Ethereum Cryptocurrency Review
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum was crowdfunded during its early developmental stages, and shortly after went live in July 2015.
Since then, the Ethereum platform has grown to become one of the most popular and successful cryptocurrency projects.
In this article, we will take a closer look at what Ethereum is, how it works, and why it has become so popular. We will also discuss some of the risks associated with investing in Ethereum.
How much is Ethereum coin worth?
Ether, the native cryptocurrency of the Ethereum blockchain is mined through a Proof of Work consensus algorithm (currently Ethash) and is used to pay transaction fees and fuel computations on the network.
The price of Ethereum has fluctuated wildly in its short history. At its launch in July 2015, the price of an Ethereum token (Ether) was just $0.43.
In the years following, the price of Ethereum would see a high of $1,422.47 in January 2018 before dropping by over 80% 9 months later.
As of September 2019, the price of Ethereum is around $170.50, down over 90% from its 2018 peak. Despite this, the total value locked in Ethereum smart contracts continues to grow, showing that there is still strong demand for the platform.
Advantages of Ethereum
Ethereum is used by a growing number of developers all over the world to create all sorts of decentralized applications, from financial services to social networks and gaming platforms.
The online gambling industry is one that is particularly well suited for Ethereum-based platforms and apps.
Here are some of the main advantages of using Ethereum for online gambling:
Increased security and fairness
Because Ethereum-based gambling apps run on a decentralized platform, they are much more secure than traditional online gambling sites which are centralized and vulnerable to hacks and other attacks.
Ethereum-based gambling apps also offer increased fairness, as the smart contracts that they run on ensure that the games cannot be tampered with in any way. This means that players can be sure that they are getting a fair game every time they play.
Another advantage of using Ethereum for online gambling is that transaction fee are generally lower than those charged by traditional online gambling sites. This is because Ethereum transactions are processed by the network of miners, rather than being subject to the high fees charged by credit card companies and other financial institutions.
Many people who gamble online do so because they want to remain anonymous and not have their personal information shared with third parties. Ethereum-based gambling apps offer increased anonymity as they do not require players to create accounts or share any personal information.
Provably fair gaming
As mentioned above, one of the main advantages of using Ethereum for online gambling is the increased fairness that it offers. This is because all games on Ethereum-based platforms are provably fair.
This means that players can be sure that the games they are playing are truly random and that the odds have not been tampered with in any way. This provides a level of assurance and trust that is not possible with traditional online gambling sites.
Ethereum-based gambling apps are also much more transparent than traditional online gambling sites. This is because all of the data and information associated with each game is stored on the Ethereum blockchain.
This means that players can easily view the rules of each game, as well as the odds and payouts. This increased transparency helps to build trust between players and platform providers, and also provides a level of accountability that is not possible with traditional online gambling sites.
As mentioned above, one of the main advantages of using Ethereum for online gambling is that it is a decentralized platform. This means that it is not subject to the same regulations and restrictions as traditional online gambling sites.
This gives Ethereum-based gambling apps a much wider range of freedom when it comes to designing and offering games and services. It also means that they are not subject to the same level of scrutiny from regulators and government bodies.
Access to global markets
Another advantage of using Ethereum for online gambling is that it provides access to global markets. This is because the Ethereum platform is not restricted by geographical boundaries.
This means that players from all over the world can access Ethereum-based gambling apps and platforms. This gives them a much wider range of games and services to choose from, as well as the opportunity to gamble in different currencies.
Improved user experience
Ethereum-based gambling apps offer an improved user experience when compared to traditional online gambling sites. This is because they are designed with the user in mind, and offer a range of features and functions that are not available on traditional platforms.
This includes things like in-app purchases, social features, and the ability to customize games and services to suit the individual needs of each player. This provides a much more enjoyable and user-friendly experience for those who gamble online.
Another advantage of using Ethereum for online gambling is the increased security that it offers. This is because all data and information associated with each game are stored on the Ethereum blockchain.
This means that it is virtually impossible for anyone to hack into the system or tamper with the games in any way. This provides a level of security that is not possible with traditional online gambling sites.
A bright future
Ethereum-based gambling apps have a bright future ahead of them. This is because they offer a number of advantages and benefits that are not available on traditional online gambling sites.
As more people become aware of the benefits of using Ethereum for online gambling, it is likely that more platforms and apps will be developed. This will provide even more choice and flexibility for those who gamble online and will also help to drive down the cost of gambling overall.
Where to buy Ethereum?
here is no one-size-fits-all answer to this question, as the best place to buy Ethereum will vary depending on your individual needs and preferences.
However, there are a few general tips that can help you choose the right exchange or broker for your needs:
- Make sure the platform is reputable and has a good track record. There are a lot of scams in the cryptocurrency space, so it’s important to make sure you’re using a platform that is safe and trustworthy.
- Consider the fees associated with buying Ethereum. Different exchanges and brokers will charge different fees, so it’s important to compare options before making a decision.
- Consider the payment methods accepted by the platform. Some platforms only accept cryptocurrency deposits, while others also accept fiat currency (like USD or EUR).
- Consider the geographical restrictions of the platform. Some platforms only operate in certain countries, so make sure the platform you’re using is available in your country of residence.
- Consider the security features of the platform. Cryptocurrency exchanges and brokers hold a lot of money, so it’s important to make sure they have robust security measures in place to protect your funds.
Following these tips will help you choose the best place to buy Ethereum for your needs.