What is Ethereum?

James Patterson Crypto Casino Expert

Updated:December 12, 2022

When it comes to cryptocurrency, finding the optimal choice of crypto to use can seem tough at times. Considering this thought, considering the different cryptocurrency options available is a great place to start. And so today, we’ve outlined the key things you need to know about the Ethereum cryptocurrency to help. After all, every cryptocurrency is unique in terms of its pros and cons, and considering these will help you find the ideal solution for your own requirements.

What is Ethereum?

Ethereum is a specialist cryptocurrency that first appeared in 2015 as a programmable form of cryptocurrency, unlike the traditional option of Bitcoin. Interestingly, the Ethereum platform was crowdfunded before its launch, allowing numerous people from around the world to contribute to its development. Ethereum is an open source blockchain and is fully decentralized.

As the successor to Bitcoin, Ethereum was originally very similar; however, it has a massive difference in that Ethereum was programmable. As a result of this feature, Ethereum is generally considered more versatile than Bitcoin, despite having a lower value per coin.

The programmable nature allows developers to easily create apps that run on the blockchain. This extends the use of Ethereum to more than just a payment network; it can also provide financial services, social networking, and gaming opportunities based on the blockchain.

To date, nearly 3000 projects have been developed with Ethereum, and there is a total of 71 million (or more) active Ethereum wallets. Over $11.6 trillion has been moved through the platform. Moreover, the creators of the Ethereum network have earned a staggering $3.5 billion from their early investments.

While Ethereum isn’t quite as large as Bitcoin, it’s nevertheless still a very impressive platform, handling a huge number of transactions every day. Around one million transactions are completed on Ethereum networks every single day.

Is Ethereum a Stable Currency?

Ethereum’s currency, Ether, is not a stablecoin in its own right, which is important to keep in mind when trading on the Ethereum network. However, there are many stablecoin currencies that run on the Ethereum network thanks to the programmable nature of the Ethereum blockchain. Along a similar train of thought, other projects such as the metaverse and NFTs commonly also use the Ethereum blockchain.

How is Ethereum Backed?

Unlike stablecoins such as Tether, Ethereum is not directly backed by tangible assets, and so the value can fluctuate with time. However, the practicality and versatility of the programmable Ethereum blockchain have helped make it a much more stable option than some other options. However, the main Ethereum cryptocurrency, Ether, may be somewhat less stable than the Ethereum blockchain itself.

How Much is Ether Worth?

The value of Ether fluctuates significantly, as is common with many cryptocurrencies; however, a single Ether token is worth much less than a Bitcoin token. Usually, Ether is worth around $1200 to $1300, depending on the current trading position of the coin.

Importantly, it’s worth considering here that Ether’s fluctuations may represent a higher drop in terms of percentage value than Bitcoin’s. As such, if you decide to purchase Ether, there may be a greater risk of losing out financially.

Similarly to the trends seen with Bitcoin, Ether recently experienced a huge slump in value, with all-time lows occurring around 2018 to 2020. However, the currency has since recovered somewhat, experiencing a spike in value around 2021 and since falling back down to a more modest value.

How Does Ethereum Work?

The Ethereum coin, Ether, works very similarly to platforms such as Bitcoin, but with several significant differences – the most influential of these being the platform’s programmable nature. Programming the Ethereum platform allows numerous non-financial projects to run on the platform (e.g., NFTs – non-fungible tokens).

Interestingly, the Ethereum blockchain is actually one of the most sustainable blockchains on offer currently. A recent update to the Ethereum blockchain, known as “The Merge,” has helped drastically reduce the energy consumption of the Ethereum blockchain network from 78 TWh/yr down to a minute 0.0026 TWh/yr.

As such, this upgrade has undeniably helped secure the Ethereum blockchain network while simultaneously helping make cryptocurrency a more sustainable and eco-friendly option.

Can I Make Money with Ethereum?

If you have been looking for a new type of cryptocurrency to make money, the Ethereum blockchain or the Ether token might be options to consider.

In terms of the Ether token, significant value fluctuations can represent a potentially lucrative earning opportunity. However, it’s important to recognize here that Ether token value can rise and fall sharply, as indicated by the roughly $3,000 drop in value over the past twelve months or so. As such, if you decide to invest in Ether coins, it’s important to be aware that this is very risky, and you should only ever invest what you can afford to lose.

As an alternative, there are numerous different earning opportunities on the Ethereum blockchain, with NFTs representing the most obvious current earning opportunity. As such, if you have programming skills, there may be ways to make money with the Ethereum blockchain if you don’t feel that investing in Ether is a secure enough option.

Where Can I Buy Ether?

If you would like to purchase Ether, there are numerous online destinations that could enable such transactions. The number of cryptocurrency exchanges that accept Ether trades is very high; only a handful of typically specialist exchanges won’t accept Ether trades. This may be because Ether is the second most common form of cryptocurrency. This enables investors and buyers alike to easily and quickly source Ether tokens, making it easier than ever to trade them.

Pros and Cons of Ethereum

How Ether Can be Used to Bet at Casinos

If you have been looking for a new form of cryptocurrency that you can use for online casino betting, Ether might be just what you need. Ether is a unique form of cryptocurrency that’s rapidly growing in terms of popularity, and this could potentially make it a great option to consider for your needs as well.

However, if you’ve been looking to use Ether tokens to bet at casinos, there are several potentially notable benefits that you should consider. And, while not every casino will necessarily accept Ether tokens, these can be a highly versatile payment method if you’d prefer not to use fiat currency.

The Benefits of Using Ethereum to Bet at Casinos

If you’ve been looking to bet at online casinos, there are many benefits to using the Ethereum blockchain – notably, by paying with Ether. Some of the main benefits of using Ether to trade online include the following points.

Speed

We’re all leading increasingly busy lives. In accordance with this, it’s no surprise that so many of us are looking for new, efficient ways to bet on casino games online. Fortunately, Ether transactions are completed in moments. Contrastingly many other alternative payment and deposit options can take several hours or days to appear in your account – not great when time is of the essence!

Anonymity

Without a doubt, the main benefit of using cryptocurrencies for casino betting is anonymity. For many people, betting on casino games is a pastime that they’d prefer to keep private. If this is the case for you, cryptocurrency helps make it much harder to track your payment, ensuring that any potential transactions don’t appear on your banking record.

Secure

The recent Merge update has drastically helped enhance the security of the Ethereum blockchain. As such, if you’re looking for a digital trading solution, gambling with Ether coins may be much more secure option in terms of privacy and data security.

In addition to being an incredibly secure blockchain, the anonymity of Ether payments further helps enhance your data security. In the event of a data breach on a casino platform, if you’ve paid with cryptocurrency, your personal data won’t be saved directly on the casino website – which can reduce the risk of financial losses accordingly.

Range

Since Ether is the second most popular cryptocurrency and is based on the Ethereum blockchain (which is perhaps the most widely used in the world for projects thanks to being programmable), it’s naturally also available on a surprisingly large range of different casino websites.

As such, while not every online casino site will accept payments through Ether coins, it’s worth keeping in mind that many sites accepting crypto payments will also accept Ether. Therefore, if you have been looking for an alternative way to pay but don’t want to be hugely limited in terms of your options, Ether payments could be a great way to bet at online casinos.

Final Thoughts

If you have been looking for a cryptocurrency to use for your online activities, Ethereum could definitely be a good option to consider. Overall, it’s not as popular as Bitcoin but otherwise comes in at a very close second. As such, there’s no doubt that Ethereum can offer plenty of opportunities for people looking for a non-Bitcoin crypto option. Plus, since it’s programmable, Ethereum offers new opportunities compared to Bitcoin such as financial services; therefore, it’s well worth considering in many scenarios.

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About the author

James Patterson

Editor

James Patterson

Editor

James Patterson studied computer science in the Unveristy of Colorado before taking an interest in cryptocurrencies. For years James has worked with various online casinos on their tech implentation and is considered an expert in the field of crypto payments.