Currency Casinos
Fiat currency is good. It’s just good, but Ethereum is a lot better. Just like with Bitcoin, the speed puts Ethereum ahead of fiat currency casinos. They deal with credit cards and bank transfers which can take days to process and complete a withdrawal transaction. Players need to wait a long time before their winnings appear in their accounts. Ethereum transactions are done within seconds so players can get their money transferred to their accounts faster.
Also, credit cards aren’t that safe. There have been countless scams throughout the years and hackers have gotten a hold of assets easily. People continue to use them and they remain easy prey for anyone looking to make a quick buck. With Ethereum you don’t need to provide any personal or financial information. Also, you deal directly with the casino site which means that no third party can interrupt your transaction or help you facilitate it. So, no banks are included and they have no access to your assets and transactions. This tells you how much Ethereum casinos surpass fiat currency casinos.
The Future of Ethereum
All things considered, the future of Ethereum is bright. Back in May 2021 it took the top spot on the cryptocurrency list and is doing good despite all the ups and downs in value. With lighting fast transactions and security like no other payment method, Ethereum will remain an important cryptocurrency for all businesses and companies.
It will continue to impact the iGaming market as the number of Ethereum users increases over the years. As it’s superior to other digital currencies and fiat currencies players will turn to it, to experience all the benefits it has to offer. In short, Ethereum is here to stay and change the world of finance.