Ethereum Casino – Updated
Crypto Casinos [ETH]: Best Online Casinos Accepting Ethereum in 2018
Thanks to the power of modern communication we are able to create technologies that are decentralized. The Decentralized applications have become more and more important in the past ten years as they have the advantage to massively reduce cost to entry, remove single point failure, prevent censorship and ensure transparency and trust between all the parties in the interaction.
Since Snatoshi Nakamoto came up with the idea of a blockchain as a sort of distributed database and used it to create bitcoin – the world’s first decentralized currency, bitcoin is widely used for remittances, micro payments and commerce online.
Decentralized applications for finance, cloud computing messaging and distributed governance are soon going to emerge. Ethereum is a platform that is specifically designed for people to build such kind of decentralise application.
- What is Ethereum?
- Ethereum vs Bitcoin
- How Ethereum Works?
- What are the Applications of Ethereum?
- What are the Advantage & Disadvantages of Ethereum?
- What types of apps are developed by Ethereum?
- How to Buy Ether?
- What is the Future of Ethereum?
- What is Ethereum Gambling?
- How to Get Started?
- What are the Pros and Cons of Using Ether?
- How is Ethereum Gambling different from Ether Gambling?
- What is a Pure Ethereum Casino?
- What are Ethereum Casino Games?
- What are the Benefits of Ethereum Gambling?
- Vital Features of Ethereum Gambling Websites
- Ethereum Overview
(1) What is Ethereum?
Ethereum is a public, Blockchain-based distributed software platform that allows developers to build and deploy decentralized applications in a open source order of things. In order to understand Ethereum, it is important to know about its core properties.
Ethereum, is a decentralized system and hence not controlled by anyone at all. It is being run by thousands of Ethereum client or ether browsers all over the world that includes a built in peer to peer network for sending messages and a generalized blockchain with a built in programming language permitting people to use the blockchain for any kind of decentralized application that they want to create.
Ethereum enables users’ personal information stays on their own computers, while content, such as apps, videos, etc., stays in full control of its creators without having to obey by the rules imposed by hosting services.
Unlike bitcoin which is a cryptocurrency that operates on blockchain technology, Ethereum is like a different blockchain altogether that has its own browser, coding language and payment system. It allows users to create decentralized applications on Ethereum’s Blockchain.
Bitcoin is the maiden cryptocurrency and a money-transfer system, built on and supported by a distributed public ledger technology called the Blockchain.
Ethereum is a software platform that aims to act as a decentralized Internet as well as decentralized app store. Ether is the currency of this network that pay for the computational resources required to run an application or a program.
Ether not only operates as a digital currency, but also acts as ‘fuel’ for the decentralized apps within the network. If a user intends to change something in one of the apps within Ethereum, they need to pay a transaction fee so that the network can process the change.
The transaction fees are calculated automatically by considering the amount of ‘gas’ an action requires. The requisite amount of required fuel is further calculated on the basis of how much computing power is necessary and how long it will take to run.
(2) Ethereum and Bitcoin
Ethereum and Bitcoin might show some similarities as cryptocurrecy but the reality is that they are two completely different projects with completely different goals. Though Bitcoin has established itself as a relatively stable and the most successful cryptocurrency to date, Ethereum is a multipurpose platform with its digital currency Ether being just a component of its smart contract applications.
Bitcoin has a cap of 21 million and can ever be created, while a potential supply of Ether can be practically endless. Moreover, Bitcoin’s average block mining time is 10 minutes, whereas Ethereum’s time is not more than 12 seconds, which implies quicker confirmations.
Another major difference with bitcoin is that these days successful Bitcoin mining requires tremendous amounts of computing power and electricity and is only possible if using industrial-scale mining farms. On the other hand, Ethereum’s ‘proof-of-work’ algorithm makes way for decentralized mining by individuals.
Perhaps the most important difference between the two projects is Ethereum’s internal code Turing complete, which means that literally everything can be calculated as long as there is enough computing power and time to do so.
Bitcoin doesn’t have this capability. While a Touring complete code provides Ethereum users with practically limitless possibilities, its complexity results in potential security complications.
the Ethereum Blockchain can be described as a transaction-based state machine. When it comes to computer and computer science, a state machine is defined as something capable of reading a series of inputs and transitioning to a new state based on those inputs. As transactions are executed, the machine moves into another state.
(3) A brief overview of how Ethereum works
Every state of Ethereum comprises millions of transactions. These transactions are grouped to form ‘blocks,’ and each and every block is chained together with its previous blocks.
But before the transaction can be added to the ledger, it needs to be validated, that when it goes through a process called mining.
Mining is a process where a group of ‘nodes’ apply their computing power to completing a ‘proof of work’ challenge. It is essentially a mathematical puzzle.
The more powerful the computer is, the quicker it can solve the puzzle. The answer is in itself a proof of work, and it guarantees the validity of a block.
(4) What can Ethereum be used for?
Ethereum enables the developers to build and deploy decentralized applications. Or DAPPS. The DAPPS then lead to the creation of fully transparent and credible financial application, online cryptographically protected systems for managing properties and contracts, social networking and messaging systems where users are maintain control of their own data, to trade’ computer processes’ and eventually to enable online voting for distributed governance.
Ethereum shows a potential to revolutionizing web-based services and industries with long-established contractual practices.
(5) Advantages and Disadvantages of Ethereum
It is completely shielded from any third party interventions, which means that all the decentralized apps and DAOs deployed the network can’t be controlled by anyone at all.
This is due to the fact that the numerous nodes within the system together need to agree on every change made within it.
This dismisses the possibilities of fraud, corruption and makes the network tamper-proof. This also eliminates the possibility of a single point of failure.
Hence, all the apps will have a perpetual stay online and never be switch off. Moreover, the cryptographic security make the Ethereum network well protected against possible hacking.
But then there is always room for human error, and any mistake in the code might result in a lapse and if that happens, there is no direct means to stop a hacker attack.
(6) What types of apps are developed by Ethereum
The network can be easily accessed through its own browser which provides a user-friendly interface as well as a digital wallet for storing and trading Ether.
Users can write, manage and deploy smart contracts. Currently, the Ethereum platform is being gives the scope to create decentralized apps for a broad range of services and industries.
(7) How to get ether
Ether is primarily obtained by either being bought on exchanges or being ‘mined’.The most preffered and convenient way of getting Ether is buying it on exchanges. While buying it on exchanges the following steps should be taken:
- find an exchange that trades in Ether within your jurisdiction
- set up an account and use either your bank account or bank card to buy Ether tokens
- Store them in a wallet, which can be provided by an exchange itself or the Ethereum network itself.
Alternatively, Ether can also be procured through peer-to-peer trading,wher you pay for it with an agreed upon currency, including Bitcoin and other cryptocurrencies. However, it is desirable to obtain Ether via exchanges.
(8) Future of Ethereum
Ethereum, like Bitcoin, has started gaining grounds. A lot of experts agree that this disruptive technology it is set to change the way Internet works by revolutionizing services and industries.
Vitalik Buterin, the creator of Ethereum, stated that he intends to keep Ethereum the leading Blockchain related platform. However, many old-school financial experts predict their impending downfall
(9) Ethereum Casino gambling
Bitcoin and Ethereum have transformed the face of online gambling forever. With the flourish of blockchain-based innovations in the gambling arena, the traditional casinos are finding it difficult to compete with the newest versions.
Ether (ETH), the currency belonging to the Ethereum platform, can be bought and sold as a commodity and can also be used as a currency. With the growing popularity of ether, we can see the emergence of Ethrereum gambling as it allows for transparency and sophistication. The number of sites accepting Ether for gambling is on steady rise.
“Smart contracts” ups the transparency of Ethereum gambling. The fast processing speed of a transaction on Ethereum makes make Eethereum gambling a more viable option.
ETH, the second most popular cryptocurrency after bitcoin , is becoming increasingly popular to online gambling with the emergence of Ethereum casinos.
Relatively few crypto casinos supported ETH in the beginning but today the Ethereum decentralized gambling projects are drawing so many enthusiasts. Ether is easily obtainable on many exchanges.
(10) How to get started
Here’s a step-by-step overview of how to get started with ethereum gambling:
- The first thing is to open a wallet that is designed to hold all your cryptocurrencies. Ensure a complete the buying Ether.
- Search for Ether in your wallet and select the amount you want to buy and process the transaction.
- Next, find a ethereum gambling site.
- Once you have found the appropriate ethereum betting site, head the cashier section and search the payment options for Ether.
- Choose that payment method
- You will be directed to a site that connects you to the casino via the Ethereum blockchain.
- Select how much fund you want to deposit with the site
- Soon, your account will be funded.
(11) Pros and Cons of Using Ether
Let’s take a look at some pros and cons of using Ether for gambling:
Everything you do on the online gambling sites which are backed by the Ethereum blockchain is completely encrypted. Casino sites will never have access to any of your payment information.
The transactions take much less time to be completed. You will get back your money faster when you process a withdrawal. Due to the digital nature, Ether payments cost players far less.
The security aspect of Ether drastically lowers the possibility of fraud thereby allowing player higher betting, deposit and withdrawal limits. many sites offer larger deposit bonuses to players who use ether.
Not every site that offers Ether as a payment option has a gaming license, and this can lead to security issues. Even though your cryptocurrency transactions are secure, rogue casinos without licenses are more likely to cause trouble with the gamblers.
Even though the online gambling industry was among the first ecosystems to accept cryptocurrency, there are still a majority of sites that do not accept Ether as a payment method.
While the number of sites that accept Ether continues to grow, you still need to do some research or read our site to find out the places you can use this currency to do all the gambling.
(13) How is Ethereum Gambling different from Ether Gambling?
There are casinos that accept Ether as a form of payment while there are others that base their games on smart contracts on the Ethereum network. This one is the primary difference between Ethereum gambling and Ether gambling.
Ethereum-based casinos may also evolve to incorporate payment with other cryptocurrencies and offer a different kind of gaming experience.
(14) Pure Ethereum Casino
There are many actual Ethereum casinos that offer games based on smart contracts on this network and they only take payment in Ether. This signifies how diverse and innovative the Ethereum gaming industry can become.
In fact, one of the first exclusive Ethereum gambling initiatives bought the 0% house edge model to online gambling. This is only one of the most disruptive innovations that a pure Ethereum gambling initiative has come up with.
The other unique and disruptive feature that Ethereum gambling brings to the industry is instant withdrawals. Smart contracts has the potentially to shift consumer behavior in the gambling industry.
As the players understand the fact that an instant withdrawal can be coded into a contract and that this contract cannot be altered, they are likely to opt for it.moreover transaction times on Ethereum can be lesser than on the Bitcoin network, which is a huge advantage.
(15) What are Ethereum Casino Games?
Developers on the Ethereum network are also come up with unique games that will cater to the members of their community. These games will possess specific characteristics that have to do with Ethereum, much like bitcoin games.
Ethereum gambling effectively started off with games whose format were much like bitcoin gambling. Nevertheless, the features of both the bitcoin and ethereum networks and the differences in their origins will take them in different directions. Therefore , players can expect a wide variety of unique Ethereum games to emerge.
(16) Ethereum Casino Gambling Benefits
Ethereum gambling could well revolutionize the following aspects of the gambling industry:
- Social interaction through games.
- Investment in gambling apps or games.
- It could eliminate the need for physical casinos altogether.
Ethereum will certainly unbox some of the most exciting and innovative opportunities in the world of gambling and online casinos.
(17) Vital Features of Ethereum Casino Gambling Websites
Some casinos that support Ethereum offer video poker even though a fully fledged Ethereum poker room is yet to be developed. ETH slots, for the most part, feel like regular slots. Virtually all crypto assets are yet to be properly regulated hence hence they are easily accessible for the purpose of gambling.
The traditional online casinos mostly get their games from a handful of huge gaming developers while many new Ethereum casinos develop their own solutions. As ethereum gambling is decentralized, the transactions—in this case, bets and rolls—are not stored centrally on the casino’s servers.
Gambling providers oroperators can utilize the Ethereum global network mostly by deploying ETH smart contract. This not only guarantees fairness and transparency, but it also prevents the casino from tampering with the results in any way. The best Ethereum gambling sites provide a robust package of unique gambling experiences, nice bonuses, and helpful customer service.
This universal decentralized gambling platform is the ultimate goal of gambling enthusiasts. Admittedly, many developers are working for establishing a pure blockchain gambling on Ethereum network.
And even if it falls short of achieving a widespread adoption, the first two novelties Ethereum ”smart contracts” bring to gambling—wealth redistribution and transparency—are already massive innovations in and of themselves.
(19) Ethereum Overview
Ethereum is a cryptocurrency which allows for international, fast and anonymous payments. Ethereum gambling is rapidly growing these days, For the first Ethereum was released in the year 2015, Ethereum makes some notable improvements on the basic architecture of bitcoin.
Ethereum makes use of “Smart Contracts” that enforces the performance of a given transaction. The smart contracts show the signs of disrupting or interrupting the online gaming or gambling market as they remove the need of trust between the players and the casino.
The block time of Ethereum is very less when compared to that of Bitcoin, where the block time of bitcoin is 10 Minutes and block time of Ethereum is 20 Seconds.
Ethereum now stands as one among top 5 cryptocurrencies. The count of Ethereum casinos these days have been increased and the ethereum casinos are being in equal count to that of bitcoin casinos.
The increasing approach to Ethereum gambling is the use of smart contracts to place bets. At present there are a number of casinos which entirely operate only on the Ethereum blockchain. Instead of sending Ether to the players casino’s wallet address player can send the ETH directly to a smart contract. So, the smart contract generates randomness and pays out based on the player wins and loses.
There are many advantages to smart contract betting in Ethereum. Some advantages among them are,
1 – The casino does not hold any players funds at any point, so there is no risk of loss
2 – Payouts are instant no matter how large the winnings are, players are guaranteed to paid and get paid fast.
3 – Payouts are made by an open source code and cannot be interfered.