Introduction to Ethereum Gambling
Although Bitcoin is the most famous cryptocurrency in the world, Ethereum has rapidly become a popular choice for casino deposits in Australia. Unlike Bitcoin, Ethereum is actually more than a cryptocurrency: it is more of a network which allows for decentralised applications and for the exchange of cryptocurrency and NFTs.
Technically speaking, ‘Ether’ is the actual name of this cryptocurrency but many Australian online casino sites will simply refer to it as Ethereum. For all intents and purposes, depositing using ETH is the same as depositing using Dollars but it has some unique advantages. In addition to increased privacy, Ethereum casino deposits generally have little to no fees and the transactions can be completed within minutes!
Safety of Ethereum
Since Ethereum is relatively new, there might be some safety concerns with using Ethereum for players. One key feature Ethereum provides to minimize these safety concerns is Smart Contracts.
Ethereum uses Smart Contracts as a safety feature. Smart Contracts is a code that makes any actions on the blockchain depend on each other to remove any undue advantage in one party over another. Also considering the decentralized nature of cryptocurrencies and anonymity of blockchain structure, using cryptocurrencies for casino deposits is fast, easy and secure.
The only negative we can mention is the low availability of Ethereum compared to other cryptocurrencies and the transactions being irreversible. Though, with more casinos adopting cryptocurrencies, Ethereum is more likely than not to be available and accepted in more casinos.