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How To Play Online Pokies With Ethereum In Australia

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You can use Ethereum cryptocurrency as banking at most Australian-friendly online casinos to make a deposit and play pokies. A few years back, Bitcoins were the only such currency used as a deposit option to fund the casino account to play pokies, but now there are lots of such digital currencies, one popular being Ethereum.

Although Ethereum and Bitcoin belong to the same cryptocurrency family, the two have several differences. For one thing, Bitcoin is older than Ethereum and, hence, more stable and mature. Secondly, despite the fact that Ether is younger, it is profoundly quicker than Bitcoin in terms of transfer time. Also, Ether wallet addresses aren’t the same as Bitcoin's. Hence, when transferring Ether to an Ethereum wallet, you should never use the same address.

What is Ethereum?

Ethereum is an innovative open-source computing platform that has hit the ground running in recent years. It was designed in 2013 by Vitalik Buterin to create something cutting-edge and build on the ground-breaking creation of blockchain technology and decentralization. The platform, which officially went live in July 2015 with 11.9 million coins, provides a decentralized Turing-complete virtual machine known as the Ethereum Virtual Machine (EVM) that renders scripts using an international network of public nodes.

Other than being used for computing, Ethereum also produces a cryptocurrency called ‘Ether’, the second most popular and valuable cryptocurrency in the world. This can be transferred between two accounts and can also be used to pay participant nodes for any computations performed through a smart contract.

Although it’s possible to buy and sell Ether like Bitcoin, Ethereum is much more than a currency. Like Bitcoin, Ethereum uses a decentralized system (known as blockchain) to keep track of transactions and where each unit of the cryptocurrency is stored. However, Ethereum takes this idea further by tracking and executing computer programs.

Ethereum at Casinos

Many online casinos have sprung up in recent years around the Ethereum blockchain, including ‘provably fair’ models in which punters can determine with complete certainty that the house hasn’t tampered with the odds in any way. Ether—the currency that powers the Ethereum network—is highly versatile and particularly suited to the demands of online gambling.

By the notoriously volatile standards of cryptocurrencies, Ethereum is remarkably stable. Its value tends to stay reasonably constant against the dollar, give or take 5%.

This makes it much more suited to betting, as holders can store the coin in their casino wallets in the knowledge that it’s unlikely to drop in value overnight dramatically. Ethereum is also easily obtainable and boasts fast transaction times compared to Bitcoin.

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How Do You Play Pokies with Ethereum at Online Casinos?

You can play with ETH directly or exchange it in a casino. You can also play with your currency and exchange and withdraw your funds. If you play with AUD and then exchange it for ETH or vice versa, you’ll probably have to pay more than you would if you were using a regular payment system because you will lose a lot of money due to the double exchange.

You can play anonymously, get paid instantly, and pay fewer fees. Direct payments with Ethereum are more interesting, mainly because of a new advantage they offer: smart contracts.

How to Get Started with Ethereum Pokies?

  • To place a deposit, you must first sign up at an Ethereum Casino. Once you’ve done this, head to their deposit page and select Ethereum as the payment method.
  • Next, specify how much you’d like to transfer to your online casino account.
  • Once you’ve decided how much to deposit, you’ll need to send it to the Ethereum address provided by the casino. Make sure it’s entered correctly, then submit the payment.
  • Once you’ve hit the submit button, you’ll need to wait for the funds to appear in your Ethereum account.
  • To make withdrawals, go to the withdrawal page and choose Ethereum as a payment option. Enter the amount you’d like to withdraw and submit it.

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What are Smart Contracts in Ethereum?

Smart Contract is an in-built service of Ethereum that allows you to bet on pretty much anything. It is written down into the very code of Ethereum, and each bet you make becomes part of a block and can’t be altered in any way. It’s the if/then sequence, where if you bet on a particular event to happen and it occurs, you get automatically paid out by Ethereum.

The advantage of this system is that it gives you the transparency you’ve always wanted. Each contract becomes a part of a blockchain, and you can see it. No one can alter the smart contract’s details or retroactively change it after you win. Also, it’s as reliable as a deposit in a Swiss bank and eliminates the middlemen.

The best part is that you don’t need to exchange your Ethers, register, or pay fees to anyone outside of the blockchain. You can deposit and withdraw money free without all those “pending withdrawal” shenanigans that regular casinos offer.

Smart Contracts are also called trustless gambling because of their one simple feature. Gambling via smart contracts doesn’t involve sending your money to anyone. The deal between players and casinos is made within the blockchain system, and no one controls your funds.

This feature means punters don’t have to rely on anyone—not even the casino they’re playing at! It’s like turning your bank account into a casino account, yet it still maintains its primary purpose.

Each bet gets deducted directly from your account, and all your payments are instantly transferred to it. You get paid no matter how much you win, and a casino can never withhold your winnings. If you’ve ever had a casino dispute, you know how it goes! They can say you’ve made a slightly larger bet than their terms. Of course, they could stop you from placing such a bet in the first place, but they generally don’t, as it’s much more fun to withhold the winnings!

They will also say that you’ve used irregular betting patterns, that you were playing under a VPN, or that they’ve spotted suspicious activity from your IP address. If you don’t agree on that, you can take your complaint to a mediation portal and wait for weeks until it gets resolved, or go even further and place it on a site of the regulatory body that issued the casino with their license. Even if a player wins a dispute, resolving such disagreements takes a lot of time and effort. But with smart contracts, you only have to place the bet, and it instantly becomes carved in stone, or rather in the code of Ethereum. It leaves us with the only possibility of losing your money if Ethereum ceases to operate.

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The Advantages and Disadvantages of Playing Pokies with Ethereum

Note that each bet with Ethereum is saved in a blockchain, which means that when you place a bet, it has to be confirmed by at least one block. Currently, one Ethereum block takes about 15 seconds to be created, meaning each bet needs up to fifteen seconds for confirmation.

All bets exceeding 1 ETH need more than one block confirmation, which leads to a longer waiting time. While playing at regular casinos, you can bet instantly, but your problems might start when you actually try to withdraw your winnings and find the process to be slower than you might like.

But Ethereum might be the best thing that has ever happened to play pokies because of the non-stop innovations and complete transparency it’s bringing to casinos. You can see where your money goes, make sure you will get back as much as you should, and nobody will interrupt the process or trick you.

There are many exciting and successful Ethereum casinos in the gambling business, including edgeless casinos, as they have no house edge and digital currency schemes that appear to be fraud but aren’t precisely fraud. The best thing is that during the betting process, the casino site will not hold your funds at any point because blockchain technology ensures each transaction and keeps your funds protected.

Added on 18 Apr 2022 - 11:28