With the financial world changing so fast, crypto-currencies are getting accepted all around the world. However, when crypto is mentioned, everyone instantly thinks about Bitcoin. While, Bitcoin is the first digital currency, it’s certainly not the only one. At the moment, Ethereum is extremely popular as well. The price of this cryptocurrency is growing every day. The difference between Ethereum and Bitcoin is the fact that Bitcoin is nothing more than a currency, whereas Ethereum is a ledger technology that companies are using to build new programs. For that reason, we have taken it upon ourselves to explain how Ethereum Gambling works.
Additionally, check this Bitcoin Dictionary section to learn more about cryptocurrencies and how to take advantage of them when it comes to online betting.
The Basics of Ethereum Gambling
The step by step process is largely the same as with any regular casinos where you pay with cash, or in case of the online casino, you open up an account, make a deposit and wait for a win. When playing with Ethereum, the process is the same and you need to take the same steps, but there are differences in details because we are dealing with a different sort of currency. The process of opening the account will be the same in all online casinos.
One of the perks of online casinos is the easy registration process. When you are planning to play via cryptocurrencies the anonymity of the payer is guaranteed. You will be playing as an Anonymous player, only needing to write down your address and a password. Now, before you decide to transfer your assets, it is important to make sure that you are dealing with a licensed, legitimate online provider because the cryptocurrency industry is still new and in a lot of ways harder to control.
Before you make the transaction, the casino asks that you to write down your unique Ethereum wallet address. After that, you need to make sure that you transfer the money to the correct casino wallet. So, the first step to Ethereum gambling is getting an Ethereum Wallet.
What is an Ethereum Wallet?
Cryptocurrency wallets are how users interact with their funds. Wallets are similar to an account with a bank, but with very important differences. Like a bank account, they can receive and send funds and assets that they have inside them. Unlike a bank account, if you lose access to your account, it is gone permanently, along with all the assets inside. There is no central authority that can help you get back your wallet. So, even though having absolute control over your finances is good, you responsibilities increase drastically as well.
Before we explain how to get an Ethereum wallet, you must know that there is a variety of different purses. Choosing one is the first step to start interacting with the world of digital money. It is not too complicated, but there are many options. We can divide these wallets in 4 groups.
- Web Wallets;
- Computer Coin Wallets;
- Mobile Wallets;
- Hardware Wallets;
- Paper Wallets.
How to Get an Ethereum Wallet?
Depending on the type of wallet you pick, the procedure for activating it will be different. For instance, web Ethereum wallets are the easiest to use. You can register online from any PC or mobile. Some of these wallets even have an app which can be used. Usually, web wallets are free. The computer purses are similar as well. All you need to do is install a program on your PC. That program will hold your Ethereum wallet. Jaxx and Exodus are good examples of computer coin wallets.
The mobile wallets are pretty much applications which you can install on your phone. These apps work with both Android and Apple. Blockchain is an example of a mobile wallet. All of the above mentioned types are usually free of charge. However, they are also lacking in security. On the other hand, hardware and paper wallets are a much safer option. The paper wallet is a record of the private and public keys you need to access your wallet and make transactions. Paper purses are not on the Internet and therefore no hacker can access your cryptocurrencies.
However, when it comes to hardware Ethereum wallets, the procedure is a bit different. They offer a way to store crypto-currency offline. Unlike the other options where you just need to download a program, the hardware wallet is a device that needs to be bought. They are otherwise known as “cold storage” portfolios.
Funding Your Wallet
Once you get the wallet, you need to fund it with Ethereum before you can make any transactions with it. You can always send any asset to any wallet, but if you want to send tokens out or from a wallet, that address needs to have Ether in it to pay the network fee. There are websites that can make this process much easier. The most popular one is known as Coinbase and is used my millions of people around the world.
After the funding is done, make sure you secured your account. Depending on what type of wallet you get, the security can be different. However, the most universal way that’s offered by everyone is connecting your phone to the account. Once you do that, every time you log in to your wallet, you will get a text message. So, if someone else tries to get in your account, the text message will notify you and you can take appropriate measures to protect your account.
Ethereum Gambling – Pick the Wallet that suits you!
There are three types of Ethereum wallets: software, hardware and paper wallets. As you would imagine, each of these offer advantages and disadvantages. Going for one or another will come down to your lifestyle and goals regarding cryptocurrencies.
- Do you consider ETH an investment or payment method?
- Are you going for a long-time or short-time investment?
- Would you like to buy and cash out ETH straight from your new wallet?
Formulating and answering these and other questions should help you out with the decision. In case you’re not aware of the pros and cons of the above-mentioned wallet types, make sure to read this before jumping into one:
- Software wallet: your private key are stored in data files online (hot wallets) or offline (cold wallets). Hot wallets tend to be a bit more risky to store your private key due to potential cyber attacks.
- Hardware wallet: instead of keeping your private key on a data file, a hardware wallet stores them in a physical device that requires a password or fingerprint to unlock your wallet.
- Paper wallet: don’t let your imagination go wild — a paper wallet is nothing more than a piece of paper that has your public address and private key printed on it. The obvious advantage is that it’s literally un-hackable.
Fund your Ethereum Gambling Account
The Coinbet24 bitcoin betting and online casino gives you a chance to use your Ethereum wallet. With it, you can fund your betting account with Ethereum and use it to place your favorite bets. The cryptocurrency can be used to play all the games on the casino. This includes classic table games, online slots, as well as live casino options. Additionally, Ethereum can be used to place bets on the sportsbook.