If you told anyone over a decade ago that cryptocurrencies will be an accepted payment method in many industries, they would have laughed it off. You would have sounded crazy if you told anyone that online casinos would be accepting crypto payments. Crypto casinos have overtaken the market in record time, with most reputable casinos scrambling to get crypto added to the site.
Not just because cryptocurrencies and the blockchain are a hot topic. As a matter of fact, the blockchain has the power to completely reshape how the industry works. It’s a real game-changer when it comes to the online gambling industry in Canada, and we’ll break down the whys below.
Better Transparency and Fairness
Transparency and fairness are cornerstones in the iGaming industry. The blockchain is a perfect system that gives casino sites a chance to be transparent toward players. They can record every transaction on the blockchain where it’ll remain to the end of time thanks to its transparency and immutability.
The best crypto casinos in Canada have already raised transparency levels compared to before. With the blockchain, they don’t need to worry about proving their mettle and fairness to players. Players themselves can verify the integrity and fairness of Provably Fair games. It’s all thanks to the blockchain, which creates a level playing field for both players and operators. That’s something the industry has been looking for a long time, and it’s finally here.
Top-Notch Security
Another important factor when you’re playing at crypto casino is your security and safety. Casino sites take it very seriously, but so far, advanced security systems have been pretty expensive. The blockchain solved many of these problems by offering all of that and more for free. Its cryptographic techniques can secure data and transactions like no other system, and, as we mentioned before, all that data is immutable.
The blockchain increases security at crypto casinos via a process known as hashing. It takes an input and returns a string of bytes with a fixed size. This hash is always unique and depends on the input data. Any change in the data will result in a different hash. That’s how you know that it’s 100% secure.
Each block in the chain contains cryptographic hashes. They’re interlinked together and virtually unbreakable. This ensures the security and integrity of the blockchain, making it a perfect security system choice for casino operators.
Instant, Safe, and Anonymous Transactions
How did crypto casinos become so popular? The change happened almost overnight, and the anonymous and fast transactions are to blame. It’s all because of the decentralized nature of cryptocurrencies, which aren’t controlled by any regulatory body, financial authority, or government. This means that the transactions are not tracked nor they can be tracked, although they’re recorded on the blockchain.
With cryptocurrencies, you don’t have an account in your name like you do when you open up a bank account. You can transfer them from a crypto wallet, where you only have a user ID. This makes all transactions virtually anonymous, which also makes them much safer than traditional finance.
On top of that, they’re lightning-fats. We’re not talking e-wallet fast, but instant. There are no third parties involved in crypto casino transactions, which eliminates any transaction times or minimizes them as much as possible.
Low Transaction Fees
Crypto casinos rarely charge any fees on transactions. The only fee you have to pay goes to the blockchain. However, it’s tiny and depends on the size you’re transferring, so if you keep your deposits smaller, the fee will be small as well.
Payments fees for traditional payment methods can mount up and eat away at your crypto casino winnings. That won’t happen with cryptocurrencies, so you’ll be getting the lion’s share of your winnings. Plus, cryptocurrencies allow players to deposit and withdraw without interference from banks, which is something players appreciate the most.
Obstacles to Overcome
While cryptocurrencies are a hot topic in today’s online gambling industry, there are still some challenges to overcome. Those are mainly regulatory obstacles as well as volatility issues. As you may already know, Bitcoin’s price is always fluctuating. Its price may go up one hour, only to crash down the next one. This greatly affects players’ earnings, which is why this payment option is still a taboo.
Not all online casinos adopt cryptocurrencies at the moment. This raises doubts about their future prospects. Cryptocurrencies are not regulated in many countries around the world, making them illegal. This is something that needs clarification, and the good news is that many major countries are looking into the matter.
Nevertheless, the future of cryptocurrencies at online casinos looks bright. With more and more countries jumping on the bandwagon, the legal status will clear up, and players and operators will benefit from the advantages.
Best Cryptocurrencies for Online Gambling
Bitcoin is the world’s top cryptocurrency, and despite its volatile price, it’s still the coin to beat. It’s the most commonly used cryptocurrency for all kinds of payments, including deposits and withdrawals at crypto casinos. As the world’s leading crypto, Bitcoin offers top-notch security with tamper-proof transactions. Of course, all transactions in BTC are instant and with relatively low fees, making it the go-to payment option for many crypto casino players.
Ethereum is Bitcoin’s second in command and is a relatively newer and more modern crypto platform. It comes with features such as smart contracts, which make it a great option for tech-savvy players. It’s faster than Bitcoin—which is saying something—and also comes with relatively low fees.
If you’re looking for a stabler alternative, you should look for casinos that accept Tether. Also known by its ticker USDT, Tether is a stablecoin whose price is always at $1. It may fluctuate minimally, but it stays at $1, which makes tracking bets much easier. The stablecoin is already used at many entertainment and retail shopping sites and is becoming more and more common at crypto casinos in Canada.