Best Crypto Casinos That Accept Ethereum (2022)

As the second-largest cryptocurrency in the world, Ethereum (or more correctly Ether) is one of the most commonly used and accepted cryptos-especially in the iGaming industry. It has grown steadily and evolved past being just a cryptocurrency.

In this article, we will look at the best crypto casinos that accept Ethereum. We will also see how this crypto came to be, how it works, and all the other unique things you should know about dealing with it.

History of Ethereum

Originally brought forward as a concept in 2013 by then 19-year-old prodigy programmer Vitalik Buterin, Ethereum officially launched in 2015. The crypto platform was launched to compete with Bitcoin by offering more than just a cryptocurrency platform.

Since its launch, the chain has undergone three hard forks as a result of hacking. Since then, however, the crypto has continued to grow and has become accepted by more and more places-even signing agreements with worldwide credit card companies Visa and Mastercard.

How Ethereum Works

Like Bitcoin, Ethereum works using a blockchain made up of blocks. Each of these blocks contains a list of transactions made using ETH. Every time that a block is added to the blockchain, the transactions within it are confirmed and a small number of Ether is released as a reward to the miner that confirmed the block.

However, this blockchain method is where the similarities with Bitcoin stop. In fact, even the way that the blocks are verified before being added to the blockchain is different when it comes to Ethereum.

Rather than using a PoW (or proof-of-work) to validate each block the way that Bitcoin does, Ethereum uses a proof-of-state. This means that each block doesn’t have to self-validate using a specific cryptographic method. Instead, each block is verified by peer-to-peer methods.

Using this method, blocks on the Ether blockchain are verified and confirmed every 12 seconds. This is massively faster than the 10 minutes it takes Bitcoin to confirm a new block. As such, transactions with Ethereum are much faster than those offered by Bitcoin.

In addition to the different method of confirming blocks in the blockchain, Ethereum also allows applications to operate on the blockchain-which was the main vision behind the creation of the crypto.

This allows developers to run apps in the blockchain and attach physical and digital items to the worth of Ether. This includes the sale of NFTs (non-fungible tokens) such as images, videos, and files.

Ethereum Fees

Because of how fast transactions are confirmed on the Ethereum blockchain, you may think that service fees for Ether are significantly less than BTC. However, in reality, they are within the same range.

The highest recorded transaction fee occurred in May 2021 and cost US $71.72. However, on average, most Ether transactions occur with a service fee of between US $2 and US $3. This transaction fee can rise if there is a spike in transactions and can drop if there is a lull in the network.  

Ethereum Wallet Requirements

Like any other cryptocurrency, there is no need to use a specific type of crypto wallet to store or spend your Ether. Instead, you can use your preferred crypto wallet as long as it supports ETH.

That said, there are certain recommendations regarding which type of wallet you should use depending on how often you plan on spending your ETH and also how much you are planning on storing.

For smaller amounts that you plan on spending relatively soon-like when depositing into your player account-mobile wallets offer the greatest convenience. This great convenience comes at the slightly higher risk of getting hacked.

If you are looking to store a larger amount of ETH for extended periods, the best option is cold storage, paper wallets, or hardware wallets. The best in-betweener for storing larger amounts and spending frequently are the normal crypto wallets that you can find in abundance for PC or Mac platforms.

Pros of Gambling With Ethereum

Ethereum comes with a few great advantages when compared to other cryptos. These include:

Transaction Speeds

One of the biggest perks to gambling with Ethereum is the insanely fast transaction speeds. Because the blockchain confirms new blocks each 12-second period, transactions are verified in almost no time at all. This means that deposits to your player account can be validated almost instantly.

Secure

Ether uses a peer-to-peer verification method. This makes the coin very secure and ensures that all transactions are verified by numerous different users on the blockchain. This means you won’t have to worry about your money being literally lost in the Ether. (Sorry, we couldn’t help it.)

Widely Accepted

Aside from signing deals and acceptance contracts with many large international companies, Ethereum is welcomed by many different crypto casinos. This makes it easy for you to find a place to spend your Ether on your favorite casino game.

More Ways to Win

Because of Ethereum’s support of NFTs, there has been quite a bit of talk lately that in the future winning could occur in a form more advanced than just gaining a few more coins. This may take the form of NFT welcome bonuses or the like. Sadly, this isn’t yet a reality but will be an amazing feature if it does occur in the near future.

Cons of Gambling With Ethereum

As with everything, there are also some cons to using Ether (or Ethereum) as your chosen crypto. These include:

The Concept Is New

The core concept behind Ethereum is still relatively new. While it does appear to be working at the moment, this altcoin doesn’t enjoy the same track history that coins like Bitcoin have. This means that there could be slightly less trust in Ethereum than other cryptocurrencies.

Volatility

As is true of any cryptocurrency, the worth of the coin is based on multiple different factors-which are continuously changing. This means that your money may suddenly be worth a lot more-or a lot less.

Unstable History

The biggest con of gambling with Ethereum is the history of the blockchains security. While all security issues appear to have been resolved in recent years, the crypto still has a history of multiple hacks. Many of these led to forks in the blockchain.

Ethereum vs. Other Altcoins Comparison

To see how Ethereum measures against other altcoins and the original crypto-Bitcoin-check out the table below:

Crypto Type

Block Processing Time

Average Transaction Fee (USD)

Specific Wallet Required?

Ethereum

12 seconds

$2 - $3

No

Bitcoin

10 minutes

$2 - $4

No

Bitcoin Cash

10 minutes

$1

No

Litecoin

2.5 minutes

$0.03 - $0.04

No

Dogecoin

1 minute

$0.65

No

Tether

Blockchain Dependent

$1 - $4

No

Ethereum - Conclusion

Ethereum has certainly reached the dream of its founders by being much more than just another simple cryptocurrency. In fact, it’s done this and still become the second most widely used crypto in the world.

While there is still some speculation about how well Ethereum will work in the long run, the proof behind the concept of incorporating crypto, NTFs, and other assets into a single blockchain seems to be working well.

The fact that so many places online-including many of the most reputable online crypto casinos-are starting to accept Ether is also a great sign. So, if you are looking to get some crypto to spend on your favorite casino games online, you should seriously consider Ethereum.