Cryptocurrency has made a massive mark on the gambling industry, forming many crypto gambling sites. As a result, cryptocurrency casinos are easily accessible by anyone in Canada today.
Many professional gamblers, as well as newbies, have noticed the rise in the use of cryptocurrency in various organisations in Canada. Therefore, they are now switching their interests to crypto gambling sites. As well, these punters have accepted the fact that betting with bitcoin as well as other coins is now inevitable.
However, with new crypto gambling sites in Canada, some Canadian punters are still sceptical about this gem in the industry. Therefore this article will discuss the various cryptocurrencies and the benefits of crypto gambling sites in Canada.
It is estimated that about 4.2 million Canadians own cryptocurrency, with young adults and millennials contributing mainly to that percentage. However, bitcoin is the most primarily owned cryptocurrency by many Canadians.
Since bitcoin’s launch in 2009, its popularity among many Canadians has not been lost, with it being their favourite. However, many new digital currencies are quickly rising, all trying to catch up to bitcoin.
Crypto gambling sites in Canada accept the major popular coins in the market, making them the most sought-after means of gambling. As a result, these are some of the most popular digital currencies among Canadians.
The whole cryptocurrency rave began with bitcoin, the first-ever digital currency. Many online shops and businesses now use it as a means of payment.
Regarded as the successor to bitcoin, Ethereum was never able to compete with it. However, it is the 2nd most prominent digital currency in the world.
It is a bitcoin spinoff as it is nearly identical to bitcoin. It was launched in 2011 and is known for its speedy transactions, increasing its popularity in the crypto market.
Once regarded as a joke coin, dogecoin’s fame is slowly rising thanks to billionaire philanthropist Elon musk. However, its value is still nowhere close to the level of bitcoin; there has been steady progress.
There has been a lot of scepticism around crypto gambling sites in Canada, with many Canadian punters not yet convinced despite their prosperity.
Compared to traditional betting sites, crypto gambling sites have many benefits despite what others say about them. We will now discuss some of these benefits.
In Canada, privacy is taken very seriously, which is something that regular betting sites do not offer. However, with crypto gambling sites, a player can do transactions and gamble without ever putting any of their details. All that is needed is just your wallet address, which does not contain any of your personal information.
With traditional payment methods like credit cards or wire transfers, your details which are kept with the bank, can be accessed on the site. This option makes transactions done with your gambling site easily traceable.
Many professional gamblers in Canada are aware that it is necessary to check if a site is licensed before registering. However, many newbies fail to check for this. Licensed areas are secure and trustworthy and provide quality customer service.
There are various gaming licenses that a site might choose to have. Each has its unique features. The three most popular gaming licenses most crypto gambling sites have are The Curacao Gambling Authority license, The Malta Gaming Authority license and the United Kingdom gambling authority.
Transactions done with bitcoin are faster than everyday fiat currency transactions. For this reason, many Canadians are now switching to crypto gambling sites.
Transactions done with crypto are speedy due to the absence of third-party software or banks. Furthermore, the speed is still the same regardless of the amount you wish to transfer. However, compared to regular bank transfers that take 2-3 working days to process your transaction, gambling on sites that accept digital currencies is quite beneficial.
One thing that traditional gambling sites have not been able to overcome is that they are prone to hacking, and can lead to your money being stolen. However, crypto gambling sites have strong SSL encryption protecting their sites. Also, your funds are safe because no bank details are stored on the site.
The bonuses offered by crypto gambling sites are way higher than that of fiat currency betting sites. In addition, most places offer bonuses when you make deposits, especially with Bitcoin.
The Bonuses offered to gamblers vary from site to site, as some may offer up to 1 BTC in bonuses and promotions.
With new coins coming into the market quickly, most crypto gambling sites have been able to keep up with them by implementing these new coins into their payment platforms.
The primary means of gaining access to the various digital currencies in Canada is using a Crypto exchange software. There are numerous popular crypto exchanges in Canada. Some of which are:
These crypto exchange platforms are straightforward to use. Their job is to exchange fiat currency for cryptocurrency. You give them the cash, and you get coins in return. You can select any digital currency of your choice, like bitcoin or Ethereum.
Once you input your wallet address, the particular coin you wish to buy is immediately transferred to your wallet. From your wallet, you can deposit cash to your account and as well withdraw it to your wallet.
Despite the rumours about the dangers associated with crypto gambling sites in Canada, it is probably apparent that these are false rumours. However, from reading our article, it is evident there are loads of benefits attached to crypto gambling. Therefore, if you are tired of the various problems you face when using traditional betting sites, switch to crypto gambling sites and partake in these benefits.