The Pros and Cons of Ethereum as a Payment Method at Australian Casinos
It is no secret that the no deposit Australian casino industry is growing at an incredible rate. All around the world, the online casino industry is growing, but in Australia, it has exploded in popularity. For whatever reason, people from that region love to play games online more than almost anywhere else in the world. However, many players are limited in how they experience games, and these no deposit gaming sites in general. The biggest limiting factor for players is the payment methods they use. A great option that many sites allow is Ethereum.
What Is Ethereum?
Ethereum is a form of cryptocurrency that entered the market in 2014. Invented by Vitalik Buterin, Ethereum is one of the most popular forms of cryptocurrency other than bitcoin. The aim of the cryptocurrency was to create a digital currency that worked faster and more efficiently than bitcoin. It was also a goal of Buterin and his colleagues to create a cryptocurrency that would not be restricted by the rates of traditional currency. It uses blockchain technology to process transactions and ensure that these transactions are safe and secure.
How Do You Acquire Ethereum to Use Online?
Now that you know what Ethereum is, you need to know how to get it. There are a few ways to acquire this cryptocurrency, with a few methods being easier than others.
- Exchange Bitcoin for Ethereum - If you are already own some cryptocurrency, there is a good chance you own a little bit of bitcoin. One of the easiest ways to acquire Ethereum is to exchange bitcoin for ethereum. Unfortunately, there is not a perfect way to do exchanges like you would exchange stocks on the stock market. Instead, you will need to find a reputable and reliable supplier to oversee the exchange.
- Get Paid in Ethereum - Another alternative is to accept ethereum as a payment method. Now, this is only an option for you if you sell a product or service online. However, if you do, you can start to accept ethereum as a payment method. However, you will need to remember that you need to have a cryptocurrency wallet ready to accept your payments.
- Mining - Mining is by far the most complicated way to get ethereum because you are actually getting brand new ethereum. You will need a lot of technological knowledge to pull this off, and it will require a lot of investment in powerful computer hardware. You should only mine for it if you know what you are doing and you have some experience with cryptocurrency mining.
- Purchase Ethereum with Traditional Currency - The easiest way to acquire ethereum is to purchase it with traditional currency. There are several exchange sites where you can purchase many different types of cryptocurrency with ease. You should note that you need to have your cryptocurrency wallet set up before you start to make purchases.
How Can You Make Deposits and Withdrawals with Ethereum?
Now that you have your hands on some ethereum, you will need to know how to make deposits and withdrawals with it. There first thing you will need to do is find a site that accepts it as a payment method. Not all no deposit Australian casinos accept cryptocurrency as a payment method, and those that do might not accept ethereum. It is far more likely that bitcoin will be the only cryptocurrency available as a payment method. So, you will need to look around a little bit and do some research before you can start to make bets with this cryptocurrency.
Once you find a suitable no deposit Australian casino, you will need to make a deposit. Find the payment methods and select Ethereum as your form of payment. This will provide you with the address you need to copy and paste into your cryptocurrency wallet. You can then enter the amount you want to deposit onto the site. If you are playing on a desktop you will be good to go, but if you are using mobile then you will need to scan a QR code before you can proceed.
Once you have won some games and you are ready to make a withdrawal, all you need to do is click the withdrawal button and select ethereum as your preferred method. Then enter your wallet address and the amount you want to withdraw.
Finally, it is important to note that there will be variations in the deposit and withdrawal processes from site to site. There also might be fees that you need to pay on some sites and not on others. As a result, you need to have all your information ready to go and do not be afraid to contact customer support if you have any issues.
The Pros of Using Ethereum as a Payment Method
When you start to play games online you will want to have many payment methods available to you. This gives you the freedom you need to play how you want when you want. That being said, why should you use ethereum as a payment method?
First and foremost, ethereum lets players play anonymously online. Many players are nervous about entering their private banking information on no deposit gaming sites. Although most sites are safe, it is an understandable fear to have. However, when you use ethereum you will have nothing to worry about. All transactions take place anonymously, and all your information is secure. Additionally, if you are playing on a site that does not accept traditional currencies and instead only accepts cryptocurrencies, you will not be asked to enter information such as your name, address, or phone number.
Furthermore, when you use cryptocurrency, your withdrawals are processed very quickly. Your winnings can be moved to your account on the same day you withdraw them. Transaction fees are also pretty low when you deposit and withdraw with cryptocurrency. You can also make larger deposits with ETH because there is a lesser risk of scams.
Finally, many online casinos that accept ETH as a payment method provide attractive no deposit bonuses to players, So, you might have the opportunity to win some cryptocurrency before you spend any of your own.
The Cons of Using Ethereum as a Payment Method
Unfortunately, there are some downsides to using ETH as a payment method. Firstly, it is not uncommon for there to be bugs and glitches with the blockchain. This can lead to security holes. Fortunately, it is easy to fix these issues, but it is still an inconvenience. You also will not be able to get your money back if you send it to the wrong address. You need to remember that cryptocurrency is not as regulated as traditional currencies, and as a result, when you lose your money it is gone forever. So, you need to be even more careful when making transactions.
Keeping with the theme of volatility, since ETH is a relatively new form of currency, its value fluctuates all the time. So, the amount you are depositing might not hold the same value one day as it did the previous day. This can make it much more difficult to track whether how much you are making or losing on these sites. Finally, ethereum is not as well known or popular as bitcoin. Bitcoin is far and away the most well-known form of cryptocurrency, and as a result, it is common for it to be the only cryptocurrency available as a payment method. So, you might have trouble finding sites that allow ETH as a payment method.
There are many things that make this one a great payment method for players looking to make money on Australian no deposit casino sites. There are many benefits to using it such as the anonymity you have when using it. However, it is a volatile currency, and not many sites accept it as a payment method. So, if you are set on only using ethereum, there might be many headaches in store for you.