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The online gambling industry has seen a lot of improvements over the past decade. Among the things that marked the age of evolution across online casinos was the introduction of cryptocurrencies. When Bitcoin was first invented, it immediately saw its way into the online gambling industry. As new digital currencies were invented, they followed suit.
Now, there’s one pretty new cryptocurrency that is being added across online casinos as an option for players to use, EOS. Even though new, it has taken the world by a storm, as just like any other digital currency, it has had its controversial beginnings. Why choose EOS as your payment solution across online casinos?
About EOS
Launched in 2018 by Block.one, a start-up from the Cayman Islands, EOS is a digital currency moved on the EOSIO blockchain platform. Its creators designed it with two objectives in mind: creating a platform that would speed up transactions and a platform suited for decentralized applications, known as dApps.
Even though it was based on the same principle as the pioneer Bitcoin, its dApps make it a solution that can offer something other cryptocurrencies cannot. Its scalability has solved the problem other digital currencies had, as the customizable dApps and the platform turned out to be ideal for those who wish to use crypto across the internet.
Block.one made history when it launched it. The code for the digital currency was launched a year earlier, in 2017, with the aim to collect as much money from investors as they could. What's incredible is that the fundraising went through a process known as Initial Coin Offering (ICO fundraising) and they managed to collect multi-billion dollar-worth of funds to get started. Before they actually released the cryptocurrency, they collected $4 billion. The investors loved the idea behind it and even without seeing the actual product, and without it being launched, they just took their money out and supported it.
As a promise that the platform would be incredibly useful to the digital network, once launched, Block.one gave investors tokens through the EOSIO platform. The company promised to build an open-source software with high performance, a highly scalable one, one that would be at the forefront of crypto, as it would be more secure, faster and better in every sense.
The launch was postponed to June 2018, and this grabbed the attention of the communities and made the situation intense. Investors were concerned that, in terms of delivery expectations, Block.one raised the bar high and suggested they should finally not launch only the coins but also the technology that goes with them.
The fear was for nothing, as Block.one delivered exactly what’s promised, even though a year later. Both EOS and the technology behind them were really groundbreaking, facilitating both the crypto transactions and online banking as a whole. The creators were devoted to building development tools and dApps that would facilitate transactions and make coins entirely user-friendly and easy to use.
Just nine weeks after the coins and the technology behind them were launched, EOS and the dApps found their way into the online gambling industry. The reason was obvious: online casinos were able to customize the solution to suit their and their players' needs, guaranteeing them secure app processing, unseen transaction speed and the already familiar role-based security protocol. The casinos’ developers were offered familiar programming languages, as well as development patterns that could be used by non-blockchain apps, to create an even better experience for their players using tools they already knew how to use.
Build onto a structured blockchain, EOS provided players with instant transactions. Players’ interest led to a huge number of EOS gambling dApps being created, and the EOS gambling ecosystem grew with the speed of light. Therefore, you should not be surprised to see many casinos already accepting it, standing next to already popular cryptocurrencies like Ethereum, Litecoin and Bitcoin, of course.
Getting Started with It
The creators’ entire idea behind EOS was to make it extremely user-friendly, so that anyone, both those who have and those who haven’t used cryptocurrencies, can get started with it effortlessly. Therefore, regardless of the group of users you belong to, to get started with it, you would have to choose a wallet where you’ll store your coins.
You may know or not know this, but there are several types of wallets where coins can be stored, hardware, web-based, mobile-based, paper wallets. You should make your choice based on what you want to use the coins for. As an online casino player, you should probably choose eWallets, as they are most convenient for instant transactions and safest for online gambling use.
Many wallet platforms exist today where you can explore your options and create your eWallet to use EOS. Some of the eWallets you can use are even brands you’ve already heard of or even used, like Skrill and Neteller.
Once you create your wallet, things would be even easier. You would need to fund your wallet with coins. The best part is that EOS can be bought with either other cryptocurrencies or with fiat currencies, so you can use whichever suits you. Just visit one of the many crypto-exchange platforms and complete your purchase. But there’s more good news. Some online casinos have even integrated in-browser EOS wallets, so you can skip the whole procedure. As soon as you fund the wallet, you will be ready to use it.
How to Deposit at Online Casinos with EOS
The next step would be finding an online casino that accepts EOS to join and start playing. As mentioned, plenty of online casinos already accept it, and you’ll see it next to already well-established digital currencies like Bitcoin. Once you’ve found one that you like, do the following:
- Create your online casino account.
- While you’re on it, you’ll be asked to choose a default deposit method.
- You’ll either need to visit the Cashier/Banking page on your own, or you’ll be redirected to it.
- Find EOS’ logo and tap or click on it.
- Specify the amount of coins you’d like to transfer to your online casino account.
- Enter the casino’s crypto wallet address to move the coins.
- Triple-check the address since transactions with EOS, just like with other digital currencies, are irreversible.
- Confirm the transaction and see the coins arrive on your online casino balance instantly, at no additional cost.
How to Make a Withdrawal with It?
Assuming you’ve played your favourite games /games/, and won something, now you’d like to cash out your winnings. Since you’re probably already logged into your online casino account, head to the Cashier/Banking page and from the Withdrawal Methods, choose EOS. Repeat the entire procedure, only this time, when you’re requesting a withdrawal, write your own wallet address.
As soon as the casino reviews your request and confirms the transaction, you will see the coins arriving on your eWallet. This might take some time, as the casino may be reviewing your request 24 to 48 hours, to see whether you’ve played through any playthrough /online-casinos/guide-for-bonus-terms-and-conditions/ requirements if you've claimed any bonuses /ask-the-wizard/online-gaming/bonuses/. But as soon as it approves the request, the coins will instantly arrive in your wallet.
Applicable Fees
We mentioned this, but it is important emphasizing that transactions with this cryptocurrency are fee-free. With other cryptocurrencies and their blockchain platforms, you would be charged a fee for each transaction, due to the use of proof-of-work mechanisms.
With EOS, however, fees are removed by inflation. The network pays all the costs, since owning tokens covers any or all costs that could be involved, so rather than making users pay the fees in order to get access to its combined resources, the network covers all costs.
Allowed and Restricted Countries
Considering EOS is controlled by communities, from all over the world, and a completely decentralized digital currency, anyone, from anywhere across the globe can use it.
Of course, you would have to check whether your country allows cryptocurrencies or whether it has banned them. If cryptocurrencies, in general, are banned from your country, you cannot use it.
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FAQs
Does the value of the cryptocurrency fluctuate?
Considering it is, of course, a cryptocurrency, its value does decrease and increase. Therefore, before you decide to buy your coins, make sure you dig deep and check out how the fluctuations went in the past few months. But, just like with any other currency, cryptocurrency or investment in general, you should keep in mind that depending on the market situation, its value will continue fluctuating.
Does Block.one have any control over my transactions?
Block.one is the company that built the digital currency, but then let it be controlled by the communities. As a decentralized system, transactions via EOSIO are validated by multiple parties, but if uncertain, make sure you visit its official website to find out more.
Are the communities or authorities able to trace my transactions?
No. Transactions are completely untraceable by any third-parties, the authorities included. No transaction can ever be present on your bank statement, nor can any of the communities see it.
Where precisely can I purchase the coins?
As mentioned, there are multiple crypto exchange platforms where you can buy the cryptocurrency. The exchange fees may differ from one exchange platform to another, but the coin’s value will be the same everywhere. Users usually go with Coinbase, but Binance is also a popular platform where you can purchase your coins.
Is it legal for me to use this cryptocurrency as a payment method across online casinos?
Before you decide on whether to use the digital currency across online casinos, check two things: one, whether online gambling is legal in your country, and two, whether cryptocurrencies are. If the answer to both questions is “yes”, then you’re legally allowed to use it. But if you’ve answered either or both questions with “no”, then you cannot use it.