Popularity wise, Ethereum is right next to Bitcoin. As a matter of fact, a lot of people believe that it could be the coin that will take the torch away from Bitcoin. The reason for that is because Ethereum has a more sophisticated construction. 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. However, just like with Bitcoin, people need a wallet to be able to store their Ethereum coins. We have taken it upon ourselves to explain “how to get an Ethereum wallet” and then how to deposit with Ethereum? For more information, you can also check our “how to” section for a Bitcoin Deposit. Additionally, learn more about Ethereum and other cryptocurrencies right HERE.
The Basics of Depositing with Ethereum
The first step to making a deposit is getting an Ethereum Wallet. Here we will share some info on what an Ethereum wallet is. However, we suggest that you head over to our article on what is an Ethereum wallet to learn more on the matter.
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 Deposit with Ethereum? – Types of Wallets
Trezor One
Trezor is the oldest Bitcoin hardware wallet. It is a product of SatoshiLabs and has a straightforward interface. In terms of security, Trezor is quite advanced as its PIN code never leaves the wallet. This means even if you connect it with a compromised computer, you won’t face the risk of compromising your wallet. Some argue it’s the best Ethereum wallet in the market.
- Main Highlight
The primary highlight of Trezor One is its security. Its PIN code system ensures that brute-force entering is impossible. When you enter the PIN code incorrectly, it increases the waiting time by a power of two. For example, it’ll take 17 years to make 30 guesses. Whenever you connect your wallet to your computer, it’ll ask you to enter the PIN. Trezor generates a random PIN code every time, and it’ll display one when you connect it to the computer. After entering the PIN, you’d have to enter the passphrase, which only you’re aware of.
- Additional Features
Trezor One supports multiple cryptocurrencies (more than a thousand, actually) such as Litecoin, Ethereum, Bitcoin, Dash, Ethereum Classic, etc. However, Trezor doesn’t support Ripple, Monero, Cardano, and Tezos. It is compatible with Mac OS X, Windows, and Linux.
Ledger Nano S
Probably the most popular hardware wallet, Ledger Nano S certainly deserves a place in this list. A hardware wallet lets you store your private keys in a physical device. As a key is everything in cryptocurrency, where you store them is crucial, and hardware wallets are widely popular. All the cryptocurrencies store in the wallet offline, so there’s no risk of hacking. If you’re not a programmer or a tech-savvy person, using a hardware wallet would be the best to ensure the security of your cryptocurrency. The OS of Ledger Nano S is BOLOS, which its developers integrate into a secure chip.
- Main Highlight
The main highlight of this wallet is its security. As it’s a hardware wallet, there’s no risk of hacking or technical loss. When you start the device, you’ll have to enter a PIN code, and you must remember that to connect your device. They provide you with a recovery sheet that you’d have to keep safe in case you forget your PIN.
- Additional Features
Ledger Nano S supports over 1000 coins, including Eos, Bitcoin, Cardano, Dash, Dogecoin, Litecoin, Ethereum, and many more. It’s very lightweight, so carrying it around isn’t very difficult either. Another additional advantage is that you can run third-party apps on this wallet too. Using it doesn’t require any technical proficiency, so even if you’re a beginner, you wouldn’t have any difficulty in using this wallet.
Metamask
If you don’t know much about the Ethereum network, you should go with this option. Metamask is a software that you can download as a Chrome extension too! Your Ethereum wallet remains available on your browser with Metamask, and if you’re a developer, you can interact with Ethereum test networks through it as well.
- Main Highlight
Metamask provides an abstraction to its users, thus lowering the entry barrier for many people interested in Ethereum. With Metamask, you can access Ethereum dApps through your browser. Apart from that, you can easily switch between the leading network and a test network too.
- Additional Features
Your private keys have password encryption with Metamask and remain stored on your machine to export whenever you require. Another highlight of this wallet is you don’t have to download a full Ethereum node to use it. With Metamask, you can manage multiple wallets from one place. However, you should know that it’s not as secure as a hardware wallet or a paper one.
How to Deposit with Ethereum – Bitcoin vs Ethereum Casinos
If players have dozens of Bitcoin casinos to choose from, why would they instead choose to play in an Ethereum casino? Here are some of the key reasons why you could choose to bet with Ether (ETH).
Faster Transactions
Bitcoin is currently suffering from the problem of having a congested network. Casino deposits made through BTC are exposed to large delays. Deposits at Ethereum casinos are processed in less than one minute. On top of that, the same level of anonymity is available.
Smart Contracts
The chain of blocks of Ethereum is generated by taking into account smart contracts. Although smart contracts are still not very popular, there are players who prefer to play in totally reliable casinos. These Ethereum casinos do not have any intermediary, and the profits and losses are paid automatically without needing any authorization.
Competitive Odds
Ethereum Casinos are trying to offer better odds than Bitcoin casinos. This is one way of creating competition and getting players to switch over. As a player, this is a win-win situation. You can browse popular casinos and go with the ones that offer higher-odds.
To learn more about cryptocurrency betting, make sure to check out the Coinbet24 Bitcoin Betting Blog. Additionally, head over to the Coinbet24 Casino to find the best odds and markets for crypto betting. This article on how to deposit with Ethereum will help you there as well because Coinbet24 accepts Ethereum deposits as well.