Ethereum Or Bitcoin? Which Is Best For Online Gambling

Introduction

With the rise of cryptocurrencies over the last few years, many online casinos have started to accept digitalized tokens in place of fiat currency. Since online casinos can typically withdraw and deposit money instantly, cryptocurrency can be ideal for gambling when you want quick access to your winnings.

The two largest and most popular cryptocurrencies are Bitcoin and Ethereum, so we’re taking a look at those today. When you’re next wagering at the online casino, check out if they have a cryptocurrency option and consider putting it at risk to win some more.

Bitcoin

Playing casino games online with Bitcoin (BTC) is a very tall order. As of writing, the price of a single Bitcoin has been bouncing between $40,000 and $50,000. While you can put fractional amounts of Bitcoin forward in cryptocurrency transfers, this larger market cap makes it more complicated to put a small dollar value amount of Bitcoin forward. Most people wouldn’t risk a whole Bitcoin on a gamble, it’s just too much money to play with. If you’ve held Bitcoin, you’ve done very well financially and probably don’t want to risk it.

That said, Bitcoin is the epitome of first-mover advantage, having grown exponentially due to being the first and most popular cryptocurrency on the face of the planet. Being the first-mover of the cryptocurrency world, Bitcoin is the most widely accepted token in businesses all over the planet. These include sites that host online games where money is wagered and exchanged, they should always accept Bitcoin as the name has become synonymous with crypto at this point.

While cryptocurrency is generally fast and easy to exchange, Bitcoin is the most traded digital asset in the world. This means that the networks through which it’s exchanged become congested, making deposits and withdrawals take longer than usual. Because of this, the speed benefit of using Bitcoin has been stripped away and other, high-cap cryptos like Ethereum are taking advantage.

Ethereum

Ethereum, on the other hand, isn’t directly comparable with Bitcoin. Bitcoin was made as a currency substitute to send money over the Internet with 21 million available when all of them have been mined.

Ethereum is actually the name of open-source blockchain technology, not a cryptocurrency. That would be Ether (ETH) which is used to power and maintain the Ethereum blockchain. People commonly use Ethereum to refer to the cryptocurrency, however, so both are used in the cryptocurrency space.

Through the Ethereum blockchain, people can create decentralized digital applications (DApps) that fulfill certain processes. These can be simple transactions of Ether and other ERC cryptocurrencies or can even be whole contracts that are tamper-proof and memorialized on the blockchain.

Let’s get to the gambling ability of Ether. Ether is the second-most popular cryptocurrency and has recently skyrocketed in price over the last year. It’s lingering around $3,000 to $4,000, so it’s a lot cheaper and manageable than Bitcoin is. It’s often said that Ether is digital silver while Bitcoin is gold.

Ether is processed a lot faster than Bitcoin and has lower gas fees, so you can put more forward and win more without having some chipped away to make the transactions. This means you can make more profit with Ether over Bitcoin.

Which Is Best?

When pitting Bitcoin and Ether head to head with one another, it becomes clear that there are advantages and disadvantages to using them. Where crypto is accepted, you should be able to find Bitcoin and Ether being accepted too.

We’d say that, when weighing up the benefits and complications related to exchanging cryptocurrency for gambling, Ether is objectively the better choice. Why? The smart contract technology related to the Ethereum blockchain allows you to do business directly with the casino. This cuts out the middleman and your transaction will be solidified on their blockchain.

It also processes transactions in seconds and has lower transaction fees, so less is taken away from you when you wager and withdraw your crypto. This allows you to make more profit if you win big and minimize losses. It is also cheaper, so you may be more willing to part with it and you can wager smaller amounts without having to deal with many decimal places.

Bitcoin, on the other hand, is the most widely accepted and considered the gold standard of cryptocurrency. While this gives the currency a high level of prestige and it’s accepted wherever crypto is used, it’s also too popular for its own good. Where Ether takes seconds to process a transaction, Bitcoin takes minutes. Bitcoin is better for wagering larger amounts but it takes a special kind of person to throw a quarter or half of a Bitcoin into a casino game.

A Word On Volatility

If you’re one of those lucky people who own both, you’ll find that if one of them is accepted the other one will be too. As we said, Bitcoin is gold while Ether is silver, so they tend to be inseparable in the minds of companies who allow crypto trade.

That said, you may want to exercise caution in wagering cryptocurrency. Pulling back the price chart of both assets shows how exponentially they have increased over time. As more Bitcoin gets mined and the value of each coin steadily increases, you can expect to make a good return on investment by holding Bitcoin.

Similarly, blockchain technology can be adopted by wider society and would change the way we store and process data. In that case, Ethereum is the largest blockchain, so it’s the most likely contender when blockchain tech goes mainstream. This will make the Ether cryptocurrency explode even further in price.

The possible benefits of holding these cryptocurrencies could easily outpace any winnings. That said, if you did win even more Bitcoin or Ether through gambling, you can make even more money! There’s an extra layer of risk to wagering cryptocurrency that’s sure to attract adrenaline junkies because you’re trading assets with highly volatile prices and bright futures.