Like Bitcoin, Ethereum (ETH) has increasingly gained popularity among crypto users. The cryptocurrency is now available in hundreds of crypto casinos, both as a deposit and a withdrawal option. While ETH is only an addition to a popular list of online casino banking methods, gamblers now prefer transactions in ETH to e-Wallets, bank wire, PayPal, Poli, and credit/debit cards. The question is, are Ethereum casinos becoming commonplace, especially in South Africa?
Apart from the South African Rand, the US dollar, British dollar, and many other popular payment methods in online casinos, an Ethereum casino packs many benefits. This post will also explore the caveats of using the crypto coin to play casino games online.
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Overview of Ethereum Casino
Simply put, Ethereum casino websites let punters deposit and withdraw winnings in ETH. Because Cryptocurrencies are unregulated, you need an ETH wallet to move funds to and from your gambling account. Even more importantly, online Ethereum casinos are some of the safest gaming platforms. They offer instant withdrawals at low fees. For crypto gambling beginners, note that there are several Ethereum-friendly internet casinos in South Africa.
A Brief Overview of Ethereum
Presently, Ethereum is arguably the second most popular cryptocurrency. The use of ETH draws its security from blockchain technology, the same platform on which Bitcoin runs. However, a unique perspective with ETH comes in the form of smart contracts. At the time of writing this review, ETH value against the dollar is above $1,000.
As the Bitcoin exchange nears the $40k mark, crypto experts also predict a higher value for ETH. In June 2020, the ETH was exchanging at $228.6, which means its value has more than quadrupled. Ethereum was launched through crowd sale in 2014. Vitalik Buterin, who developed the Ethereum blockchain, also created a smart contracts system to make it more accessible and usable than Bitcoin.
How to Use Ethereum in Online Casinos?
As more internet ETH casinos emerge, they open up the cryptocurrency landscape, especially the use of crypto coins. But here is the caveat. Do you know how to use the crypto coin when playing your favorite games in online casinos? Well, the use of ETH is simple and straightforward. Here is a quick guide to using Ethereum:
- First, you need to create an Ethereum wallet with a trusted and reliable exchange platform. Binance and Coinbase are some of the best exchanges, processing millions of crypto payments every day.
- Sign-up with the best Ethereum casino in South Africa. Search for top casino reviews that shed light on the pros and cons of a gaming site or check the South African online casinos list using Ethereum provided here.
- Next, add Ethereum (ETH) as one of the payment options in your gambling account.
Buying Ethereum Using South African Rands
To buy Ethereum in South Africa using Rands, you must first identify a top crypto exchange. You should then obtain an Ethereum wallet. Note that there are several reliable exchanges in SA, so you must pay attention to their pros and cons. Next, get an Ethereum wallet and proceed to buy ETH using any accepted payment methods on the exchange platform. Most Rand-ETH exchanges take place instantly, so check your crypto wallet balance almost immediately.
How to Make Deposits and Withdrawals at Ethereum Casino Sites?
Depositing or withdrawing funds on a casino website is often fast and straightforward. But you may want to ask, how about funding your account or withdrawing winnings in ETH? First off, using Ethereum is very simple and easy.
Here is a breakdown of everything that you need to know.
When depositing funds, most cryptocurrency wallets operate like e-wallets, so here are the steps to follow:
- Sign in and locate the deposit section. Click it to start the process of funding your account.
- Choose Ethereum as the deposit method.
- On the cryptocurrency deposit page, choose your exchange platform. Note that some internet casinos are specific on the exchanges.
- Next, enter your ETH address and confirm the payment. Deposits are usually instant.
Withdrawing casino winnings is a straightforward process. However, you may have to meet specified requirements to authenticate the ETH payment request. Here are the steps to follow when depositing funds in ETH:
- Ensure that you have cleared ETH bonus wagering requirements if necessary.
- Navigate to the cashier lobby to initiate a withdrawal.
- Enter the amount you would like to and click ‘confirm’ withdrawal.
- Funds should reflect in your ETH wallet within a specified duration, usually within an hour.
Ethereum Fees and Limits
When depositing or withdrawing funds in Ethereum, you may incur some fees at an exchange platform. However, most casinos don’t charge fees on ETH deposits or withdrawals. Moreover, limitations on ETH banking vary. In most cases, it starts from $20. However, some casinos have set a limit at $50.
Advantages and Disadvantages of Ethereum
Playing casino games for real money using Ethereum is not without disadvantages. But first, here is a quick preview of the pros.
Advantages of Ethereum
- It is a safe deposit method. The process is often secure, transparent, and private. There is no loophole for fraud or hacking.
- ETH payments are decentralized, eliminating government regulation.
- Ethereum payments are free, or in some cases, the fees are lower than some casinos.
Disadvantages of Ethereum
- Setting up the payment is tedious. The process of creating an Ethereum wallet and linking to an Ethereum casino is long.
- ETH is not as popular as Bitcoin in online casinos.
Money Deposit via Ethereum: Is It Safe?
Transacting funds in ETH is safe, convenient, fast, and secure. It is because the blockchain technology on which it relies makes deposits impossible to hack. Every ether user has a unique address, and every deposit generates a security code in real-time.
Alternatives to Ethereum for Making Deposits at Online Casinos
While Ethereum deposits are secure and private, there are options you can explore. Here are a few notable examples.
- Bank wire transfer: Bank transfers are not very popular but secure. Visit your bank to place a request for payment, and the processing time is often long.
- E-wallets: Online casino deposits via E-wallets offer gamblers plentiful options. You can go for EcoPayz, PayPal, Neteller, or Skrill. The process is similar to crypto deposits and instantaneous.
- Credit card payment is another alternative to ETH. However, gamblers who use it must protect their credit card information such as the CVC code.
Why Players Should Choose Ethereum at Online Casinos for Real Money?
Gamblers in online casinos choose Ethereum for real money gaming for several reasons. They include:
- Competitive bonuses: The best online Ethereum casinos offer players a chance to claim bonuses to use on various casino games. Most importantly, you earn real money playing with bonus credits.
- Hundreds of games to play: ETH casinos also feature hundreds of games, most of which present you with a chance to claim bonus payouts. You can play slots, table games, lover dealer games, bingo, and poker using your ETH balance.
- Secure processing of payments: Whether you are depositing funds or withdrawing winnings, Ethereum exchanges process deposits and withdrawals with ease and great speed.
- Exceptional customer service: Ethereum casinos respond to the needs of players promptly via live chat.
Ethereum Casinos FAQ
What Is Ethereum, and Is It Easy to Use?
- Ethereum is a cryptocurrency or crypto coin that is fast gaining acceptance around the world. Like Bitcoin, ETH is easy to use when playing with real money in online casinos.
Is ETH Available in All Countries?
- Ethereum is not currently available in all countries due to legal restrictions on Cryptocurrencies. For example, you cannot access ETH in Vietnam, Pakistan, Afghanistan, Bolivia, Algeria, and South Arabia. However, ETH is available in most European countries, the USA, Canada, Australia, and South Africa.
How Can I Withdraw My Winnings in ETH?
- To withdraw funds in ETH, log in to your online Ethereum casino account, navigate to the cashier section, and click ‘withdraw funds’. Choose ETH as a withdrawal method.
How and Where Can I Buy ETH and Deposit to My Online Casino Account?
- You can buy ETH in leading online exchanges at a small fee. However, you must sign in to your crypto wallet via an Ethereum casino to deposit funds.
Can I Pay at Ethereum Casinos Using a Smartphone?
- Yes, several Ethereum casinos are now compatible with smartphones. Play and enjoy e-Gaming in HD in ETH internet casinos.