Ethereum is a decentralized blockchain with smart contract functionality. The native cryptocurrency of this platform is named Ether (ETH). Ether is currently the second-largest cryptocurrency by market capitalization, only Bitcoin (BTC) is larger.
Ethereum rely on a proof-of-work system, and Ether (ETC) is generated by the Ethereum protocol as a reward to miners for adding blocks to the blockchain. Miners also recieve transaction fees, which are paid (in ETC) by those using Ethereum to carry out transactions.
Using Ethereum to make casino deposits and withdrawals
In recent years, the cryptocurrency Ether has become increasingly popular among online gamblers and there is now many online casinos and other gambling sites available for those who wish to make deposits and withdrawals using Ethereum.
Step-by-step guide to make a deposit
1.) Get a digital cryptocurrency wallet to keep your Ether in. It is a bit similar to having a PayPal e-wallet, but for Ether instead of traditional currency. Examples of popular wallets that can handle Ether is Electrum, Loafwallet and Coinomi.
2.) Purchase Ether at a cryptocurrency exchange and have it sent to your cryptocurrency wallet. Coinbase, Kraken and Bistamp are all examples of exchanges online where you can buy Ether and pay with Bitcoins or a major traditional currrency (such as USD).
3.) Sign in to your casino account. Go to the banking section for deposits.
4.) Select Ethereum (or Ether) as your deposit method.
5.) Follow the on-screen instructions step by step. Among other things, you will be asked to enter the amount and verify the transaction.
6.) Ether will be transfered from you cryptocurrency wallet to your casino account.
In some casinos, you can wager Ether. In others, all wagers will be in another currency, such as USD or EUR, so your Ether will be converted into that currency within the casino.
Step-by-step guide to making a withdrawal
1.) Make sure you are logged into your casino account.
2.) Make sure that you are allowed to make a withdrawal and does not have any wager requirements that must be cleared first.
2.) Go to the banking section for withdrawals.
3.) Select Ethereum as the withdrawal method.
4.) Follow the on-screen instructions to withdraw Ether into your cryptocurrency wallet. Among other things, you will need to enter the amount and verify the transaction.
Short facts about Ethereum and Ether
Each Ethereum account can send and recieve the cryptocurrency Ether (ETH) to and from other Ethereum accounts.
On some sites, Ξ is used as a currency symbol for Ether. This is the uppercase version of the Greek Xi character.
The smallest subunit of Ether is Wei. 1 Wei is equal to 10−18 ETH.
There is currently no cap on the total supply of Ether.
Ethereum was proposed by the programmer Vitalik Buterin in 2013, and the network went live on 30 July 2015. The development of Ethereum was crowdfunded.
The platform Ethereum is used to deploy decentralized applications, including decentralized finance (DeFi) applications. Ethereum is not only used to transfer Ether and there are apps here that allow you to carry out other financial tasks, such as borrowing money againts your holdings or lend money to other users and be paid interest from them.
In addition to Ether, several other cryptocurrencies utilize the Ethereum blockchain where they operate as ERC-20 tokens.
Ethereum is also used for the creation and exchange of so called NFTs.