Ethereum Classic/ETC

Ethereum is the world's second-most-popular cryptocurrency and is featured at many online casinos. Ethereum Classic (ETC) is Ethereum's lesser-known sibling and isn't found at as many gaming sites. Nevertheless, ETC is still a fairly popular cryptocurrency in the overall scheme of things. Below, you can find out more about this crypto along with if it's worth using at online casinos.

What Is Ethereum Classic?

Ethereum Classic is a public blockchain network that allows for smart contract functionality. "Nodes," or devices on the ETC blockchain, help power the network and execute smart contracts. ETC utilizes a token called "ether" to compensate nodes for their services.

Ether can also be used to purchase items or make online casino deposits. For all intent and purposes, Ethereum Classic is often used interchangeably with Ether. Assuming this cryptocurrency is available at an online casino, it's listed as Ethereum Classic in the banking section.

Is Ethereum Classic Safe?

Concerns were raised about the security of Ethereum (ETH) in 2016. Not long afterward, the network was hacked for 3.6 million Ether (approx. $50 million at the time) in June 2016. The following month, the community approved a hard fork, thus creating and splitting Ethereum Classic from the ETH network. The owners of the 3.6 million Ether, meanwhile, received their funds back.

Since this time, Ethereum Classic has continued to receive public support from the ETH network. But it hasn't been without its share of struggles. In June 2017, the ETC foundation tweeted that the classic ether wallet's website had been compromised. In January 2019, it suffered another black eye when the network was subject to a double-spending attack (i.e same tokens are spent twice). For the most part, ETC has remained relatively safe in comparison to other cryptocurrencies. However, it's been proven to be vulnerable at various points in its history.

How to Use Ethereum Classic at Online Casinos

You shouldn't have much trouble using ETC at gaming sites if you're experienced with cryptocurrency. But if you haven't used crypto before, then you should know the basics.

The first step involves purchasing Ethereum Classic. Luckily, you can find this cryptocurrency at major exchanges, like Coinbase. After buying ETC, you should visit the casino you're interested in and check out their banking section. Upon selecting the Ethereum Classic option, you'll generate a wallet address that acts as the recipient.

Next, head back to your exchange account and choose to send ETC. Enter how much you want to transfer and use the casino's wallet address in the recipient field. Once you confirm the transaction, you just have to wait until the funds arrive to start betting real money.

An alternative way to do this process is to create an Ethereum Classic wallet and send tokens there. This action is recommended by many, because it allows you to truly own your tokens. However, you also have to keep track of your login information this way. Ultimately, you may just opt for the convenience of storing your ETC on an exchange.

Pros of Using Ethereum Classic at Online Casinos

The first benefit of ETC is its popularity. Although not nearly as famous as ETH, Ethereum Classic is still found at a decent number of gaming sites. You shouldn't have much trouble finding an online casino that accepts your deposits as a result.

Next, you can find this cryptocurrency at certain fiat (e.g. USD) exchanges. You don't have to go the convoluted route of buying ETH or Bitcoin, then transferring one of these to another exchange just to get Ethereum Classic. Instead, you can buy it in one fell swoop.

Cons of Using Ethereum Classic for Online Gambling

The biggest concern regarding ETC is safety. It was originally hard forked off a network that has plenty of concerns of its own. Ethereum Classic hasn't managed to dodge the same problems itself. The wallet website was compromised in 2017, while the network itself suffered a double spending attack in 2019.

Chances are that you'll be safe in the short run when using ETC at online casinos. However, you still need to be aware that there are some concerns when holding and using this cryptocurrency.

Overall Verdict on Ethereum Classic for Casino Deposits

Ethereum Classic isn't as widely accepted as Bitcoin or Ethereum. However, it's still worth considering when you see it listed at an online casino. We don't recommend holding your funds in ETC too long because of the previous double-spending attack. You should instead convert your funds to fiat when it's convenient. However, you'll be fine to make deposits and withdrawals with Ethereum Classic on most occasions.