Have you ever tried to send some funds from your bank account to a gambling site without any success? It could have been because your bank restricts gambling transactions. As much as it is frustrating, it is not the end of your gaming. Cryptocurrency has made it possible to send money to betting sites and without a fuss. The method is safe, cheap, fast, and transparent.
In this comprehensive guide, we cover everything you need to know about cryptocurrency gambling in Canada. You will find how unimaginable this form of payment can improve your gambling experiences. Let’s Dive.
Play with Cryptocurrency at These Casinos
What Is Cryptocurrency?
A cryptocurrency is a digital currency that you can use to buy goods or services. It uses an online ledger with cryptography that ensures online transactions are safe. Various companies have invested their currencies, usually called tokens. These can be termed as cryptocurrencies. Think of these currencies as casino chips. To get them, you need to exchange real money for cryptocurrency. Then, you can transfer the cryptocurrency to the online platform that accepts them.
Cryptocurrency work using a decentralized technology called the blockchain. This is a type of technology spread across numerous computers that control and records transactions. The technology is highly secure, making it the appealing aspect of cryptocurrency.
What makes cryptocurrencies worthwhile is their value. Like in the stock market, where investors buy securities hoping that a company will grow, leading to market shares, so are cryptocurrencies. But, the value for cryptocurrency is not tied to a company. Instead, it is linked to investors. The value of the digital currency relies on more people buying it or the utility of the crypto currency’s blockchain.
The birth of cryptocurrency came as a result of some people looking for an anonymous method to pay for online services or products. The original currency was Bitcoin which is now the most popularly used cryptocurrency.
A Brief History of Cryptocurrency Gambling
Cryptocurrency gambling sites are only a few years old. Since the invention of online gambling platforms, players could use various payment methods to fund their gambling accounts. In 2008, Satoshi Nakamura wrote a whitepaper about internet native currency.
At the time, various governments were tightening regulations on banks that processed gambling money. In fact, governments such as the USA’s came up with the Unlawful Internet Gambling Enforcement Act (UIGEA). The act prohibits businesses, including banks, from allowing gambling transactions to unlawful internet gambling websites.
Since banks don’t have time to verify whether an online platform is legal or not, it chooses to flag all transactions to online gambling platforms. Thanks to Satoshi’s accidental recovery about bitcoin, the currency seemed like the only other form of payment that players could use to transact gambling money without worrying that banks would flag the transaction.
That same year, Switch Poker started using bitcoin as a form of payment. Several months later, Erik Voorhees designed the first non-poker gambling casino, Satoshi Dice, marking the beginning of using cryptocurrencies to deposit and withdraw from gambling platforms.
Playing With Cryptocurrencies at an Online Casino
There has been a global enthusiasm for cryptocurrencies in recent years. As such, it is natural to see more and more online casinos accepting this digital currency. The payment method is secure, anonymous, and convenient; cryptocurrency has become popular among casino players.
In the last decade, developers have been creating cryptocurrency casinos featuring all the players’ needs. Casinos that existed before the invention of cryptocurrency are adding the method as one of the payment options.
A cryptocurrency casino focuses on using the currency from deposit, wagering, to withdrawing. This means you do not have to convert the cash into a FIAT currency to play at the casino. There is also another type of casino that accepts cryptocurrency payments. But, it immediately converts the currency into its primary currency before you start playing.
When you want to play at a casino that accepts cryptocurrency payment, you need to create its wallet. This wallet has two elements, including a public address and a private key. The public address is a link you will provide to your online casino so that the casino can complete a deposit or withdrawal process.
The private key is a series of numbers comprising numbers, letters, and signs. In layman’s language, this is a password to your wallet that you must remember if you ever want to gain access to your wallet. Some examples of these wallets include Trezor Model T, Ledger Nano X, Binance, Exodus, and Electrum.
Below is a detailed explanation of how you can deposit from your wallet to your casino. Once you master the procedure, any other process you take at the casino, including playing games, is usual. This includes deciding the stake, redeeming bonuses, or any other function.
How to Deposit and Withdraw With Cryptocurrency
The first step to deposit with cryptocurrencies has a crypto wallet. Since there is no physical representation of the currency or wallet, you need to create a wallet. Fortunately, there are many of these wallets. Once you register for one, you will get a digital ID. Depending on the wallet you open, you will get a series of coins to buy.
At this point, you can transfer funds from your e-wallet or credit/debit card. The funds will reflect in the wallet, which you can use to buy coins depending on market value. After, find a casino that accepts cryptocurrencies. Create an account with it and go to the payment page. From there, you can choose to fund your casino account through a crypto method.
When it comes to withdrawal, go to your casino account and open the cashier or wallet. Press the withdrawal button and choose to withdraw using a crypto method. The casino will prompt you to share your cryptocurrency wallet ID. Once you fill in the address, the withdrawal will be in motion. You can then withdraw the money from your crypto wallet to your bank. The cryptocurrency will be converted to Canadian dollars before reaching your bank account.
Advantages of Crypto & Bitcoin Gambling
There are several benefits to using crypto and bitcoin in gambling. Some of these include:
Borderless Transaction – Suppose you want to send money to an offshore online casino. In that case, you can do it using cryptocurrency without spending an international fee or waiting for the method to process the transaction. The process is immutable and instant despite where you want to send the currencies.
No Chargeback – This is an advantage to online sites. Sometimes a casino gets to deal with people requesting a chargeback. With cryptocurrency, there are zero risks as transactions are registered on the blockchain, eliminating editing or reversing the funds.
Cost-Efficient and Low Transaction Fee – If you are using a FIAT payment method, the service provider will charge you transaction money based on your transaction. The transaction fee could be as low as 0.5% with cryptocurrencies, which is way less than all other FIAT payment methods.
Anonymity – Another advantage of using cryptocurrencies is anonymity. It’s scary to share your credit card or bank account information with a random online betting platform. If that’s the case with you, you can always use cryptocurrency. That way, you don’t have to share your financial information with all casinos you play at.
Good Odds – Every online gambling site has a house edge. This edge ensures that the gambling company is making a profit. Thus, you will find a betting site with a house of between 1% and 15%. However, bitcoin casinos have a much less house edge, usually between 0.5% and 3%.
Available 24/7 – You can deposit or withdraw using cryptocurrency any time of the day or night. The payment method has no delay issues as there is no centralized bank to block the transactions. You don’t have to wait for banking hours to complete a transaction.
Disadvantages of Using Cryptocurrencies
Although cryptocurrency is an excellent payment method, it has its shortcoming. These include:
Volatility – The prices for cryptocurrencies fluctuate now and then as no central bank keeps the costs steady. At one time, the value of the currency dropped by 50%. Ideally, you could spend a lot more buying the same amount of bitcoin that you did previously. Moreover, the exchange rate determines how much less or more you get when you get your funds.
Difficult to Get Your Lost Funds – You have to be extra careful when using cryptocurrency. This is because there is little to no means to getting your lost money. You need to enter the correct wallet address; otherwise, you will lose your virtual money.
Relatively Complicated – If you are a first-time bitcoin user, it will seem complicated. But, once you understand the terminology, buying, storing, transferring, receiving, and selling cryptocurrency, you will find it easy to use it.
Popular Cryptocurrencies Used in Betting Sites
There are many cryptocurrencies in the market you can use to fund your casino, with new coins being introduced each day. While there are many of these, gambling site adopt only those coins that most people are familiar with and are safe to use. Some of these include:
- Bitcoin cash
Using Bitcoin in Gambling
Among all cryptocurrencies, bitcoin is the most common. It was the first invented cryptocurrency. It is a peer-to-peer digital currency that you can use to play at a casino. You do not have to mine the coins. Instead, you can buy it using Canadian dollars as you would do in stock markets.
You will come across a casino that offers bitcoin games. Usually, there is a bitcoin sign on the game. This means the game is designed such that you can use bitcoin instead of any other currency. If it’s a slot game, the stake amount is set in bitcoin.
Another thing you will get at a bitcoin-enabled casino is a bitcoin bonus. This bonus is credited to your account when you deposit bitcoin and meet other requirements for the promotion.
Joining a cryptocurrency casino or betting site is a good decision. Although the payment method is still in its infancy, it has proven its eligibility and security. You will save more money, as the transaction fee is lower. Moreover, most casinos have specialized offers for players using cryptocurrency to deposit betting money to the platform. Taking advantage of these offers is beneficial for you.
Once you know how to open a wallet and fund it, anything else is easy to do. Luckily, you have a guide to follow as we have covered the topic in the most efficient way. Once you are through with our guide, check out the list of casinos that accept cryptocurrencies at the top of this page and choose one to begin playing.