Canadian players are turning toward cryptocurrency casinos as cryptocurrency becomes decentralized. The online casino market is now offering easier ways to make payments without Canadian dollars.
What is Cryptocurrency?
For anyone unfamiliar, cryptocurrencies are online digital currencies. They serve the same purpose which is allowing you to buy things or receive money, just without any intermediaries. There is additional privacy associated with cryptocurrency which is the main appeal. People can use cryptocurrency anonymously in a completely online capacity.
How Do Cryptocurrencies Operate?
Cryptocurrency relies on blockchains. Blockchains collect information. Think of it like a chain to which different blocks are attached. Each attached block holds a certain amount of information. As new data gets sent, that data gets put into a new block, which is attached to the chain. To understand how this works, you need to know that there are different types of crypto wallets like Coinbase, Electrum, and Edge.
- Coinbase is one of the most popular. They offer a very portable app with lots of features you can use from a phone or a desktop.
- Electrum is a leader among crypto wallets and they use two-factor verification and give you approval framework to control any crypto expenses. Electrum is not as flexible as other wallets in terms of what you can store there but it is still good for cryptocurrency.
- Edge is better for fans of Apple products. It is a secure, decentralized, user-friendly wallet that can store a few different types of cryptocurrencies.
Each user of crypto (and by extension, blockchains) has a wallet. The transactions for crypto meant to be completely anonymous. Anonymity is guaranteed using public key cryptography so you get a public key and a private key. Every user of Bitcoin or other cryptocurrencies uses a virtual wallet and they have a number for that virtual wallet that they can give to other people and can be seen by other people. But each person who has a virtual wallet also has a private key, something only they know. So instead of exchanging money, a user makes a request to alter their blockchain and Bitcoin makes alterations to their blockchain thereafter. They add more blocks to the chain.
What are Cryptocurrency Casinos?
Cryptocurrency casinos are almost entirely the same as traditional online casinos with the key difference being they let you make online casino payments in a cryptocurrency. This means the entire casino operates not using seven different types of currencies but using exclusively different types of cryptocurrencies.
Best Cryptocurrency Casinos - April 2024
Cryptocurrency Games
Canadian players are probably wondering what games they can play. After all, if it's a different type of Casino, it might have a different range of games. However, you can rest assured any crypto Casino Canada offers will still provide you with the same type of games.You can play the same slot games, table games, or other popular casino games oh, the only difference is you make your payments with cryptocurrency and get your deposits using cryptocurrency. There are still the same titles as you may have already played such as Gonzo's Quest, Thunderstruck II, Book of the Dead, or Vikings. If you prefer table games, classic versions of blackjack or roulette as well as live dealer games are still available.
What is the Best Cryptocurrency for Online Crypto Casinos?
The best cryptocurrency for online Crypto casinos is the oldest and most widespread: Bitcoin was the first cryptocurrency to be created and it's the only one accepted at every single type of cryptocurrency you can find in Canada. Moreover, Bitcoin has the highest value and represents over 50% of the crypto-currency market. You won't have to worry about sudden price drops affecting your total value as much with Bitcoin as you would with other types of cryptocurrency.
Cryptocurrency Casinos vs CA$ Casinos
There are some CA$ Casinos that allow you to deposit and withdraw using cryptocurrency, but they are not exclusively a crypto-currency casino.
What is the difference?
With a Fiat based casino that uses Canadian dollars, you can deposit or withdraw with a crypto-currency like Bitcoin, but for the interim, in between the time you make your deposit and the time you make your withdrawal, the money is actually held in some type of fiat currency like US dollars or Canadian dollars or euros. This might not seem consequential or reason enough to play exclusively with cryptocurrency casinos rather than Canadian dollar casinos, but it absolutely can be. The reason for this is that when you deposit your cryptocurrency like your Bitcoins, they get converted to Canadian dollars at the exchange rate during the time you make your deposit. Once you withdraw your money they get converted back again using whatever the exchange rate is at that time. So, the total value in Bitcoin or any other cryptocurrency you use can be reduced by any changes to the current exchange rate. By comparison, if you make your deposit and withdrawal directly in crypto with cryptocurrency casinos, you are not beholden to market fluctuations which means the value of your coin doesn't change because it gets converted twice into a different type of fiat currency.
What Are the Advantages & Disadvantages of Cryptocurrency Casinos?
As with any type of currency, there are advantages and disadvantages to playing at cryptocurrency casinos in Canada and it's up to you to decide when and where it's worth it.
Advantages:
- With cryptocurrency casinos you get a guaranteed instant transfer of your money so you have no lag time and you can play straight away.
- Cryptocurrency offers improved protection of your personal data and financial data beyond what is offered by the casinos.
- Cryptocurrency is completely anonymous.
- The fees for using cryptocurrency are much lower than other currencies.
- If the price of cryptocurrency increases in between the time that you deposit your crypto coin and withdraw, you have the potential to make more money because of the exchange rate as it were.
Disadvantages:
- Not all games can be played with every type of cryptocurrency, some are only optimized for Bitcoin. This isn't a disadvantage if you are using Bitcoin, of course.
- There are not as many cryptocurrency casinos Canada based, as there are traditional casinos.
- The stakes are usually higher if you are playing with cryptocurrency.
Playing With Cryptocurrency Bonuses
When you are playing with cryptocurrency casinos Canada ensures you get access to lots of bonuses. Casinos offer the same types of bonuses that they would for other currencies. This can take the form of welcome bonuses, deposit bonuses when you make a cryptocurrency deposit into your account, and more. With each of these you get the opportunity to increase your gameplay and subsequently your chances of winning. Cryptocurrency bonuses have the same principles as other bonuses meaning you get access to percentage bonuses, cashback promotions, reload bonuses, and more just by using crypto.
Most Popular Cryptos Accepted by Crypto Casinos:
There are many popular cryptos accepted by each crypto casino Canada has to offer. The crypto we recommend is Bitcoin. Why? Because Bitcoin casinos are more prevalent than casinos for other cryptocurrencies. Simply put you have a wider range of options and more games you can play if you use Bitcoin. There are of course other popular cryptos accepted by crypto casinos in Canada including:
- Bitcoin Cash, an updated version to the traditional Bitcoin which has faster transactions, slightly higher security, and cheaper transaction fees.
- Litecoin, which has unique features like additional anonymity and high security when funding your account. It's accepted worldwide and offers very fast transfers.
- Ethereum, a blockchain app considered second in terms of stability to bitcoin. Using advanced technology, you can keep your anonymity with etherium.
- Dogecoin, the coin that started out as a joke but is now a popular decentralized crypto. It's very easy to open a Dogecoin wallet and use this cryptocurrency at your favorite crypto casinos.
- Tether, with a lot of stability and familiarity to the Canadian dollar. It has a very similar price with limited price fluctuations.
How to Deposit and Withdraw Funds With Cryptocurrency
When you make a deposit at the best cryptocurrency casinos Canada has to offer, things function much the same as with any other currency.
- The first step is to open a crypto wallet. There are many wallets from which to choose.
- The second step is to link your payment method to your wallet.
- After that, login to your cryptocurrency Casino account in Canada and click on the deposit icon or deposit tab.
- From the list of cryptocurrency choices, choose the one you want to use, enter the amount, and click deposit.
- Scan the QR code you get from your crypto wallet and go to the transaction page, after which you can send money to the appropriate address from there.
When you are ready to get your winnings back into your digital wallet:
- Log into your casino account at your crypto casino and click on the withdrawal icon or tab.
- Put in your crypto wallet public key and designate the amount of money you want.
- Click the withdrawal button and instantly watch as the money is added to your wallet.
History of Cryptocurrency Casinos
Bitcoin is a type of cryptocurrency designed to be transferred from one person to another. It was created originally by Satoshi Nakamoto, back in 2009. Bitcoin and similar cryptocurrencies became very popular because they were not tied directly to any bank so they were free from the transactions associated with other currencies. Bitcoin was not very popular when it first came to be and it was almost entirely useless because it doesn't matter if you have a lot of money if you can't use that money anywhere. However, it became globally popular around 2018 and since then companies have focused on catering directly to cryptocurrency. One form of this is cryptocurrency casinos. Many Canadian casinos have now cropped up catering specifically to cryptocurrency.
Are Top Crypto Casinos Safe?
If you are considering Crypto gambling Canada ensures that the top crypto casinos are safe for you. Operators in Canada make it extremely safe for players who want a positive gaming experience. Operators that already have a good reputation, a valid Canadian license, and have operated successfully for years are the top cryptocurrency casinos to which you want to turn.
The Future of Top Crypto Casinos
Canadian players don't have to worry about the future of top crypto casinos. They are here to stay. Cryptocurrency is becoming increasingly popular around the world and more and more businesses every day are trying to provide cryptocurrency based services exclusively. The massive increase in cryptocurrency use this year means that crypto casinos are increasing in popularity and will continue to do so.
