Ethereum

As the world continues to embrace and adopt, digital currencies, the ever growing need of these baseless currencies also continues to grow when it comes to online casinos. Among the top crypto currencies, is Ethereum.

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About The Ethereum Currency

Bitcoin by far is the most recognizable of the digital currencies. In fact, there are entire Bitcoin casinos. But hot on its heels, is Ethereum, a special crypto, based currency, based on the Ether framework. Ethereum first came onto the scene in 2014 thanks to the efforts of a Swiss company in need of a lighter style of block chain. The engineers came up with the Ether framework, which is similar to Bitcoin in the respect that it utilizes a complex series of block chains to encrypt data, but Ethereum stores the info on all its nodes as opposed to Bitcoin, expediting the process to handle interactions with its peers on the network. The impact was felt immediately in the online casino industry. As we speak more and more casinos are factoring their banking with Ethereum.

Using The Ethereum Currency

To make transactions with Ethereum, you will need to obtain a wallet that is suited for the Ether network. Operating similar to the Bitcoin ones, Ethereum wallets enables its users to manage and create several accounts with a single wallet. And just like Bitcoin, there is no need to go through a bank, rather all that is required is a current email address, and transferring your regular funds to the Ether network. Once that is done, you can conduct business, sell and trade Ether currency with other peers in the network and you can even make your deposits in select online casinos in mere minutes.

Simply login to your account and navigate to the casino’s cashier area. If the casino permits Ethereum, you will be prompted to transfer your desired funds from the Ether network, via your Ethereum wallet to that casino’s online accounts. And when you are ready to check out with your winnings, the time to process withdrawals, occurs in mere minutes. The funds will be set in Ether currency, and sent straight to your Ethereum wallet.

The Difference Between Ethereum and Bitcoin

The main differences between Bitcoin and Ethereum, is that Bitcoin is a single, digital currency. Because Ethereum is a derivative of the Ether network, it has the flexibility to turn into various other currencies, all of which are valid on the Ether network. In addition to serving online casinos and other industries, Ethereum can also serve several types of products.