Betbit.com does accept Ethereum as a deposit and withdraw method. As a matter of fact, Ethereum is the second most popular dpeosit and withdrawal method. You could certainly say that Betbit.com is an Ethereum casino. Why is Ethereum popular at Betbit? Because Ethereum is one of the fastest funding methods (less than 2 minutes) and easy to sell at exchanges. Keep in mind, that your deposit or withdraw is converted to and from mBTC, respectively.
Let us get into the nuts and bolts of what Ethereum exactly is. Ethereum is a decentralized open-source public blockchain. Its cryptocurrency coin is better known as Ether (ETH). At the moment it’s currently the second largest cryptocurrency based on market capitalization behind Bitcoin. The concept of Ethereum is to allow for smart contracts and distributed applications to be built onto the blockchain using nodes. The idea was that no one (be it government or financial institution) was able to control the decentralized platform. It’s also designed to track the state of each and every account. Ethereum like Bitcoin has also been forked. (Ethereum Classic was actually the original)
At Betbit, it takes less than 2 minutes to credit your account. The average transaction confirmation time on the Ethereum network is between 2-5 minutes. (It’s able to generate blocks very fast. The maximum capacity is about 25 transactions per second.)
Ethereum is supported by a variety of wallets from physical to virtual. Some wallets that are popular are…
At the moment the Betbit Wallet only supports Bitcoin. The site, however, allows for both deposits and withdrawals in Ethereum. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.
Average Transaction Fee of 0.1%. As it’s a very popular coin you are able to buy it on quite a few exchanges:
You are also able to convert it easily using a service such as Changelly and shapeshift.io . The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.
A smart contract basically secures a relationship using cryptographic code. The idea was originally explained by its creator Nick Szabo in 1993 as a digital vending machine. Basically, what you would input into the machine, you would get out. Whereas Bitcoin was created to only be used for coins, Ethereum was created to allow developers to use their own programs. Smart contracts can as such manage an agreement, and keep all information pertaining to that agreement, which can be shared with multiple participants of that agreement. This has allowed for a lot of new opportunities in the way we do business. It has revolutionized various large industries such as global shipping, diamonds, and manufacturing and even food supplies. Smart contracts can be written to set up various checks along the route of the item, especially to remove the need for manual intervention by someone, thus speeding up the processing time and avoiding delays. This makes it far more secure and irrefutable. Also, it reduces your risk of fraud, as everything is shared and can be traced. It’s really a technology that will drive a lot of systems in the future.
Ethereum can be mined just like Bitcoin as it’s also a proof of work system. Due to the value of Ethereum and demand for it, you will need machines with strong computing power ASICs (Antminers). At current most Ethereum mining took place via CPU and GPU mining, but with the demand for the coin, it expanded to ASICs mining, which means it’s become really difficult now and costly to mine. For basic mining, you are able to use Minergate which gives you a really simple user interface and you can use your GPU or CPU to do the mining. For more serious mining you will need to run Ethminer or Dualminer. Best would be to join a pool of miners as it will be far more rewarding than solo-mining. Good Ethereum mining pools to join are Ethpool, Nanopool, and Dwarfpool.