Ethereum betting sites are competing with Bitcoin betting sites, but which one is better for you?
Bitcoin has some pros over Ethereum, and vice versa. Is there one factor that might be the deal-breaker in general? Or is there one that might be specifically better for you?
Let’s take a look.
Betting with Ethereum
A solid Forbes article explains the 2021 rise of Ethereum’s price as well as the mechanisms behind Ethereum itself.
“Ethereum began a long-awaited upgrade designed to improve scalability and security. It will see the Ethereum network move from the proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) algorithm.”
The move from PoW to PoS essentially means that those who receive Ethereum’s ether tokens as a reward for maintaining the network will now not be needed anymore.
Ethereum’s network upgrade optimizes the settlement of transactions on Ethereum and users who want to contribute to network security will instead of mining now be able to deposit their tokens to secure the network and earn rewards for staking them.
This much-anticipated launch of Ethereum 2.0, along with the booming DeFi market that’s almost entirely built on top of Ethereum’s blockchain, has caused developers to pile onto the network.
Do these affect betting with Ethereum?
As for the ether’s price point, they surely do.
If you deposit crypto to a betting site, the site will convert the Ethereum to dollars or other onsite casino tokens which you then use to play. When you’re ready to withdraw, the money will be converted back to Ethereum.
The problem with Ethereum’s price volatility is that betting apps work with fiat value of ether. Due to volatility, you can deposit Ethereum, play for a while and even if you win, still walk out with less fiat than you would have if you’d simply held onto the Ethereum in the first place.
Then again, the price action could go the other way. You might deposit Ethereum, play for a while, and then as you withdraw (and the app converts your fiat winnings back to Ethereum), you might get more Ethereum than you put in.
The point to be aware of here is that the price of Ethereum is more volatile than most other cryptocurrencies, including Bitcoin.
The speed of transferring funds using Ethereum is faster than Bitcoin.
Transferring funds with Bitcoin takes an average of ten to thirty minutes. Ethereum slashes this transaction time down to a handful of minutes.
If speed is important to you – such as wanting to fund your account or withdraw your winnings fast – then you might want to consider using Ethereum gambling sites.
Betting with Bitcoin
Bitcoin is the king of cryptocurrencies for a reason.
Bitcoin has been around longer and its network is more stable than Ethereum’s.
One of the benefits related to the network stability is that the Bitcoin network is more secure than Ethereum. Bitcoin mining network spans the whole globe. The possibility of a 51% attack on the Bitcoin blockchain is near impossible.
Ethereum’s mining network was also vast. However, this is changing with the recently introduced Ethereum 2.0 upgrade – which aims to slowly decrease the blockchain’s reliance on physical miners and put more on the backs of people who stack Ethereum.
This move is great for the environment. It limits the use of electricity to secure the Ethereum blockchain. However, Ethereum 2.0 and staking in general is a new technology that’s untested on this scale.
It might lead to new hacks and create previously unknown vectors of influence.
Bitcoin may outlast Ethereum.
It’s a tough possibility to think about, but it’s a real possibility.
Ethereum aims to be a “world computer” but its transaction speeds lag behind other cryptocurrencies that have risen up to compete with it.
Bitcoin, on the other hand, has perfectly established itself as a form of a digital store of value. Its code is simple and its blockchain is massive. No other cryptocurrencies have been able to compete.
When you start betting with crypto on betting sites, keep Bitcoin’s longevity in mind. Especially if you’re a VIP or long time player who does not pull funds out for a while. Bitcoin will be almost definitely around in a few years time, Ethereum might have failed like most other altcoins in the meantime.
Or Perhaps You Don’t Need to Choose
Fortunately, many of the top betting sites don’t make you choose between using Ethereum or Bitcoin.
You can use Ethereum or you can use Bitcoin.
If you want to deposit or withdraw faster, use Ethereum.
If you want safety in your deposits or withdrawals, use Bitcoin.
It also depends on which blockchain you’re more comfortable using. Make sure you also have wallets that are secure. And make sure the site you choose keeps your deposited crypto safe through cold wallets that are multi-signature secured.
Either way, crypto betting sites surely have an edge over traditional betting sites. So if you’re not using a crypto betting site, then perhaps now is the time to experiment with it and see if crypto betting is for you.
Stay safe and have fun!