Ethereum

These are the online casinos in Canada that accept Ethereum as a payment method.

Ethereum can be defined as a digital currency platform that is part of the cryptocurrency market and that works as a payment method like other world currencies, such as the dollar, the sterling pound or the euro.

The cryptocurrency was established in 2015, having been created by the Russian programmer and writer Vitalik Buterin, who has great knowledge in subjects such as mathematics, programming and economics, and is also an expert in the development of open source software.

Being a system that is not governed by the usual economic agents present in other currencies, Ethereum has always been the subject of controversy along with other cryptos such as Bitcoin. However, it has its niche as a payment method, especially in the iGaming industry.

What are the features of Ethereum?

This cryptocurrency does not have any kind of “official backing” that comes from a central bank, any financial system or a government.

This causes it to fluctuate a lot with large rises and falls in its quotation in relation to the government currencies that are more stable. Therefore, there is a big business behind it, with investors who buy and sell the currency with the aim of profiting.

Nonetheless, its blockchain technology is what gives it the shape it needs to be functional. Thanks to it, all transactions made with the currency are registered in independent and protected blocks, and can be verified. This system allows it to be open to everyone and very difficult to counterfeit.

What makes it different is that developers themselves can build and deploy applications with the Ethereum network. These are called dapps, open source units that don’t need an intermediary to work.

It should be noted that Ethereum is the platform on which it operates and Ether is the coin that can be purchased, although the way it became known to the general public was the term Ethereum.

Since its inception, Ether has been highly priced, peaking in late 2021 when it looked like it would even outperform Bitcoin. During the year 2022, the currency had a big drop and is still far from a balance in the graphics and consequent stability.

While some economic sectors are skeptical of the path Ethereum has taken, there are many companies that accept Ether for payments in online businesses. Gradually, online casinos are introducing it into their portfolio of payment methods, although it is not yet present in many of them.

Carrying out an exhaustive analysis of this cryptocurrency seems complicated, because on the one hand it is still under development and on the other there are no references to understand what will happen to it.

Where can we buy Ethereum?

To buy Ethereum safely, it is necessary to enter a foreign exchange platform or exchange. Its maintenance is simple and will not present great difficulties.

For this, we must register and deposit money into our account, either through bank transfer or another viable option, and then purchase Ether with it. There are more than 300 exchanges that offer this alternative, although you can find some of the most recognized ones on the Ethereum official website.

It should be noted that these exchanges currently have more than 100 payment methods adapted to all customers. There are even methods which you don’t necessarily need to enter your bank details to complete the purchase.

With the money already in the account, you can automatically exchange it for the corresponding amount of Ether.

What are the advantages of using Ethereum?

• Speed: One of the main strengths of Ethereum is its speed, as transactions between accounts are almost instantaneous, regardless of value or destination.
• Safety: It is impossible to counterfeit cryptocurrencies without the networks detecting it. So the security is very high. Furthermore, all transactions are public and transparent.
• Previously regulated: There is nothing that can change the conditions of Ethereum, already defined since its creation and development by consensus. It could only change if the majority of users accepted that change.
• Open code: Any user is free to view the cryptocurrency’s source code and thus propose changes and improvements. This helps when it comes to being a transparent system.
• Unlimited: There is no limit to the amount of Ether that can be issued, as is the case with other cryptocurrencies.
• Low risk of inflation: Despite not having a limit on the number of coins issued, they set the amount that can be produced per year at 18 million, which reduces the chances of inflation.

What are the disadvantages of using Ethereum?

• Fees: Ethereum miners can charge a fee for confirming a transaction.
• Low acceptance: Ether can be used to move around on the Ethereum network, but it doesn’t have much acceptance elsewhere outside of it.
• High volatility: The value of this cryptocurrency can undergo large fluctuations in just a few seconds, being very susceptible to speculation.
• Low acceptance in casinos: Because it is a new system and with little support from official bodies, there are still few online casinos that accept Ethereum.
• Insecurity: The coin could fall out of favor if the crypto public prefers to acquire Bitcoin instead, from which Ethereum has always been in the shadow.
• Risk: Like any monetary operation, this one has its risks, greater than those of other traditional currencies.

Frequently asked questions