Crypto took the world by surprise when Bitcoin (BTC) was launched back in 2009 as one of the first coins to ever surface in the world. Following BTC’s success, Ethereum (ETH) was next in line for crypto enthusiasts to try out.
Often dubbed as the “Bitcoin Killer”, ETH has a few tricks up its sleeves that make it a better option for some players. In sports betting, a lot of punters even consider Ethereum as the better coin to use as wagers, but why is that?
If you want to get started betting with Ethereum, here is everything you need to know about ETH and why it is the best coin to bet on since the Bitcoin betting revolution:
Just like any other crypto in the market, Ethereum is extremely convenient to use compared to other payment methods like fiat. The biggest convenience when using ETH is its lightning speed.
You no longer have to worry about long transaction times that usually take 3-5 business days to finish in a conventional payment method like bank transfers. With ETH, your transactions can easily finish in minutes or a day at the longest.
Another great aspect when it comes to its convenience is the abundance of available platforms that accept ETH as a main payment method. Particularly with sports betting sites, Ethereum is a widely popular coin used for betting.
Its cheaper transaction cost is what gives punters every reason to go for ETH. This perk is not unique to crypto as almost all coins have immensely affordable transaction fees. The biggest reason for this is the fact that ETH, like its other counterparts, uses blockchain technology.
This simply means that there is no central authority seizing control over every transaction process. Due to this, there are little to no costs covered to make such transactions in a sports betting site.
Security and anonymity
As mentioned, Ethereum is operated under a decentralised network, which means that there is no single third party entity that is controlling the base network itself. To use ETH, you do not need to give out personal information that can easily be hacked by unknown cyber thieves.
Ethereum provides a safer environment when placing bets because you do not need to worry about your personal credentials getting hacked on the web. Speaking of personal information, the lack of any mandate provides the opportunity to bet with extreme anonymity.
If you are someone who does not want to let it be known what you are doing with your crypto, then Ethereum is a wonderful coin to use. As long as Ethereum is operated under blockchain technology, you will never need to worry about external forces getting your precious coins.
DApps and smart contracts
While all the benefits are also present in other crypto, Ethereum sets itself apart by having features like decentralised applications (dApps) and smart contracts. DApps are programs that run on blockchain technology—in this case, Ethereum’s—or peer to peer (P2P) networks.
DApps operate outside of the confines and control of a single authority. These are essentially the features that allow you to have a safer and more private experience when using the coin.
On the other hand, Ethereum’s smart contracts are programs that run on its own blockchain. They run when predetermined conditions occur that help record and document transaction processes for more accuracy in terms of blockchain references. Also, it is a collection of codes or functions that are situated on a specific address within its network.
This allows ETH to have backup data that provides users with accurate and efficient information that recalls all transactions being made when using the coin. When problems arise, smart contracts record every detail of how the transaction was sent out and how it got into an issue in the first place. This eliminates the risks of any catastrophes which adds to the security measures of the coin.
There are a lot of other reasons to go for ETH if you want to place them as wagers in a sports betting site. If you have a few ETH lying around, be sure to bet on your favourite sports team and let the Bitcoin betting revolution live on by using ETH!