Cryptocurrencies banking is now to be found at most of the Australian-friendly online casinos to make a deposit and to play pokies. A few years back Bitcoins were the only currency used as a deposit option to fund the casino account to play pokies, but now there are lots of such digital currencies one popular being Ethereum.
Although both Ethereum and Bitcoin belong to the same cryptocurrency family, there are several differences between the two. For one thing, Bitcoin is older than Ethereum and hence more stable and mature. Secondly, despite the fact that Ether is younger it is profoundly quicker than Bitcoin in regards to transferring time. Also, Ether wallet addresses aren’t the same as Bitcoin. Hence, when transferring Ether to an Ethereum wallet you should never use the same address.
What is Ethereum?
Ethereum is an innovative open-source computing platform that has hit the ground running in recent years. It was designed in 2013 by Vitalik Buterin with the intention of creating something cutting-edge and building on the groundbreaking creation of blockchain technology and decentralization. The platform, which officially went live in July 2015 with 11.9 million coins, provides a decentralized Turing-complete virtual machine known as the Ethereum Virtual Machine (EVM) that serves to render scripts using an international network of public nodes.
Other than being used for computing, Ethereum also produces a cryptocurrency called ‘Ether’ which is the second most popular and valuable cryptocurrency in the world. This can be transferred between two accounts and can also be used to pay participant nodes for any computations performed by way of a smart contract.
Although it’s possible to buy and sell Ether like Bitcoin, Ethereum is evidently so much more than a currency. Just like Bitcoin, Ethereum uses a decentralized system (known as blockchain) in order to keep track of transactions and where each unit of the cryptocurrency is stored. However, Ethereum takes this idea one step further by tracking and executing computer programs.
Ethereum at casinos
Many online casinos have sprung up in few years around the Ethereum blockchain, including ‘provably fair’ models in which punters can determine with complete certainty that the house hasn’t tampered with the odds in any way. Ether – the currency which powers the Ethereum network – is highly versatile and is particularly suited to the demands of online gambling.
By the notoriously volatile standards of cryptocurrencies, Ethereum is remarkably stable. Its value tends to stay reasonably constant against the dollar, give or take 5%.
This makes it much more suited to betting, as holders can store the coin in their casino wallets in the knowledge that it’s unlikely to dramatically drop in value overnight. Ethereum is also easily obtainable and boasts fast transaction times, certainly compared to Bitcoin.
What are the popular Ethereum online casinos in Australia?
How to play pokies with Ethereum at online casinos?
You can play with ETH directly, or exchange it in a casino, play with your own currency, and then exchange back and withdraw your funds. Playing with AUD and then exchanging in ETH or vice versa you’ll probably have to pay more than you would if you were using a regular payment system, because you will lose a lot of money due to the double exchange.
You can play anonymously and get paid out instantly, and pay fewer fees. The direct payments with Ethereum are more interesting, mainly because of a new advantage they offer that is smart contracts.
Smart Contract is an in-built service of Ethereum that allows you to bet on pretty much anything. It is written down into the very code of Ethereum, and each bet you make becomes part of a block, and can’t be altered in any way. It’s the if/then sequence, where if you bet on a particular event to happen and it occurs, then you get paid out by Ethereum automatically.
The advantage of this system is that it gives you the transparency you’ve always wanted. Each contract becomes a part of a blockchain, and you can see it and No one can alter the smart contract’s details or retroactively change it after you win.
- To play pokies with Ethereum you need to buy this cryptocurrency. The easiest way to buy Ethereum is from a cryptocurrency exchange like Coinjar or coinspot.
- To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your iPad or mobile ready
- Once verified, you can deposit AUD using the payment method that best suits you – bank transfer, PayID, POLi and credit cards are all widely accepted.
- You can now exchange your funds for Ether.
The Advantages and Disadvantages of playing pokies with Ethereum
Note that each bet with Ethereum is being saved in a blockchain, which means that when you place a bet, it has to be confirmed by at least one block. Currently, one Ethereum block takes about 15 seconds to be created, which means that each bet needs up to fifteen seconds for confirmation.
All bets exceeding 1 ETH need more than one block confirmation, which leads you to a longer waiting time. While playing at regular casinos you can bet instantly, but your problems might start when you actually try and withdraw your winnings, and find the process to be slower than you might like.
But Ethereum might be the best thing that had ever happened to play pokies, because of the non-stop innovations and complete transparency that it’s bringing to casinos. You can see where your money goes, you can make sure that you will get back as much as you should be getting back, and nobody is going to interrupt the process, or trick you in any way. There are many exciting and successful Ethereum gambling projects in the gambling business, including edgeless casinos as they have no house edge and digital currency schemes that appear to be fraud, but actually aren’t exactly fraud after all. The best thing is that during the process of betting, the casino site will not hold your funds at any point; because each transaction is ensured by the blockchain technology itself, and leaves your funds protected at all times.
How to get started with Ethereum pokies?
- In order to place a deposit, you must first sign up at an Ethereum Casino. Once you’ve done this, simply head to their deposit page and select Ethereum as the payment method.
- Next specify how much you’d like to transfer to your online casino account.
- Once you’ve decided how much to deposit, you’ll need to send it to the Ethereum address provided by the casino. So make sure it’s entered correctly, then simply just submit the payment.
- Once you’ve hit the submit button, all you’ll need to do is wait for the funds to appear your Ethereum account.
- To make withdrawals if you win playing pokies with Ethereum go to the withdrawal page and choosing Ethereum as a payment option and enter the amount you’d like to withdraw and submit the amount.