The word crypto is becoming more and more en vogue thanks to the skyrocketing popularity of Bitcoin. The main advantages of Bitcoin of course, is that it isn’t based on any real currency, therefore it can bypass traditional banks and methods. Also, payments and transactions are handled faster, in fact in mere minutes. But just like anything, technologies improve and get enhanced, and that’s where Ethereum comes into the picture.
Ethereum like Bitcoin, utilizes the block chain technology which adds extra security measures and specialized encryption. Based on the ether network developed by a Swiss non profit company, Ethereum features a more lightweight block chain. The advantages of this, is faster processing type and less computer processing power. Online casinos have taken note on the power of Ethereum, with many incorporating them in the fold.
Just like Bitcoin, Ethereum requires the usage of an electronic wallet. The Ethereum wallets allow members to trade, sell and manage the Ether currency along the network, peer to peer. These wallets even come equipped to handle multiple accounts. A popular Ethereum wallet is Etherwall, which relies on strong password encryption, at least nine characters long, making it that much harder for thieves to hack your account.
And then there is Freewallet, a crypto currency based wallet that incorporates both Ethereum and Bitcoin currencies. This wallet cross platforms on all the major operating systems, smart phones and tablets.
As mentioned earlier, many online casinos are incorporating Ethereum in their payment portfolio. Just like Bitcoin, members at this casino don’t have to worry about using banks, and for that matter, paperwork, like credit card verification forms at the cashier, which can take days if not weeks to approve. In fact, these casinos will simply need Ethereum members to deposit coins from their wallets into their separate and secure bank account. And when it comes time to receive your well deserved winnings, players can have access to their funds straight into their wallets, in mere minutes.
One of the main differences between these currencies is that Bitcoin is what’s know as a singular or mono-type currency, whereas Ethereum is a multi-form currency, because the Ether network allows for new developments and variations to be created, considering its an open source technology. Just like Bitcoin, Ethereum is also involved into third party products, and can be used to by goods and services.