One of the central appeals of cryptocurrency is the decentralized nature of them. There are no banks or other third parties. Once you’ve purchased crypto, you’re set and there’s no one else involved.
This works well with using them for betting purposes, as it makes for faster deposits and withdrawals, and no banking fees. As well, many crypto betting sites offer bonuses for using cryptocurrencies.
If you’re looking to get started and want to start gambling with Ethereum, here’s a step-by-step breakdown of what you’re going to need to do.
- Step One: Find a crypto gambling site that accepts Ethereum as a payment method, and create an account
- Step Two: If you don’t have one, set up a crypto wallet
- Step Three: Head to a crypto exchange like Coinbase, and exchange your money for Ethereum
- Step Four: Store your Ethereum in your crypto wallet
- Step Five: Deposit some of the Ethereum into your gambling account
- Step Six: Place bets with your new cryptocurrency betting account and win big
Ethereum betting vs regular betting
We’ve given a breakdown of what Ethereum is, and how it can be used to create a betting account. Now, let’s take a look at how it compares to banking with more traditional methods.
Many websites offer bonuses for using cryptocurrency as your payment method. This can lead to an additional amount of money in your account, which will help you get off to a better start in your gambling journey.
Because there is no bank to go through, there is less of a gap in transaction time. Particularly on withdrawals, most banks take a significant amount of time to get your money into your account. With Ethereum, no third parties are stalling the process, so you can get your money quicker.
Harder to Quantify Stakes
With cryptocurrency, value doesn’t remain stagnant. If you deposit $100 into your account in regular Canadian currency, barring some catastrophic event, you know that a month from now, your $100 is going to be worth the same amount. With crypto deposits, you can put in a chunk of Ethereum, and one day it’s worth $240, the next $115, and the day after $290. While Ethereum is more stable than many cryptocurrencies, it is still subject to fluctuations based on investors, so knowing how much you are betting with can be a challenge.