Ethereum Gambling vs Other Cryptocurrencies
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Ethereum (ETH) is also a digital asset, just like bitcoin and other cryptocurrencies. And it has also been integrated into online gambling, especially with the rise of ethereum casino games. In fact, Ethereum is getting up a considerably large ‘space’ in crypto gambling as a method of payment and transaction and as a ,,,,
Why Is Ethereum Becoming So Popular Over Other Cryptocurrencies?
In the third quarter of 2022, Ethereum had a market cap of almost $818.8 billion and a market share of nearly 19% of the total crypto market. These figures make Ethereum the second most popular and utilized cryptocurrency behind bitcoin, and the second largest cryptocurrency by market capitalization.
Some analysts indicate that Ethereum is going to surpass BTC and will become the most dominant digital token in the global crypto market. In fact, Ethereum has only experienced growth since its introduction - always an upward trend.
Let’s see how Ethereum is different from other cryptocurrencies and why it is increasingly being preferred in crypto gambling.
Ethereum Gambling Vs Gambling With Other Cryptocurrencies
Well, here we’re not going to examine why cryptos are different from fiat currencies in the context of gambling and which are the specific benefits and advantages that they bring both to the gamblers and the gambling establishments.
We’re going to examine what further differentiates Ethereum from the already critically different cryptos (different from the traditional, fiat currencies).
Seconds Vs Minutes
One of the fundamental advantages of all cryptos is the speed at which transactions can be implemented. When real money transactions can take up to several days, crypto transactions need only hours and minutes in some cases to be actualized.
But Ethereum is much more speedy and quick than any other cryptocurrency. Bitcoin transactions typically require almost 30 minutes to take place - now, Ethereum transactions typically require as much as seconds to take place - sometimes 15 seconds. So, when we’re talking about speed, it is this kind of speed that makes a winning case!
Smart Contract
One distinguishing characteristic of Ethereum is that it is not positioned solely as a cryptocurrency, just like many other cryptos are doing. It is predominantly intended to be developed as the most efficient, open-ended, decentralized platform for transactions.
Through smart contracts, Ethereum takes online gambling (and in fact not only online gambling - all other related transactions and payments as well) to a whole new level.
Why is that? It is because smart contracts function in such a way that they enhance trust, and trust in online gambling establishments, in the crypto casino, or in the crypto betting site, is one of the most critical features. Gamblers want to trust the sites that they are playing at with their money and so, anything that ensures and secures this trust is deemed to be ‘perfect’.
Smart contracts are programs, which make sure that both parties to a transaction will execute their part. They are not governed by a third party or an authority, rather they are transparent and finite and they ensure that any agreement is executed. In fact, since we’re talking about a program, it is the automation that distinguishes smart contracts and makes them so important in any type and form of transaction.
For many crypto analysts, Ethereum is the future of online gambling. It is newer than bitcoin, it is growing in terms of adoption rates, it is now the second largest by market cap and it is very promising in terms of its forecasts for value growth.