Bitcoin and various other cryptocurrencies have been around for more than a decade now. The first Bitcoin block was mined in January 2009, and in recent years, it’s become an increasingly popular payment method for online gambling. If you want to use it for your online gambling payments, you don’t need to worry about how cryptocurrency works. You can leave that to the crypto miners, traders, and investors.
Bitcoin is the most popular crypto or digital currency, and it came as no surprise that it found its way into online casinos and slots. Bitcoin casinos have been emerging for several years now, and a lot of work has gone into perfecting systems to optimize the gambling experience for players. Improvements include features such as provable fair gaming, lightning-fast transactions, inclusivity, data protection, and increased game variety.
Cryptocurrency Online Slots and Casinos in Canada
Gambling with digital currencies is becoming more and more popular in Canada. Casinos have also come to realize the convenience of cryptocurrencies, and many more of them are starting to implement them on their gambling platforms.
So why are so many casinos and gamblers choosing to use cryptocurrencies? Let’s take a quick look at the pros and cons.
- Instant transfers: Bitcoin online slots and casinos are generally accompanied by a fast payment system. Depositing and withdrawing money at casinos that accept cryptocurrencies take, on average, 15 minutes. This is a tremendous improvement on other methods that can take hours or even days.
- No extra charges: If you use bitcoins or any other major cryptos, there are no additional charges. Play at an online casino and use other payments, and you could pay as much as 4% on any transaction you make.
- Complete anonymity: Because gambling-related activities aren’t considered legal in many countries, online casino players are keen to make confidential transactions as it hides their identities from officials. Cryptocurrency casinos don’t demand identification documents either, so you can be confident your confidentiality is guaranteed while playing online slots with cryptocurrencies.
The benefits of using cryptocurrencies are significant, but sometimes it can be complicated. There are also a few other downsides.
- Capital gains tax: Gambling is not taxed in Canada. However, crypto capital gains are taxed.
- Frequently changing prices: Everyone who uses cryptocurrencies is aware that these digital currencies are volatile. This is great if you’ve got them as an investment. It can be a problem for BTC gamblers because they never know when the crypto will rise or fall again. It tends to happen very quickly and unexpectedly.
- Lack of official regulation: Cryptocurrencies are not considered legal in most countries, and Canada is no exception. There are very few countries that have some sort of legislation for digital currencies.
Differences Between Online Slots and Crypto Slots
You may be wondering whether there is any difference between online slots and crypto slots. The simple answer is no, there isn’t a huge difference, but there are a few.
The actual games themselves play precisely the same, but Bitcoin slots have higher game fairness. The house edge for Bitcoin slots is much lower because the casinos use algorithms that make it a little easier for players to win. Another critical difference is that Bitcoin slots have a very high level of security. Players can withdraw their winnings quickly and safely.
One other difference is that many of the top-rated Bitcoin casinos have a vast selection of games. You’ll find thousands of games to choose from, including some very interesting and unique slot machines. These Bitcoin casinos also offer some handsome bonus packages.
Legislation Surrounding Cryptocurrency Slots
If you’re wondering whether gambling with cryptocurrency is legal in Canada, the simple answer is “yes”. Bitcoin and other digital currencies are not backed or controlled by any federal government or bank. Therefore, they cannot be considered legal or illegal by any jurisdiction. If you have a suitable means of purchasing cryptocurrencies such as Bitcoin, LiteCoin, Ethereum, or others, they are perfectly entitled to do so. You can then spend these coins at any website that accepts them.
Another question often asked is whether Bitcoin gambling is safe. The volatility of a cryptocurrency is frightening. To begin with, they had virtually no value at all. Over several years, they have risen in value, hitting a high point in December 2017. Since then, their value has dropped back down again. At the time of writing, 1 Bitcoin is worth CAN$73,724. Regarding the safety of crypto gambling, it’s important to remember that the value of digital currencies can go up, but it can also go down, often very quickly.
Best Cryptocurrency Casinos and Slots
Today, there are hundreds of online casinos that allow their players to make Bitcoin payments. The Canadian online casino market is no different. You can now easily exploit all the benefits of this cutting-edge payment system when playing slots at the best cryptocurrency casinos.