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Ethereum Casinos: The Easy Way To Make Cryptocurrency Payments

by Ryan White | 28/10/2020

Cryptocurrency online casinos have become popular in the past few years. More and more gaming casinos are now adding electronic currencies such as Ethereum as a payment method for gamers. Ethereum was founded in 2015 and since then it has become known as a safe and quick payment option for casino players. This cryptocurrency lets players transfer funds to their accounts anonymously and securely.

If you are looking for safe and reliable Australian real money online casinos that include cryptocurrencies as one of the payment options for casino players, check this list:

Best Ethereum Casinos - November 2020

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How does Ethereum Payment Option Work?

Ethereum was created by Vitalik Buterin in 2015. Vitalik was a writer for Bitcoin Magazine and he gradually became familiar with the workings of Bitcoin. He wanted to create another type of cryptocurrency that would work swiftly and smoothly compared to Bitcoin. His desire to make better cryptocurrency helped him create Ethereum.

Online casinos that support cryptocurrencies such as Ethereum run on the blockchain network, and therefore you can deposit to the casino wallet or directly into a smart contract. A smart contract is a contract between two parties and it is displayed as a computed code. One cannot alter it as it is stored in the public database. Funds that are deposited through smart contracts are executed individually and therefore there is no need for third-party agencies.

You are paid instantly through smart contracts when all the requirements are fulfilled. The casino does not control your funds as they are handled by the smart contracts. The agreement makes sure that you are paid instantly.

Getting Started at Ethereum Casinos

There are plenty of online casinos banking options at Australian casinos. If you wish to make payments with Ethereum at online casinos in Australia, you will need to purchase the cryptocurrency first.

  • Buying Ethereum: You can buy Ethereum them through mining; however, this is a bit of a complicated procedure since it requires a lot of technological skills. Nevertheless, you can use swap Bitcoins for Ethereum, but make sure that you trade with reliable people. The simple way to buy Ethereum is with fiat currencies such as dollars and euros at exchanges including Kraken and Poloneix. 
  • Store Ethereum in your wallet: After you have purchased Ethereum, you will need to store it safely in your Ethereum wallet. You can also download a hardware wallet like Nano Ledger S. There are other options for wallets as well including a paper wallet and web wallet.

When you have stored cryptocurrency in your wallet, you are good to go and can play at any real money Ethereum casino. Make sure that you search for online casinos in Australia that accept Ethereum and are legal and safe to play at.

Making Deposits and Withdrawals With Ethereum at Online Casinos

After you have chosen the casino you wish to play at, register your account by filling in the needed details and then go to the payment section of the casino. When you will choose Ethereum as your preferred deposit option, a wallet address will be created for you. You will need to copy this address and paste it to your Ethereum wallet. In just a few seconds, your deposited amount will be transferred into your casino account.

Withdrawals with Ethereum are equally easy. You will need to choose the Ethereum payment option from the list of withdrawal options, enter your wallet address, and then choose the amount you want to withdraw. The time for withdrawal will depend on the online casino being used. Some casinos offer instant withdrawals with Ethereum while others take a few days.

Keep note that all online bitcoin casinos may not have Ethereum as a withdrawal option, so in that case, you will need to choose any other payment option to withdraw your funds.

Pros and Cons of Using Ethereum at Australian Online Casinos

Before you plan to make deposits with Ethereum at online casinos, make sure that you familiarize yourself with its pros and cons.

  • Safe and Transparent: Just like any other cryptocurrency, Ethereum is a safe payment option. It also provides privacy and transparency to users. When you make payments with Ethereum, there are negligible chances for fraudulent activities because it works on blockchain technology. Besides, there are no third parties included and your funds are not controlled by the casino. Therefore, your funds always remain secure.
  • Smart Contracts Technology: The incorporation of smart contracts technology is quite effective for both the players and the online casinos. This technology needs all requirements of the transactions to be met before the payment is executed. This secures your money and if you win you get your reward but if you lose then your funds will go to the casino’s wallet.
  • Low Transaction Fees: The transaction fees for using Ethereum are comparatively lower than other payment methods at online casinos.
  • Instant Transactions: Ethereum offers instant deposits and fast withdrawals. You will get your funds within a few minutes or in just a day or two.
  • Ethereum Is Decentralized:  Ethereum is decentralized and independent of any authority. There is no need to store it in banks or process it in any financial organization.

Even though Ethereum is a smart and safe way to make payments at online casinos in Australia, not many casinos include this form of payment. Another disadvantage of Ethereum is that once you have initiated the payment, you cannot reverse it. You need to keep note that the value of Ethereum keeps on changing so it can be risky to deal with.

Ethereum enhances your gaming experience drastically. You can even enjoy bonuses and offers using Ethereum at some of the best online casinos in Australia. 

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