Over the last few years, cryptocurrency, something once veiled in confusion, perhaps even just a touch of mystery, has become a huge deal, and Crypto Casino online is no exception to this rule.
Indeed, the popularity of cryptocurrency gambling has skyrocketed since its beginning, widely believed to be back in 2013.
It’s not hard to see why either when you consider that crypto coin transfers are anonymous by nature and their tech. That they are super-fast and that crypto gambling sites offer great bonuses to cryptocurrency depositing players too.
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Crypto Gambling Canada
Unfortunately, although cryptocurrency is very popular with Canadians, Canadian law dictates that companies based within Canada cannot offer locals any fiat currency gambling services. Of course, cryptocurrency is also a kind of fiat currency, so it is included in this ban.
Luckily Canadians are still able to register freely with foreign fiat currency at gambling sites Canada.
Yes, the rules and regulations around these types of things can indeed get a bit tricky here in Canada. Still, there are also entirely legal and above-board ways in which you can circumnavigate them – in this case, by playing at an online casino that is not within the borders of Canada.
Offshore Casino License
It’s crucial to check the license at any casino site before you dive in and make a deposit. Now, players looking for a Bitcoin casino Canada don’t have much choice in licensing. Only Curacao casinos allow this currency today, which means that online casinos licensed by Malta Gaming Authority or Kahnawake won’t allow you to use Bitcoin.
Cryptocurrency Gambling for Real Money
Many different kinds of cryptocurrencies are used in real money casino Canada today, and some are much more well-known than others. In this section, we will outline a few of the more commonly seen ones for your information.
Being the most well-known face of cryptocurrency, crypto casinos are almost synonyms with Bitcoin casinos. Bitcoin was developed and launched onto the online market back in 2009 by someone believed to be an anonymous programmer, or group of programmers, using the alias “Satoshi Nakamoto.”
Essentially Bitcoin, also known as BTC, is a form of currency that is independent, not attached to, any particular given government body or country. It is the world’s first completely decentralized cryptocurrency.
This is a digital-only currency, which means it’s not in existence, at least not in real physical form, the way other currencies are. Bitcoin is a peer-to-peer electronic currency and payment system which transfers valuable encoded crypto payments called bitcoin (with a lowercase b) over the web, directly, between whoever the sender is and whoever the receiver is. There is a capped limit of 21 million Bitcoin tokens, and right now, there are already over 18.5 million in circulation worldwide.
Created back in 2011 by a former Google worker called Charles Lee, Litecoin is becoming increasingly well-known and is often included when people are talking about Bitcoin nowadays. It works in pretty much the same way as Bitcoin; only it was created to improve on some of the functions of Bitcoin.
In this case, this means that it has even lower fees, even shorter transaction times, and more crypto miners concentrated within an area. Modelled on Bitcoin, all transactions get kept in a mutual ledger protected by a lot of mathematical equations, which in turn keep things safe and secure by constantly coding and decoding them.
Launched back in 2015, Ethereum is rather different than Bitcoin or Litecoin in the way that it operates, as it concentrates much less on digital currency and much more on phone apps. In this sense, it’s more like an app store. One which has a goal to give back the control to the original creators of said apps, and in so doing take back a little power from big brand names like Apple for example. The tokens used on Ethereum are rather epically called Ether.
This one is meant more for companies, who’re likely to move larger amounts of money than individual people. Its currency, or coinage, is identified as XRP.
They are generally better known for the way their system allows you to transfer money in any form, from dollars to BTC.
Various others deserve an honourable mention here: from one of the most popular Bitcoin Cash, to the very ethical, forward-thinking Stellar, NEO, Cardano and finally for this list IOTA – they all have their own pros and cons, so the choice is yours.
Best Crypto Casino FAQ
Below, you will find just a handful of the questions most commonly asked by players who are looking to try out a crypto casino for the first time.
Can I really gamble using cryptocurrency?
You sure can, yes, and nowadays, you’re certain to find a great choice of online casinos, also known as crypto gambling sites, which offer this option too. There are many, but the best crypto gambling sites also offer great specialized bonuses to those who make their first deposits too.
Gambling with cryptocurrency has various benefits, especially in terms of speed. You see, depositing is instant when using crypto, and though not instant, withdrawals are also very fast.
You may indeed have to look around a little to find exactly what you’re looking for as not all online casinos accept cryptocurrency but given just a little effort, you’ll find whatever you seek, we’re sure.
Is gambling with cryptocurrency legal?
As long as there are no rules within your country that specifically prohibit using cryptocurrency to gamble with, and on the condition that all the right rules and regulations are being followed, then yes, gambling with cryptocurrency is entirely legal. Again here, though, we advise that you always check that a casino is fully licenced and being properly controlled by the recognized authorities and that you always read through any casino’s terms and conditions before you sign up for an account with any given casino. Even if everything else is above board, some facilities are restricted in some countries, so checking is always best.
Can I legally buy cryptocurrency in Canada?
Though the only legal tender in Canada is the Canadian dollar, you can legally buy cryptocurrency in Canada. However, the cryptocurrency you buy will not be viewed as official currency.
If I want to deposit using BTC, what documents will I need to provide?
Well, that will depend if you want to deposit at a centralized casino, then it’s likely that you will be asked to prove your identity so that they can at least verify you are legally old enough to play. In general, though, you wouldn’t need to offer up any of your documentation. You would merely need to input the correct address and press send.
What are the most commonly accepted cryptocurrencies at crypto casinos?
If you have pretty much any type of cryptocurrency, you’re likely to be able to find a site somewhere that accepts it.
The most commonly accepted ones are generally Bitcoin, Bitcoin Cash, Dash, Etherum, and Litecoin, but some will also take Tether and a couple of others.
It is, of course, always essential to check for proper up-to-date licencing and read some trustworthy reviews about a site’s integrity and authority in advance, though, especially if you plan on depositing and money, of any kind, with them.
When gambling with cryptocurrency, which BTC wallet is best?
If you’re a new player, or maybe you’re not 100% confident in how it all works yet, and you’re looking for simplicity, then Exodus with its easy user interface would potentially be a good fit for you.
One of the best options for the more experienced player is MetaMask, as they are widely compatible with the majority of the best crypto casinos.
Casino Games With Cryptocurrencies
Most types of online casino games Canada will be available to you at any Bitcoin gambling site. However, the game selection is usually smaller.
Some of the most popular casino games from big software developers, like NetEnt, Play’n GO and Microgaming, do not support cryptocurrency and can only be played using CAD or other real currencies. Therefore, you must choose between a different set of slot games, table games and dice games than you are used to playing.
Still, the casino games might be slightly different, but they are provably fair games safe to play. As long as you play at a reputable online casino, you won’t have much to worry about. You can learn more on finding a safe online casino here and learn what to look out for.
Pros and Cons with Cryptocurrency
There are, of course, always advantages and disadvantages, or pros and cons, to playing at any online site. There are, however, some particular differences when it comes to choosing an online crypto casino. You should be aware of these differences in advance if you are considering playing at a crypto casino to help protect yourself from any issues or losses.
These are some of the key differences to keep an eye out for:
High level of encryption because of the tech behind cryptocurrency.Safety of personal data and anonymity.Reduced likelihood of fraud at authentic, licenced sites.No need to pay for transfer fees.Super-fast withdrawal times.A super simple process to connect a wallet.A great choice in commonly enjoyed games like craps, baccarat, blackjack, and roulette.A great choice of unique games, which are often based upon crypto, too.
More potential fraudulent sites – always make sure you play at good, authentic, fully licenced crypto gambling sites.Though sending money is simple, funds can become lost forever if people incorrectly write their addresses.Cryptocurrency regulations might change. The way governments will react to cryptocurrencies in the future is unpredictable.Due to cryptocurrency’s anonymity, it has a bad reputation. This is especially thanks to the absence of acceptance from centralized authority figures, which can lead to people being suspicious of possible criminal activity.Many cryptocurrencies like Bitcoin, Litecoin, and Ethereum, are volatile and known for sudden changes in value.Fees for making withdrawals and deposits can potentially be on the high side, depending on the type of currency.
In essence, players who want to play at even the best crypto gambling sites are likely to find various site dependant pros and cons. Still, they will also likely find a tasty set of casino games unique to cryptocurrency casinos. It’s incredibly important too as most fees are minimal, potentially it is possible to keep your profits up, as long as you follow all their instructions.
Summary of Crypto Casinos
To summarize, many great crypto casinos on the market will allow you to play using cryptocurrencies. There are also many different kinds of cryptocurrency to choose between once you’ve found them. We hope that this page has been helpful and informative along the way and that maybe you will even feel a little inspired to try out something new.
Written by: Petricia [email protected] new-casino.ca