Crypto has not only transformed the global economy. It has reinvented the online gambling experience in Canada. Online casinos have embraced it decentralized finance (DeFi) and made it easier than ever to place bets and cash out your winnings with crypto.
Whether you like high volatility jackpot slots or classic table games like Blackjack and Roulette, using cryptocurrency at Canadian online casinos offers a unique set of benefits. Read on to learn more about how to quickly track your transactions, maintain anonymity, and maximize your profits with cryptocurrency.
1. A decentralized platform
Cryptocurrency is decentralized, meaning there are no banks or government agencies overseeing transactions. The lack of a central regulatory body means no one can freeze your account or seize your assets when using crypto at Canadian online casinos. As a player, you retain full control over your assets and transactions.
2. Waterproof security
Unlike online gambling with a credit or debit card, crypto transactions do not rely on personal information. Instead, transactions are made on a blockchain network. This not only protects your assets and transactions, but also protects you from online identity theft.
3. Private and discreet
As mentioned above, crypto transactions are not backed by personal data. This gives you the freedom to place bets privately and discreetly. If you are a high roller who wants to maintain anonymity, this is a huge bonus of using crypto at Canadian online casinos.
4. Low transaction costs
Whether you are placing bets in Canadian Dollars (CAD) or another fiat currency, transaction costs can quickly add up when gambling at online casinos. By using crypto, you can avoid sky-high transaction fees and maximize your profits. Why? Because the DeFi market is not regulated by intermediaries, which means costs are kept to a minimum.
5. Fast Transactions
Nowadays you don’t have to wait days to deposit funds or withdraw winnings. When you use crypto to play at online casinos in Canada, you benefit from lightning fast transactions. Compared to fiat currency deposit and withdrawal timelines, crypto transactions are basically instant. For example, fiat withdrawal requests must be sent to a payment provider for approval. This puts transaction timelines in the hands of a third party, often a bank. As a result, transactions can often take up to five business days to complete, even if you’re dealing with CAD.
6. Tax loopholes
Cryptocurrencies and digital assets are not always subject to the same tax rules as fiat currencies. This lack of regulation, combined with the nature of decentralized finance, means gambling in cryptocurrencies can be a smart tax move. Of course, be sure to check your local regulations before playing.
Now that you know more about the benefits of using cryptocurrency at Canadian online casinos, let’s take a look at one of the most important factors to consider when choosing a platform: speed.
Why is speed important when gambling with crypto?
Cryptocurrencies can be extremely volatile. This is not a bad thing and can translate into incredible profits for people who know how to work the market. But it does mean that when making deposits and withdrawals in cryptocurrencies, time is of the essence.
For example, the price of Bitcoin can fluctuate wildly within hours. This means that BTC 0.025 could be worth $1,000 CAD when you confirm your withdrawal, but if the transaction isn’t confirmed until a day later, the value could drop to $800 CAD. That’s why it pays to choose the fastest crypto casino.
At Bitcasino you can expect industry leading transaction times for cryptocurrency withdrawals. Most withdrawals are approved immediately, meaning you have on-demand access to your winnings. Expect withdrawal of your cryptocurrency to take around 10 minutes from start to finish, including blockchain verification processes. Larger withdrawals are processed manually, which means there may be a slight delay, but this is all in the name of security.
Typically, most crypto deposits are almost instant. Your deposit request is added to the blockchain, where it goes through a series of verification processes. The exact number depends on the cryptocurrency used. For example, Bitcoin transactions require three blockchain confirmations. Again, these are usually fast and are processed much faster than fiat transactions. There can be delays when using third-party services such as a Bitcoin wallet, usually only a few hours.