Bitcoin and Ethereum are two of the most widely discussed cryptocurrencies, followed by investors and the general public. This isn't surprising since they're the top two coins in the market cap, especially after the unprecedented bull run at the end of 2017 that pushed prices to dizzying heights.
These two coins also boast the most mainstream acceptance among all cryptocurrencies. For example, several publicly traded instruments track Bitcoin's performance alongside publicly-traded stocks like Tesla Inc. and MicroStrategy Inc., which includes BTC in its portfolio. Ethereum, on the other hand, is highly cited for its utility, particularly among segments that use smart contracts and decentralized finance tools. Today, the cryptos' popularity and utility extend to online gambling.
While they're two of the most popular cryptos, their technology, and utility slightly differ. This article covers the crucial differences between Bitcoin and Ethereum, highlighting their technology and features and a few tips if you want to gamble using these coins.
Bitcoin
As the first crypto, Bitcoin remains the reference point for digital currencies. It refers to a distributed peer-to-peer P2P digital currency, which can be transferred instantly and securely between two parties. Bitcoin uses blockchain technology, representing a public ledger that reflects all transactions.
The public ledger is at the heart of the Bitcoin network as it stores all transactions' history, where real-time updates happen. There are BTC miners that confirm transactions and add them in blocks. It's added to the blockchain once confirmed and mined to a block. Under this technology, the transaction becomes public, there's no way it can be reserved or altered.
Ethereum
Ethereum is the second most valuable crypto out there. Its system lets you use Ether as its native currency, which you can use for different purposes, like purchasing products, services, and investments.
But its biggest appeal lies in its use for smart contracts. Smart contracts are applications that run as programmed without the risk of fraud, downtime, censorship, or even third-party interference.
And according to one study, industries that benefit the most from these applications are banking, insurance, and government. Ethereum is not a currency but a platform, and it has its digital currency called Ether.
Bitcoin and Ether as two leading cryptos for online gambling
While these two leading cryptos slightly differ in their underlying technology and functionality, they share a few common applications. Today, both cryptos are popularly used for online gambling, and their popularity among casino players is understandable.
Plenty of arguments favor using BTC and Ether for casino payments, including privacy, security, and convenience. Also, both cryptos are optimized for the web, thus a perfect fit for online betting platforms. For example, bank transfers and credit cards were never meant for online use like today.
Anecdotal records show that payments using these options are often costly, slow, and a bit inefficient. But when using BTC or Ether for casino wagering, you enjoy efficiency, security, and privacy.
But which one should you use for online gambling?
If you're after convenience, wide acceptance, and better access to bonuses, Bitcoin remains a good bet. Most crypto betting sites today revolve around Bitcoin use for gambling; plenty of their promotions, including a signup offer, require using BTC. But your primary concern with BTC is its widely fluctuating values. Also, entering Bitcoin can be challenging for beginners due to its higher price.
Whatever coin you use, check the site's T&Cs and compare the betting offers and Cashier policies on crypto use. Betting sites may offer varying rules on crypto use, some may prefer players to use BTC over altcoins, and others market altcoin wagering, and you can see it in their advertisements, design of bonuses and promos, and Cashier policies.
