Cryptocurrency will continue to stay in particular industries such as online poker and online casinos. The size of the cryptocurrency market has expanded in a significant way. Though most of the growth has been due to bitcoin, yet there are other altcoins too, which are contributing in a meaningful way to its growth. Among the other cryptocurrencies, Ethereum or ETH has made market capitalization of almost $60 billion till June 2018, and it ranks the second place just after Bitcoin. Due to the advancements in the blockchain technology, after Bitcoin was introduced, Ethereum can deliver much faster and cheaper results. Additionally, the fees of the ethereum network are low compared to Bitcoin.

Ethereum is based on blockchain computing platform. This platform has millions of machines that are used for blockchain transactions. All the transactions are secured because they get stored on the machines together. This blockchain is similar to Bitcoin, and it contains all the transactions that can be viewed publicly. It is used for making online payments and is available in the peer-to-peer format. Though it was launched just three years back in the year 2015, it has grown in popularity worldwide. Ether is substantially used in online gambling and in fact, some gambling sites use only this cryptocurrency, called ethereum gambling.

Acquiring Ether

The first step to use ETH for the online gambling sites is to obtain the coins. You can do it in multiple ways. You can trade privately with a person who wants to sell it though the easiest way to procure it is by buying it through an exchange. It is one of the most popular cryptocurrencies that are in existence so you can find many exchanges, which do transactions in ethereum. It is recommended to buy the cryptocurrency from a regulated and licensed exchange that caters to millions of people worldwide. After purchasing the token from the transaction, you need to maintain a wallet account.

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This will facilitate the digital money movement more securely, more safely, and anonymously. Remember that you may be caught withdrawing or depositing ether from any gambling site directly and you may be given the warning to close your account instantly. The best solution is using an intermediary wallet, and this makes sure that all your transactions are confidential. The wallets are secure, safe, and it also allows the users to have their private keys to restore and back up the ether token to the ethereum wallet or any storage device, and they are a very safe place for storing ether.

Why are casinos using ethereum?

If you observe, then you will find that the number of ethereum gambling sites are increasing very rapidly. The transaction speed is much faster than Bitcoin, and all these are achieved with low transaction fees. One of the most exciting features is that it has the virtual machines, which can execute code. It allows the users in developing smart contracts, which can automate the escrow services and store the documents securely. Other cryptocurrencies may provide these benefits; however, ethereum is considered the best one.