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When Satoshi Nakamoto launched Bitcoin in 2009, it was the start of a revolution in the world of digital payments. As the first cryptocurrency, BTC captured people's imaginations with its high user autonomy and decentralized payment system, and its success led to alternative digital coins known as altcoins.
Ethereum — or its currency Ether — is one of the best-known altcoins. Its use of smart contracts and highly secure blockchain technology for tokens such as NFTs means that it has won the trust of many major investors, and it's now possible to make payments with ETH for a wide variety of online purchases.
You can now also make online casino deposits using Ethereum, and you'll find a selection of ETH-friendly sites on this page. You can also read a brief history of the cryptocurrency, the pros and cons of using it, and how to use it in an online casino.
As major altcoins go, Ethereum was a late starter. Launched in 2015 by Gavin Wood and Vitalik Buterin, it offered users a decentralized payment system that runs on Blockchain technology, much like Bitcoin. ETH's supply is much larger, though, after starting with an initial amount of 72 million that is subject to increases, unlike its rival's hard cap amount of 21 million.
ETH has several other key differences to Bitcoin. Firstly, it uses blockchain not only for payments, but also to store computer code that powers secure smart contracts and decentralized apps, known as dapps.
Note: Smart contracts are the mechanism behind NFTs, as they provide ironclad proof of ownership. ETH is also committed to a proof-of-stake system when mining new coins, which is thought to consume less energy and be more efficient than Bitcoin's proof-of-work tool.
ETH's flexibility and efficiency has led to some people calling it the main contender to Bitcoin's crown. Its rise in value reflects this: in the first four months of 2021 alone, its value increased six-fold as major investors decided that the coin was a good long-term bet for growth.
Despite Ethereum's undoubted success, it has suffered a few setbacks. In 2016, a hacker stole $50 million of Ether, which led the ETH community to hard-fork the blockchain to reverse the theft – that is, to split the currency in two. This means that we now have Ethereum Classic as well as the current version, plus an upgrade known as Ethereum 2.0, that aims to increase the speed and number of transactions, as well as the coin's scalability.
Today, ETH is recognized as a major altcoin and, with a market cap of just under $300 billion as of the start of June 2021, its use is becoming more widespread. Read on to find out how more about this digital currency and how you can use it in an online casino.
If you're looking to use Ethereum as a payment method, then its biggest advantage is its security. Blockchain technology protects your payments from fraud or interference from third parties. It's literally hacker-proof unless you store your unique blockchain key in a place where other people can see it. Fiat payment providers are simply unable to provide this type of protection, although many do offer refunds or compensation if a payment goes wrong.
However, it's also wise to be aware of ETH's drawbacks. Transferring it can be expensive, depending on when you do it. Fees vary according to the state of the network at the time and can be poor value for money for small amounts. It's possible that some casinos cover these fees for you and credit the amount to your account, however you would have to check the terms and conditions to be sure of this.
Using ETH, or any cryptocurrency also requires more work than fiat currencies. You need to buy it at a crypto exchange, then transfer it to a compatible digital wallet to buy things and make casino deposits. We'll look at how to do the latter in the next section.
One thing we can say, though, is crypto casinos are growing in number, so don't be surprised to see the list grow in the future.
If you'd like to use Ethereum to make an online casino deposit, then the process is straightforward as long as you have the right mechanisms in place.
First, make sure you have an open account in the casino of your choice: if you don't, it'll only take a few minutes to create one. Also, double-check that it accepts Ethereum and not just the old version Ethereum Classic.
Next, make sure you have Ether ready to transfer to the casino. Once you're certain, follow these steps:
ETH deposits are normally very quick, and the funds should appear in your casino accounts within a few minutes, although a busy network might delay the payment. If they don't show up after a few hours, then flag the issue up with either your wallet or the casino.
Withdrawing your funds back into your wallet isn't so simple and is subject to your casino and wallet's terms and conditions. However, if one is possible, then you'll follow a similar process, only in the opposite direction.
Having a casino accept Ethereum is one thing but being able to trust it is another. This page provides you the tools to find those safe ETH casinos that are most likely to give you a pleasant playing experience.
To do this, the Casino Guru team has assessed each site using a review process that's a little different to most internet reviews. Instead of just looking at subjective factors like game selection, we give the casino a 'reputation rating' that's based on player complaints and ability to pay out big wins, among other things.
You'll see a specific reputation rating and review for each casino in its information box, and there are a series of filters that will help you sort them according to your preference.
To start with, you can find the ETH casinos that score highest in our system by choosing the 'Recommended' tab. These are the sites you should focus your attention on. However, if you'd prefer to see the newest ETH sites on our database – these might have attractive welcome offers if they're trying to build a customer base – then select the 'Newly opened' tab. The 'All' tab, meanwhile, draws up the full list of casinos that accept ETH deposits.
If you've played casino games before, then you'll be aware of rewards and offers that try to get you to sign up or deposit more money. Bonuses are a very common part of this, and you could receive one for depositing money (a deposit bonus) or simply just registering with a casino (no deposit bonus).
Casino Guru will help you find those ETH casinos that offer bonuses. First, go to our list of casino bonuses and choose 'Ethereum' in the payment method filter. Once you have a list of those sites, you can find a specific type of bonus by going to the 'Bonus Type' section, so click 'no deposit bonus' to get just those. You can get the same results by going to our list of no deposit bonuses and choosing 'Ethereum' there.
Our team works hard to keep the list up-to-date, so you should always get relevant bonuses according to the date you do the search.