There is no doubt that cryptocurrencies have become a real alternative to traditional financial investments. There are many cryptocurrencies, but Ethereum is the second strongest cryptocurrency on the market. Therefore, it is not surprising that it is now possible to use Ethereum in online casinos as well. There are now a number of providers of ethereum casinos where you can pay with cryptocurrency.
Cryptocurrency is clearly on the rise with its multitude of application areas. Ethereum is more than a currency. It has a digital platform that allows the creation of a range of decentralized applications (dApps). These applications may include security programs, voting systems, and payment methods. Ethereum also operates outside of central authorities, such as financial institutions, banks, and governments.
The forecast for Ethereum in 2023
Analysts expect the price of Ethereum (ETH) to be between $2,000 and $4,000 in 2023. Because the crypto market has not yet stabilized at the moment, the price range is quite wide. The next developments depend on whether investors regain confidence in the market after the high price losses in 2022.
However, it is probably only a matter of time before the prices rise again because Ethereum plays an important role in the development of cryptocurrencies. Market experts basically agree that prices will rise again. It is not yet clear how much these prices will rise.
Use cases for Ethereum
One of the reasons why Ethereum is experiencing a real hype and the price of ETH has skyrocketed is the rise of NFTs. Recently, the price of the digital currency Ether (ETH) has really skyrocketed. Ethereum is a decentralized blockchain with smart contract functionality. The cryptocurrency that you own is called Ether (ETH). In terms of market capitalization, ETH is the second largest cryptocurrency after Bitcoin.
Online casinos and the advantages of Ethereum
Ethereum security is one of the main reasons why many players prefer Ethereum coins in online casinos. The cryptocurrency is based on a chain of blocks and is therefore safe from tampering. In order to access these coins, there would have to be a hacker attack on the casino. However, this software is secured and locked multiple times. On top of that, you can also increase the security level yourself. One can open the account and lock the wallet where you keep the virtual currency with 2-factor authentication. This prevents third parties from accessing the wallet.
However, when using Ethereum at an online casino, another advantage comes into play. Here, all costs and fees are removed as cryptocurrency deposits and withdrawals are free. Costs can arise when you change the earnings of the wallet to another currency, such as the euro. For this reason, one should inquire about possible conversion fees before making a withdrawal. Sometimes it is advisable to wait for the right time for payment.
How the blockchain and NTFs are connected
Simply put, the blockchain is a public database. It serves the cryptocurrencies for their transfer. At the same time, the corresponding obligations and rights are also managed here. Basically, the system is almost tamper-proof and tamper-proof, which NTFs take advantage of as well.
Even if the series of name blocks sounds pretty unspectacular, it's probably the most important chain in the world. Here, the individual building blocks come together to form a closed structure. In the software world, this structure is called a block. As soon as the block reaches a certain size, a new block is immediately created, which in turn is connected to its predecessor.
Ultimately, this results in a tightly connected chain that is extremely valuable. Here, however, things turn out differently than with a conventional pearl necklace, because here a single data record can be significantly more valuable than the entire pearl necklace. From a technical perspective, the blockchain is a database of distributed transactions. NFTs are also stored on a blockchain, ultimately ensuring absolute security. Here, everything is related to a concrete asset, of which all property rights, debt obligations and other important documentation are secured with the help of blockchain technology.
smart contracts
The entire Ethereum system is based on so-called smart contracts. This is undoubtedly one of the biggest trends in digitization. However, many people are not at all clear on what exactly this means. Smart contracts are digital contracts based on computer protocols that are automatically fulfilled once they have been entered into. Because of this, smart contracts are more efficient and cheaper than traditional contracts.
Ethereum is the most popular platform for concluding such smart contracts. A clear difference between Bitcoin and Ethereum lies precisely in these smart contracts. Bitcoin was primarily developed as a currency, while Ethereum is more used to enter into contracts.
The Ethereum developer's goal was not to create a digital currency for payment, but a way to link real-world values โโto the blockchain. This is mainly achieved with smart contracts, which are registered on the blockchain with the help of Ethereum.
Ethereum merger
The โEthereum Fusionโ was the merger of the Ethereum blockchain with the proof-of-stake based beacon chain. This merger marks the transition from the Proof-of-Work consensus method to proof of participation and thus marks the beginning of Ethereum 2.0. The road to the world computer is paved with fusion. By changing the consensus from Proof-of-Work to Proof-of-Stake, Ethereum breaks away from energy-intensive mining.
Instead of computing power, from the merger onwards, the network is secured with locked deposits of Ether, the Stake. This reduces energy demand by approximately 99.95 percent. Instead of miners, validators are now responsible for securing the network.
For Ethereum, the merger not only represents the biggest upgrade in its history, but also an important intermediate step in the further development of the network. Thanks to Proof of Stake, doors are opened that make the vision of Ethereum as a โworld computerโ more concrete.
Merge prepares the integration of scaling solutions. This allows Ethereum to process more transactions at lower fees than before. The focus here is on Layer 2 solutions. They outsource transactions and transfer them bundled to Ethereum. This should increase performance from the current 15 transactions per second to several thousand.
