If you haven’t heard of cryptocurrency by now, chances are you haven’t been paying attention. These digital assets have been dominating the news cycle and inspiring an investment frenzy. Cryptocurrency is a medium of exchange that exists entirely on the internet, where the record of transactions exists in a digital ledger called blockchain. Cryptocurrency is most commonly talked about as an investment opportunity, but its primary use as a method of transaction.

This is why crypto gambling has become popular. Cryptocurrencies are decentralized and secure, and with crypto betting sites, those who choose to deposit with crypto will have the opportunity to win more crypto. Crypto sports betting has some unique advantages and differences that set it apart from other banking methods. There are many benefits of using cryptocurrencies, and one such currency that has become wildly popular is Ethereum.

Profile of Ethereum

Logo: 

Symbol: ETH

Initial release: July 30, 2015

Authors: Gavin Wood and Vitalik Buterin

Market Cap: 330.86 Billion USD (at writing)

Circulating Supply: 116.04 million (at writing)

What is Ethereum?

Bitcoin holds the crown as the most “legitimate” cryptocurrency, with the highest market cap and the most places accepting it as a viable means of transaction. Just behind Bitcoin, at the number two spot in market cap, is Ethereum, and if you haven’t heard of it before, pay attention, because it has as much potential as any cryptocurrency.

Ethereum was launched in 2015 as the result of an effort by Vitalik Buterin and Gavin Wood, who crowdfunded the launch. Ethereum is a blockchain as well as a cryptocurrency and has applications that extend beyond crypto usage. It is the world’s most actively used blockchain.

Alongside the recent cryptocurrency craze, there has been a huge boom in Non-Fungible Tokens. These digital collectibles became extremely popular and expensive in the past year, and NFTs are hosted using Ethereum’s blockchain.

Since the middle of 2020, there has been an average of over one million daily Ethereum transactions, making it one of the most commonly used forms of cryptocurrency. When Ethereum was first released, the cost per coin was just over $1. The peak of Ethereums value came when Ethereum was worth over $4,100 per coin.

Ethereum is widely available on just about every well-known crypto exchange, like CoinBase. Also, there are traditional investing sites like WealthSimple that allow for Ethereum investments. When purchased, Ethereum should be stored in a crypto wallet.

What makes Ethereum different from other cryptocurrencies.

  • Ethereum released an update in April of 2021 that featured improved technology and reduced transaction fees paid to miners
  • Ethereum’s network is the center of the NFT movement and hosted a sale of an NFT for over $69 million in 2021
  • Ethereum was created through crowdfunding
  • In 2016, a hacker stole $50 million worth of Ethereum. Ethereum users had a vote, and they reversed the theft by hard-forking the blockchain
  • Unlike Bitcoin, there is no actual cap for Ethereum, as there hasn’t been a limit set to how much will be produced

How to bet with Ethereum?

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.

Crypto Bonuses

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.

Quicker Transactions

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.

Where can I bet with Ethereum?

Now that we’ve given you some background on Ethereum betting, you’re probably excited to get started. To do that, you’re going to need to find a cryptocurrency betting site that allows Ethereum as a payment method.

Two different kinds of crypto betting sites would allow for Ethereum transactions. There are ones that exclusively accept cryptocurrencies as a payment method, and there are ones that offer hybrid banking, with both regular payment methods and cryptocurrency.

Here are a couple of the gambling sites where Ethereum payments are allowed:

Other cryptocurrencies for betting

There are countless other cryptocurrencies on the market right now, ranging from high-powered legitimate means of transaction to jokecoins that will never amount to anything. While many cryptocurrencies are simply ways to try and get investment, some are growing rapidly. Here’s a quick breakdown of some of the biggest cryptocurrencies on the market. For more of an in-depth look, we’ve provided a report for each of the currencies below. 

Bitcoin: Bitcoin is the original decentralized cryptocurrency, coming into existence in 2009, and inventing Blockchain in the process. It is the cryptocurrency with the highest market cap, and each Bitcoin is worth thousands of dollars. The identity of Bitcoin’s creator remains a mystery.

Binance Coin: Binance Coin is a coin that was launched in 2017, and has quickly risen to have the 4th highest market cap of any cryptocurrency. It is used to buy and pay fees on the Binance Exchange, the largest cryptocurrency exchange in the world.

Ripple: Released in 2012, Ripple is a currency exchange that is operated by Ripple Labs. Their actual currency is called XRP and has the 6th highest market cap of any cryptocurrency.

Dogecoin: Starting as a meme, Dogecoin became a favourite of investors to quickly rise into a legitimate form of currency, with the 7th highest market cap of any coin. Championed by investors like Elon Musk and Mark Cuban, this crypto coin is one to keep an eye on.

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