Cryptocurrency is taking the world by a storm, and the gambling industry hasn’t been spared from the crypto frenzy through the introduction of Bitcoin casino Canada. Bitcoin, the ‘mother of all cryptocurrency,’ is currently basking at an all-time high above $50,000 per coin! Impressive, right!
Well, it gets better. Dozens of casinos in Canada have incorporated cryptocurrency in their payment systems, and now you can make direct payments using Bitcoin, Ethereum, and any other eligible crypto coin at your favorite poker joint.
This article explains all there is to know about cryptocurrency payments in Canadian casinos. Read on to learn more.
Are crypto payments legal in Canadian casinos?
With a dubious business industry’s reputation, the last thing the gambling sector wants is incorporating a technology that will taint its slowly growing positive reputation and social acceptance. Therefore, every casino accepting financial transactions in cryptocurrency is mandated by law to seek a license from relevant authorities.
These licenses show that the casino operator has a robust infrastructure to protect players from the dangers of cyber-attacks associated with the crypto industry; this includes the essential steps taken in such an attack. Additionally, the crypto market’s fluidity makes the assets some of the most volatile in the financial world, and players have to be protected from such volatility.
As a gambler, it is your responsibility to settle for a dealer that covers all your interests in the user agreement.
What crypto coins are accepted in Canadian casinos?
Different casinos offer payment in various cryptocurrencies depending on partnerships with specific cryptocurrency agencies. However, the top coins provided by most casinos are;
What are the fees attached to crypto payments?
As with any other form of payment, cryptocurrency payments carry a transaction fee determined by your crypto merchant.
Casinos also levy a deposit fee on specific coins, with Bitcoin being charged heavily due to its high acceptance rate amongst the players. However, some dealers do not charge withdrawal or deposit fees, and if they do, it is often a flat-rate fee.
Other dealers offer limited withdrawals within a specified period, say you can only make a withdrawal once in a fortnight, to minimize the traffic within their systems. Others prefer having a limited withdrawal amount where players can only withdraw a certain percentage of funds in their account with a set time frame.
Making your first deposit and withdrawal
Depositing cryptocurrency into a casino wallet has been made easy thanks to modern blockchain technology. Any online casino that recognizes and uses bitcoin creates a temporary bitcoin wallet for players and sends them the wallet credentials.
All transactions are done in the bitcoin wallet. Players can deposit and withdraw money by following the instructions generated by the account. When a player clicks on the `deposit’ option, a text is sent indicating where they are needed to input their wallet credentials. Once in the wallet, the player can now choose the amount of money they wish to deposit.
After making the first deposit, you will have winnings to withdraw or even convert the bitcoin into your home currency. If you intend to withdraw, you will have to fill in the amount you wish to withdraw from your bitcoin wallet.
First, you have to enter the wallet address to process a withdrawal, then confirm the amount you are about to withdraw before entering your wallet credentials.
Congratulations! You are now through with the transaction and now that you have the bitcoins in your account, you can cash them by selling them to a bitcoin buyer or a bitcoin exchange. The crypto exchange allows you to get the payment in your chosen currency. However, the exchange may take some days before getting a crypto buyer who will exchange your crypto for cash.
Why choose crypto Casinos?
Crypto casinos have many merits, which include:
- All crypto transactions are free
- The worth of bitcoin keeps on changing and can be sold at a profit
- When withdrawing, you can convert the currency to your local currency
- You can do withdrawal to a wallet of your wish.
How to choose the best Crypto casino
When choosing the best Crypto casino, you should put some factors into consideration. They include:
Cryptocurrency bonuses are the best motivation for players. Go for the cryptocurrency casino with the best bonuses.
Welcome bonuses are awarded to newcomers and maybe more than the first deposit in your bitcoin wallet. There are also customer bonuses that are awarded to committed customers.
Legalized online casinos will always respect the players’ rights. Going for an unlicensed online casino puts you at risk of losing your winnings and deposits. Take time to look for a cryptocurrency casino that reliable authorities have licensed.
3. The security within a casino.
Online casinos can be very risky if the security of players is not enhanced. Make sure that the casino you choose is a safe place that you can entrust your money. Your activities in an online casino should be private and confidential.
What comes with using crypto in Casinos?
Cryptocurrency transfers in casinos have several benefits such as:
Slow transactions often cripple most gambling sites due to dozens of regulatory measures governing the transfer of funds in such ecosystems. With cryptocurrencies, such as Bitcoin, delays and long waits are a thing of the past.
Blockchain technology seamlessly registers and verifies the transaction in the shortest time possible, giving you instant payment options.
Many gamblers choose Canadian casinos that accept cryptocurrencies due to their zero commission features on winnings compared to fiat currency casinos that charge up to 4% commissions on winnings.
The anonymity associated with cryptocurrency is the main advantage of using cryptocurrencies over fiat currencies.
Unlike fiat currencies, cryptocurrencies have volatile prices, and storing your winnings in crypto wallets in a bearish trend can amount to a devaluation of your total wages.
Cryptocurrency is the way to go in the future, and the gambling sector has made a big step in introducing crypto casinos in Canada. Join the crypto frenzy today at your favorite Canadian casino!