Cryptocurrencies are one of the latest payment methods introduced to iGaming platforms. Alongside their popularity, the demand for more crypto casinos has been increasing, as well, and operators worldwide have been working hard to meet it. Of course, the Philippines are no exception.
Since cryptocurrencies have become more relevant, players have been asking for more information about them. For this reason, we’ve decided to compile a guide on one of the most widely-used cryptos — Ethereum.
Read on if you want to learn more about this payment method, as well as how to use it for playing in Filipino online casinos.
Recommended Filipino Ethereum Casinos
What Is Ethereum?
Ethereum is a decentralized digital currency platform based on open-source blockchain technology, and Ether is its official altcoin. In case you’re unfamiliar with the terminology, blockchain is a digital ledger used for storing crypto transactions. This platform also utilizes smart contracts, which means all transactions are processed with a computer program, without humans acting as intermediaries.
Even though Ether is the real name of the cryptocurrency generated by the Ethereum protocol, many people use the names interchangeably.
This coin started developing in 2014, and it finally launched on July 30, 2015. Its success came immediately after the platform’s emergence, and the public interest in it hasn’t waned to this day — it’s currently the second largest cryptocurrency by market cap, which amounts to $568 billion. This makes Ethereum Bitcoin’s biggest competition.
As a matter of fact, Ether coins are better than Bitcoins in some aspects. For instance, Ethereum is two times faster than Bitcoin — the average payment confirmation time is five minutes compared to Bitcoin’s ten.
Moreover, the Bitcoin supply is fixed to 21 million coins. This means Bitcoin might collapse once all coins are mined, so it further adds to the crypto’s volatility. On the other hand, Ethereum doesn’t face such issues, as there is no supply cap for Ether.
So, these are the reasons why so many players resort to using Ether coins in online casinos worldwide. If you’re a Filipino player who wants to try out this payment option, read on, and we’ll show you how to use it for playing on gambling sites.
How to Deposit in Filipino Ethereum Casinos
Depositing with Ethereum is pretty similar to funding your account with other cryptos. If you want to learn how to use it, follow this simple step-by-step guide:
- Purchase Ether coins — This is the first step toward playing in Ethereum casinos. To buy Ether coins, visit a crypto exchange and register an account on it. Since Ether is the second largest cryptocurrency, it’s readily available in most exchanges, and you can buy it with the Philippine peso. We recommend going for one of the most reputable crypto exchange services — OKEx. If you want to know more about it, read our OKEx review.
- Download a crypto wallet — A crypto wallet is a digital currency storage. So, if you want to receive and send cryptocurrencies, you’ll have to own one. There are many wallets out there, and some may be shady, so we recommend sticking to the most popular options. After you’ve chosen your wallet, follow instructions on how to set it up.
- Send the Ether coins to your crypto wallet — Upon installing your crypto wallet, you’ll get an exclusive address that can be used for sending and receiving coins in the future. Send the cryptos you’ve purchased to this address.
- Visit an Ethereum casino — Find a Filipino online casino that supports Ethereum as a payment method. As we’ve mentioned previously, Ethereum is the second biggest player in the crypto game, so there are many gambling sites supporting it as a payment option.
- Visit the cashier page — Once you choose your Ethereum casino and create an account, go to the Deposit page and select Ethereum from the list of banking options. Enter the amount you want to deposit, copy the casino’s crypto address to your wallet, and confirm the transaction. After you’ve completed these steps, you’ll be all set to play your favorite games in an Ethereum online casino.
How to Withdraw in Filipino Ethereum Casinos
Now that you’ve learned how to deposit in an Ethereum casino, withdrawing will be a piece of cake, as it’s basically the reverse. Follow these simple steps if you want to cash out your winnings:
- Log in to your casino account and visit the cashier page.
- Click on Withdraw and select Ethereum.
- Enter your crypto wallet address and the amount you want to withdraw.
- Confirm the payout request.
- The transactions are near-instant, but each withdrawal request has to go through a pending period. Depending on the casino’s withdrawal policy, this period typically lasts anywhere between a few hours and a couple of days.
Advantages of Using Ethereum
The crypto market is highly competitive, and its dynamic is getting more intense every day. Ethereum maintains its strong position, and it aims to replace Bitcoin as the number one coin by market cap. A company wouldn’t be able to have such great aspirations if it didn’t offer many advantages. So, let’s list a few of them:
- Speed— As we’ve stated earlier in the article, Ethereum is two times faster than Bitcoin. The platform processes 15 transactions per second, and it takes 5 minutes on average to confirm the payment. Ethereum is one of the swiftest payment methods around, which is why many players opt for it.
- Privacy — Aside from fast payment processing, Ethereum is also one of the safest methods for making online transactions. Your crypto wallet address is the only information needed for depositing and withdrawing. There’s no way your personal data can be misused, and this is the reason why many Filipino players go for Ethereum over fiat options.
- Availability — Since this is the second most widely-used cryptocurrency, it’s no wonder it’s readily available in most crypto casinos. Filipino players can use Ethereum in almost any casino supporting altcoin payment methods.
Disadvantages of Using Ethereum
Cryptocurrencies are widely praised for their nominal transaction fees. Unfortunately, this isn’t the case with Ethereum, and this is its main disadvantage. Namely, this platform imposes additional charges on every transaction made. These charges — also called gas fees — are highly unpredictable. They fluctuate on an hourly basis and may even go up to $30 per transaction.
Available Games in Ethereum Casinos
Ethereum casinos feature all the most popular casino games — blackjack, roulette, slots, video poker, baccarat, and the like. Some Ethereum casinos even offer live dealer options and miscellaneous games like bingo, keno, and scratch cards.
Ethereum Casinos Bonuses and Promotions
The majority of crypto casinos give the most attention to Bitcoin. This means you’ll usually see a BTC bonus offer, but rarely an Ethereum one. Although Ethereum isn’t always compatible with welcome bonuses and other promotions, you can still participate in the casino’s VIP program and gain some advantages for being a frequent player.
Ethereum Mobile Casinos
Cryptocurrencies are the latest phenomenon introduced to the iGaming industry. If online casinos allow altcoins as a banking option, this means they’re up to date. Consequently, these gambling sites are also likely to offer a casino fully optimized for both Android and iOS devices. This is great news, as you’ll get to use Ethereum to play your favorite games while on the go.
Final Thoughts
Ethereum is one of the fastest and safest payment methods, but it comes with one disadvantage — fluctuating and relatively high transaction fees. However, it wouldn’t be the second-largest cryptocurrency in the world if its fees represented such a great obstacle. Overall, its pros outweigh its cons, so Filipino players might as well give it a try.