What is Ethereum (ETH)? – Crypto Gambling and Sports Betting
Ethereum (ETH) is the second largest cryptocurrency in the world by market capitalization. The Ethereum network has fast transactions, making it ideal for online deposits and betting. You can easily bet on casino games and sports events using currencies such as Ethereum and Bitcoin on Stake . But before you use it, let’s take a brief look at what Ethereum is.
What is Ethereum (ETH)?
Ethereum is a decentralized software platform based on blockchain technology. The biggest feature of this platform is that it can be used to create smart contracts and develop various decentralized applications (DApps). However, when most people mention Ethereum, the first thing they think of is the native currency Ether (ETH) on the platform, which is what we usually call Ethereum. Ethereum (ETH) is the native cryptocurrency on the Ethereum network for fast transfers and payments. The currency has two major characteristics: fast transaction speed and low handling fees, which is very suitable for online casinos or sports betting platforms like Stake.
Anyone can easily use ETH. You just need to find a compatible wallet. You can buy Ether on major cryptocurrency exchanges , or you can quickly buy tokens through services such as Moonplay and Swapped.com .
History and working principle of Ethereum
The Ethereum network was first officially launched in 2015. It was originally proposed by Vitalik Buterin in a white paper. Vitalik Buterin believed that Bitcoin lacked practical functions at the time, so he and eight other founders created Ethereum. They also established the Ethereum Foundation to promote the development and application of Ethereum. Today, Ethereum is the world’s second largest crypto asset after Bitcoin.
How does Ethereum work?
Like other cryptocurrencies supported by Stake , Ethereum is also transferred through wallets, which is almost instant and has very low fees. All transaction information will be recorded on the decentralized blockchain, and each transaction must be verified by the node to ensure openness and transparency.
Bitcoin and many other cryptocurrencies use Proof-of-Work, which consumes a lot of energy for mining. Ethereum upgraded to Proof-of-Stake in 2022, directly reducing energy consumption by 99%. In this model, users participate in verifying blocks by “staking” ETH and receive revenue rewards. If someone cheats maliciously, the staked coins will be destroyed, so this model is both efficient and safe.
How to bet on casino games and sports events using ETH?
In addition to creating smart contracts, Ethereum is also used as a digital currency like Bitcoin and other digital assets. You can top up it directly to your Stake account to play games and bet on events. If you are new to cryptocurrency gambling , we have a detailed getting started guide for your reference.
In Stake’s game library, there are hundreds of online casino games that support ETH , such as slots, table games (such as Baccarat, Blackjack), and live dealer games, etc. You can check the RTP (return rate) and house advantage of each game to choose the game that suits you. First time betting on casino games? Don’t worry, check out our ultimate casino guide to learn how to get started.
Betting on sports events with ETH is very simple. You just need to complete the following steps:
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Open the Stake sportsbook to view all available live betting markets and upcoming matches.
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Select or search for the event and market you want to bet on.
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Stake offers odds such as win , point difference , over/under , handicap , special odds and multiple bets.
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Enter your stake amount on the bet slip and confirm.
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If the match is live, you can also watch it for free .
Bet on slots and sports using ETH
You can use Ethereum to play a variety of slot games on Stake, and the platform offers many games from top game companies , as well as a large number of table games and live casino games for you to choose from. If you want to bet small amounts to win big, then slots are a good choice. If you want to pursue more stable returns, games such as blackjack and baccarat offer lower house advantages , but please note that there will be bet limits on the game table .
In addition, you can use Ethereum to bet on various sports events around the world on Stake, including pre-match and live betting . Whether you like football , tennis , basketball , cricket , e-sports , etc., you can find a betting project that suits you.
How to deposit and withdraw ETH in Stake?
Please refer to the following steps:
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Log in to your Stake account and open your wallet.
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Choose to top up or buy cryptocurrency.
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Select Ethereum, and choose the correct network and copy the deposit address.
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Paste the address into your own Ethereum wallet, enter the amount and confirm to send.
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Check the wallet address again and confirm the send.
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After the blockchain confirms the transaction is complete, ETH will be automatically credited to your account and you can use ETH to place bets.
You can buy coins on exchanges such as Binance, or you can buy ETH directly on Stake using fiat currency. The platform has built-in channels such as Moonpay and Swapped.com . For details, please refer to the platform’s cryptocurrency deposit restrictions and cryptocurrency deposit help guide.
Withdrawing ETH is also very simple:
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Open your wallet and confirm that your balance has reached the minimum withdrawal limit.
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Enter your Ethereum wallet address and check it carefully.
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Enter the amount you want to withdraw within the withdrawal limit and confirm the transaction.
If you encounter any deposit or withdrawal problems, you can always contact Stake customer service for help.
Differences between ETH and other cryptocurrencies
Ethereum is popular mainly because it has practical functions that other cryptocurrencies do not have. Ethereum’s smart contracts and decentralized application ecosystem make it more than just a simple transfer tool, but also have many other uses.
In addition, Ethereum also performs outstandingly in actual payment functions: the transfer speed is extremely fast and the fees are extremely low, making it very suitable for online payment scenarios.
For more information on the tokens available on Stake, check out our guides to cryptocurrencies like Solana , TRON , Tether , Litecoin , EOS , and Bitcoin .
Advantages and Tips of Using Ethereum for Betting
The advantages of using ETH for staking include:
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Transactions are processed quickly, no waiting required.
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The fees are very low and almost all your winnings are yours.
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It is more secure and does not require you to enter personal information such as bank cards.
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You can also use the vault feature to safely store ETH.
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Buy ETH directly through channels like Moonpay and Swapped.com.
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Global borderless transactions without currency conversion.
Here are some tips for betting with ETH:
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Do your research: Make sure you understand the rules of the games and sports before placing a bet.
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Gamble Responsibly: Follow our Stake Smart Responsible Gambling Guide to control your gambling behavior. Don’t chase losses blindly, set a reasonable budget, and don’t exceed your financial ability. You may consider setting a budget . Use our budget calculator to help set appropriate limits.
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Use a betting system: 1-3-2-6 , Fibonacci , Kelley Criterion , Paroli and many more can help you manage your bankroll effectively. When choosing a betting strategy, we also provide a guide to help you understand the difference between positive and negative progressive betting systems .
Promotions, VIP Club and Responsible Gaming
When placing gaming and sports bets at Stake, be sure to take advantage of our wide range of promotions.
Our casino offers and sports betting promotions can make your betting more fun, and our VIP club offers rewards such as cashback , reloads and VIP dealers . No matter which games you choose, please bet responsibly and follow the Stake Smart Responsible Gambling Guide to make your betting entertainment safe and secure!
