You can buy as well as sell ethereum just like the other cryptocurrencies, but it is more than a currency. Among all the cryptocurrencies that are available in the market these days, it is the most mind-bending one. As it is much more than a currency, it is said to be the new internet. Bitcoin makes use of the blockchain technology to keep a track of all the transactions but ethereum takes it much further. Rather than keeping track of the bitcoins, it executes the computer programs. As this cryptocurrency is decentralized, the software shall never experience downtime, and it cannot be messed with.
One of the easiest applications that can be understood is smart contracts. The currency of ethereum is ether and just like bitcoin, it is mined. Essentially, it is used for paying the transaction fees based on the method it is used. The market of this currency is huge, second only to bitcoin. It gets a lot of support from the online gambling world and this has resulted in the introduction of many casinos that accept it, known as ethereum casino. Many crypto sports betting sites support it too. Due to its huge popularity, you can easily gamble with it at the online casinos.
Smart contract betting
Ethereum gambling is available in two forms. The first and the most common is using it for deposit as well as withdrawal method at different online casinos. It works similar to bitcoin and it is the alternative method of payment to the traditional bank transactions. This aspect of the gamble with ether is very easy to understand and the most popular one too. The second form of ethereum gambling is through smart contracts. These smart contracts are used for placing the bets. These days, there are many online casinos that operate completely on the blockchain technology of ethereum.
Rather than sending this cryptocurrency to the wallet address of the casino, you can send it directly to the smart contracts. At this point, the smart contract gets randomness and then pays out regardless of the fact whether a player wins or loses. There are many advantages of smart contract betting. You will not find any risk of loss because the casinos do not hold the funds, and you cannot interfere with the payouts because they are made on open source. Moreover, the payouts are instant. No matter how big are the winnings, you will be always be guaranteed payment very fast.
Safety and security
The transaction made in an ethereum casino is completely safe. The blockchain of ethereum is secured by the hash power. Bitcoin is presently the highest secured blockchain, but, ethereum is not much behind. The security is very good for all purposes and intents. The only risk of using ether for depositing at the online casinos has the same risk just like when you deal with the other currencies or the US dollars. When you read the reviews of the online casinos accepting ethereum, you may know more about them.