Ethereum Betting: How to Bet on Sports & More with ETH
Ethereum’s ether (ETH) has emerged as one of the most popular currencies on the Internet. Today, you can even use ETH to place bets on online casinos like 1xBit.
Read on to learn how to bet with Ethereum on 1xBit.
Table of Contents
- What is Ethereum?
- Why is Ethereum So Popular?
- How to Bet with Ethereum
- Get Started on the Best Ethereum Betting Site: 1xBit
What is Ethereum?
Ethereum is a blockchain platform that uses its native cryptocurrency known as ether (ETH) to pay transaction fees. The Ethereum blockchain is a secure peer-to-peer network that verifies and executes smart contracts, which allow you to transact without a trusted central authority. All transaction records are permanent, verifiable, and are distributed across a secure network for all participants to see.
Ethereum is also home to non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized gaming.
The security of the Ethereum platform comes from its decentralized blockchain, which requires a distributed consensus for changes to take effect.
Why is Ethereum So Popular?
Ethereum's popularity has risen because the platform can be used for more than just sending money digitally.
On the Ethereum blockchain, developers can build a wide range of decentralized applications using smart contracts. From decentralized gaming ecosystems to Internet-native financial services, individuals and businesses can build apps that don’t require a centralized authority to operate.
Ethereum has become home to decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain gaming, making it the largest crypto ecosystem in the world.
While other smart contract-enabled blockchains have emerged to compete with Ethereum, the huge Ethereum community and the sheer number of applications built on Ethereum have helped it to retain its market-leading position.
How to Bet with Ethereum
Ethereum betting on the 1xBit platform is a very simple and easy process.
With the steps indicated below, you’ll be able to deposit your ETH on your 1xBit account to place a bet. To start, you must have an Ethereum wallet that holds ETH for betting on the 1xBit platform.
- Open the 1xBit website to register an account.
- Input your email and desired password on the form provided. After that, you will see a pop-up with details, including your account number, email, and password. Ensure that you note down and keep the details safe for future reference.
- You will also get an email notification requesting you to confirm the new 1xBit account. (If you decide to provide your email address). This is done by clicking the link provided on the email notification received.
- Once you've confirmed your account, you’re in! You can now use your account number and password anytime you’re transacting or signing in for anonymity.
- Now that you’re registered, go ahead and top up your account using Ethereum from the list of cryptocurrencies provided.
- After selecting Ethereum, click “confirm” to continue but ensure to read and understand the instructions provided.
- The 1xBit platform will provide its wallet address where you can deposit your Ethereum. You can also use the QR code provided to scan and deposit ETH to the platform's cryptocurrency wallet.
- The entire ETH deposited is presented as mBT on the 1xBit website. mBT is the currency denomination the platform uses and is 1/1000th of one bitcoin.
- If you don’t have an Ethereum wallet, click “Buy Cryptocurrency” on the 1xBit website. The platform will redirect you to an exchange where you can buy ETH as and get a wallet. Once you’ve purchased ETH from the exchange, transfer it to the 1xBit wallet address to start placing your bets. The minimum you can deposit is 0.007 ETH.
Get Started on the Best Ethereum Betting Site: 1xBit
1xBit is a great platform for Ethereum sports betting, and fans worldwide love it. The platform features tons of casino games, including Blackjack, Roulette, Dice, and many more. There is also a wide array of sports you can bet on, including eSports!
With Ethereum betting, geographical restrictions are no longer a problem because you don’t have to provide any personal details when funding your account through Ethereum.
Moreover, all winnings are instantly deposited to your 1xBit account and you can withdraw them anytime in a cryptocurrency of your choice.
Sign up for a free 1xBit account today to start funding your betting account with ETH.