The Rise of Bitcoin in Canadian iGaming
It’s no secret that online gaming is quite popular in Canada in 2021. In fact, the past year has seen a big increase in the number of Canadians playing at online casinos since the start of the pandemic last year. While many gamblers are accustomed to depositing money using standard payment methods like credit cards or one of many online payment services like PayPal, some are looking for something a little safer and much more anonymous. That’s where Bitcoin and other crypto currencies are coming in to fill the void. With all the rage over crypto currencies we thought now we be a great time to discuss what is Bitcoin and the pros and cons of using crypto currencies to deposit at your favourite online casinos.
What is crypto currency?
Before we can discuss the pros and cons of depositing with crypto currencies like Bitcoin, we need to better understand what it is. Crypto currency has come a long way since it was first launched back in 2009. Today this new form of digital currency which relies on advanced computer code and the use of blockchain technology is revolutionizing the world. Although Bitcoin was the first coin offering to make waves today there are more options available than ever before with new IPO’s launching all the time. It’s important to note each coin offering has a different value associated to it. That’s why Bitcoin is worth more than Etherium as an example. With crypto currency continuing to rise, more and more online casinos will continue to add the option to deposit and withdraw using crypto currencies.
The benefits of gambling with digital coins
So why are more and more online casinos offering players the chance to deposit with Bitcoin. Let’s look at some of the advantages that have helped Bitcoin and other crypto currency gain so much traction.
No more processing fees
As most gamblers already know when you deposit with your standard payment options like credit cards, PayPal, Skrill and more there are fees associated to each transaction you make. This can add up, but worst of all, it just plain sucks to know someone is taking a cut of your money no matter how small the fees are. Using digital coins like Bitcoin means no transaction fees whatsoever. You can deposit and withdraw as much as you like with now additional fees to pay.
Your personal information is safe
Depositing and withdrawing with Bitcoin or any other coin does not pose any threat to your personal information. The digital coin platforms are completely secure using blockchain technology. Best of all no information is stored about you and no sever can be breached. In the past many users would fall victim to hackers who would breach the companies’ servers and obtain all their client’s personal information. Later this information would be used to scam and defraud people from around the world.
Money that increases in value
One of the most interesting aspects of depositing with Bitcoin or other digital coins is the prospect of your money increasing in value. Crypto currencies continue to rise and fall in value which gives you the chance to own something that can increase in value over time. Your coins could be worth more today then when you initially purchased them in the past.
The downside of using crypto currency
Despite the numerous benefits of using crypto currency there are some downsides to playing with digital coins like Bitcoin. We wouldn’t feel right if we didn’t also discuss some of the cons of using digital coins to deposit at your favourite online casino.
Not all digital coins are accepted at online casinos
Due the sheer number of different coins available to purchase not all digital coins are accepted at online casinos. This could mean your current digital coins wallet is not accepted and you won’t be able to use your digital coins to deposit. If you’re looking to purchase crypto currency with the intent of using them at online casinos, we suggest you first visit the online casino and confirm they accept your coins.
Digital coin value can drop at any time
With all the hype for digital coins it’s hard to know which ones to invest in and which to avoid. To help with this there are apps and online websites that help keep track of their ever-changing values. Unfortunately, this means you could purchase coins at a certain value and within a short time that value could drop significantly. This would require you to deposit more coins or could mean that you may not have enough coins left to make another deposit.
Transactions are permanent
Unlike transactions you make with credit cards or other online payment services, digital coin deposits are permanent. This could mean if you accidentally clicked the deposit button you won’t be able to undo you deposit. Although the chances are small you would accidentally make a deposit it’s still important to be aware all transactions are final.
With so much news and focus on crypto currency there is no avoiding it. This is why so many online casinos that cater to Canadian players are beginning to add Bitcoin and other digital coins as a new deposit method. There are actually a few crypto based casinos that only allow players to deposit using digital coins. This only helps re-enforce the popularity of digital coins like Bitcoin. If you’re into online gambling and looking to get started with digital coins and crypto currency, then now might be the perfect time to get on board.
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