Bitcoin vs Ethereum Gambling
With the recent rise in the price of Ethereum – from $2 in January 2016 to $260 today – it’s easy to understand why so many users are looking for ways to bet and win this cryptocurrency. Gambling with Ether (the currency of Ethereum) shares similarities with Bitcoin, however there are some key differences that set the two apart. This guide to Bitcoin vs Ethereum gambling will explain those differences, as well as listing some of the best places to bet with these blockchain currencies.
BTC vs ETH: Anonymity
When it comes to gambling online, many users look to anonymous casinos for their next wager. Bitcoin has typically been the currency of choice for these players, as each deposit and withdrawal carries with it no personally identifiable information. The same can be said for Ethereum, and when it comes to anonymity there really isn’t much difference between the two (they share very similar anonymous characteristics). A best practice for those looking to gamble anonymously is through the use of a Bitcoin VPN, and only ever using a Bitcoin or Ethereum wallet address once (multiple address uses can potentially reveal information about the owner).
BTC vs ETH: Smart Contracts
Smart contracts have been made famous by Ethereum’s blockchain. Unlike Bitcoin, Ethereum has smart contract functionality “built in” to its protocol. These contracts (effectively a series of programmed functions) can automatically move value (Ether) from one wallet to another without the need for a middleman. The contract’s code is publicly auditable, enabling users to guarantee its validity before interacting with it. This has clear applications for gambling, whereby entire casinos can be built on a series of smart contracts, allowing players to gamble “trustlessly” without middlemen. A list of all Ethereum smart contract casinos can be found here.
Ethereum has smart contract capabilities already, and a number of smart casinos are already up and running. However, a smart contract “off-chain” protocol called Rootstock is enabling developers to build similar applications on the Bitcoin network.
BTC vs ETH: What Casinos are Available?
Bitcoin started attracting attention in 2010, and has had nearly a decade of adoption behind it. Gambling was one of the very first applications to be realized for the Bitcoin cryptocurrency, and as such the ecosystem has had many years of development. The result is that in terms of choice, there are a far greater number of casinos available for Bitcoin than there are for Ethereum. We have counted 121 Bitcoin gambling sites and only 8 Ethereum gambling sites – most of which revolve around dice betting. Note: these numbers may be different for you as our gambling sites are filtered based on geographic location.
Ethereum gambling is still very much limited to dice betting, but the trend is slowly changing. In Q1 2017, one of the largest – and our highest rated – Bitcoin gambling sites, Betcoin announced that they had integrated Ethereum deposits and withdrawals.
BTC vs ETH: Currency Accessibility
One major advantage that Bitcoin holds over Ethereum is its ease of access. Whilst buying Bitcoin is not as straight forward as buying foreign currency, the process is still far simpler than purchasing Ethereum. Buying Ethereum is limited to a handful of fiat-ether exchanges, however there are dozens of options for buying Bitcoin, whether through a peer to peer network like LocalBitcoins.com, or at a regulated exchange such as Bitstamp.net.
Getting hold of Ethereum often requires purchasing Bitcoin first, and then exchanging the cryptocurrency at a site like ShapeShift.io. We provide more details on how to purchase and then secure Bitcoin here.
BTC vs ETH: Gambling Options
As mentioned, there are far more casinos out there accepting Bitcoin than there are accepting Ether. The best choice for gambling Ethereum is by far Betcoin which offers a casino, poker room, sportsbook and dice game. Those looking for esports betting with Ethereum are currently out of luck, but this market will no doubt open up in the coming months. Those interest in Bitcoin esports betting can find a list here.
Bitcoin on the other hand, has an enormous range of casinos, poker tables, sports betting sites and casual games; many of which are listed on this website.
BTC vs ETH: Conclusion
In conclusion, Ethereum is currently showing a lot of promise with its smart contract capabilities, however it is too early to say just how successful this form of betting will be. Bitcoin – on the other hand – provides a much wider range of casinos, many of which are extremely high quality and well respected. At this stage, gambling with Bitcoin seems like a better route to take than gambling with Ethereum, but no doubt things will continue to change dramatically in the years ahead.