Before we can proceed to discuss more about Ethereum and how it works, it’s useful to first understand how the internet works.
Today, all our financial information, personal data and passwords are largely stored on other people’s personal computers – in servers and clouds that are owned by large companies such as Google, Facebook and Amazon. Even this article that you are reading is stored in a company’s server that hosts us and should it be called upon, it’s the company that will make it available for you to read.
This setup has different advantages, as the company hosting this article has deployed a number of specialists to help with storing and securing this data, and even better, remove the charges that come with uptime and hosting.
But with such convenience comes some vulnerability. From past experiences, it has become evident that the government or a hackers can gain unwelcomed access to some of these files without our knowledge, by attacking or influencing a third party service. The implications are they can leak, steal or alter some of the important information.
But Brian Behlendorf, the CEO of Apache Web Server, has described this centralized nature as the “original sin” of the internet. He argues the internet was supposed to be decentralized and the rise of the splintered movement uses new tools, such as the blockchain technology to aid in achieving this crucial goal.
The Definition of Ethereum
Ethereum is one of the latest technologies to become part of the splintered movement.
While the original cryptocurrency, Bitcoin, aims at disrupting online banking and PayPal, Ethereum’s main objective is to use blockchain technology and replace third parties – those which store personal information, keep track of all complex financial instruments and transfer mortgages.
According to the New York Times, they described Ethereum as…
“a single shared PC that’s run by a network of users and on which, all the resources are parcelled out and paid for by the ether.”
Legality of Ethereum
The legality on Ethereum and other forms of cryptocurrencies depends on a number of factors that include the country you live in and the reason who you want to use it. Different governments globally are trying to get to grips with the rewards and risks involved with this payment method, playing the card between encouraging innovation, consumer protection and ant-laundering activities.
The risks for different governments vary, with the emerging markets being heavily pro or anti the use of cryptocurrencies such as Ethereum. However, most of the western countries are employing a light approach towards regulating Ethereum in a bid to encourage innovation.
Therefore, as far as regulation of Ethereum is concerned, it’s a patchwork of varying opinions globally and it’s best advised that you find the stance of your government before starting to use Ethereum to carry out any transactions.
Are Ethereum Gambling Sites and Casinos Legal?
In regions where online casinos and gambling activities are legal, most of the currencies and payment options are accepted, approved or not, but it doesn’t mean that Ethereum s automatically legal, because there are other countries that have placed restrictions and taxes on Ethereum cash-outs. But even in countries where online casinos and gambling is illegal, there are plenty of ways to gamble through online casinos and gambling websites which are run from other countries.
Such casinos that support Ethereum as a method of payment include the following:
FortuneJack Casino – They call themselves “The Biggest Bitcoin” online casino and it’s not hard to see why. It’s the only online casino, which in addition to supporting Bitcoin as a payment method, accepts other cryptocurrencies such as Ethereum, Doge Coin and Lite Coin.
Apart from being an all-inclusive cryptocurrency casino, FortuneJack also offers a wide array of casino games from top software developers; it has been certified to be offering safe and secure services and accepts players from most of the European countries.
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Bitcasino.io – Unlike the outgoing site, Bitcasino.io only specializes in offering Bitcoin services but nonetheless, we thought it wise to include it in this list due to the number of positive reviews it has online plus based on our personal experience at the site.
The website features a number of mobile friendly games, which can easily be accessed through different mobile devices – including the old models. You’ll also like the number of regular promotions on offer at the site not forgetting to mention how fast and secure they process their transactions. It’s a casino that also accepts UK, German, Swedish, Finish and Australian bettors, so you can easily play knowing that you are legally accessing its services.
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