The rise of digital currencies has had a large impact on the way people gamble online. Nowadays, many web-based operators accept cryptocurrencies like Bitcoin and Ethereum. The use of cryptocurrencies brings several amazing benefits, where enhanced privacy stands out as one of the strongest, but many players are quite confused when it comes to choosing the right currency for gaming. To help you determine whether you should use Bitcoin or Ethereum in online casinos, we prepared this brief guide. Let’s dive in.
Bitcoin: The Most Popular Crypto Currency Worldwide
Bitcoin is the best-known cryptocurrency in the world, and nowadays, it is widely accepted by online gambling sites. It was the very first digital currency out there, and it still holds the largest market capitalization.
While some virtual casinos and sportsbooks only accept Bitcoin as a valid payment method, there are also specialized platforms that offer other cryptocurrency gambling options as well. When it comes to the actual perks, it is important to know that Bitcoin transactions are secure, anonymous, and fast, which makes them great for the world of online gambling.
The Basics of Ethereum
Ethereum is the second most popular cryptocurrency in the world, and as a result, many buy ETH as it gets lots of attention in the online gambling industry.
One of its greatest advantages is the use of smart contracts. These self-executing agreements ensure automatic payments and they also guarantee transparency and fairness in all gambling activities. Many online casinos and web-based bookies already support the use of Ethereum, and that number is expected to rise in the future.
The Similarities of Bitcoin and Ethereum
Both currencies are based on blockchain technology, therefore they enjoy the vast privileges of the open-source, decentralized network.
Also, Bitcoin and Ethereum are extremely fast when it comes to online gambling transactions. The best Ethereum casinos and Bitcoin gambling sites offer deposits and withdrawals that happen in a pretty short period of time. This is possible because both currencies work independently from third parties like banks and other institutions.
Another great benefit of Bitcoin and Ethereum lies in the provision of complete security. Thanks to their technical design and the use of a decentralized blockchain technology network, the currencies are almost impossible to hack.
On top of that, when you use either of the two currencies, you can stay completely anonymous, and no financial or governmental organization will be able to track your transactions.
The Differences Between the Two
Despite all the similarities between the two currencies, there are still some differences that can help you decide which one is better for your needs. For example, Bitcoin is still the most popular option out there, and it is much more widely accepted by online casinos, as well as other industries.
Fans of Bitcoin appreciate its value, as it is expected that the currency will rise significantly throughout the next decade until it reaches the maximum quantity of 21 million units. However, the supporters of Ethereum are usually focused on the speed of transactions. Even though both platforms offer extremely fast money transactions, Ethereum transfers are literally done in seconds, while Bitcoin can take up to 10 minutes.
Moreover, a large number of players find Ethereum attractive because of the use of so-called “smart contracts” where both parties get to use signatures that lock transactions into place. That way, whenever a wager is placed, it is set in stone, and no party has the option to leave before the process is finalized. This kind of system builds strong trust between users, and the casino itself.
Some Future Changes
Even though Ethereum currently holds much more practical value for online punters, it is important to note that Bitcoin is going through positive changes. The platform invested in the introduction of Taproot upgrade which is designed to enable smart contracts. Also, there is a project named the Bitcoin Lighting Network which is a second-layer protocol that is supposed to speed up the network by taking transactions off-chain.
Cryptocurrencies like Bitcoin and Ethereum are surely the future of online gambling, and deciding which one to use should be done based on your personal preference. Now that you know all about the use of the two leading digital currencies in the world, you will be able to spot the one that supports your habits the best.
