Cryptocurrencies have been around for more than a decade, and have proven themselves to be a viable alternative to fiat currency. With that being the case, it was only natural for online casinos to adopt crypto as a payment method, just like many other online businesses have.
Today, many online casinos offer you the chance to deposit or withdraw in Bitcoin, Etherium, Ripple, Litecoin, and many other well-known cryptocurrencies. With that in mind, you’re probably wondering about these so-called cryptocurrency casinos, i.e. casinos that use cryptocurrencies in addition to or instead of fiat currency.
For these reasons, we wanted to thoroughly explain how crypto casinos work, what they bring to the table, and much more. By the end of this guide, you’ll have all the information you need to decide whether or not crypto casinos are the right choice for you.
Which Online Casinos Accept Crypto?
Cryptocurrency Casinos Explained
First of all, cryptocurrency casinos are not a complicated thing. There is nothing different about these casinos besides the fact that they offer you the chance to make transactions using crypto.
The “complication” here stems from the fact that many people have a hard time understanding cryptocurrency as a concept. However, the good news is that you don’t need to understand them to be able to use them in online casinos.
All you need to know is that they can be a viable option, and many times a much better one than regular currency. Most importantly, cryptocurrencies (at least the most popular and widely used ones) are entirely safe and offer a secure and anonymous method for financial transactions. This can be especially useful for those who live in countries where online casinos are not completely legal or are, at the very least, frowned upon.
Crypto transactions are entirely private, have low fees, and high transaction limits. All of this makes them perfect for online casinos, just as they are for many other online businesses.
Is It Legal to Gamble Online With Cryptocurrency?
Most people wonder whether or not gambling with cryptocurrency is legal. It’s a valid question as there are places in the world where it’s illegal.
However, in Canada, gambling using cryptocurrency is perfectly legal. Canada doesn’t control cryptocurrencies, and neither do banks in the country. That means that using cryptocurrency to gamble in online casinos is well within your rights. As long as you are allowed to join an online casino that offers cryptocurrency as a payment method, you don’t have to fear any laws preventing you from gambling with cryptocurrency in Canada.
The real question here is whether gambling with cryptocurrency is, in itself, safe. Naturally, as there are many cryptocurrencies in the world, there could be some potential problems here. Thankfully, all legitimate online casinos that offer cryptos as a payment method, only offer trusted and widely used cryptos like Bitcoin, Etherium, and several others.
So, there is no reason to fear when it comes to the safety of your crypto transactions because online casinos make sure they are as safe as all other transactions.
Advantages and Disadvantages of Cryptocurrency Casinos
As you might already know, using cryptocurrencies in online casinos has many benefits. However, there are a few downsides as well. So, let’s take a better look at all the advantages and disadvantages of crypto casinos.
The advantages of crypto casinos include:
First of all, gambling with crypto is completely private simply because cryptocurrencies base their entire operation around privacy. For instance, Bitcoin transactions can be traced, but they can’t be connected to a specific person as they are anonymous. Monero, which is often used by crypto casinos, is entirely untraceable.
Gambling with crypto is entirely safe because of the way blockchain technology is designed. Those familiar with crypto know that blockchain is its inherent part. It ensures that the whole market of a particular cryptocurrency is connected. That way, if any part is tampered with, it’s immediately visible on the chain.
Essentially, it’s impossible to fake a transaction in Bitcoin or other popular cryptos because every user is part of the same unbreakable chain.
No Transaction Fees
Unlike most other payment methods, using crypto involves no fees. Other payment services almost always have fees, even if the casino itself doesn’t. However, cryptos don’t come with transaction fees which is why most crypto casinos don’t have them either.
The Best Odds
Every online casino makes a profit by having a house edge. For those who don’t know, it’s a way for casinos to ensure they always win in the long run. In essence, one person can win a lot, but overall, when all games are calculated, the casino always comes out on top.
The house edge matters for players too, because the lower it is, the better chances a player has to win. This house edge is slightly lower in crypto casinos than it is in regular online casinos. For example, the house edge varies between 1% and 15%, but with Bitcoin casinos, it’s usually between 0.5% and 3%.
Now, let’s cover the disadvantages of crypto casinos:
The only real disadvantage with crypto casinos is the fact that cryptocurrencies themselves are very volatile. Unlike fiat currencies, their price tends to fluctuate a lot as there is no central bank or reserve to keep their price steady.
This is both a blessing and a curse. That’s because even though the price of a cryptocurrency might be unusually low one day, it could rise rapidly in the future. For this reason, crypto is the preferred method for players willing to hold on to their coins before exchanging them for fiat currency.
Differences Between Cryptocurrency Casinos and Casinos That Use Fiat Currency
As we’ve already stated, there aren’t many differences between regular online casinos and those that use crypto, aside from the difference in the currency itself.
Most crypto casinos also use fiat currency as a payment option, so the lines between traditional online casinos and crypto casinos are often blurred. For this reason, there aren’t any differences between the two.
It’s up to you to choose which currency you’ll end up using. However, as you have already seen, if you consider using crypto in online casinos, you’ll end up with a lot of advantages and very few disadvantages.
How To Start Playing in a Cryptocurrency Casino?
Playing in a crypto casino is essentially the same as in a fiat casino, except for the added process of choosing the cryptocurrency and having a crypto wallet.
Let’s cover it all in a simple step-by-step guide:
1. Buy Cryptocurrency
Before you start gambling in a crypto casino, you have to buy the crypto. The exact crypto you choose should depend on the digital currency the casino is using. Thankfully, most casinos use pretty much the same cryptocurrencies, i.e. the most popular and widely accepted ones like Bitcoin and Ethereum.
Once you know which crypto you’ll be using, you can buy it on exchange sites using fiat currency. The most popular exchange sites are Coinbase, Binance, Kraken, and a few others.
2. Create an e-Wallet for Crypto
Exchange sites are only used for buying crypto, and you’ll need a place to store it safely. This is where wallets come in, and there are several trusted ones. Those made by Coinbase, Exodus, Breadwallet, or Copay are the best options.
3. Register in a Good Crypto Casino and Play
Naturally, the casino you’ve chosen should offer the cryptocurrencies you have, but you should always focus on the quality of the casino itself first. Once you choose one, you have to register and deposit the amount of crypto you want to use.
The Bottom Line — Are Cryptocurrency Casinos Good?
All things considered, we firmly believe that crypto casinos are great for every player in Canada and beyond. However, it’s still up to you to decide if they are a good choice for you specifically. We hope that the information provided here has made that choice much easier!
What is a crypto casino?
A crypto casino is just like any other online casino, the difference being that they offer cryptocurrency as a method of payment.
Is gambling using cryptocurrency safe?
As you can see in our explanations in the article, using crypto for gambling is perfectly safe. You only need to make sure that the casino you’re playing in offers one of the most popular crypto coins and that the casino itself can be trusted.
Are there any online casinos that accept cryptocurrency?
More and more casinos are starting to accept crypto as a payment method, so it’s no longer hard to find a high-quality casino that does.
Can I play most casino games at cryptocurrency casinos?
Crypto casinos, as long as they are of high quality, offer a wide range of casino games from notable software providers, just like all other online casinos.
How do I withdraw my crypto winnings?
You can withdraw crypto earnings in the same way you would any other currency. In most cases, it’s all about going to the banking page and choosing cryptocurrency as the withdrawal method. The time it takes for the crypto to arrive is usually much shorter than with fiat currencies.