Cryptocurrency News

Ethereum Network Congestion Has Crypto Gaming Casino Shut Down Temporarily

By September 1, 2021 No Comments

If there was any doubt about how widely used Ethereum is in regards to online gambling, then that should all be eliminated following the news that was recently made public. Of course, Ethereum is one of the biggest cryptocurrencies to have become available over the last few years, with the coin likely to be the main challenge to Bitcoin, as both continue to show strong numbers in regards to trading prices.

Although it is not as strong as its counterpart, Ethereum`s price is going to break past $3,000 this year. However, just like Bitcoin, the token is also extremely volatile and has had its moments where it has seen its value decrease. Nonetheless, it still remains popular for those who prefer crypto gambling in a cryptocurrency casino accepting Ether as a deposit or withdrawal method in their favourite games.

Ethereum network congestion

A few days ago KingTiger Casino highlighted that Ethereum has caused them a slight problem; albeit one that goes to show just how fashionable it is to use these days. According to a statement that has been provided by KingTiger Casino, the online operator had to temporarily close their platform due to congestion being suffered on the Ethereum network. This meant it was impossible for them to run their games and make them available to users wishing to use crypto.

Now, whilst that would not have been ideal for business, there will be some suggestion that the incident shows just how widely used the token is and that there are a number of people turning to Ethereum for the crypto gambling experiences. Of course, there is an element of affordability to it, as the coin is only a fraction of the price of Bitcoin at the moment, but there is evidence that it is becoming just as mainstream as its counterpart. KingTiger are said to be currently looking for new solutions that will allow them to host a new range of features and games for their players, but they have continued to allow users to be able to access their digital wallets despite their services being temporarily down.

Owned and operated by Funfair Technologies, the casino still allows users to create new wallets, as well, whilst those who own wallets already will be able to retain control over their assets as they confirmed in a statement that they can be kept where they are or they can be transferred to another ERC-20 address.

Ethereum continues to gain attention

Despite a number of problems that have recently been faced by Ethereum, the crypto coin continues to show that there is demand for it and one that does not appear to be slowing down any time soon. The fork that is on the blockchain has had a couple of issues as it was aimed to resolve the coin’s problems related to network scaling and fluctuating transaction fees, although the rise of non fungible tokens (NFTs) and decentralised finance had only added further stress to the Ethereum network. An update that was applied had managed to create 800 deflationary blocks that could be formed when Ether burns overtook the mining rewards, which as a result, decreased the supply of the coins temporarily, thus increasing the price to the $3,000 mark.

Transaction fees remain high

Despite the rise in appeal around Ethereum, users will still be disappointed with the high transaction fees that can be experienced when using the digital currency. It has been found that many of the transactions that take place cost around $20 on average, although there have been some that have managed to cost upwards of $30 in places, thus highlighting just how high the fees can be once a transaction is made.