Ethereum is the world’s second-largest cryptocurrency in terms of popularity, market capitalization, ecosystem, and community size, following Bitcoin. ETH as a token is a powerful one, with the main promise being that of smart contracts—Automatically executing pieces of code that lessen the hassle of manual oversight for everything, including financial tools and games.
So, you’re wondering if Ethereum is the right cryptocurrency to gamble online! Well, you’ve come to the right place. There are many crypto casinos and in general, they offer a host of remarkable benefits such as better security, anonymity, transaction fees, and transaction speeds.
But where does Ethereum lie in the world of crypto gambling? Is it really better than the most popular coin out there, BTC, in terms of value? Is it better than other coins that offer much lower transaction fees (not during deposits and withdrawals, but general use) like Bitcoin Cash? Let’s find out.
What’s Your Use Case?
An Ethereum casino provides a bunch of different games to choose from, for example, you can play blackjack, slots, table games, hot drop jackpots, roulette, and a variety of other bonus and specialty games. Technically, these games are not different from traditional games—You just deposit and withdraw using an ETH wallet.
The dynamic gambling experience of a reputable, crypto-friendly ETH casino is simply unmatched. Not only are you getting better bonuses than fiat casinos, coupled with a wider array of games, but also access to an excellent cryptocurrency that you can withdraw to your wallet like MetaMask, generating wealth from your casino winnings.
But we need to look at the use case before we can determine how effective ETH is going to be for your online gambling.
If you wish to gamble online primarily to increase your cryptocurrency wealth, then Ethereum is one of the best cryptocurrencies. But if you wish to have a volume of crypto tokens for trading, storing value, or small transactions then ETH might not be the best coin.
How so? Let’s see.
Those who wish to only increase their cryptocurrency wealth and add to it over time should use Bitcoin instead. Any ETH gambling platform will also support BTC, so it shouldn’t be a big problem.
Those who wish to do trading might look at BTC or other coins that offer more short-term gains. The coins that do offer more here change almost on a weekly basis, so this is more of a research-intensive task to find out which token is right for you at a given time.
If your main use of a cryptocurrency is to participate in smaller or more frequent transactions then you’re going to prefer the lower transaction fees and faster transaction speeds of other coins like Stellar (XML), Cardano (ADA), Litecoin (LTC), Tron (TRX), and even Ethereum Classic (ETC). Even Bitcoin Cash (BCH) offers transaction fees amounting to pennies. In terms of speed, the fastest ones include Ripple (XRP), Solana (SOL), Cosmos (ATOM), ADA, XML, and TRX.
All that being said, it’s important to note that ETH is actually the best “middle ground” among all these. In terms of transaction fees, transaction speed, store of value, short-term trading, future-proofing, and almost every other meaningful benchmark, Ethereum lies somewhere in the middle.
In a way, you’re placing the safest bet while choosing ETH. You’re not relying on less popular coins like XML or ADA that are more volatile, or accumulating coins like LTC and TRX that can have major mood swings. You’re also not selecting BTC, an ecosystem that’s almost exclusively a storage chest and not meant to be transacted with (even with Lightning).
So, Is Ethereum the Right Choice?
According to CoinMarketCap’s list of the top store of value tokens, BTC and BCH are the best ones. For day trading, the best ones include XRP, SOL, ATOM, and ADA, among others.
So, ultimately, it depends on what your use case is going to be. Now, let’s look at another important factor—How will the value change in ETH affect your prospects? Do you stand to witness a greater erosion of wealth with ETH gambling as compared to others?
Well, not really. Overall, ETH follows the trajectory of BTC, more or less. BTC, in turn, follows the trajectory of the larger market sentiments, with a few off-script dips and surges once in a while. So, ultimately, you’re not making a bad bet by going with ETH when you’re thinking of wealth preservation.
As per our latest technical analysis, ETH continues to maintain a bearish bias owing to the uncertainty around the future. We do have some resilience in world economies as inflation rates normalize, but we also have weakening growth signs as well as central banks thinking of keeping the lending rates tight for a while.