The cryptocurrency casino space is on the rise in recent years, leading to a wide range of gambling platforms that specialize only in cryptocurrency deposits and withdrawals. The Ethereum casinos in Canada are also growing in popularity to provide traditional casino games, such as roulette, slots, and blackjack as well as fully-fledged sports betting facilities. But before you choose any Ethereum casino, it’s a good idea to make sure that it’s safe. This article discusses everything you need to know about Ethereum casinos.
An Ethereum casino
You should note that an Ethereum casino refers to any gambling site that accepts the digital currency produced on the Ethereum network. In most cases, Ethereum is usually considered to be the second to Bitcoin. Since the emergence of Ethereum, many people regard it as a good alternative currency for online gambling. This is because the coin can allow you to do financial transactions unidentified, so you cannot be subject to taxation.
Besides this, it can also offer you two approaches to wager. The most common approach is to have Ether as a method for depositing and withdrawing. Alternatively, you can decide to use a smart contract to place bets, though this option is usually a bit complicated. With these two methods, an Ethereum casino creates a tax haven for you and provides a verifiable and secure transaction solution.
How an Ethereum casino works
An Ethereum casino operates the same way as a Bitcoin or conventional casino, though the aspect of payments tends to differ. Because these online casinos operate on the blockchain network, you can decide to deposit directly into a smart contract or on the casino wallet.
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Keep in mind that a smart contract refers to an agreement between two parties. But a computer code usually represents this agreement, which can be kept on a public database and you can’t change it. Transactions that occur in smart contracts are self-executing, meaning they don’t require a third party and only happen when you meet the conditions in the agreement.
The smart contract can pay you right away when you have met the requirements. This means you don’t have to trust the casino because it doesn’t hold your cash at any point. Ideally, if you lose a bet, then you can lose your money. But if you get the predictions right, then the smart contract manages the payments. Therefore, a casino cannot add withdrawal caps, transaction fees, or withdrawal times. Even better, the agreement makes sure that the payment is instant.
When you select your favorite online casino, you need to go to the cashier section and choose the Ethereum option. The site will generate a wallet address for you. Hence, you can pay Ether to the online casino’s Ethereum wallet address. Then you can wager in the same way as any online casino.
The good thing about an Ethereum casino is that deposits and withdrawals are almost instant. The transactions are also transparent, you have a variety of casino games, you can choose from live dealers or software games, and many more.
