Why Online Casinos Started Accepting Payments in Cryptocurrency

As the online casino gambling industry in Canada grows attracting many people and generating billions, one major concern is safety. All online casinos in Canada require prospective players to sign up by providing personal details to the site to open a gambling account. Financial information is part of the details that players need to share with online casinos during sign-up. The purpose is to provide a means of payment for making deposits to the online casino account and withdrawing payouts after playing and winning on various online casino games for real money Canada sites. Most people who get an interest in online casino Canada real money sites shy away due to uncertainties concerning the safety of their financial information.

Where it started

Online casinos in Canada saw a gap as the fewer options they offered the more visits they got which did not yield new registrations. Most of the best online real money Canadian online casinos hence approved and provided players with a wide variety of payment options. Visas, debit cards, and credit cards were useful, but various Canadian banks had their reservations. Online casino Canada real money PayPal payments became one of the most popular payment methods as it only involves an email to which a digital wallet PayPal is attached. Nonetheless, they still could not reach a wide percentage of people who were reluctant to share any financial details. This is one of the major reasons why online casinos in Canada have begun accepting cryptocurrencies as a payment option.

Several cryptocurrencies are accepted by online casinos in Canada. Bitcoin was the first to be approved after online casinos noticed that many people trusted it and were freely trading with it. Other cryptocurrencies accepted by top online casinos in Canada include:

  • Ethereum;
  • Bitcoin;
  • Bitcoin cash;
  • Litecoin;
  • Monero.

However, it is important to note that not all online casinos in Canada accept cryptocurrencies. Some Canadian online casinos accept cryptocurrencies as a payment method which they later converted to Canadian currency which players can use to place wagers. A few top online casinos, however, allow online gamers to go ahead and place bets and receive and withdraw payouts in cryptocurrencies. Players can easily find some of the top casinos that allow cryptocurrency gambling listed in some win real money online casino Canada review sites. 

How they work

Players need to have a cryptocurrency e-wallet that should already be loaded. They can load the e-wallets by trading cryptocurrencies which are legal in Canada. Cryptocurrencies use blockchain technology which allows those trading to remain anonymous and makes it a safe and secure way of trading. The trust associated with the safety of cryptocurrencies as a payment method has led many casinos to invest in the integration of blockchain technology to allow their players to gamble with their favourite altcoin.

Unfortunately, the same reasons that make it safe also make cryptocurrencies a suitable channel for money laundering. This makes online casinos cautious as involvement with such a vice could lead to the loss of an operating license in Canada.

Leave a Reply

Your email address will not be published. Required fields are marked *