Cryptocurrency and gambling are often associated with one another, as many people believe that purchasing cryptocurrency is a gamble in itself! However, we’ve come a long way from the time when Bitcoin was used to buy pizza for the first time, and many businesses are implementing cryptocurrency payment options into their websites.
One market that has embraced crypto with open arms is the online gambling industry. Many online gambling sites around the world accept cryptocurrency as a deposit option, and some even allow you to gamble with crypto directly. Online casinos have always been at the cutting edge of payment technology; they were some of the first businesses to accept e-wallets, such as PayPal and Skrill, when they came onto the scene, so it’s no surprise that they have a similar attitude to cryptocurrency.
Crypto in Canada
The Canadian government’s approach to crypto has been a rather hands-off one compared to other countries. They’ve given businesses free rein to use crypto if they wish, placing no restrictions on any businesses or individuals that choose to use it. It’s completely legal for anyone to buy crypto in Canada, and yes, before you ask, it’s also legal to use crypto at online casinos in Canada.
One of the advantages of using cryptocurrency is that it gives users complete autonomy over their transactions. No third parties can block or limit a transaction based on external factors; it’s a purely peer-to-peer payment system. However, this advantage can also be a disadvantage. If something goes wrong with your crypto payment, there’s no central authority that can help rectify your situation or give your money back. If you send your crypto to the wrong address, it’s gone forever.
While that may sound ominous, making a deposit with crypto isn’t as tricky as some people make it out to be. To ensure you don’t have any issues with your crypto payments, we’ve created a handy guide that you can follow along with at home.
- Choose your casino site – The first thing you need to do is find the casino site you want to play on. There are dozens of great sites in Canada, so it’s recommended that you shop around to find the site that’s right for you.
- Create an account – Once you’ve found your casino site, you need to create an account. When creating your account, you’ll need to provide personal information, such as your name, address, email address, date of birth, and telephone number.
- Go to the cashier section – Now that your account is created, you need to make a deposit. Go to the cashier section of your online casino site to get started.
- Pick your payment method – Once you’re in the cashier section, you need to pick your payment method. Most sites that accept crypto will let you pick from several different cryptocurrencies, so pick the one you want to use.
- Copy the destination address – After picking your cryptocurrency, you need to copy the destination address of the site’s crypto wallet. You can do this by either copying and pasting the address into the destination section of your crypto wallet or by scanning a QR code. It’s important that this address is correct because if it isn’t, your crypto deposit won’t reach its destination.
- Send your crypto – Once you’ve copied the destination address from your online casino into the “pay to” box, all you need to do is choose the amount of crypto that you’d like to send and hit “pay.” Make sure you always double-check the address before you pay.
It’s as easy as that! Once the transaction has been confirmed on the blockchain, your money will be ready and available to play. As we mentioned, there are plenty of great online casinos that accept crypto; some of the leading crypto casinos include sites like Stake.com, Bitstarz, and 7Bit casinos, and we’re sure more sites will join that list as time goes on.
A lot of people are excited by the prospect of cryptocurrency, thanks in part to its user autonomy but also because of its anti-inflationary measures. There will only be 21 million bitcoin in the world, but world governments can print as much fiat currency as they’d like! At times like these, when inflation is in danger of being out of control, many people are finding solace in a currency that won’t depreciate over time.
In the future, we can expect more businesses to accept cryptocurrency as a payment option, and as long as the laws in Canada don’t change, we think it won’t be long before most Canadian online casinos accept cryptocurrency.
Photo by Ivan Babydov – pexels.com/