As cryptocurrencies have gained traction, a growing number of online casinos now accept the major digital currencies, giving players even more choice in how they deposit and cash out. There are various advantages of using cryptocurrencies to gamble, including increased flexibility, added security and lower fees. If you are new to the world of crypto, online casinos – or both – this article aims to explain why Canadians should consider using digital currencies for gambling.
What is cryptocurrency?
Cryptocurrency (also known as digital currency or virtual currency) works as an online payment system that operates outside of traditional banks and financial systems. Transactions made with cryptocurrency are independently verified via a computer network and added to the blockchain, an online permanent ledger. The main digital currencies include Bitcoin, Litecoin, Ethereum, Tether and Binance coin. As of 2022, around 13% of Canadians owned crypto in some form, with 31% planning to get involved with digital currencies over the next 12 months.
How do you start gambling with cryptocurrency?
If you are a newcomer to the world of cryptocurrency, you will find it is easy to get started. To gamble using crypto, you will need to have an account with an online wallet provider, which you will use to deposit and cash out. So, the first thing to do is sign up to a digital wallet.
There are lots of these now available, so it pays to take some time finding one that suits your needs. Examples include Coinbase Wallet and SafePal. These wallets allow users to buy, store and transact in crypto. A digital wallet also allows users to receive payment in cryptocurrency and convert it back into government-issue fiat currency (such as Canadian dollars).
What are the advantages of gambling with cryptocurrency?
Now you know a little more about digital currency and how to get started, here are some benefits of using this payment method to gamble online.
One of the key attributes of cryptocurrency is that users are not required to input their personal or financial information, such as a credit card number. All transactions are stored anonymously on the blockchain. As a result, using digital currency can add a layer of security to transacting online. However, online casinos are still required to verify their customers’ identity to prevent money laundering, fraud and underage gambling. So, using crypto is not completely anonymous.
2. Faster transactions
Transactions in crypto are generally processed quickly, compared to traditional banks and credit card companies. Digital currencies remove the need for an intermediary, so users can make payments and receive payouts without waiting for the transaction to pass through these third parties. When it comes to transaction times, not all digital currencies are equal, ranging from instant to up to 40 minutes.
2. Low fees
Coupled with the shorter transaction times, digital currencies have lower processing fees than are applied to transactions made through a traditional financial system. This means that online crypto casinos often charge customers less to cash out. The advantage of this is that less of a player’s winnings will be eaten up by fees. Before you sign up to play, it is a good idea to check out the fees applied to transactions on the site, as they can vary between online casinos.
3. Game choice
All online casinos offer a wide range of games, such as table games, live games and slots. However online casinos that accept crypto sometimes offer games designed specifically for players who use digital currency. These games can feature a higher return percentage rate, larger payouts and higher betting limits. Again, do some research before you sign up to an online casino to check out the selection of games. Many casinos have a separate “high roller” or “VIP” section aimed at players who have higher bankrolls to risk.
Most casinos offer new customers a form of bonus to encourage them to sign up and play. With the rise in the popularity of digital currency and the growth in the number of online crypto casinos has come the need to offer incentives to players who now have a wider choice of options. From free spins to cashback, new and existing customers can benefit from valuable casino bonuses. Always read the terms and conditions of any offer to make sure you understand how to access the bonus and any winnings.
If you are ready to try gambling with crypto for yourself, you can find a great range of online casino games at: https://bitcasino.io/
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