Why Ethereum is a Better Bet than Bitcoin in the Online Casino
The benefits of using Bitcoin for online casino gambling have been discussed elsewhere and are well understood. But at most of the online casinos that accept Bitcoin, you can also use altcoins including Ethereum. The crypto casino guide Gamblica can provide more details. A growing body of experts believes that using Ethereum at the online casino brings all the same advantages as Bitcoin plus a few extra ones of its own. Here, we examine why online gamblers should give serious thought to Ethereum.
Direct Transfers Through Smart Contracts
There are massive kudos attached to being a true pioneer, and that’s exactly what Bitcoin is. The problem is that everything that comes afterward is based on doing what your great innovation did, only better. We cited myspace as an example a moment ago, but perhaps it would be better to cite the Ford Model T. Amazingly innovative for its time, there was nothing quite like it for almost 10 years. That’s how long it took for other carmakers to get vehicles to market that took onboard all the positives of the Model T but were more comfortable, more reliable, faster, and just plain better.
Bitcoin pioneered the concept of decentralized peer-to-peer transactions that did away with the need for an intermediary such as a bank. Ethereum takes the philosophy a step further. Peer-to-peer payments are fine, but why not take the next step and facilitate the entire exchange of products or services through smart contracts? It makes transactions faster, smoother, and safer while keeping the bureaucracy and the need for intermediaries to a minimum.
Faster transactions
Crypto transactions are generally faster online than using fiat currency, as the whole transaction takes place digitally. However, even Bitcoin can take up to 15 minutes at busy times. This is because Bitcoin processes around four transactions per second compared with 10-15 for Ethereum. That, however, is the tip of the iceberg. Ethereum 2.0 could process up to 100,000 transactions per second when it is fully merged in 2023. Suddenly we are comparing a Ford Model T with a Tesla.
A more Sustainable Alternative
The Tesla comparison continues when we look at sustainability. Everyone knows that Bitcoin mining uses huge amounts of electricity. This is because it relies on a proof of work system that demands enormous computer processing power. The energy demands are only getting bigger with time. That’s a serious problem when energy prices are going through the roof and we are all supposed to be focused on reducing our carbon footprint. It has also made Bitcoin mining an activity that is only feasible on a commercial scale.
The proof of stake system that Ethereum uses does away with these immense energy demands. It is more practical and also a more responsible choice from a sustainability perspective.