Cryptocurrencies have come a long way since Bitcoin was invented in 2008. What started as a few low-value transactions made by small communities of enthusiasts on online forums is now a global sensation with millions of users. Thousands of cryptocurrencies have also sprung up to get a share of Bitcoin’s market.
Ethereum is one of Bitcoin’s most notable alternatives. Although fairly similar, BTC and ETH have significant differences, some of which can be noticed in the world of online crypto-gambling.
Below, we discuss Bitcoin versus Ethereum, particularly in online gaming. As you will learn, both coins have their benefits and downsides. The option you choose primarily depends on your reason to play.
Bitcoin V.S. Ethereum
Which is better?
Ether’s speed and smart contract technology arguably make it a better solution for gambling. Nevertheless, Bitcoin is still a major entity, both within and beyond online gaming. After all, Ethereum cannot compare to Bitcoin in growth or valuation.
ETH offers speed and accessibility, but Bitcoin gives you the chance to gamble with a rapidly appreciating currency. The best currency for you inherently depends on what you want. Whichever option you choose, you will be better off than dealing with fiat money.
Bitcoin and Ethereum are cryptocurrencies based on blockchain technology. Therefore, both enjoy the privileges of running on an open-source, decentralized network. They are lightning-fast when facilitating casino-related financial transactions. Both withdrawals and deposits happen in minutes, and both do not need third-party facilitators like banks.
Another aspect in which BTC and ETH excel is security. Blockchains are virtually impossible to hack because their decentralized nature means they do not have a single point of failure.
Finally, these cryptocurrencies give you the remarkable possibility of staying completely anonymous online. You can create a virtual profile in the blockchain network to participate in online games without any link to your real-life identity. Moreover, because money transfers happen without third-party intervention, you can keep them hidden from any unwelcome attention.
Bitcoin and Ethereum are both common currencies in online gaming. However, while Bitcoin hit the scene first, Ether has properties that make it a worthy competitor in gambling. For starters, ETH is much faster to execute transactions than BTC. Bitcoin transactions take as long as 10 minutes to complete, but Ether uses literal seconds.
The reason Ethereum is faster is because of the smart contract technology. In casinos, smart contracts allow players to deal with the house directly. They replace traditional third-parties with code that automatically executes if both parties fulfill their end of the bargain. If you strike a winning combo in slots, the smart contract instantly transfers your payout to your account.