In the world of electronic money, Bitcoin is already well-known as a number one cryptocurrency, but fast-approaching Ethereum has a chance to gain the same and an even bigger popularity. The easiest and simplest definition of Ethereum would be that it is a decentralized platform that runs applications free from servers or clouds and exactly as programmed without the possibility of censorship, control, fraud or a similar kind of interference and without an intermediary service or counterparty risk.
Progress of Ethereum
The project was developed by the Ethereum Foundation, a Swiss nonprofit organization. They had the idea to evolve Bitcoin’s peer to peer system and develop a giant, decentralized network of computers that are able to record transactions using blockchain technology and produce smart contracts, the most elegant way to exchange money, shares or any other value while avoiding conflict and cutting the middleman at the same time. This combination of blockchain technology and smart contracts allows the development of decentralized applications (Dapps) and creates a market for Ethereum’s token, Ether. Tokens used on the Ethereum platform are designed to follow a list of standards and to provide a simple method of sharing, exchanging, and transferring tokens between users.
Ethereum in the gambling industry
Fast-growing blockchain technology is expected to have the biggest impact on the gambling industry in the near future. The main reason is the fact that it provides transparency in gaming and secures the payments, which are useful for casino operators as well as for players. That’s the reason why popular online casinos, such as FortuneJack for example, are encouraging involvement in this type of gambling. Valuable bonuses, free spins, and technical support are included as well.
Rules and regulations for gambling with Ethereum
There are almost no legal regulations for blockchain since it is relatively new technology. The nature of blockchain technology enables transparency, decentralization, privacy, and accessibility, hence more assurance to players while building trust with operators. However, it’s important to ensure that this technology works in a respectable surrounding and that any online casino you choose is verified as safe and legitimate.
Is it legal to gamble with Ethereum?
Ethereum gambling is completely legal. There is a huge difference between crypto and fiat currency and the same rules do not apply for them. Depositing and withdrawing Ethereum are in full compliance with the law.
Gambling with Ethereum has a lot of benefits and at the moment the only obstacle could be that there are many players who still don’t know how to use it, which can be changed easily.
