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Gambling 10 Jun 2020

Why Ethereum is often called a gambling currency

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Home Gambling Why Ethereum is often called a gambling currency

After the emergence of Bitcoin in the first half of the last decade the global population witnessed a sudden increase of interest towards the virtual funds. This technology was based on the revolutionary blockchain system that held massive benefits for the people of different nations. Once the BTC gained traction, various new cryptocurrencies started to emerge as alternatives and in 2015 another powerful crypto entity was born, which we know today as the Ethereum. Arguably the second most popular cryptocurrency in the world, Ethereum is a lot like Bitcoin, holding all of the same benefits and at the same time adding some of its own to the mix. Ethereum's smart contracts are a revolutionary concept that adds layers of heightened security and the ability to deal without the 3rd party intervention. Just like the Bitcoin, Ethereum is highly utilized when it comes to the casino industry, which millions of players participating in Ethereum Gambling all around the world

Advantages of Ethereum Gambling

Just like the big brother, Ethereum Gambling contains all the benefits that come with using the blockchain technology. First and foremost is always the lightning-fast speeds that the blockchain system offers. Standard online casinos use banks and other financial institutions to provide transfers. Ethereum gambling happens directly between the Ethereum Casinos and the players. This means that the deposit and withdrawal speeds are almost instantaneous, needing literal minutes to complete the transactions, compared to days – when using banks. The security and privacy are extremely tight, because of the blockchain design. While participating in Ethereum Gambling, players are absolutely safe from any hacking or tampering with their accounts, because through this technology, gamblers stay absolutely anonymous no matter what. Additionally, no one can forget the amazing possibilities of the Provable fairness that comes with the best Ethereum Casinos in the world.

Are Ethereum Casino games provably fair?

Only the true trailblazers of the crypto gambling industry offer players the benefits of Provably fair games. This revolutionary technology was introduced several years ago. It's the key to building strong relationships with the fanbase by providing an indisputably fair gambling, which in term ensures the best reputation for any Ethereum Casino. This technology is based on the blockchain systems and provides a clear explanation to why the game is absolutely fair to play. Provably Fair Games use the advanced SHA-2 hash algorithms that absolutely guarantee the fairness of the game. Basically, it's making the casino choose the number before the player, to ensure there will be no illegal calculations on the part of the casino. After this, provably fair technology provides the in-depth description of the algorithms before and after the play.

Let's take the mines game for an example and envision the 25 spheres. If you choose 5 mines per game, those mines will be positioned before you start the game. This way the Ethereum casino will be making its move before you, which guarantees the fair gameplay. Hash algorithm analysis will be there to factually guarantee the Fairness of the game.

Does Ethereum Gambling cut down the house edge?

Probably the main advantage of Ethereum Gambling is the total transparency and the house edge settings ranging from low to absolutely none. The most prominent Ethereum Casinos usually offer percentages as low as 0% to 1%. This is where the standard casinos are left with absolutely no chance against Ethereum Casinos. In total, considering all the amazing benefits of the crypto gambling, low house edge of the Ethereum Casino and incredible Provably Fair possibilities, it's easy to understand why gambling enthusiasts all around the world refer to Ethereum as the gambling currency.

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