Ethereum has continued to boom over the course of 2021, with the year having been rather receptive to the crypto token despite all of the issues that have had an impact on various other coins. Whether it be the comments to have been made by influential figures from around the world such as Elon Musk, or whether it be the decisions taken by governments around the globe who are concerned – and perhaps fearful – of what cryptocurrency can do to their financial state, Ethereum has managed to maintain steady growth and has managed to become a huge coin within the industry.
According to research and estimates, it is believed the market cap of the coin is in the region of around $243 billion, thus highlighting just how popular it has become. One industry to have benefitted from its rise is the online casino sector. Canadian Ethereum casino Winz.io is an online gambling platform that will allow bettors from the country to play with this particular form of crypto, as they have already recognized the boom and growth that the sector and the coin have managed to achieve over the last couple of years and since ETH was launched in 2015 by Vitalik Buterin.
Blockchain technology is a huge benefit for everyone
Online casinos will have looked to allow for the world’s second most sought-after token because it relies on blockchain technology. This tech will then allow users of the coin and the operators that accept them to receive the highest levels of security when a digital transaction is made. There are many other benefits that this coin provides to online casinos and holders who decide to wager with it. One of them is simply down to the fact that the coin has very little fluctuation value and, again, links with the fact that a high level of security is provided to any transaction used, thus making it a safe alternative payment method. Finding an online casino that accepts Ethereum is not always easy, but if a platform already offers users the possibility of depositing with Bitcoin, then that is a good start as both tokens will use blockchain technology.
Advantages & drawbacks of using Ethereum at online casinos
Ethereum is considered to be one of the ideal ways for Canadian gambling players to fund their online casino accounts as there are a number of benefits and advantages associated with the coin. Firstly, going back to the fluctuation point outlined above, as there is not much hype or interest in it as there are other forms of digital currency, the value of it remains relatively stable, thus making it less risky as the price will rarely alter without a moment’s notice.
Furthermore, the transactions made when using Ethereum have a longer validity period and the minimal fees that are involved when making a transaction make them more attractive and preferred over other options that may be available.
Lastly, the fact that ETH transactions use smart contracts are a major benefit and differentiates crypto from the other various alternatives that can be used. This is because smart contracts are an automated program that is specific to this particular digital coin in blockchain technology that allows for the transactions to run as smoothly and effectively as intended.
Unfortunately, there are some potential drawbacks in regards to using Ethereum in online casinos and some that may be too difficult for some to get their head around. Holders of the coin will already know that this crypto is less user-friendly compared to many of the other versions available, which is why it is not as popular as others. In addition, the coin is not as widely accepted at many online casinos, although many have been working hard to accept it but there is still a way to go before it does become as usable as many of the other options that can be found.