The popularity of cryptocurrencies has increased at an exponential rate over the last few years. As a result, about 4.2 million Canadian adults own some form of cryptocurrency, which places Canada in the 19th position in global cryptocurrency ownership. Cryptocurrency is also included in online payment options across different online business platforms, thanks to their spike in popularity.
What do Canadians love more than owning cryptocurrencies? Gambling! The Canadian gambling revenue is $16 billion. That’s why a lot of online casinos have started adopting cryptocurrencies. However, even though crypto-casinos are rising, interested punters still don’t fully understand how to bet online using cryptocurrency. If you’ve ever had questions about gambling with digital currencies, you’ll find all the information you’re seeking here.
What is crypto gambling?
The primary difference between crypto casinos and other online casinos is the currency used to load funds and cash out during payouts.
The use of digital currencies offers lots of added benefits to gamblers. For example, if you are playing using traditional currency, it would typically take anything from a few hours to seven days to process the withdrawals. On the other hand, crypto cashouts are instant.
It is entirely anonymous when you gamble with cryptocurrency as your identity isn’t linked to any transaction. Furthermore, using bank accounts and other similar methods will require identity information verification before you can play. You can learn more at https://www.bestcasinosites.net/canada/crypto/ about crypto casino sites in Canada.
What are the benefits of using cryptocurrency to gamble?
Most gambling sites are crippled due to slow transactions. That’s due to dozens of regulatory measures governing fund transfer in such ecosystems. However, with Bitcoin (BTC) and other cryptocurrencies, long waits and delays are a thing of the past.
Blockchain technology registers and verifies the transaction seamlessly and in the shortest time, giving gambling enthusiasts instant payment options.
Many Canadians choose online casinos that accept cryptocurrencies because of their zero commission feature on winnings. On the other hand, flat currency casinos charge up to 4% or higher commission on winnings.
When a deposit is made with cryptocurrency, the transaction record is kept around the world. So, it becomes difficult for the receiving party (the online casino site operator) to take off with your money. The operator will also have to make transactions that will be recorded, which means a digital trail will be left behind as to where your money has gone.
Additionally, you can convert the digital currency to any local currency when withdrawing your winnings. You can even make the withdrawal to a wallet of your choice.
What cryptocurrencies are accepted in online casinos?
Different online casinos offer payment in different cryptocurrencies depending on the partnerships with specific agencies. However, the common crypto coins accepted by most casinos are Litecoin, Bitcoin, and Ethereum.
Is there any fee attached to cryptocurrency payments?
Similar to other forms of payments, crypto payments carry a transaction fee. Your crypto merchant determines the fee. Also, casinos levy a deposit fee on specific crypto coins. For instance, BTC is charged heavily because of its extremely high acceptance rate among the players. However, most dealers don’t charge deposit or withdrawal fees. In case they do, it is a flat-rate fee.
How to choose legit online casinos in Canada?
You must thoroughly check the security of the website you plan to use. In this department, the trusted and most popular online casinos in Canada raise the bar high. Here are a few tips to help you determine whether the online gambling site is secure or not.
- License – Several authorities from different countries can provide a license to an online casino operator. The most trustworthy and safest ones are the Malta Gaming Authority, the United Kingdom Gambling Commission, and licenses from Curacao. If one or all of these are present on the online gambling site, it means you have nothing to worry about. So ensure to check for licensing numbers the moment you reach an online casino site.
- SSL encryption – When it comes to online gambling, security is paramount. While gambling with cryptocurrency already offers you anonymity, it wouldn’t hurt to gamble at a site that offers in-house security. SSL or Secure Socket Layer creates a connection between a browser and a server. There are different kinds of encryptions like the 256-bit, the 192-bit, and the 128-bit. The number of bits represents the keys used to encrypt the information. The number of combinations is absurd, and it ensures forgery is virtually impossible.
- Bonuses – Crypto bonuses are one of the biggest motivations for players. Keep an eye out for online crypto casinos offering the best bonuses. For instance, look for welcome bonuses for newcomers, customer bonuses for committed customers, VIP offers, casino cashback bonuses, free spins, reload bonuses, deposit bonuses, and so on.
How to start gambling with cryptocurrency?
- Open a crypto wallet – Choose from dozens of digital wallets and register. You’ll be given a digital address tied to your account, which you mustn’t lose. If you already have a crypto wallet, you can skip this step and the next.
- Buy crypto coins – To deposit and play using cryptocurrency, you need to have some coins. Log in to your crypto wallet and purchase crypto coins using your traditional currency. Select the type of coin you wish to buy and the amount you wish to purchase, and you will have a funded account within seconds.
- Choose an online gambling site – You must select an online casino site that lets you gamble using cryptocurrency, and you can use the information mentioned above to find such sites. The primary thing is to find a site that offers the games you like to play, like poker, casino, bingo, or sports.
- Make a deposit – Once you’ve selected the online casino site, you need to make a deposit.
- Choose a game – Now that you’ve made the deposit, you are ready to go. Look for games that you want to play, select the stake level and a table. After that, the gameplay is the same as with CAD, USD, or other traditional currencies. As always, ensure to read the rules of the game to increase your chances of winning.
So, are you a crypto and gambling enthusiast? If yes, make the best of both worlds by using your crypto coins to win big in online casino sites.