Crypto hasn’t just transformed the global economy. It’s reimagined the online gambling experience in Canada. Online casinos have embraced decentralised finance (DeFi) and made it easier than ever to place bets and cash out your winnings with crypto.
Whether you’re into high volatility jackpot slots or classic table games like Blackjack and Roulette, using crypto at Canadian online casinos comes with a unique set of advantages. Read on to find out more about how to fast track your transactions, maintain anonymity and maximise your winnings with crypto.
1. A decentralised platform
Cryptocurrency is decentralised, which means there are no banks or government-run authorities overseeing transactions. The lack of a central regulatory authority means nobody can freeze your account or seize your assets when using crypto at Canadian online casinos. As a player, you maintain complete control over your assets and transactions.
2. Watertight security
Unlike gambling online with a credit or debit card, crypto transactions don’t rely on personal data. Instead, transactions are made on a blockchain network. This not only safeguards your assets and transactions, but protects you from online identity theft.
3. Private and discreet
As mentioned above, crypto transactions aren’t underpinned by personal data. This gives you the freedom to place bets privately and discreetly. If you’re a high roller that wants to maintain anonymity, this is a huge bonus of using crypto at Canadian online casinos.
4. Low transaction fees
Whether you’re placing bets in Canadian Dollars (CAD) or another fiat currency, transaction fees can quickly add up when gambling at online casinos. Using crypto allows you to sidestep sky-high transaction fees and maximise your winnings. Why? Because the DeFi market isn’t regulated by middlemen, which means fees are kept to a minimum.
5. Fast transactions
These days, there’s no need to wait days to deposit funds or withdraw winnings. When you use crypto to play at online casinos in Canada, you’ll enjoy lightning-fast transactions. Compared to timelines for fiat currency deposits and withdrawals, crypto transactions are basically instant. For example, fiat withdrawal requests must be sent to a payment provider for approval. This puts transaction timelines into the hands of a third party, often a bank. As a result, transactions can often take up to five business days to be finalised, even if you’re dealing with CAD.
6. Tax loopholes
Cryptocurrencies and digital assets aren’t always subject to the same taxation rules as fiat currencies. This lack of regulation, combined with the nature of decentralised finance, means gambling in cryptocurrencies can be a savvy tax move. Of course, be sure to check your local regulations before you play.
Now you know more about the advantages of using crypto at Canadian online casinos, let’s take a closer 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 isn’t a bad thing and can translate to incredible gains 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 swing wildly within a matter of hours. This means that BTC 0.025 may be worth CAD$1,000 when you confirm your withdrawal, but if the transaction isn’t confirmed until a day later, the value could drop to CAD$800. This is why it pays to choose the quickest crypto casino.
At Bitcasino, you can expect industry-leading transaction times for cryptocurrency withdrawals. Most withdrawals are approved instantly, which means you can enjoy on-demand access to your winnings. From start to finish, expect your cryptocurrency withdrawal to take around 10 minutes, including blockchain verification processes. Larger withdrawals are processed manually which means there can be a small delay, but it’s all in the name of security.
Typically, most crypto deposits are virtually instant. Your deposit request is added to the blockchain, where it goes through a series of verification processes. The exact number will vary depending on the cryptocurrency being used. For example, Bitcoin transactions require three blockchain confirmations. Again, these are usually swift and processed much faster than fiat transactions. There may be delays when using third-party services like a Bitcoin wallet, though usually only a few hours.