Increasing numbers of sites are accepting Ethereum. Which is fantastic for you if you’re looking for a speedy, secure payment method with low-to-no transaction fees.
Even if there are more Bitcoin betting sites, Ethereum betting sites are still aplenty.
BetOnline is a great option for using Ethereum. They have fast withdrawals and do not charge transaction fees for cryptocurrencies.
BetDSI accepts lots of cryptocurrencies. They do not charge withdrawal fees on payouts of more than $300.
Ethereum Casino Bonuses
Many casinos are eager to accept cryptocurrencies and are encouraging the use of Ethereum with bonuses. They are faster, cheaper, and more secure, so it’s easy to see why.
Many casinos have cryptocurrency bonuses, but some bonuses are Bitcoin exclusive.
Wild Casino offers bonuses for users making their first deposits with Ethereum. If you don’t yet have an account, this is a great casino, especially if you’re looking to play with Ethereum.
Gambling with Ethereum
If you want to get started with Ethereum betting, you’ll have a few steps to take. Ethereum, founded in 2011, is a cryptocurrency. This means that it is run by an open-source blockchain and will only release a limited number of coins.
Gambling with Ethereum is a lot like gambling with other cryptocurrencies. This involves two steps: securing Ethereum and storing it in a crypto-wallet
Where to Get Ethereum
The most common way to get Ethereum is by buying them in exchange.
Just head over to an exchange. Sign up and purchase them using dollars. There are places where you can buy cryptocurrencies. A few that are trusted are Coinbase, Poloniex, or Kraken.
You can store your cryptocurrencies here, directly in this stage. However, it is recommended to have a crypto wallet already set up so that you can store them there directly.
Another, less common, way to get Ethereum is via a faucet. No, not the one in your kitchen.
Ethereum faucets are online sites where you can complete simple tasks, watch short advertisements, or complete Human Intelligence tasks. These require you to be present, though they are not very mentally draining, to say the least.
This is a tough road, as faucets tend to be fractions of cents for every task, and it can be difficult to make more than a buck or two an hour. Free money is normally too good to be true.
If you want to use Ethereum, you’ll first need a crypto-wallet.
Some people use their exchanges as wallets. If you prefer a more secure place to store them, you could sign up for a crypto wallet.
Betting with Ethereum comes with many benefits. It’s one of the top cryptocurrencies. When you use it, you can enjoy all the pluses that come along with using cryptocurrencies, as opposed to credit cards, courier checks, or bank transfers.
Anonymity and Security
Gamblers deserve the right to privacy. Currently, cryptocurrencies are the best way to ensure this fundamental right.
Traditional banks need to comply with Know Your Client (KYC) regulations. Under these laws, banks are required to verify identification and social security numbers.
Ethereum has no centralized institution regulated by these laws.
Anonymity is possibly the biggest advantage of betting with Ethereum. Because it is encrypted blockchains, each transaction has a unique code with no identifying information that is directly traceable to you
These advantages are huge for anyone who desires to keep their private information private or to erect a security wall between your bank account and websites where you gamble.
Taxes and Ethereum
Gambling winnings are taxed as capital gains. So any winnings should be reported to the IRS. If you use a traditional bank, this institution is required to submit any of this information to the IRS, so don’t worry, the IRS will know all your business.
However, if you use Ethereum, the only way they will know is if you tell them about it. Because it is a pseudonymous technology, that is relatively unregulated, the IRS does not have eyes there.
Some places give extra bonuses to customers suing cryptocurrencies, such as Ethereum. The betting sites are motivated to do this because of the lower transaction fees and increased speed.
One of the best ones for this is Bookmaker. They are the go-to in cryptocurrency gambling.
Ethereum transactions are super fast! While checks by courier or credit cards can take several days or up to a week, cryptocurrency deposits are generally available within the hour.
Withdrawals typically take up to a day. This is a huge improvement when compared to traditional payout methods.