A new age of online gaming has become popularized worldwide: Crypto Casinos. Cryptocurrency run online casinos, specifically Philippine Ethereum casinos, have become a fast-growing industry which offer alternative Philippine online casino deposit methods for funding online gambling. This growth is the result of the strong Ethereum network, its cryptocurrency Ether gaining more popularity, and Ethereum’s employment of Smart Contracts which is enabled by the blockchain system and embedded in its network and structure. All these factors equate to widespread interest and acceptance in Ethereum’s peer-to-peer capabilities.
Ethereum’s blockchain and all its applications utilize open source codes that undergo thorough vetting and examination before being added to the network of Smart Contracts. This system allows for secure and transparent technology and features while building trust between Ethereum and the online community. Ethereum’s Smart Contracts have the ability to disrupt traditional online casinos and the global online gaming market due to its removal of 3rd parties and interference. This feature alone challenges existing offshore online casinos available to Philippine players.
Are Ethereum Casinos Legal in The Philippines?
Due to the release of the BSP’s Circular No. 944, the Philippine’s bank formally covered the required legal regulations for any form of cryptocurrency. Through this Circular, the Philippines has allowed for the further development and maturity of this early technology known as cryptocurrency and the decentralized systems it runs off while still placing the appropriate checks and balances to mitigate consumer manipulation by foul businesses. At this time, there is no Philippine gambling law against wagering on offshore online casinos with cryptocurrency.
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What Is Ethereum?
Ethereum has grown into becoming one of the most popular alternative currency which can be used to make online payments, complete transactions, and transfer digital currency to another user’s wallet immediately. The demand for cryptocurrency in the Philippines is only growing especially for the use of Philippine Ethereum casinos. Currently, Ethereum must compete with the likes of other digital currencies such as Bitcoin and aims to be favored as the cryptocoin of choice in global markets. Their popularity grows as people begin discovering their use for crypto-casinos like online casinos accepting Litecoin, PH Steller casinos, and Philippine Dash casinos.
To understand what Ethereum is, we must clarify what is Ethereum and what is Ether or ETH. Ethereum is the network while Ether is Ethereum’s currency. Ether is competitively the fastest, cheapest, and easiest cryptocurrency when it comes to international transactions, payment processing, and deposits on the crypto network. Working off of its specialized blockchain and Smart Contracts, Ethereum enables global distribution of its cryptocoin and high security for its applications which have all transformed it as an attractive decentralized network.
How Do Smart Contracts Work?
Ethereum’s platform has multiple users who validate the information for the transactions to be executed by the Smart Contracts, this is what occurs during processing. The system utilizes a main technological innovation called Smart Contracts which are embedded on the blockchain system itself and can represent any type of agreement. Ethereum’s network, just like bitcoin, records every completed transaction made in its system in a digital ledger or blockchain.
The use of Smart Contracts in the blockchain allows the platform to branch out into multiple markets and service many industries such as Philippine online casinos accepting Ethereum deposits. Currently, many top name brands are interested in developing products that use Ethereum’s network. Which goes to show that this alternative method of creating currency and decentralized marketplaces has gained widespread attention.
How to Get Started Using Ethereum and Where to Buy Ether
In order to purchase, deposit, or withdraw anything utilizing the Ethereum network individuals must first obtain Ether. Like Bitcoin, ETH can be traded, transferred, and stored but are only able to execute these functions from a digital wallet. First, Filipino players must create a digital wallet before they can obtain Ether, now is a good time to shop around and view the different terms and conditions certain digital wallets have. After creating a digital wallet, Filipinos may purchase Bitcoin using Philippine pesos. Then they may exchange Bitcoin for Ether through a digital currency exchange service.
Cryptocurrency exchanges act much like physical banks except users withdraw Ether instead of fiat currency. After exchanging currencies, users can transfer their ETH to their e-wallet of choice where they will be stored until given direction to be sent elsewhere. With the popularity of cryptocurrency rising a number of digital wallet options have emerged from personal wallets which allow users to store ETH on a USB drive, as well as, digital wallet apps which offer several options for Filipino players using PHP.
How to Use Ethereum At Online Casinos
Once users have downloaded their wallet and converted their fiat money to cryptocoins or purchased them through an exchange, they may use their coins to fund their online gaming accounts at Philippine Ethereum casinos. Users should already have created an account at offshore casinos accepting Ethereum for Philippine online games. Go to the digital cashier and click ‘fund your account’. This where you will be able to choose which type of deposit method you would like to continue with. You may notice lower deposit minimums with Ether over other existing deposit methods, this is due to lower transaction fees supplied by Ethereum’s network.
Ethereum Casino Bonuses and Promotions
Philippine residents are not offered cryptocurrency bonuses from the sites listed above. However, there are many other bonuses PH players can utilize with other deposit methods.
Is Ethereum Safe to Gamble with?
Yes. Due to the network’s employment of cryptography and the work of many individuals on the network improving security and transparency, Ethereum’s system has not seen any hacking, interference, or structural risks since its departure from Ethereum Classic. Its cryptography is nearly impossible to crack and the use of Smart Contract that require multiple verifications means hardly anything can pass by undetected and attach itself to the system. Currently, Ethereum’s researching more advanced security protocols with proof-of-stake consensus.
What Kind of Benefits Come with Using Ethereum?
When using Ether to gamble online, players are able to directly send funds to their casino account without the regulatory oversight found with traditional credit card or bank wire transfers. Not only that, Ether deposits and withdrawals at online casinos are faster (meaning users can play sooner) and cheaper (meaning deposits go further) than any other cryptocoin. Ethereum’s use of the blockchain allows it to become a faster, cheaper, and easier method for crypto money management and removes unwanted friction for any online Philippine Ethereum casino.
Are There Any Disadvantages To Using Ethereum?
Ethereum’s developers tend to plan when it comes to possible issues however, the major disadvantage associated with owning Ether that developers cannot control is the fact that the cryptocoin’s value fluctuates. Since the cryptocurrency’s value is correlated to its use, any external factors could affect its value or price per coin thus its volatility. Other downsides that can be mentioned are potential issues to arise from the fact that the technology is new and its platform being so young. Not only this, it will take some time for widespread adoption as only early adopters are experimenting with Ethereum capabilities.
What is the Difference Between Bitcoin and Ethereum?
Both provide similar benefits in terms of security and anonymity, however, Ethereum is a public blockchain based platform and during its creation the goal for Ethereum’s platform was to bring decentralized advantages to wider set of industries through its software. While BTC and ETH are the same in how they can be sent, traded, and stored in digital wallets Ethereum’s network offers more flexibility, functionality, and capabilities than Bitcoin’s.
What Games Can I Play with Ethereum?
At the moment, a number of Philippine Ethereum casinos offer full access to their games using Ether funds. This means players can access special table games, slots, and multiple game titles and variations. At Ethereum-centric casinos that utilize special Smart Contract betting technology, the only games available are roulette, poker, dice games, and blackjack.
What is Smart Contract Betting?
These work as direct digital wallet deposits that run off one of many Ethereum operated casinos who work entirely off the Ethereum blockchain. Therefore, instead of sending Ether to a casino account or wallet users can send ETH directly to a Smart Contract. Smart Contract Betting generates completely random results and pays out based on whether the player wins or loses. The Ethereum-centric casino takes no rake nor has an edge as these blockchain games utilize software that is encoded into blockchain through Smart Contracts. This is beneficial because the casino does not hold your funds as payouts are sent immediately back to the user’s wallet no matter how large.
Fast payouts are made from open source codes which assist in reducing interference and tampering. Open source codes allow for transparency in blockchain-based technology while ensuring security through its multiple required checks and verifications. The downside to Smart Contract Betting is in its slower betting time, this is due to the need for multiple users to verify Smart Contracts before they can be executed. However, as time goes on Smart Contract Betting may minimize their betting time. In the meanwhile, Filipinos may utilize a number of existing online casinos which accept Ether deposits to enjoy a wide variety of games and gambling options.