Ethereum’s growth as a widely accepted online payment method

Ethereum’s growth as a widely accepted online payment method

As a growing number of trusted online merchants are starting to accept popular cryptocurrencies as a viable payment solution, here is a closer look at how Ethereum’s growth has led it to become a widely accepted payment method. Ethereum can now be used to buy and sell/deposit & withdraw at more trusted websites than ever before.

It has come out of the shadows and can now be used at thousands of sites that also tend to accept other major cryptocurrencies, such as BitCoin. But what has made Ethereum really stand out from the crowd?

What exactly is Ethereum?

In its most basic form, Ethereum is a decentralized global software platform, and it is powered by blockchain technology. It can be used by anyone to purchase goods from anywhere that accepts this popular cryptocurrency, and it is second in popularity only to BitCoin. Ether (ETH) can be purchased at pretty much every digital crypto trading site, and it’s becoming more popular by the day, especially with people who prefer not to use their Visa credit or debit card to purchase goods online and are looking for alternative methods.

It’s incredibly secure, which is also why it’s so popular, and it can also now be used at online gambling sites, such as sports books, poker sites, online casinos, and other trusted sites that are licensed to offer real money gambling services. Ethereum transactions are rapid, which means that there’s never any waiting around, and this reliable online payment solution is also really easy to use.

The good news for some of you out there is that some of the casinos have started accepting Ethereum as a viable payment solution for deposits and withdrawals. However,  while there are crypto casinos, these are often less regulated which is why it might make more sense for someone to play at top real money online casinos, since these are better regulated in the US.

This regulation is a key sticking point for much of crypto. While protections exist within the technology for users, there is still room for potential issues for the user should they unwittingly involve themselves in unsecure investments.

How to purchase goods with Ethereum

You can purchase Ether using either a bank transfer or using your credit or debit card, and the money that you send from your bank to purchase Ether can then be stored in an Ethereum wallet, such as MyEtherWallet. Your Ether can also be stored locally by downloading it directly on your desktop, smartphone or laptop device.

There are a growing number of websites that accept Ethereum as a payment method, but the exact way in which you can use it may vary slightly from one site to the next. However, with that said, using Ethereum is really straightforward, and all you need to do is follow the simple onscreen instructions that appear on the screen for you when you choose this method to pay for things (or to withdraw).

Pros and cons of using Ethereum?

Here are some of the major pros and cons of using Ethereum. First of all, the transaction times are incredibly fast. However, most online casinos and other gambling sites take slightly longer to process withdrawals. It’s not the payment method. It’s the website’s policy. In other words, you will find that most withdrawals with Ethereum, Visa, or any standard e-Wallet can take anywhere from a couple of hours or more to be processed.

Ethereum transactions are anonymous and utterly secure, which is great for you as a player/gambler. Your personal information and transactions are protected by extremely high levels of encryption, which is exactly what people are looking for these days. There are generally no fees attached, which is another plus for players, and when you deposit at certain sites with this method, you will generally instantly qualify for some kind of guaranteed new player welcome bonus (aka sign-up bonus).

Some of the only real downsides are that you can’t reverse transactions, but this is also the case with most methods when transactions have been processed, and the only other real downside is that there still aren’t enough of the major sites that accept Ethereum right now, especially when compared to the number of sites that currently accept Visa, or PayPal, for example.

Which other online payment solutions are also worth considering?

If you still aren’t sure about using Ethereum the next time you visit a website that accepts this trusted method as a payment solution, there are other ways you can purchase goods and process deposits and withdrawals. Some of the other most popular online payment solutions you should consider using are the obvious methods, such as Visa, MasterCard, and PayPal. Other reliable methods include Skrill, NETELLER, Western Union, direct bank transfers, American Express, and EcoPayz. Depending on which country you are based in will determine exactly which online payment solutions you will have available to you.

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