Cryptocurrency is fast becoming a force to be reckoned with globally. It uses Blockchain technology to keep track of funds, which makes it a decentralized system. In other words, unlike with fiat currency, banks cannot control the supply. Moreover, cryptocurrency grants its users anonymity and much faster transactions, hence the high demand for it. So naturally, online casinos in Canada strive to keep up with the market and offer this payment option for those who seek it. In fact, some online casinos specialize in catering to cryptocurrency using customers only. In this full guide, we’ll tell you all about them.
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Cryptocurrency and Online Casinos
Using cryptocurrency to transfer money offers many benefits, both to customers and casino operators. Moreover, this means of transacting is becoming increasingly popular amongst players and real money casinos always strive to remain competitive. Hence, more and more cryptocurrency casinos appear on the online gambling market. Of course, this is not a surprising move to anyone familiar with the gaming world, considering the numerous perks.
How Do Cryptocurrency Payments Work?
When it comes to completing transactions with cryptocurrency, it’s actually pretty simple. But for this to work, both parties must have a crypto wallet. Of course, in this case, that’s you and the casino you chose to play in. This is because crypto transactions are inter- wallet processes, i.e. the transfers happen directly from one wallet to another. Hence, you need nothing more than just your and the casino’s wallet address to complete a transaction.
So since crypto transactions don’t involve a third party like a bank, everything happens super fast. Actually, this is one of the biggest perks. Regardless of whether you’re sending or receiving funds – it should be done within minutes. For instance, if you are depositing you just have to send the amount you want directly to the casino’s wallet. It works the same way with withdrawals, too, just this time it’s the casino sending you money.
Cryptocurrency Options in Canadian Online Casinos
There are quite a few different kinds of cryptocurrencies out there for you to choose from. The first one on the market and also the most popular one is, of course, Bitcoin. It has a high value and even higher potential, given that new users join all the time. However, what cryptocurrencies you can use for transactions at your online casino entirely depends on the operator. Here are some of the most commonly available options in Canada:
The list starts with the most famous cryptocurrency – Bitcoin. This is the first cryptocurrency too. It became available in 2013 and ever since this year, players could use bitcoins for gambling. What makes Bitcoin special is the rapid increase of value that this coin has witnessed in the last few years.
Even though this was good news for Bitcoin owners, the truth is that gambling with bitcoins in online casinos can be a little bit difficult. If you want to place a bet worth a couple of dollars, this means that your Bitcoin bet will have many decimals. In other words, you can’t have a clear picture of how much money you are investing. On the other hand, every online casino that accepts cryptocurrency has Bitcoin on the list. There are even online casinos that work only with Bitcoins (the so-called Bitcoin casinos) and they also accept some popular Bitcoin “forks” like Bitcoin Cash, Bitcoin Gold, Bitcoin SV, and more,
The list continues with another digital currency that is not very volatile and that’s Ethereum. This cryptocurrency is often compared to Bitcoin and many experts claim that the mechanics behind it is more advanced compared to Bitcoin. They also predict that the value of Ethereum will go up in the near future.
People that have experience in the field of online gambling say that Ethereum is ideal for this activity. You don’t have to use the money once you transfer the coins onto your casino wallet because the value will stay more or less the same. As a popular cryptocurrency option, you can buy and sell Ethereum easily. In other words, you can obtain and use this currency quickly. Many online casinos today use Ethereum as a payment option.
A few months after Bitcoin, another group of developers has created Litecoin. In fact, the idea behind it was borrowed from Bitcoin – miners have blocks to solve in order to create Litecoin, but the amount of time they need is shorter. This means that it’s easier to generate Litecoin which is probably why this currency is cheaper. Unlike many other digital currencies, Litecoin is not very volatile. You can get it on many exchanges and you can use it in dozens of online casinos. The relatively low price will help you determine how much money you are placing for each bet.
The other top cryptocurrencies include:
- Stellar (XLM)
- Tether (USDT)
- Monero (XMR)
Now that you know how useful cryptocurrencies can be for online gamblers, it is time to analyze the online casinos that accept them. Opt for casinos that are offering good bonuses, fast transactions, and a wide selection of casino games.
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Why Use Cryptocurrency at Online Casinos?
Paying via cryptocurrency at online casinos offers plenty of advantages. Here are some of them:
Safety is one of the major concerns when it comes to online casino payment methods. The majority of available options require players to provide personal details. For instance, such can be your bank account details, card numbers, photo ID, etc. Of course, this can potentially make you more vulnerable to unauthorized parties. But cryptocurrency can be an excellent solution for those looking to remain secure since you don’t have to share anything with the casino.
Not all players want their names and details permanently on a casino’s records. As much as your operator might want to honor this wish, it’s impossible when using a banking option that requires identification/verification. However, you can bypass this if you use cryptocurrency as you would only need a username and password.
Faster Processing Times
Although some traditional banking options can be incredibly fast when depositing, withdrawals can really be a nightmare. For instance, regular bank transfers could take literally days to complete. On the other hand, this could be a process of just a few minutes if you choose crypto. Generally, cryptocurrency transfers are notoriously fast. Even the slowest of the bunch – Bitcoin – only takes a few minutes to withdraw.
Because cryptocurrencies are decentralized, i.e. no banks or governments control them, imposing taxes is impossible. Hence, players using cryptocurrencies to deposit/withdraw money at their casino get to do that completely tax-free.
Minimal Transaction Fees
Depending on the currency you use to deposit/withdraw, fees can vary significantly, especially on international platforms. But cryptocurrency is “borderless” and regardless of where you are, no conversion is necessary. Hence, by choosing crypto you get to bypass conversion fees altogether.
How to Get Cryptocurrency
Acquiring cryptocurrency can be quite simple once you get the hang of it. Doing so requires following a few simple steps, the first of which is to select a crypto exchange. This is a platform where buyers and sellers go to trade Bitcoins and the like. Of course, after you’ve chosen a platform you should make an account and fund it. From there you can order some cryptocurrency and all there will be left to do is to choose a storage mode. But there are other ways, too. For instance, you can invest in crypto-related companies or partake in crypto-ETFs.
Cryptocurrency has come to stay in the online gaming industry. Unlike traditional payment methods, choosing crypto will offer you lightning-fast deposits and withdrawals. Moreover, it’s safer and you get to enjoy tax-free and often completely free of charge transactions. Not to mention, most online casinos in Canada nowadays accept a wide variety of cryptocurrencies. So if you’re after a great online gaming destination that supports payments with your crypto of choice, check out our reviews to find the right match for you.
The most commonly accepted options for Canadian players include Bitcoin, Ethereum (ETH), Litecoin (LTC), and Dogecoin, among many others.
The use of cryptocurrency as your payment mode does not require you to share personal information and banking details on the casino platform. This helps to keep your details safe from possible third parties.
All that you require is the wallet address of the casino and some funds in your wallet to complete the payment.
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