Ethereum is one of the more recent cryptocurrencies to hit the market and manage to find a degree of success. Introduced in 2016, it is much younger than some other cryptos available. While the value of the cryptocurrency itself has had its ups and downs like most fiat and cryptocurrencies on the market, the technology that it is based on has opened a wide range of doors for several different parties. So, what is happening when it comes to Ethereum?
One of the main uses for Ethereum has been to trade with other cryptocurrencies. This has allowed traders to acquire higher amounts of cryptos that have been adopted as payment methods. Bitcoin is one example. With a wide range of ways to use Bitcoin, including Bitcoin casinos, it is the most popular crypto by far. Ethereum allows for an easier access route to higher levels of Bitcoin ownership.
What many people regularly ignore about cryptocurrency is that it has a lot more potential than just for use to buy things. Depending on the technology and software used, cryptocurrencies can also be used as a cloud storage medium. Because Ethereum offers the ability to verify data in a clear, concise and secure manner, it has the potential for use as a highly secure digital ID. This will allow customers to carry out transactions in a much more secure manner and will also reduce the risk of identity theft.
Ethereum can make it much easier to sign up at websites that require some form of verification. Some types of websites, such as online casinos, require users to verify their identity. This is due to the laws in place in different territories as well as the age restrictions on gambling. By using Ethereum as a verification tool, it would allow a much faster way to verify your identity as well as removing the risk involved. There would be no more playing Russian roulette with your ID when signing up to a website, as Ethereum can make it safer than ever.
As well as acting as a storage device, Ethereum can also interact with a variety of different networks within the cloud. This means that it could be used as a virtual file containing your medical records, thereby allowing every hospital in the world easy access to them. It would mean that if you were travelling around the world, your Ethereum token would allow any hospital to quickly and easily determine your medical history.
This would save a great deal of time and potentially save your life. It would also allow for any health-related information that your personal health monitored to be instantly shared with your hospital. So, if your heart rate monitor on your watch picked up that your resting heart rate was abnormal, your hospital would know instantly and be able to determine if this was an issue. Ethereum genuinely has the potential to save lives.
There are several developing countries that are using Ethereum technology to improve their infrastructure. Ethereum technology has provided a cheaper, easier method to create infrastructure and has helped some developing countries make great strides forward.
One major example is Chile. That country used the technology behind the Ethereum blockchain to track their energy data. Another example is the Philippines. That country used Ethereum-based technology to try and bring banking to the more rural areas of the country. With under 25% of the country’s population having access to a bank account, this initiative it is something that they felt would help improve the quality of life of residents in the outlying regions of the country.
While Bitcasino is known around the world as the premier Bitcoin casino, another feature that is included is the ability to make a deposit using Ethereum. This means that you can use Ethereum to gain access to one of the biggest collections of casino games there is. Here at Bitcasino, we make sure that if you play with Ethereum, we will have the right games for you.
Words: Sean McNulty