Any online casino that accepts Bitcoin, Ethereum, or some other decentralised, non-fiat currency can be classed as a crypto gaming site. In general, when someone says, “cryptocurrency online casino,” they’re referring to a platform where you can make payments and bets using Bitcoin et al. That’s fine. However, the reality is a little more nuanced.
Owing to the rise in popularity of cryptos, particularly after the 2017 surge, there are other ways to play. We’ll get into the specifics later. However, for now, just know that crypto casinos can accept other currencies. In fact, the way things are going, it’s likely we’ll see many of the best online casinos in Canada accepting Bitcoin, Ethereum, and many more altcoins in the coming years.
OK, so crypto casinos accept Bitcoin, but what does that mean in practice? How do cryptocurrency casinos work? In simple terms, they function like any other online betting and gaming site. You create an account, make a deposit, and play. However, it’s the second part of this process that’s different from the norm. Instead of using traditional payment processors such as Visa, MasterCard, PayPal, and Skrill, you’ll use platforms such as Moonpay.
We don’t have time to go into the specifics of crypto payments, wallets, and moving money between the two. However, what you need to know is that, in general, you need a wallet to make crypto casino deposits. Some sites do offer direct deposits. This means you can use your credit/debit card to purchase coins via a third-party processor. This third-party processor then sends the tokens to the casino. However, even if you use a system like this, you’ll still need a wallet for withdrawals.
Therefore, if you want to try Bitcoin casinos, you need a Bitcoin wallet. If you want to try Ethereum casinos, you need an Ethereum wallet and so on. There are plenty of crypto wallets out there, including Exodus and the Ledger Nano. The one you use will be a matter of personal preference and convenience. Once you’ve got a wallet, you can go to a crypto exchange/payment processor and purchase some tokens. When you’ve done that, you can send them to your wallet.
The world of crypto betting is changing. As we said at the top of this guide, modern online casinos are starting to accept Bitcoin. We call these hybrid casinos because they accept fiat and crypto payments. This ties in with PayPal, Visa, and other mainstream processors integrating digital currencies into their platforms.
You won’t be betting with Bitcoin, Ethereum etc. at hybrid crypto casinos, but you can make deposits. In our opinion, this could be the future of online casino gaming. The top operators are always willing to embrace new technology, and this is no different. Within the next few years, we think the best Canadian casinos will accept fiat and digital currencies. So, if you want to get ahead of the curve, it makes sense to try our recommended crypto gambling sites.
Every crypto wallet has a unique code. This is the digital address you send tokens to. When you’ve got some funds in your wallet, you can transfer them to a crypto casino’s wallet. This process has become a lot easier over the last few years. Basically, you go to the site’s payment page, select the crypto you want to deposit (e.g. Bitcoin), and you’ll be shown a wallet address.
Then, from inside your wallet/crypto payment processor, you input the casino’s address and send the tokens. Once the blockchain has authorised the transaction, the funds appear in your account. That, in broad terms, is how you make cryptocurrency casino deposits. Once you’ve got some tokens in your account, everything else will be the same.
In other words, you can play all manner of casino games. But instead of wagering Canadian dollars or any other fiat currency, you’ll be betting mBTC or some other fractional denomination of a cryptocurrency. Yes, the process can be a little more convoluted than standard casino deposits. However, once you’ve made a few transfers, it’s actually pretty easy. In fact, because most crypto casinos now have links to third-party processors such as Moonpay, it’s a lot easier than it once was.
Is it worth learning the basics of an emerging technology just to play casino games? Bitcoin, Ethereum, and every other cryptocurrency are far from finished. The original crypto, Bitcoin, only emerged in 2009. This is a fast-moving field and no one really knows where it’s going or, indeed, if it’s going to go anywhere. More altcoins have faded from existence than most people realise. Blockchains, smart contracts, and everything else associated with cryptocurrencies are still very new.
That not only makes them volatile but not particularly user-friendly. Indeed, there’s no doubt that making crypto casino deposits is more hassle than standard payments. Yes, it’s fine once you’ve done it a couple of times. However, right out of the gate, it’s not as easy. So, with that being said, is it worth thinking about these sites? In our opinion, yes. We think cryptocurrency casino sites are worth trying for these reasons:
Although certain sites are blocked in certain regions due to local regulations, the truth is that crypto online casinos are accessible to anyone. This is because Litecoin aren’t tied to any countries like the Canadian Dollar, for example. CAD is owned, minted, and controlled by the Canadian government. It’s the same for the US/US Dollar and the UK/Pound Sterling. Fiat currencies are attached to countries.
This means you can be subject to currency conversion charges or locked out of a casino if it doesn’t serve your region. This doesn’t happen with cryptos. Each token is decentralised. They’re created through a digital process and no one controls the system. This means they’re not linked to a specific country. Therefore, everyone uses the same tokens. In theory, that means anyone from anywhere can make deposits and play.
Cryptocurrencies are secure by their very nature. Blockchains are decentralised, that means no one controls them. Moreover, each transaction is encrypted (hence the term crypto). And one block of transactions has to link to the next (hence the term chain).
All of this means that you can’t forge transactions. Beyond this, all transactions are pseudo-anonymous. You’re only known by your wallet address. When you put all of these things together, cryptocurrencies are extremely safe and secure. That, by default, makes crypto casinos secure.
If you’re smart about it, crypto casino gaming has the potential to be more lucrative than playing with fiat currencies. Why? Added value. Firstly, all of the best Bitcoin casinos offer great bonuses. These sites are the proverbial new kids in town, so they need to make their mark. In contrast, traditional online casinos have been around since the late 90s, so they don’t have to try as hard anymore.
The other way you can get more for less is by playing the crypto markets. As we’ve said, Ethereum are volatile. They’re so new that their true value hasn’t been established. That means the price of Bitcoin and its counterparts can swing much more than fiat currencies. For example, at the start of 2021, the price of BTC in Canada was around $40,000. By April 2021 it was more than $76,000. So, let’s say you win 0.005 BTC (i.e. 5 mBTC) and the token’s value is $46,000. At that price, you can convert it to CAD and get $230.
However, you decide to wait for two weeks before converting your BTC to CAD. By this time, the value of Bitcoin has increased to $50,000. This would give you $250. So, in the space of two weeks, you’ve made $20 without doing anything. Naturally, the market could swing the other way and the price of Bitcoin could decrease, which means you’d lose money. But this is where timing comes in. If you can time your deposits and withdrawals well, the markets are volatile enough that you can make extra money without doing anything.
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