Are you thinking about betting on the NFL? With the season underway, there’s plenty of action each week for punters across America. However, choosing the right sports betting venue or casino is a tough choice.
You have so many options online that it’s challenging to settle on the best casino. One of the best ways to create a shortlist of prospective online casinos is to visit the site and check out the payment methods.
The best casinos offer a range of payment methods, including cryptocurrency deposits and withdrawals. If you’re a crypto enthusiast, then we recommend looking for the best Ethereum casinos in 2020. ETH casinos accept deposits and process withdrawals in Ethereum.
What Makes Ethereum Unique?
Ethereum is one of the oldest and most successful cryptocurrencies. Created and launched by Vitalik Buterin in 2014, Ethereum (ETH) is second only to Bitcoin in market cap and trading volume. What makes ETH so unique is its approach to digital currencies.
ETH is a “smart contract,” meaning that it requires no third party to process transactions. This additional functionality in the asset makes it suitable for a wide range of economic activity – including gaming.
Ethereum remains one of the most popular cryptos, with excellent transaction times and a stable price curve. In July 2020, ETH doubled its price from $2000 to $200 per smart contract. Playing with ETH at an online casino allows you to get on board the crypto revolution.
What are the Advantages of Betting with ETH?
There are plenty of advantages to using ETH for your deposits and withdrawals.
Privacy – ETH is a cryptocurrency, and there is no way to trace the ownership of ETH smart contracts back to your identity. All transactions occur on the blockchain, and the only record of the transaction is the movement of ETH between wallet addresses. As a result, you get complete anonymity online.
Fast transaction times – The ETH network provides quick, efficient payments with low transaction fees. The transaction takes seconds, as opposed to days with a wire transfer. That’s important when making deposits and processing withdrawals with your casino.
No government interference – No government or central issuing authority has any say over the price of ETH. It’s a free market currency set by market demand. Therefore, it’s a truly free market currency, allowing for organic price discovery.
Global currency – ETH is global crypto, and people from countries worldwide use it to transact online.
Decentralized asset – No government controls ETH, making it a decentralized asset, free from central bank manipulation.
How is Ethereum Used for Sports Betting? Is it Safe?
Yes, ETH is safe to use for sports betting. There is no legislation banning the use of crypto for online payments. China is the only country in the world, forbidding the use of crypto.
ETH provides a safe and secure network for online payments. There is no way to hack the system and steal your funds. The hacks you heard about in the past all occurred at exchanges, not in private wallet addresses.
To use ETH for sports betting, you’re going to need to buy some of the cryptos from a reputable crypto exchange. Sign up at an exchange like Coinbase or Kraken, and purchase ETH using your credit card.
After making your purchase, the exchange transfers your ETH to a smart wallet address. You then forward the ETH to your casino account, and you[‘re ready to start your crypto gaming experience.
When it comes time to count your winnings and cash out, the casino pays you out in ETH to your wallet address.
Before signing up for your ETH casino account, make sure you do some due diligence on the site. Check what people are saying about their experience online and search platforms like Twitter to determine people’s thoughts on playing at the establishment.
Do I Need to Verify My Identity when Making a Withdrawal from an ETH Casino?
The tax break is one of the best reasons for using ETH as your payment option when gaming online. As mentioned, ETH is a decentralized asset outside of the control of any government or central issuing authority.
That means that as long as you keep your profits in crypto, Uncle Sam and the IRS have no interest in your winnings or your money. You can keep transacting in ETH without the threat of the taxman coming after you.
However, if you want to withdraw your ETH into fiat currency like Dollars or Euros – that’s a different story. Since Dollars and Euros are under the Federal Reserve and the ECB control, you’ll have to claim the profits on your tax report.
Failing to report your gains could get you in serious trouble for tax evasion. However, provided you keep your profits in ETH, there’s nothing the taxman can do to touch your account.
Interesting Related Article: “Ethereum becomes second biggest cryptocurrency by market cap, overtaking Ripple“