Ethereum is the second-largest cryptocurrency by market cap after Bitcoin, but Ethereum is not only a digital currency, it is an open-source operating system. Ethereum is a blockchain technology leader for decentralized finance (DeFi) projects.
Ethereum works like a superhighway for those DeFi projects running on distributed applications (dApps) and smart contract technology. Any user can interact with the Ethereum platform using its own cryptocurrency Ether, (the cryptocurrency associated with Ethereum) or buying and holding Ether in a crypto wallet. Ethereum is by far the most popular and used blockchain technology by developers, but there are a lot of normal users who are massively investing in the Ether token waiting for a higher value. At the moment of writing, the market cap of Bitcoin is around $700 billion, while the Ether market cap is around $290 billion, around 40% of Bitcoin.
What are the Main Differences and Similarities between Ethereum and Bitcoin?
Unlike Bitcoin, Ethereum is not only a digital currency, but a platform built on the blockchain providing limitless development opportunities via its smart contracts. Ethereum offers a much broader range of applications, and hundreds of new decentralised projects are born every day based on its technology.
There are other differences between Ethereum and Bitcoin such as:
- Transaction times are quicker on the Ethereum network than on Bitcoin
- Ethereum has been created to add value to Bitcoin and not as a competitor
While there are also some interesting similarities:
- Bitcoin and Ethereum are both decentralized and not controlled by any central bank or financial authority
- They are both built on the blockchain (distributed ledgers)
- Both projects are controlled by a decentralized network of developers , who get money to take care of the network.
You could say that Ethereum is the next step of evolution after Bitcoin.
What Makes Ethereum so Popular
Based on its decentralized nature, Ethereum provides the deployment of smart contracts and dApps (decentralized applications), which can be built and run with no downtime, with zero fraud attempts, and avoiding any third party involvement (central bank, financial authority, etc).
Ethereum has its own language of programming that works on the blockchain and allows any developer to build and run different innovative applications.
The potential applications of the Ethereum blockchain are limitless and handled by its own token Ether (ETH). Ether is used for two scopes, the token can be traded as a cryptocurrency on several exchanges as with other cryptos, and it can be used on the Ethereum network to run different applications.
What are the Key Benefits of Playing at an Ethereum Casino
Online casinos are one of the most interesting sectors where Ethereum technology is driving change. Ethereum adoption from online casinos, such as coinsaga.com, brings casino players a lot of benefits, which can be viewed from two different sides: ETH can be used to play any casino game and as a whole platform for decentralised applications, which allows the possibility to set up online casino sites using smart contracts and payments in ETH.
There are several benefits to playing at an Ethereum casino. If a player selects Ethereum cryptocurrency he/she will play in anonymous mode, the player doesn’t need to release any personal details to an online casino, bank or other central and financial authorities.
Another big advantage comes when transferring money, Ethereum cryptocurrency is quicker and cheaper than any other traditional method, and moreover, game payouts are higher due to lower operational costs for online casinos. Player’s funds are free from any financial authority or central bank control, and last but not least, if a player plays provably fair games (which you can earn more about here) he/she will see that those games are fairer than any other game, and that they can check the outcome of a bet and all betting info themselves, in full transparency.
How Ethereum Smart Contract Will Be the Future of Online Gaming
The big plus of the Ethereum blockchain is the use of smart contracts, which guarantee – if the two parties involved put their signature to them – that the transaction/provably fair game can’t be rigged or cheated by any other parties, including the casino owner.
In this sense, smart contracts give players the feeling of safeness to play casino games in an environment where they are sure that their money and identity are protected.
This ensures trust since every player is guaranteed and has full confidence that online casino is fair and can’t hold or freeze his/her money without their consent.
The Ethereum network is constantly growing in adoption and popularity. Most important crypto online casinos such as coinsaga.com are embracing this change. Ethereum is a convenient, smart, fast, and wise investment, and its future shines bright.