- Written by Kamen Valev
The best online casinos in Canada with cryptocurrencies. Growing crypto popularity
In many countries and businesses the cryptocurrency is officially recognized as a legal tender/commodity, despite the fact that is created by the "mining" process in the midst of an unregulated/scattered trade/tax environment.
The rapid attraction to the cryptocurrency for the virtual exchange of value did not miss the gambling market as well. Bitcoin, Litecoin, Ethereum, Dogecoin, Ripple, Stellar, NEO, Cardano, and IOTA are nowadays well-received means of deposits and withdrawals within casino operations.
Despite being seen as a very advanced payment method providing extra anonymity for the players the cryptocurrency operations can still limit the player on promotion deals and special bonuses at some online gambling houses.
The most significant aspects of this currency as a technological blockchain (transactions tracking method) innovation are:
- Crypto Transactions befall as quickly as a flash (except at very few Canadian online casinos, who are following extreme security withdrawals procedures).
- Crypto Transactions are stripped from payment fees, which is very appealing to the casinos, who:
- 1) work toward general expenses decrease;
- 2) work on minimizing their house edge to attract more players.
- Crypto Transactions are permanent/final/indelible, i.e. devoid of a possible chargeback by players.
- Crypto Transactions do not require a player’s account, which means:
- 1) For the players - unburden from lengthy account verification process; and
- 2) For the casinos - reducing costs for constant work on managing and securing operations of finances and accounts.
- Crypto Transactions are highly upholding players’ identity (though not 100% cause still they are stored on a ledger somewhere), which means:
- For the players:
- 1) The liberty of participating in betting, where it is forbidden, or without a visible record on their bank statements;
- 2) The risk to gamble at an unlicensed online operator, as a deceitful crypto Canadian online casino can be set swiftly, loosely, and unnoticeably;
- For the casinos:
- 1) The character of their crypto operations is difficult to be licensed;
- 2) The unintentional illegality to provide gambling services to people from some jurisdiction for where they don’t have a license.
Some cryptocurrencies are predisposed to enormous value markdown risk. A player can find himself in a position, where he devoted a week playing and enlarging his online casino assets, but at the time of cashout, his crypto can be at much less price, i.e. his time and strategy to win were to no purpose - as his capital can be eaten by the devaluation (in worst-case scenario 10-15% less value within a week for some currencies)
The best Canadian online casinos 2021
Because the operations with crypto money are not a united supervising authority concern and the traceability is reduced to a minimum, some players, who don’t want to use traditional bank services (cards) for individual reasons, are inclined to see the usefulness of cryptocurrency. This explains the popularity gained by the crypto depositing opportunities.
Our chart below facilitates your choice for crypto casinos with detailed information about different reliable operators and their crypto offers.
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Players’ advantages of cryptocurrencies use-summary
However well promoted and fashionable become the use of cryptocurrency in every aspect of our life, some people are still prejudiced against the benefits of using it. If you are a casino player and also in the company of crypto skeptics, you will certainly be interested in finding out more about the advantages, applicable to whichever cryptocurrency you choose.
- High confidentiality level: The player doesn’t need to enter any personal data. It is very difficult (almost impossible) to link your personal data to the bets that you place at some casino. Better yet - you can ensure yourself with even more protection by regularly changing your e-wallet address.
- High anti-fraud protection level: The complex data encryption during the crypto transactions are making the hacking probability almost zero.
- High earnings: The transactions are free (almost fully) from fees or other commissions, which makes it possible for the player to receive the full amount of his winnings into his Crypto wallet. For an online operator, there is no need to apply for a special cryptocurrency license, this is what makes the transactions for the casino extra cheap - they can save huge capital, which otherwise they would’ve been spending on applying for a license.
- Highly bypassing taxes: Highly bypassing taxes: Though high Canadian online casino crypto payouts are considered as a tax event (time-consuming and complicated but traceable by some institutions), the crypto procedures often go around the standard banking system. Therefore reporting players' crypto earnings at the end of the year as taxable is widely overlooked (by now - 2021).
- High transparency by the trustworthy Canadian online casinos: The cryptographic algorithms integrated by the crypto casinos allow the player to observe and examine that each outcome of the spin (by slots and roulette) is randomly picked out without the involvement/tampering from any third-party.
- A high number of establishments and a variety of games included in the world of crypto gambling. Currently, there are limitless games with which you can make BTC, LTC, DOGE, and ETH bets. Most casino operators utilizing NetEnt software systematically freshen up, making widely available slot machines and other offers, where you can make bets in the cryptocurrencies as a standard practice.
Players’ and casinos disadvantages of using cryptocurrencies
Processes with cryptocurrency in this modern world are losing the comparability in size, infrastructure, and speed with these of the financial giants as VISA and MASTER card who have stable, long operating, and constantly developing a way of daily processing enormous amount of transfers. In this regard, the operations with cryptocurrencies are more complex, not supple, and not mature yet. The Canadian online casinos and the players each in his own way can sometimes experience drawbacks using this currency, which is worth mentioning.
- While the deposit side of the payment functions is more advanced, the side of cryptocurrency withdrawals is still not accepted/implemented everywhere.
- There is a slight delay of approximately 15 sec within the system after each bet, needed to perform inner exchange of the crypto to some adopted usual value, which detains the game and can cause irritation.
- Because of high unpredictability and the absence of a manufacturing and build-in value (as for example the usual Canadian 10 dollar-bill have its printing cost approximately at 13 cents), the cryptocurrency market is often paralleled with a “bubble”. In casino operations, as we explained above a player’s winning can be swallowed by the volatile crypto exchange rate extremely quickly. Surely the expansion of accepting the currency in more economic branches will boost the customers'/players' confidence in using it.
- There is a huge risk with investments in security and technology of any company busy with cryptocurrency until there is no unanimous regulating authority and institutions from different countries are still not embracing the crypto as a higher form of payment giving into the major concerns as the shared above.
How to use cryptocurrencies?
Making bets and cashing out in cryptocurrency can be carried out in a few clear rules. Basically, putting down payment in the form of Bitcoin, Litecoin, Dogecoin or Ethereum is no different than making a deposit with any other payment method. From the payment section of the casino site, the player needs to choose his preferred cryptocurrency and proceed as instructed. In most cases, an e-wallet will be automatically generated to facilitate players' deposit operations. For the withdrawals the player needs to go again to his e-wallet but this time to the cashout section. The player later can transfer his bankroll to the external wallet.
The future of the cryptocurrency
The cryptocurrency made its quantum leap from where it was - swirling around the theoretical concept and seems to be headed strongly in the right direction to being accepted as (virtual) reality with the creation of Bitcoin in 2009. Still today - in 2021 is being reevaluated as a global sensation, but many Canadian online casinos are using the currency and the digital monetary technology as a way to stay competitive and stand out from other online casinos.
Despite the myriad confusion and resettlement, this bouncing around technology in many long-term predictions has the capacity to shake down the traditional financial system. The near future of the currency is seen as a possibility to float on the Nasdaq Stock Index Exchange, which will categorically amass extra credibility to the blockchains and their use as an alternative to all the conventional currencies.
Where to play?
- Without any doubt, the best gambling club to play with cryptocurrencies is Fastpay Casino, a 100% trusted operator.