Canada is currently enjoying a golden age of gambling. Recent innovations in payment systems in 2021 allow online casino players to fund their accounts and get payouts more conveniently than ever before. Cryptocurrencies are a payment method that stands out in terms of efficiency, safety, and transparency, especially Bitcoin.
The digital world was taken by a storm named Bitcoin. And this cryptocurrency is definitely going to do the same with online gambling all over the globe in the near future. Maybe cryptocurrencies are not the leading payment method for most online gamblers nowadays, but it opens the new frontier in the industry.
As soon as Bitcoin appeared in the global iGaming industry, it got accepted in the Canadian-friendly gambling platforms. Nowadays, there are dozens of different Bitcoin casinos in Canada. Some of them offer their players a chance to use all the benefits of this payment method. And several Bitcoin casinos have even started to offer bonuses based on Bitcoin like bitcoin casino no deposit bonus.
A new banking option
Let’s define Bitcoin and remember it for future references. So, as you may know – Bitcoin is a digital currency. It is decentralized, meaning that there is no governing authority overseeing it. Also, Bitcoin can be sent from user to user without any intermediaries And, it could be “mined” by solving complex math problems.
If a casino points Bitcoin in the list of available banking options, this usually means that players can use it for both withdrawals and deposits. It should be mentioned that limits for Bitcoin are generally much higher in comparison with other payment methods. That’s why it is so popular among high rollers. Now we are ready to find out all the pros and cons of using bitcoin for online gambling in Canada.
Using Bitcoin in Canadian Online Casinos
- The first benefit of using bitcoin in our list of upsides is its ease of use. The player needs just a few clicks to complete a Bitcoin casino transaction, plus the transfer of the funds is made almost instantly. The second reason why Bitcoin is such a fantastic payment option is a deficiency of any fees. The third strong point of Bitcoin is transparency, and it is relating to other cryptocurrencies too. All transactions are hundred-percent anonymous. That is why bitcoin is considered to be one of the safest payment methods on the Web. The fourth upside of Bitcoin is that it is a global method, available for everyone. Several payment methods are not accessible in certain countries, but Bitcoin is a universal service you can use from any corner of the globe to send money. So far, we’ve only mentioned the advantages of using Bitcoin for casino transactions. Now, it’s time to name some disadvantages.
- The biggest Bitcoin’s shortcoming is that it is still not supported by many online casinos. Progress needs some time to turn it into something habitual. The Canadian gambling community is a great supporter of cryptocurrencies, especially Bitcoin, but it is not accepted yet by some casino operators. The main reason is the gambling community. Old-school players prefer using traditional payment options like bank transfers and credit cards, while younger gamers feel more comfortable using e-wallets. Many people do not understand that Bitcoin is more secure than any other payment system. Also, the fact that bitcoin is not subject to any governmental rules or policies worries potential users. The other downside of Bitcoin is that its value is permanently fluctuating. That is the main reason why so many players prefer using fiat money instead.
Times are changing, and cryptocurrencies are fully involved now in the Canadian online gambling industry. The advantages of using Bitcoin are undeniable, and it’s only a matter of time before this payment method becomes as usual as its competitors. And if you are interested in bitcoin casino reviews, you can find them at RateMyCasino website.