Ether is the native cryptocurrency for the decentralized blockchain Ethereum. Ethereum is a blockchain with smart contract functionality, and a wide range of cryptocurrencies rely on Ethereum – not only Ether.
Ethereum was launched in 2015 and Ether is today the second-largest cryptocurrency in the world (by market capitalization). Many different vendors accept payments in Ether, and you can also make deposits and withdrawals in Ether at certain online gambling sites, including some online casinos. A few examples of such online casinos are Betway Casino, 888 Casino and JackpotCity Casino.
How is Ether generated?
Ethereum rely on a proof-of-work system, and Ether is generated by the Ethereum protocol to reward ”miners”, i.e. persons who use their computing resources to add blocks to the blockchain. These miners also receive transaction fees from the people who used Ethereum to make Ether transfers.
There is no built-in cieling for how much Ether that can be produced.
Using Ether to make casino deposits and withdrawals
Making deposits and withdrawals in Ether is easy in the casinos that accept Ether. You simply go to the banking section and select DEPOSIT or WITHDRAWAL. Then, follow the on-screen instructions. You will be required to enter the amount of Ether, and also verify the transaction.
In order to use Ether for deposits and withdrawals, you need a wallet capable of storing Ether and making Ether transactions. There are many different wallets to chose among and they all have their pros and cons. Further down in this article, you can read about a few of them.
Do I have to be a miner to obtain Ether?
No, there are many exchanges available online where you can exchange traditional currency (e.g USD or EUR) to get Ether.
You can also sell something and accept payments in Ether. Anyone who has Ether in their cryptocurrency wallet can transfer Ether to another cryptocurrency wallet that also supports Ether. For such transactions, there is no need to go through an exchange.
Wallets
Below are a few examples of wallets that can handle Ether.
Trezor One
This wallet comes from SatoshiLabs and is very easy to navigate. The PIN code does not leave the wallet, which boosts security by working against brute-force entry. If you enter the incorrect PIN, the waiting time will be increased by a power of two. To make 30 guesses would therefore take 17 years.
Trezor One can be used for Ether and a bunch of other cryptocurrencies, including Bitcoin, Litecoin and Dash. It does not support Ripple, Monero or Cardano.
Metamask
Metamask is popular among beginners and can be downloaded as an extension for the web browser Chrome. With Metamask, you can use Chrome to access Etehreum dApps in a very simple and straight-up fashion. You do not need to download a full Ethereum node to use Metamask. Metamask is considered less secure than a hardware wallet.
Ledger Nano S
With the hardware wallet Ledger Nano S you can store your private crypto keys on a physical device. You can keep it offline when it is not in use, thereby greatly reducing the risk of hacking. Ledger Nano S supports 1000+ different crypto coins.
Mist
Created by the team behind Ethereum, Mist is the official wallet for Ether. Some proficiency in blockchain usage is required, and you must install a full node of Ethereum on your device.
More information about Ethereum and Ether
- The smallest subunit of Ether is Wei. 1 Wei is equal to 10−18 ETH.
- Ethereum was founded by Vitalik Buterin, Anthony Di Iorio, Charles Hoskinson, Mihai Alisie, Amir Chetrit, Joseph Lubin, Gavin Wood and Jeffrey Wilcke.
- Ethereum is a permissionless, non-hierarchical network of computers (nodes) that build and come to a consensus on an ever-growing series of “blocks” (batches of transactions). This series of blocks is called the blockchain.
- It is possible to borrow and lend Ether on the Ethereum network using decentralized finance applications (DeFi apps).