The advent of cryptocurrency has resulted in a breakthrough not only in the global e-commerce industry but in many other areas, including online gambling. Since humans realized that Bitcoin is not a fiction but a proven and swift option to run digital money with zero risks, a lion’s share of casino operators added BTC to their payment methods list. The number of Canadian online venues that deal with crypto has grown exponentially in the previous decade. Operators tend to move with the times not to stay behind market competitors. Experts from canadiancasinosonline.com discovered what gambling sites in Canada deal with Bitcoin and allow punters to run funds using their digital-money wallets. Gamblers can check their in-detail BTC casinos’ reviews on the site.
Legality of Cryptocurrency Gambling in Canada
Most gamblers wonder whether crypto payments are indeed legal in Canada. It is a reasonable question because nobody wants to get in trouble with the law. Research shows that although the cryptocurrency is not considered a legalized tender, it is not banned for financial transactions, including those on casino platforms.
According to the Canadian Currency Act, digital coins are not the approved tender for money operations. Still, using BTC and other crypto is not forbidden by the law. The primary reason why digital currency does not relate to authorized tender in Canada is that banks can’t track these transactions. Bargains run on the so-called virtual cloud, supported by blockchain solutions. Thus, responding to the gamblers’ question, they can use cryptocurrency for funds running on Canadian gambling sites.
Benefits of Using Cryptocurrency as a Payment Method in Online Gambling
Crypto has many unbeaten privileges above other payment solutions. That is why a dominant share of operators tend to diversify their banking options with BTC and other digital coins. The paramount advantages of crypto transactions over ‘old-schooled’ methods are explained below.
Most online venues accept users’ deposits with lightning speed but often bother players with sluggish withdrawals. The speed mostly depends on the chosen methods. For instance, card transactions take around 3 days, while BWT (bank wire transfer) may last for more than 5 days. If players don’t like to wait the eternity to cash out their deserved winnings from casino portals, the solution is cashing out earnings in digital currency. For instance, BTC transactions take less than one hour.
Crypto operations are risk-free and wholly safe because they flow via the blockchain system. Blockchain is unique smart software that allows digital wallet owners to submit instant transactions to any part of the globe in seconds. The security of this peer-to-peer method is based on the one-off key principle: wallet holders use a unique digital key to complete a deal. Such an algorithm is a trouble-solver against scammers and hackers.
Some online gambling operators charge draconian levies for withdrawals in any other method except for Bitcoin. Punters who play in the demo mode will not feel all the sorrow of sky-high levies, but high rollers who make a hard coin on online games won’t like the idea to give a good piece of their winnings as a fee. Luckily, crypto payments on 99% of venue portals come with a zero commission. Moreover, some providers present clients who deposit in Bitcoins with special bonus offers, including freebies on popular slots.
How to Cash out from Online Bitcoin Casino
It is super-easy to cash out funds from gaming accounts, even for newbies. This step-by-step guide can be of service for Canadian gamblers:
- Step 1: Connect to a casino portal via your existing username
- Step 2: Go to the Withdrawal page and select Bitcoin as a preferred payout method
- Step 3: Specify the amount you want to cash out from your balance
- Step 4: Fill in your BTC wallet details in the address field
- Step 5: Click on the Confirm icon to complete a transfer
There is an option to save BTC wallet details in the settings not to re-enter them every time you withdraw. Typically, operation processing takes around 20 minutes (an hour maximum). Digital wallets are in huge demand among punters because they can preserve their anonymity and keep their gaming activity private. It is another hit of crypto transactions - they are not reflected in any bank statements. Thus, more and more gamblers tend to BTC payments instead of using cards or other alternatives.
Are There any Commission Fees?
The majority of casino operators don’t grab any commission for crypto payouts. It is one of the proven hallmarks of a brand’s reputation. Crypto payments flow with zero or minimum fees because digital currency is not a licit tender in Canada. When people run money via a bank wire or cards, third parties participate in the process (banks, credit companies, etc.). Crypto payments occur without third parties involved, which makes them cheap and not vulnerable to huge levies. Still, some black-labeled operators charge a commission from gamers. Experts suggest sidestepping such providers.
Risks of Cryptocurrency Gambling
Though cryptocurrency payments proved their efficiency and unbeaten security on online venue portals, it would be unfair not to mention potential risks. Luckily, there are a few of them. The miss of digital currency is fast-changing volatility. When Bitcoins just appeared on the market, they didn’t cost a lot. In fact, the first-ever crypto purchase was two pizzas, for which Laszlo Hanyecz paid 10,000 BTC. Nowadays, he could buy a luxury villa for this sum.
Though it’s rather doubtful that Bitcoins will drop in price too much, it is still hard to forecast their exact value in the next years. Another risk factor relates to the boost of the so-called altcoins, i.e., alternative digital coins. It is not critical that Bitcoin has ‘brothers,’ but, with the rise of altcoins, regular customers risk bumping into dubious services, which are not as trusted and well-checked as BTC.
The crypto boost has reconceptualized the online gambling niche. A growing number of operators tend to add BTC and other cryptocurrencies to their payment methods. Crypto operations have many unbeaten hits for gamblers, including top-notch convenience and lightning payout speed. Punters may check what gambling portals are crypto-loyal on Canadian Casinos Online.
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