The use of cryptocurrencies for various private financial transactions has shown its obvious effectiveness. Therefore, it is not surprising that many online casinos in Canada have begun to include cryptocurrencies in the list of possible means of payment. For those who make deposits in crypto, there are even separate bonuses. Moreover, there are online casinos that allow you to play exclusively with cryptocurrencies. The question of whether this contradicts the existing legislation of Canada or not will be discussed in this article.
Why Have Cryptocurrencies Become So Popular in Gambling?
If you already have a crypto wallet, you can try playing at the best Bitcoin casinos Canada. And if not yet, here are good reasons to open it if you love playing online.
The use of various traditional payment systems has some disadvantages. When transferring money, they make a request to the player’s bank card. The issuing bank charges a certain percentage for transactions. It takes a commission not only when the player makes a deposit but also when they withdraw funds to their bank card. The advantages of using crypto are:
- Transactions do not require the services of third parties. So, players don’t have to pay additional fees to them.
- Transaction fees on decentralized platforms are very low.
High Withdrawal Speed
The best casinos in Canada usually warn visitors about the peculiarities of using various payment systems to withdraw winnings:
- The longest procedure when using bank cards: the withdrawal process can take from 3 to 7 days.
- E-wallets are faster. It will take from several hours to a couple of days to get your money.
- Withdrawal of funds to crypto wallets is almost instantaneous.
Therefore, for those players who do not like to wait a long time, the use of crypto wallets is an ideal solution.
Anonymity and Privacy
Banks are keeping information on all the expenses of their consumers. Therefore, some fans of casino games refrain from playing. They do not want bank managers to know the details of their private lives. Using the blockchain to play at a Bitcoin casino protects the visitor from disclosing the very fact of their love for casino games.
The advantage of decentralized finance is that blockchain technologies are well protected from hackers. Therefore, players can not be afraid of making large deposits. The withdrawal of big winnings will also be securely protected. The user can be sure that their winnings will go to them rather than to the pockets of advanced hackers on the way to their wallet.
Michelle H. Thomas, an expert in the field of online casinos, has devoted many years to studying fraudulent schemes used in gambling. She emphasizes how important it is to pay attention to the reliability of payment systems through which the player is going to withdraw winnings.
Are Crypto Casinos Legal in Canada?
The position of the Canadian government towards online casinos is ambivalent:
- On one hand, the state does not license casinos and has a negative attitude towards gambling.
- On the other hand, it does not penalize Canadians for playing on offshore casino websites.
To avoid responsibility for issues related to gambling, it transferred them to the level of the provincial government. Each of them separately regulates the gambling market within its jurisdiction.
How Does the Government of Canada Treat Cryptocurrencies?
In relation to online casinos, the position of the state is vague. On the contrary, towards Bitcoin and other cryptocurrencies, it is more definite. Bitcoin is recognized as a commodity. So, any Canadian can:
- acquire it
- keep BTC
- exchange it
Therefore, all operations with crypto are absolutely legal.
In conclusion, it is possible to say that crypto casinos in Canada are in a gray area:
- There are no laws that unambiguously allow them.
- But there are no laws that punish for playing in them.
Moreover, since Canadians play in offshore casinos, they are not taxed on their winnings. This means that no matter how much the player wins, the money will completely remain with them.
What Are the Benefits of a Bitcoin Casino in Canada?
- Bitcoin casinos position themselves as cutting-edge forms of gambling. Therefore, they partner with the best game providers. Their game libraries are very extensive.
- They have more attractive welcome and regular bonuses. This encourages many players to switch to deposits in crypto.
- Although cryptos are still highly volatile, they increase in value in the long run. And fiat currencies, even those that have gained circulation in international financial transactions, are losing it. Therefore, by switching to crypto, players get an asset that is growing in price.
Once you try out the use of crypto as a means of payment for playing at an online casino, you will experience its benefits very quickly. You will become freer and will not think about possible problems concerning gambling. In addition, you will receive unique bonuses from the casino for deposits in crypto. It’s worth trying!