Internet Bitcoin gambling has experienced a recent surge in popularity. Not only are players able to gamble with Bitcoins in exchange for real money, but many people are placing their own hard earned money on the line and hoping for a return on their investment.
Ethereum and other cryptocurrencies are being used as a vehicle for playing gambling games like roulette and blackjack. It’s easy to see why so many are excited about Ethereum, when one considers the potentials and uses of the technology. A person can bet on any game at any online casino with a Ethereum contract.
Ethereum is a smart contract that allows people to place bets on any game on any website. All it takes is a small amount of Ether to make the wager happen. While this might not sound like much to most people, the possibilities are almost endless.
The beauty of Ether, and of any smart contract, are that it doesn’t matter what happens to the Ether afterwards. Anybody who places their bet on the website will get their Ether back in the form of free money. It works just like paying for items with cash through Amazon or iTunes. It’s the same concept, except it is much easier and more convenient.
The fun doesn’t stop there though. Players can also use the smart contract to place their own bets. With Ethereum, gambling sites can give rewards for players who correctly place their bets.
The possibilities are nearly endless, but some of the more popular ones include the ability to receive rewards for your betting. In other words, if you win, you get the rewards. On the other hand, if you lose, you don’t get anything, but if you win, you get the rewards.
The website where the player places their bet will hold the Ether that they are responsible for. The smart contract then makes sure that the site pays out the reward to the player’s Ethereum account, but that they can’t take the Ether back until the winning bets have been paid out. The sites are required to do this to ensure the security of the smart contract and to provide a level of protection for the players.
One of the main advantages of Ethereum gambling is that the process can be completely automated. All the players have to do is simply place their bets and allow the smart contract to handle the rest. When the numbers turn in their favor, the website will pay the Ether to the player’s Ethereum account.