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There’s no secret that cryptocurrencies have found their way into the online gambling industry, and are here to stay.

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Online banking is evolving uninterruptedly, and payments, as we knew a few decades ago, have changed completely. New digital currencies are being developed every year, each offering next-level benefits for the users. EOS is one such relatively new cryptocurrency that has taken the world by a storm, mainly due to its controversial beginnings. What makes EOS suitable for online gambling?

About EOS

EOS is the cryptocurrency launched in 2018 by a start-up from the Cayman Islands, Block.one. It is moved on the EOSIO blockchain platform designed with two goals in mind: speeding up transactions and creating a platform for decentralized applications (dApps).

And even though essentially it works on the same principle as Bitcoin, the customizable dApps make it the solution that offers the online gambling industry something that most other cryptocurrencies don’t. Considering the dApps and the scalability that solves the transaction time problem otherwise present with other digital currencies, EOS turned out to be an ideal platform for players looking to gamble with crypto across online casinos.

Block.one the company behind EOS made history with this cryptocurrency. When it first launched the code for it in 2017, it managed to collect multibillion-dollar fundraising through a process known as ICO – Initial Coin Offering. Selling investors the idea behind the coin, without even launching the actual product, Block.one managed to collect $4 billion before the actual digital currency was released.

Through its blockchain platform called EOSIO, the company gave investors tokens. The tokens were given as a promise that the platform, once launched, would be useful in the digital network once it gets built. Block.one promised highly scalable, open-source software with high performance, presenting itself as the company at the forefront of developing the next generation of the internet, guarantying to build a more connected and secure world.

This, naturally, grabbed the communities’ attention at an alarming rate. The launch was postponed to June 2018, which made the situation more intense. Investors feared that the company had raised the bar extremely high in terms of delivery expectations. Suggestions were that they should not only launch the coins but also the technology with it.

The company, however, delivered what’s promised. It proved that the technology behind the coins and the coins themselves can really facilitate the entire crypto world transactions, and online banking in general. The contributors were devoted to building dApps and development tools to facilitate the transactions and make the use of the coins extremely user-friendly and easy, and they delivered them to users. 

Believe it or not, only nine weeks after the EOS was launched, the dApps made their way to the online gambling industry, for instance. That's because EOSIO offered different businesses, online casinos included a customizable solution to suit their needs, granting secure app processing, industry-leading speeds and the well-known role-based security permissions.

What’s more, this blockchain platform offered developers behind the casinos to use familiar programming languages and development patterns used by non-blockchain apps, meaning tools they already know how to use and love using, to create a seamless online gambling experience to players.

The best part is, contrary to transactions with other cryptocurrencies, transactions with EOS are feeless. With other blockchain platforms, which use the proof-of-work consensus mechanism, for each transaction processed you are charged a fee, a small one, but still. With EOS, fees are eliminated through inflation. Rather than making individual users pay fees in order to access its combined resources, the network pays all these costs; so in other words, ownership of tokens covers any costs that could be involved.

EOS Across Online Casinos

Even though there have been many gambling apps even before EOS went live, with it, things got way simpler for online casino operators and player alike. Built onto a structured blockchain which gives users the chance to make instant transactions, EOS captivated online casino players all across the world.

A vast amount of EOS gambling dApps appeared, making the EOS gambling ecosystem grow to cater to many types of online casino players. Some casinos even offer integration with in-browser EOS wallet solutions, so in addition to providing you with instant transactions, you won’t have to go through different procedures to fund your wallet. This is actually why you can deposit and withdraw the coins instantaneously.

Many casinos are accepting it as an eligible cryptocurrency already, standing next to already established digital currencies like Bitcoin and Ethereum. So you should have no problem finding one suitable for you to join.

Getting Started with EOS

If you’ve decided to use this cryptocurrency for online gambling, you should first learn how to get started with. And, if you’ve ever used digital currencies, you should know what to begin with: choosing a wallet to store your coins.

getting_started_with_eos

First of all, you should know that there are many types of crypto wallets. Some are hardware, some are paper wallets, some are web-based, and some are mobile-based. Depending on the purpose you want to use your coins, you should choose the wallet that suits you most. eWallets are the safest and most convenient solution. There are plenty of wallet platforms that you can explore to find the one that suits you most. You are even familiar with some of them, or you might be already using them, such as Neteller and Skrill.

After you’ve created a wallet account, you’ll need to fund it with coins. To get some coins, you would need to visit a crypto exchange platform. There are plenty of them, where you can buy your EOS coins either with fiat currencies or other cryptocurrencies.

Finally, after you’ve funded your wallet, you would need to find an online casino that offers EOS in order to start your online gambling with it.

EOS Gambling Restrictions

When gambling restrictions come into play, EOS is no different than any other cryptocurrency. Laws and regulations surrounding crypto are still a big question worldwide, and most countries have no idea how to address it. The best way to approach the situation is on a country-to-country basis. Since most regions have different laws imposed for crypto gambling, you should do a thorough check on the regulations in the country you’re playing from. It’s also a good idea to get a general sense of the overall gambling laws in the region.

In countries like the USA, for example, online gambling with cryptocurrencies isn’t usually prohibited. US players shouldn't run into issues when using EOS in online casinos. Of course, it’s worth noting that the US is big, so each state has particular regulations that might differ. Crypto gambling might not be explicitly banned, but some acts, like the Unlawful Internet Gambling Enforcement Act, may apply in certain situations.

Things in the UK are a bit different. The country is known for its excellent online gambling regulation, and crypto gambling isn’t out of its sights. For crypto gambling, the country has a specific set of rules. Luckily, most apply to the casinos and not the players. One example is the need to disclose fund sources when applying for a license. Casinos that don’t meet this requirement will be denied licensing without hesitation.

One thing we can safely say about crypto is it always finds a way to get where it needs to be. South Korea is the perfect representation of this sentiment. While cryptocurrencies are prohibited in the country, people still skirt around this and buy them from crypto exchanges! Of course, some countries go in the opposite direction of South Korea. El Salvador, for example, made Bitcoin!

Are There Games I Can’t Play With Crypto?

Cryptocurrencies like EOS might offer tons of benefits, but they’re also limited in some regards. One thing that might put some players off is the lack of crypto support from different game providers. Many iGaming software developers don’t accept crypto payments. Because of this, players are likely to miss out on tons of popular titles. On the bright side, there are just as many providers that welcome crypto with open arms! Thanks to their hard work and dedication to providing high-quality games, you can enjoy a host of fun titles!

Among the many software providers that accept crypto, you’ll find industry-leading companies and some smaller game studios. These include the likes of iSoftBet, Mr Slotty, BetSoft, Habanero, BGaming, Vivo Gaming, and many others! If you’re wondering what games you can run into, the lineup is an exciting collection of varied titles! Some of them are Fire Bird, Riot, Irish Treasures, Diamond Vapor, and more!

Making Deposits and Withdrawals

Once you’ve found a suitable online casino that accepts EOS, you should create your account with it. You’ll see that while you’re registering your account, you will be asked to choose a deposit method. You’ll either be automatically redirected to the Banking page, or you’ll need to visit the Cashier/Deposit page on your own. From the list of payment methods, find EOS’ logo and click on it.

To make your first deposit, you would need to specify the amount of coins you want to fund your online casino account with and then enter the casino’s crypto wallet address to deposit the coins to the casino’s account. Double-check the address and make sure you’ve entered the correct one, because transactions with this cryptocurrency, as with any other, are irreversible. Confirm your transaction and the coins will be instantaneously available for you to use them on games that you want to play.

Should you win, and wish to withdraw your winnings, you would need to go to Cashier/Withdrawal page. You would need to repeat the same short process. Click on the icon, add the amount of coins you wish to withdraw, but this time, enter your wallet address. This way, as soon as the casino confirms the transaction, the coins will get to your wallet account. Confirm the request and the coins will be available on your wallet to be used as it suits you.

The Benefits of Using Crypto for Online Gambling

Cryptocurrencies have been around for over a decade now, giving people more than enough time to familiarize themselves with these modern coins. Thanks to this, you should have some idea of what you can expect from using EOS at online casinos. The coin offers all of the benefits of using cryptocurrency when transacting, but it also takes the cons along on the ride!

The first pros we’ll start with are an integral part of the crypto experience. Of course, we’re talking about transparency and anonymity! These two are an inevitable result of the blockchain technology crypto is built on, and they’re arguably two of the best perks that come from using crypto for online gambling purposes! Since all crypto transactions are registered on the public blockchain ledger, you have a chance to view them at any time. This can help you avoid shady deals that might seem off in the long run. You also have the anonymity of crypto to help you protect your info. At the end of the day, all you need for a crypto transaction is just the number of your crypto wallet!

Anonymity and transparency might be the most talked-about perks of using cryptocurrencies for online gambling, but things don’t end there. A pro all casino fans can appreciate is the quick processing times that come with crypto payments. In most cases, deposits and withdrawals are instant! Coupled with the convenience of using crypto, there’s no better option for casino gaming. Currencies like EOS are fully digital, so all you need to get to business is as little as a smartphone and stable internet!

We’ve already mentioned this, but the EOS coin wasn’t made specifically for online gambling like many other cryptocurrencies. While it’s easy to assume that this holds it back in the online casino field, that’s not the case! EOS has a few top-tier exclusive perks in the few online casinos it’s available. These include all kinds of fun bonuses, such as Free Spins and Deposit Matches!

It’s safe to say that we’ve covered most of the perks EOS brings to the table. Now, it’s time to go over some of its cons. One of the biggest issues with crypto, especially for newbies, is its complexity. While it might seem like an easy concept to grasp, the world of cryptocurrency can be pretty complicated. To start using crypto, you need to invest time and effort into learning how it operates, which are commodities not everyone has.

On top of all the work needed to get familiar with the crypto scene, newbies might run into the rampant scams it sometimes fosters. Since these users are just starting their crypto journey, they’re much more susceptible to these horrible practices. To avoid this, we recommend familiarizing yourself with the basics of crypto before even considering buying any.

To finish the list of pros and cons cryptocurrencies have, we’ve saved the best for last. Of course, we’re talking about crypto’s volatility. Most cryptocurrencies are highly volatile which can be a blessing and a curse. On the one hand, it can be insanely rewarding to users that invest in it at the right time. On the other hand, it can mean big losses if things go south. If you’re planning on diving into the crypto world, be sure to do your due diligence on the subject.

EOS payment method fees and facts
Link to terms & conditions https://eos.io/legal/terms-of-use/
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FAQs

Is it legal to gamble using EOS?

This depends on several factors. You first need to check whether the country you’re residing in allows the use of cryptocurrency in the first place. Then, you would need to check whether online gambling in your country is legal, at all. If you answered both with “yes”, then you should have no obstacles to start playing across online casinos with this digital currency.

Is EOSIO completely controlled by Block.one and centralized?

No, on the contrary, rather than having only Block.one control the blockchain, EOSIO is controlled by communities. Multiple parties validate the transactions, making it a truly decentralized system. If you wish to know more about this, make sure you visit EOS’ official website. 

Where can I actually buy EOS coins?

There are many exchange platforms you can visit to purchase your coins. The value of the coin would be the same at any exchange you choose to go with, only the exchange fees would differ. Coinbase is always users’ number one choice. Binance and Changelly are also popular alternatives.

Are there fluctuations and when is the best time to buy EOS?

Sure. Just like with any cryptocurrency and fiat currency, for that matter, EOS' value can increase and decrease. Therefore, to decide on the best time to buy it, you would need to conduct small research to see how its value increased and decreased over time. You would need to choose the right moment on your own. As with any investment, you should be prepared for the value to continue increasing or decreasing, depending on the market situation.

Can someone trace my transactions?

No. Just like with other cryptocurrencies, all transactions with EOS are untraceable by third-parties. No authority can ever get access to your transactions, nor will any crypto transaction ever be present on your bank statement. The whole idea behind the cryptocurrency is to make transactions untraceable, so you can rest assured that you’ll stay completely off the grid when using it.
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