It took years for BTC to hit a value of roughly $20,000 at the end of 2017. The rest turned their attention to cryptocurrencies afterward, and another industry leader, Ethereum, began to rise rapidly in popularity. Great online casinos like Slot Hunter Casino might accept both or only prioritize one. Although they are both similar, there is still some variation between BTC and ETH in the crypto-gambling sector, where these two take center stage.
Table of Contents
Differences Between Bitcoin vs. Ethereum
BTC wagers are now accepted by a growing number of the best online casinos. Unfortunately, Bitcoin hasn’t been able to regain its previous heights in recent months, despite its record-breaking gains in 2021.
In November 2021, Ethereum reached new heights, increasing to over 4,800 U.S dollars. That is a massive increase from the past year, and ETH has now become the second-biggest cryptocurrency—surpassing Bitcoin. So, which of the two cryptocurrencies, ETH or BTC, gives you the best opportunity for sports betting? You can compare them based on these six criteria and select whichever one best matches your preference, either ETH or BTC sports betting.
Potential Future Value
When predicting the future value of cryptocurrency investment, there are many variables to consider. The most important factor is how much potential each coin has to grow in the future. Ethereum and Bitcoin have shown significant growth potential in recent years, but it’s impossible to say if either has reached its maximum value yet.
As of now, Ethereum appears to be a superior option for gambling because of how well it has done and how much it will increase in value over time. However, nothing is ever sure about cryptocurrencies or sports betting.
Availability in the Online Market
Because Bitcoin was among the first cryptocurrencies to be adopted by the internet gaming industry, it has had a long time to develop than Ethereum. As a result, more casino options are available for Bitcoin users than those who use Ethereum. The most popular type of ETH gambling is dice betting, but it is gradually changing.
The Ethereum blockchain is responsible for pioneering smart contracts. In contrast to Bitcoin, which includes smart contract capabilities “built-in” to its protocol, Ethereum has them built in. Thanks to these contracts, no intermediary is required to move money from one wallet to another (essentially a sequence of pre-programmed operations).
The contract is made available to the public for inspection so that it may be verified. Casinos can be created using smart contracts utilizing this approach. That allows gamers to wager without third parties in a transparent and verifiable system. Some “smart casinos” already exist on Ethereum, which has smart contract capabilities. Furthermore, because Rootstock operates ‘off-chain,’ it allows for developing comparable apps on the Bitcoin blockchain using smart contract technology called Rootstock.
Some people who gamble online prefer to play at anonymous casinos, where their personal information is not linked to their transactions. The preferred currency for these gamers is usually Bitcoin.
If you’re looking for anonymity, Ethereum is a great option, and there isn’t much difference between the two in terms of anonymity. However, to maximize your chances of remaining anonymous, use a Bitcoin VPN and only utilize each Bitcoin or Ethereum wallet address once. Note that if you use multiple addresses, it could lead back to revealing information about yourself.
Access to Currency and Game Options
While Ethereum has a few advantages over Bitcoin, one significant advantage that Bitcoin has is accessibility. It is much easier to purchase Bitcoin than it is to purchase Ethereum. There are also many more casinos that accept Bitcoin as currency. Unfortunately, sports betting with Ethereum coins is not an option; however, this change is expected shortly.
On the other hand, Bitcoin provides a wide range of gaming options, including casinos, poker rooms, sportsbooks, and social games.
Similarities Bitcoin vs. Ethereum
Although Bitcoin and Ethereum are the best-used cryptocurrencies today, they have some similarities. These include:
- Both are blockchain-based cryptocurrencies profiting from the open-source, decentralized network.
- With BTC and ETH, financial transactions at the casino are executed almost instantaneously. Deposits and withdrawals take only a few seconds, eliminating the need for involvement from a third party, such as a bank.
- Both cryptocurrencies and blockchain technology excel in providing absolute security. The decentralized blockchain network makes it virtually impossible for anyone to hack into the system.
- Other than remaining completely anonymous, another advantage to BTC and ETH is that currency transfers are hidden from prying eyes and cannot be tracked.
Deciding which currency to choose for entertainment is daunting, but BTC is the best option for gamers who keep their money 100% safe. If you’re interested in gambling for fun and want easy access and speed, then Ethereum gambling is the way to go. However, if the value for your money is what you’re looking for, Ethereum casinos blow normal fiat casinos out of the water.