Cryptocurrency has grown in significance over the past five years or so, and slowly, it’s making its way deeper into the world of online casino payments. Nowadays, you can even find dedicated websites for gambling with digital currencies.Â
Two of the biggest cryptocurrencies on the market right now are Bitcoin and Ethereum. Both are pretty similar but have a couple of differences worth keeping in mind.Â
In this article, you’ll find out whether or not Bitcoin and Ethereum are drastically different for online casino payments. We’ll also talk about whether or not they’re worth making transactions in this respect.Â
What is Bitcoin?
Bitcoin, which you’ll see styled as BTC when choosing currencies, is arguably the most recognisable cryptocurrency on the planet. It launched in 2009 but didn’t really get going until the late 2010s.Â
Using Bitcoin to pay for items isn’t any different from doing so with GBP and so on. You use the currency to pay your product’s market value, and the transaction is completed.Â
What is different, however, is how Bitcoin operates. The currency runs on blockchain technology, which facilitates peer-to-peer payments.Â
In 2021, El Salvador became the first country to accept Bitcoin as legal tender alongside its main currency, USD.Â
What is Ethereum?Â
Ethereum is much newer than Bitcoin and launched in the summer of 2015. When looking through cryptocurrencies, you’ll be able to notice Ethereum by the abbreviation ETH.Â
Like Bitcoin, you can use Ethereum to pay for items in the same way you would do so with fiat currencies. And similar to its counterpart, the currency runs on its own blockchain system.Â
Ethereum is currently the second-largest cryptocurrency on the market, with Bitcoin taking the top spot.Â
Bitcoin vs. Ethereum: The Similarities
From the outside looking in, Bitcoin and Ethereum don’t look drastically different. And in truth, they’ve got a lot in common. We’ve listed three of the main similarities below.Â
Both Run on Similar TechnologyÂ
Like other cryptocurrencies, both Bitcoin and Ethereum run on blockchain technology. Both currencies are decentralised, meaning that governments and other institutions do not have the same power over their value as they do with fiat currencies.Â
Blockchain ensures that Bitcoin and Ethereum transactions are secure and that those making payments can do so anonymously.Â
You Can Use Bitcoin and Ethereum at Various WebsitesÂ
At the moment, you can’t use cryptocurrencies on every single website. And in terms of high street purchases, your options are even more limited. But that doesn’t mean you can’t use Bitcoin and Ethereum anywhere.Â
Both Bitcoin and Ethereum are available at several online stores, while a selection of casinos also allow players to deposit and withdraw using these methods.Â
Both Bitcoin and Ethereum Work in Similar WaysÂ
Besides their blockchain technology, buying and selling Bitcoin and Ethereum isn’t too dissimilar from one another. The only major difference is the market rate.Â
Similarly, making online purchases – along with online casino deposits and withdrawals – are pretty much identical to fiat currency payments.Â
Bitcoin vs. Ethereum: The DifferencesÂ
Despite their many similarities, you’ll also find a couple of differences between Bitcoin and Ethereum. These might swing your decision to choose one or the other, so they’re worth paying attention to.Â
Below are two critical differences between these cryptocurrencies.Â
Ethereum and Bitcoin Have Different Processing SpeedsÂ
While Ethereum and Bitcoin transactions aren’t massively different in terms of processing times, they’re still worth considering. Ethereum can process around 20 transactions per second, while Bitcoin is capable of 4.6 in the same timescale.Â
At the moment, both Bitcoin and Ethereum are some way away from matching the major fiat currency payment services. Visa, for example, can process 1,700 transactions per second.Â
Market Limits for Bitcoin and Ethereum Are DifferentÂ
It might be easy to think that cryptocurrencies have a limitless amount of coins that can be produced. After all, it’s a digital currency.Â
However, this isn’t the case – and the supply limits for Bitcoin and Ethereum differ.Â
Bitcoin’s maximum supply is 21 million coins, which it expects to reach some point in the 22nd century. Ethereum, on the other hand, doesn’t have a maximum overall supply – but does have limits of 18 million per year.Â
Are Bitcoin and Ethereum Good for Online Casino Payments?Â
Having read this far, you should now have a good idea about what Bitcoin and Ethereum are. You’ll also have an idea of how they work, along with both their similarities and differences.Â
So, are Bitcoin and Ethereum a good idea for online casino payments? Let’s take a look.Â
Pro: Cryptocurrency Casinos Exist
If you’re interested in playing online casino games without using GBP, you’ll be pleased to hear that cryptocurrency-dedicated casinos exist. And surprisingly, they’re not as limited as you might think.Â
Each of these websites has the necessary systems in place to handle non-fiat currency payments, which might make them a better option for playing with crypto than traditional casinos.Â
The UK Gambling Commission (UKGC) has also acknowledged the increasing popularity of cryptocurrencies and has offered several licences to sites offering the option.Â
Pro: Secure PaymentsÂ
While no technology is 100% foolproof, Bitcoin and Ethereum are pretty secure. In most cases, you shouldn’t run into issues when processing transactions using either system.Â
Another security-related benefit of using Bitcoin and Ethereum for online casino payments is that you can make anonymous transactions. As such, you can protect your personal information in case a breach occurs.Â
Pro: Lower Costs
When using traditional currencies, you might find yourself needing to pay extra fees that you weren’t aware of.Â
While you might still need to pay some fees using cryptocurrencies, these should be less common.Â
Pro: Fast Deposits and Withdrawals
When looking at payment options for online casinos, the speed of your transactions will no doubt be at the top of your mind. And with Bitcoin and Ethereum, you should experience speedy transactions when using them for online casinos.Â
In most cases, you should be able to start playing as soon as you’ve made your payment.Â
Con: Not Yet Widely Available
While the adoption of Bitcoin and Ethereum has increased in recent years, they’re still not as widespread as fiat currencies. Because of this, they’re also not yet widely available.Â
When looking for an online casino to use either of these currencies with, you’ll need to do a little more research to find the best site and bonuses.Â
Con: VolatilityÂ
One reason that Bitcoin and Ethereum haven’t become more popular is because of their volatility.Â
Of course, the Pound and other traditional currencies fluctuate in value – sometimes massively. But in general, they’re more stable than cryptocurrencies.Â
When playing at an online casino with Bitcoin or Ethereum, it’s important to remember that their value can swing massively in a short space of time.Â
Bitcoin vs. Ethereum: Which Is Your Preferred Choice for Online Casinos?
Bitcoin and Ethereum have become more popular amongst investors and regular users alike over the past few years. And in the online casino space, websites are slowly becoming more inclusive towards these cryptocurrencies.Â
Using either of these comes with several benefits, but it’s essential to make sure you know what you’re doing first. Ethereum and Bitcoin are both hugely volatile, and you’ll need to look a bit closer to find the best places to play.Â
If you want to use cryptocurrencies, plenty of online casinos exist to cater to your needs. However, sticking with fiat currencies isn’t a big deal either.