The Growing Trend of Cryptocurrencies at Online Casinos

  1. True North Casinos 
  2.  Blog 
  3.  cryptocurrencies at online casinos
by Connor Bergeron
| 26/11/2020
Up to
$1600 in Bonuses
Up to
$2000 in Bonuses
$1500 + 150 Spins
1st Two Deposits
100% up to
$200 + 100 Spins
Bitcoin Banking Online Casinos

Cryptocurrencies were introduced in 2009 and now a decade later, it has massively changed the course of payment processing. It is an innovative approach that offers complete anonymity to the user when acquiring services and goods, both online and offline.  Nowadays, cryptocurrencies such as Bitcoin are considered the safest banking option for online gaming. They are quick and safe, and therefore considered the best banking option for online casino players.

 

What Are the Different Types of Cryptocurrencies?

Bitcoin is the most commonly used cryptocurrency and is based on blockchain technology. While Bitcoin dominates several online casinos, there are other forms of cryptocurrencies as well including:  

  • Dogecoin 
    This cryptocurrency is big and growing in popularity amongst casino players.
  • Litecoin
    Launched in 2011, it is popular just like Bitcoin and created by a Google employee. The value of Litecoin is not as high as that of Bitcoin.
  • Ethereum 
    Also known as Ether, Ethereum has a high value. It looks promising and works in a better way as compared to other cryptocurrencies.

The majority of online casinos offer Bitcoin as one of the payment options. The cryptocurrency online casinos operate all over the world but they are subject to the local laws of every country.

The Pros and Cons of Using Cryptocurrencies

Even though cryptocurrencies offer an easy and convenient means to transfer funds at online casinos, they have a few features that require modification to offer unparalleled gaming experience to players.  Below is a list of pros and cons that you must consider when using them to play online:

Pros  

  • Cryptocurrencies maintain the anonymity of players.
  • They work to keep the personal and financial information of the user secure through blockchain.
  • They offer access to provably fair gambling.
  • They work both as a deposit and withdrawal method.

Cons

  • The value of cryptocurrencies is subjected to change and can fluctuate regularly.
  • Cryptocurrencies are based on laws and regulations of the country they are available for play.

How to Use of Cryptocurrencies at Online Casinos?

If you want to use cryptocurrencies such as Bitcoin to make deposits at an online casino, you must familiarize themselves with the process to have smooth gaming experience. First, you will need to create an account with an exchange where you will have to purchase Bitcoin with money. These exchanges are particularly used to buy cryptocurrencies including Bitcoin, Litecoin, and so on.  After you have purchased the cryptocurrencies, you can transfer them to the online casino you wish to play with real money. Many online casinos would need the players to send digital currencies to their casino account to play.

What Are the Benefits of Using Cryptocurrencies When Gaming Online

There are numerous reasons why cryptocurrencies are better than other payment options.

  • Cryptocurrencies are fast
    Often withdrawals are delayed at online casinos. The players have to wait for a few days or weeks to get their winnings in their bank. However, with cryptocurrencies the withdrawals are quick. You can expect to receive your fund instantly or within a few hours.
  • Cryptocurrencies are safe
    It is very safe to use cryptocurrencies as they are not easily accessed by third parties. Even if the fraudsters get hold of your wallet Id, they won’t be able to get away with your money as the wallet is secured by strict security measures. However, you must keep your wallet safe in your hard drive because if you lose your wallet, you can lose your money.
  • Cryptocurrencies are anonymous
    It is one of the best services that no other payment option offers to players. You can play as an anonymous at an online casino without giving your details such as name, address, and account details. When you use cryptocurrencies to make payments, you only sent your wallet ID, which is displayed as a series of numbers.
  • Cryptocurrencies are customized
    There are several payment options available at online casinos to make fund transfers and request withdrawals such as Visa, MasterCard, wire transfer, and e-wallets. Even though they offer quick and safe payments, they have their cons such as high fees and delayed payments. Bitcoins and similar cryptocurrency options are created to offer easy, safe, quick gaming.  

The Rising Popularity of Cryptocurrencies in Canada

Canada has witnessed a rise in the number of online casinos in the last few years. With the growth of online gaming platforms, a large number of players are turning to play online rather than offline.  In order to offer the best payment options to Canadian casino players, many online casinos have included cryptocurrencies as one of the banking modes. The main reason for the popularity of Bitcoin in Canada is the benefits they offer to players. Third parties cannot track the payment of online players made through Bitcoin, and they offer anonymity also.  No wonder, nowadays cryptocurrencies are regarded as the best payment method at Canadian online casinos, with many offering enhanced bonuses for deposits with Bitcoin.  Canada has a great approach to the cryptocurrency regulatory framework as well. The country is aiming to embrace digital currency as a means of making payments at online platforms.

The Future of Cryptocurrencies in the Online Gambling World

Considering the massive pros of cryptocurrencies, they look promising for enhancing the growth of future global economies. They would also play an important part in the online gaming industry, and all the major online casinos and the best sportsbooks would include cryptocurrencies as one of the payment options to cater to a large number of players.  

Today, the majority of online casinos have cryptocurrencies as one of the means of making payments.
You too can enjoy the benefits of digital currencies, but make sure that you choose a safe online casino for a cherished gaming experience.

Latest Online Casino News

Weekly Online Casino Offers,
right to your inbox

Don't be the last to know about the latest bonuses,
new casino launches or exclusive promotions. Join us today!

By subscribing you are confirming that you have reviewed and accept our Privacy and Cookie policies and are over the age of 19 years.