There are various payment methods for online casinos, such as credit cards, bank transfers, and electronic payment services, but virtual currency has been increasing in recent years.
Virtual currency has the advantage of fast remittance speed, so many online casinos use it as a payment method.
When it comes to virtual currency, Bitcoin is famous, but Ethereum is another representative virtual currency that can be used at online casinos.
In this article, we will explain in detail about Ethereum and introduce the advantages and disadvantages of using it at online casinos.
Ethereum is a cryptocurrency created based on a project conceived in 2013 by Vitalik Buterin.
Ethereum has the second largest market capitalization after Bitcoin and is traded among investors around the world.
One of the most important features of Ethereum is that it implements a technology called “smart contracts”.
A “smart contract” is a function that automatically executes and saves contracts made in transactions.
If you record the remittance schedule etc. in this "smart contract" in advance, it will be automatically executed and saved on the network.
Bitcoin also manages all transaction records, but Ethereum has the advantage of being able to manage not only transaction details but also contract details.
With "smart contracts", the contents of contracts that have been exchanged in the past can be stored semi-permanently on the network, so the risk of forgery and tampering is extremely low. Therefore, Ethereum can be said to be one of the most secure virtual currencies among many virtual currencies.
Due to its high security, Ethereum has been introduced in various services. Online casinos are one of them.
Ethereum can be used at the following online casinos:
Depositing at online casinos with Ethereum is almost always free. However, you may be charged a fee when withdrawing. The fee at that time varies depending on the exchange and operator, but in most cases, a cheap fee of several hundred yen is set.
When using bank remittance or electronic payment services, a few percent of the withdrawal amount may be taken as a fee. In that case, the higher the amount, the higher the fee. Compared to this, Ethereum's fees are set very low.
However, when using Ethereum, exchanges incur fees in addition to transactions with online casinos. Therefore, if you are starting Ethereum only for online casinos, it is better to consider exchange fees in advance.
Benefits of Ethereum Deposits and Withdrawals
Here we will introduce the benefits of depositing and withdrawing Ethereum.
○ High safety
Ethereum is a highly secure virtual currency because it implements "smart contracts". So you can safely deposit and withdraw from online casinos.
When you make a transaction using Ethereum, all parties can verify how you interacted with the online casino. Therefore, the risk of fraud is very low.
In terms of security, Ethereum's strength is that it is far superior to electronic payment services and other virtual currencies.
○ Fast deposit and withdrawal speed
Virtual currencies such as Ethereum have the advantage of fast deposit and withdrawal speeds. If you use electronic payment services or bank transfers, it can take a few hours at the earliest and a few days at the longest.
This is because you need a bank intermediary to use yen or dollars. Therefore, transactions can only be made during bank business hours.
However, in the case of Bitcoin, there is no such central administrator, so you can send Bitcoin at any time, 24 hours a day, 365 days a year. If it is Ethereum, the procedure will be completed in a few minutes.
Disadvantages of Ethereum Deposits and Withdrawals
Here we will introduce the disadvantages of depositing and withdrawing Ethereum.
▲ The value of Ethereum may drop
Virtual currency is one of the investments and is characterized by large price fluctuations. Cryptocurrencies are highly volatile, and prices can fluctuate significantly in a single day.
If this happens, even if you have made a lot of money at an online casino, you may end up with a small profit when you withdraw cash, or even a loss.
The value of Ethereum at the time of deposit and withdrawal is not always constant. So keep in mind that there is always the risk of price fluctuations.
▲ The number of available online casinos is small
Recently, the number of online casinos adopting Ethereum is gradually increasing. However, electronic payment services and credit cards are still the main payment method, and there are many online casinos that do not accept Ethereum.
For example, operators such as Kajitabi and LuckyNiki Casino, which are particularly popular among Australian people, are not supported yet.
Therefore, if you want to use Ethereum, you should definitely check if it is available before registering at an online casino.
how to get started with ethereum
To buy Ethereum, you need to be registered on a cryptocurrency exchange.
The virtual currency exchange is like the Tokyo Stock Exchange in terms of stocks, where virtual currencies including Ethereum are bought and sold.
Here you can buy Ethereum using Australian yen, and you can also sell Ethereum you already have. You can also use Ethereum to buy other cryptocurrencies.
Exchanges where you can currently buy Ethereum include:
All of these exchanges deal with Ethereum, but the other cryptocurrencies they handle and their fees differ. Therefore, choose the best exchange depending on how you want to use the exchange and which virtual currency you are interested in.
Registering on these exchanges is easy.
Here, we will introduce how to register bitflyer, which is particularly popular among virtual currency exchanges. bitflyer boasts the largest number of users in Australia and is known for its high security. And we deal with all 8 types of virtual currencies, including Ethereum and Bitcoin.
Step 1. Email address registration
First, go to the bitflyer official website. Then, on the top page, there is an indication "Create a free account in as little as 3 minutes", and below that there is an entry field for your email address. Enter your email address here and press "Send".
Then, a "bitflyer account registration confirmation email" will be sent to that email address.
The URL and keywords for the registration screen are described in the email body, so let's proceed with account creation according to the instructions.
After confirming the e-mail address, the terms of agreement will be displayed, so check the contents and click "Agree".
Step 2. Two-factor authentication registration
Bitflyer requires two-factor authentication registration during initial registration. This is a security step, so be sure to complete this first step.
You can receive the verification code used for two-factor authentication in the app or by SMS.
Items that use two-factor authentication include "when logging in", "when registering an external address", "when withdrawing Australian yen", and "when returning virtual currency externally (required)". Let's check it.
Step 3. Registration of personal information
When the two-factor authentication registration is completed, you will be taken to the screen for personal information registration. Enter the following information here.
-Date of birth
This information must match the identity verification documents that you will submit later.
Step 4. Submit identity verification documents
Bitflyer requires the submission of the following documents as identity verification documents. Submit only one of these.
-Health insurance card
-Copy of resident card
-Special permanent resident certificate
- My number card
-Various pension books
-Various welfare notebooks
-Seal registration certificate
-Foreign official documents (overseas foreigners only)
Step 5. Registering a bank account
You need to register a bank account to deposit Australian Yen to bitflyer or buy Ethereum. To register a bank account, enter the following information:
Step 6. address verification
Once your account is created, you will receive a postcard to verify your address. All procedures are complete when you receive this postcard.
Once this is done, you will be able to purchase Ethereum on bitflyer. Purchase Ethereum from the Ethereum Market menu.
Also, after purchasing Ethereum, you can store it in the bitflyer wallet, but if you want to increase security, we recommend using a dedicated wallet.
Since exchanges are subject to hacking, there is a risk of damage by depositing Ethereum here.
After registering with Bitflyer, let's register an account with a dedicated wallet together.