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A Guide to Ethereum Casinos: How Does Ethereum Work?
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Cryptocurrencies still remain a mystery to many looking for new ways to invest. This short guide will show you how Ethereum casinos work and if it's for you.
Did you know that the cryptocurrency market is predicted to have a compound annual growth rate (CAGR) of 54.4% between 2019 to 2025? This is a hot new type of currency that isn't going to go anywhere anytime soon!
Of course, you can always buy Ethereum (a type of crypto) to either invest or spend wisely. But you can also spend it like cash on fun things, such as online casinos!
Are you interested in Ethereum Casinos? Then read on, as we'll tell you everything you need to know about them in this guide to Ethereum.
How Does Ethereum Work?
First of all, what is Ethereum?
You might've heard of Bitcoin, the main type of cryptocurrency. Well, Ethereum is the second-largest type of crypto, which means it works basically the same as Bitcoin (BTC).
Ethereum is actually the platform and the currency (or token) is Ether. Ethereum itself is a platform that people all over the world can use.
The Ether is stored in blockchain, which miners mine. They get a small fee for doing so, and you get the opportunity to buy it.
If you want an anonymous type of currency, then crypto's where it's at. We'll explain more in later sections.
When you're thinking of getting started with Ethereum, you have to first buy this cryptocurrency. There are two main ways to do so: wallets or exchanges.
Ethereum wallets are just like physical ones: they contain currency. So when you buy from Ethereum wallets, you're essentially buying crypto out of someone else's wallet.
Ethereum exchanges are a bit more complicated, so we'll talk more about them in their own section.
There are 2 types of Ethereum exchanges: centralized and decentralized.
With centralized exchanges, you're using a third-party business to buy Ether. They basically hold the crypto in escrow for the sellers until you transfer them over to an Ethereum wallet that you have (more on this later). This means you can buy with any regular currencies, such as credit cards, debit cards, PayPal, and more.
With decentralized exchanges, you're buying Ether peer-to-peer. You're still using a third-party business, but they never have custody over the Ether.
Decentralized exchanges also allow you to buy Ether anonymously. This is because you can use things like gift cards, plus only the seller knows your details, no one else. This gives people more control, so if you're a fan of that, you might want to consider using decentralized exchanges.
Storing Your Crypto Safely: Ethereum Wallets
No matter how you buy Ethereum, you need to have a wallet! You should never store your Ether on an exchange, as this leaves you open to several risks. By withdrawing straight away to your own wallet, you'll secure your crypto.
So how do you get a digital wallet? Easy; through an app! This app will show not only your balance, but all your transaction history, as well as give you a way to send and receive Ethereum.
Apps aren't the only way you can get Ethereum wallets. You can also get physical hardware wallets, which are one of the most secure ways to keep Ether. This is because you hold them offline, where no hackers can get to.
Other wallets include web wallets and desktop applications.
How Ethereum Casinos Can Improve Your Gaming Experience
If you want to gamble online anonymously, Ethereum casinos are where it's at. This is because you can deposit and withdraw Ether without putting in personal details. And some Ethereum casinos don't require you to sign up with these details either.
Also, transactions are quicker, payment percentages are higher, and whatever you get, you'll be free of government regulator control.
Ethereum Casinos and Security
You'll be pleased to know that so long as you gamble on reputable and secure sites (meaning SSL encryption), you should have little to no risk playing with Ether. As long as you store your Ether safely in a wallet, then you should have no real worries.
Make sure you're smart with your Ethereum wallet, meaning you don't share info with anyone else or allow any third parties to access your wallet.
Ethereum Games: CryptoKitties
If you're looking for Ethereum games, you should start with CryptoKitties, which was created in 2017! This is the first game in the world that was built on Ethereum!
It's a fun game where you get to breed different CryptoKitties. With 4 billion possible genetic variations, you'll never get bored.
Maybe you have some additional questions, even after reading the above. Then check out this section, as we'll answer some frequently asked questions.
Can You Use Fiat Currency at Ethereum Casinos?
Ethereum casinos are made especially so you can use Ether. Because of this, most (if not all) won't let you use any other currencies.
Can You Play Poker on Ethereum Casinos?
There are some Ethereum Casinos that allow you to play poker on them. However, they are far and few.
What Can You Bet on With Ethereum Casinos?
Not only can you play poker, but you can also play slots, blackjack, and table games. Some will even allow you to bet on sports games.
Start Playing on Ethereum Casinos Today
Now you know all about Ethereum casinos, including how to buy this cryptocurrency, how to store it safely, and how these casinos can upgrade your gaming experience.
The next step is to go out there and see what's available! There are so many Ethereum casinos out there that there's definitely a perfect one for every type of punter out there.
So start buying Ethereum and try your luck. You never know: you might just hit the jackpot!
Wondering about other crypto casinos? Then check out our list of trusted Bitcoin online casinos now!
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