![Litecoin [LTC] is ready to celebrate, but here’s why whales could spoil the party](http://thecryptodays.com/wp-content/uploads/2023/01/litecoin-aniket-1000x600-75x75.jpg)
There is no doubt that cryptocurrencies have become a real alternative to traditional financial investments. There are many cryptocurrencies, but Ethereum is the second strongest cryptocurrency on the market. It is therefore hardly surprising that it is now also possible to use Ethereum in online casinos. There are now a number of providers of Ethereum casinos where you can pay with the cryptocurrency.
The cryptocurrency is clearly on the rise with its multitude of application areas. Ethereum is more than a currency. It features a digital platform that makes it possible to create a range of decentralised applications (dApps). These applications can include security programmes, voting systems and payment methods. Ethereum also operates outside of central authorities such as financial institutions, banks and governments.
The forecast for Ethereum in 2023
Analysts expect the price of Ethereum (ETH) to be between $2,000 and $4,000 in 2023. Because the crypto market has not yet stabilised at the moment, the price range is quite large. The next developments depend on whether investors regain confidence in the market after the high price losses in 2022.
However, it is probably only a matter of time before prices pick up again because Ethereum plays an important role in the further development of cryptocurrencies. The market experts basically agree that prices will rise again. It is just not yet clear how high these prices will rise.
Use cases for Ethereum
One reason why Ethereum is experiencing a real hype and the ETH price has gone through the roof is the NFT boom. Recently, the price of the digital currency Ether (ETH) has really exploded. Ethereum is a decentralised blockchain with smart contract functionality. The cryptocurrency that belongs to it is called Ether (ETH). In terms of market capitalisation, ETH is the second largest cryptocurrency after Bitcoin.
Online casinos and the advantages of Ethereum
The security of Ethereum is one of the main reasons why many players prefer Ethereum coins in online casinos. The cryptocurrency is based on a blockchain and is therefore safe from manipulation. In order to access these coins at all, a hacker attack on the casino would have to take place. However, this software is secured and locked several times. On top of that, you can also increase the security level yourself. One can call up the account and lock the wallet in which one keeps the virtual currency with 2-factor authentication. This prevents third parties from gaining access to the wallet.
When using Ethereum in an online casino, however, another advantage comes into play. Here, all costs and fees are eliminated, as deposits and withdrawals with the cryptocurrency are free of charge. Costs can arise when you exchange winnings from the wallet into another currency such as the euro. For this reason, one should find out about possible conversion fees before making a withdrawal. Sometimes it is advisable to wait for the right time for the payout.
How blockchain and NTFs are connected
Simply spoken, the blockchain is a public database. It serves the cryptocurrencies for their transfer. At the same time, the corresponding obligations and rights are also managed here. The system is basically almost tamper-proof and forgery-proof, which the NTFs also take advantage of.
Even if the name block series sounds rather unspectacular, it is probably the most important chain in the world. Here, individual building blocks join together to form a closed structure. In the software world, this structure is called a block. As soon as the block reaches a certain size, a new block is immediately created, which in turn is connected to its predecessor.
Ultimately, this results in a tightly connected chain that is extremely valuable. Here, however, things turn out differently than with a conventional pearl necklace, because here a single data record can be significantly more valuable than the entire pearl necklace. From a technical perspective, the blockchain is a distributed transaction database. The NFTs are also stored on a blockchain, which ultimately ensures absolute security. Here, everything is related to a concrete asset, of which all property rights, debt obligations and other important documentation are secured with the help of blockchain technology.
Smart Contracts
The entire Ethereum system is based on so-called smart contracts. This is undoubtedly one of the biggest trends in digitalisation. Nevertheless, many people are not at all clear about what exactly is meant by this. Smart contracts are digital contracts based on computer protocols that are self-fulfilling once they have been concluded. Because of this, smart contracts are more efficient and cheaper than traditional contracts.
Ethereum is the most popular platform for concluding such smart contracts. A clear difference between Bitcoin and Ethereum lies precisely in these smart contracts. Bitcoin was developed primarily as a currency, while Ethereum is used more for concluding contracts.
The aim of the developer of Ethereum was not to create a digital currency for payment, but a way to link values from the real world to the blockchain. This is achieved primarily with smart contracts, which are recorded on the blockchain with the help of Ethereum.
Ethereum Merge
The “Ethereum Merge” was the merging of the Ethereum blockchain with the Proof-of-Stake-based Beacon Chain. This merge marks the transition from the consensus method Proof of Work to Proof-of-Stake and thus ushers in Ethereum 2.0. The path to the world computer is paved with the merge. By switching consensus from Proof of Work to Proof of Stake, Ethereum separates itself from energy-intensive mining.
Instead of computing power, from the merge onwards the network secures itself with locked Ether deposits, the Stake. This reduces the power demand by an estimated 99.95 per cent. Instead of miners, validators are now responsible for securing the network.
For Ethereum, the merge not only represents the biggest upgrade in its history, but also an important intermediate step in the further development of the network. Thanks to Proof of Stake, doors are opening that make the vision of Ethereum as a “world computer” more concrete.
Merge prepares the integration of scaling solutions. This allows Ethereum to process more transactions at lower fees than before. The focus here is on Layer 2 solutions. They outsource transactions and transfer them bundled to Ethereum. This should increase the throughput from the current 15 transactions per second to several thousand.
