Ethereum’s parent business is now worth more than either the Bank of America or Disney. If you want to wager on sports betting, should you switch to ETH or just stick with BTC as your currency of choice?
Differences Between Bitcoin vs. Ethereum
A growing number of the best sports betting sites are now accepting BTC bets. Unfortunately, after its record-setting gains in 2021, Bitcoin hasn’t been able to get back to the same figures in recent months.
Ethereum, has displayed a massive increase in interest in the past year, as it soared to new heights in November 2021, reaching over 4,800 U.S. dollars. It is a remarkable rise for the second-biggest cryptocurrency, which had always lagged behind bitcoin.
The question is, which of the two cryptocurrencies, ETH or BTC, provides you with the most excellent option for sports betting. When you consider this, you can compare them based on these six factors and choose which fits your preference, either ETH or BTC sports betting.
1. Potential Future Value
The first consideration is the potential future worth of Bitcoin or Ethereum. It’s impossible to predict the future value of your crypto investment. It’s also hard to assess if either has hit its monetary ceiling yet.
As of today, ETH appears to be a better investment because of how well it has performed and how much it will grow in value over time. However, nothing is ever definite in cryptocurrencies or sports betting.
2. Availability in the Online Market
Internet gaming was one of the earliest industries to adopt the Bitcoin cryptocurrency, and as a result, bitcoin has had a long time to develop. Thanks to this, there are far more Bitcoin casinos to choose from than Ethereum casinos.
An excellent example of this is that we found 121 different Bitcoin gambling sites but just eight different Ethereum gambling sites. Of course, these figures may be different from what you see here, depending on where you live. Dice betting is still the most common form of ETH gambling, but the trend is slowly evolving.
3. Smart Contracts
The blockchain of ETH is mainly responsible for popularizing smart contracts. In contrast to Bitcoin, Ethereum includes smart contract capabilities “baked in” to its protocol. Thanks to these contracts, an intermediary isn’t needed to transfer value from one wallet to another (essentially a sequence of pre-programmed functions).
The code is available to the general public for inspection to ensure that the contract works. Using this method, casinos can be built using smart contracts. This allows players to bet without intermediaries and in a transparent and verifiable system.
Some “smart casinos” are already in use on Ethereum, which has smart contract capabilities. In addition, a smart contract technology called Rootstock, which operates ‘off-chain,’ allows for the development of similar apps on the Bitcoin blockchain.
Many people choose to play at anonymous casinos when it comes to online betting. Bitcoin is the preferred currency for gamers who don’t want their personal information linked to their transactions.
Ethereum is similar in this regard, and there isn’t much of a distinction between the two in terms of anonymity. Players seeking anonymity should utilize a Bitcoin VPN and only use a Bitcoin or Ethereum wallet address once during their gameplay. Note that multiple address uses can potentially reveal information about the owner.
5. Access to Currency and Game Options
A major advantage of Bitcoin versus Ethereum is its accessibility. No matter how difficult it may seem, it is simpler to purchase Bitcoin than Ethereum.
In comparison to Ether, there are many more casinos that accept Bitcoin. Unfortunately, Ethereum-based sports betting is presently unavailable; however, this is expected to change in the near future.
On the other hand, Bitcoin offers a diverse selection of gaming options, including casinos, poker rooms, sportsbooks, and casual games.
Similarities Bitcoin vs. Ethereum
Since Bitcoin and Ethereum are the leading cryptocurrencies today, they are sure to be some similarities between them. These similarities include the following:
- Since both are blockchain-based coins, it’s evident that they both benefit from the open-source, decentralized network.
- When it comes to money transfers at the casino, BTC and ETH are lightning-fast. Deposits and withdrawals can be made in a matter of seconds, and there is no need for a third party, such as a bank, to be involved.
- They both excel at providing absolute security. The technological nature of these currencies is directly linked to the decentralized network of blockchain technology. This makes them nearly impossible to hack.
- Not to be outdone, dealing in BTC and ETH allows you to remain entirely anonymous. Currency transfers are completely hidden from prying eyes and cannot be traced by any financial institution or government agency.
Making a decision and playing with the one you like best might not be as easy as you think. However, BTC is the best option for those who wish to keep their money safe and bet with a currency that appreciates in value.
Ethereum Gambling is the way to go if you’re looking for pure fun, adrenaline-pumping pace, and easy accessibility. Unfortunately, a typical FIAT casino can’t compete with either of these alternatives in terms of quality or value for money.