Ethereum is an open-source platform behind the cryptocurrency ether (ETH), to digital money,
decentralized digital applications (dapps), and global payments. It enables users to conduct agreements and transactions directly without involving a middle man.
In recent years, the number of people using cryptocurrency to place bets has increased. Most crypto betting sites that previously focused on using Bitcoin are now offering the alternative of Ethereum to their users as it is one of the most available cryptocurrencies for these sites.
Steps on Betting with Ethereum on Sports.
There are several steps to be followed for you to bet with Ethereum on sports gambling sites:
1. Buy Ethereum
This can be done using fiat currency, such as the euro, British pound, or US dollar. You should do this on popular exchange and trading platforms, such as Gemini, Binance, and Coinbase Pro.
2. Find a betting site that supports Ethereum
Be keen to check on the reputation of the site to get a safe one.
3. Get a generated wallet address at the sportsbook and copy it
This will be your recipient for an ETH transaction.
4. Deposit funds to a bookmaker
5. Select the send option in your ETH wallet
By doing so, it will prompt you to enter the amount of ETH you want to send to the sportsbook. Paste in the wallet address you copied from above. Betting funds should be expected within 15-60 minutes depending on the congestion on the ETH network.
Advantages of Betting with Ethereum
Ethereum operations use decentralized banking that does not allow third-parties. Nobody reviews your purchases when approving transactions.
2. Quick transactions
Ethereum allows just about instant deposits and withdrawals.
3. Bypasses restrictive betting laws
Unregulated betting sites may not accept your deposits in some countries. Sports betting Ethereum bypasses such laws.
Disadvantages of Betting with Ethereum
1. Less familiar compared to other currencies
Sports gamblers may not like the thought of learning a new payment system. However,after a few times, it becomes easy to use.
2. Most sports betting sites don’t accept ETH
Among the sports betting sites that offer cryptocurrency betting options, only a few accept Ethereum.
3. Ethereum is volatile
The price of Ethereum against the fiat currencies fluctuates more than them. Your account may lose value within a few minutes. However, vice versa is also likely to occur.
Tips for Staying Safe on Ethereum
1. You need to understand the language used with cryptocurrencies. This includes mastering terminologies such as private keys and crypto-wallets.
2. Trust yourself only. Never allow a third party to access your assets.
3. Keep your seed phare(s) safe.You can put them across different devices (preferably paper) and locations.
4. Generate strong passwords.Never use obvious passwords, such as birthdays. You can use wallets with multi-signature keys.
5. Always copy and paste wallet addresses or scan QR codes. Do not manually type in wallet addresses.
Though a relatively new way of sports betting, Ethereum is gradually becoming prevalent among sports gamblers. This is mainly because of its decentralized nature.You can take advantage of its faster transaction speeds to enjoy a smooth betting process.
Make sure that you find a betting site that is known for being safe and best suits you.