CryptocurrencyPhoto of Bitcoin is often perceived as the currency for tech whizzes and people who can actually understand how it operates. Strictly off-limits for the common civilian who doesn’t have any sort of background in programming, cyber security or computing in general. Well, times are changing. And that just isn’t true anymore. Crytocurrency, and as a result bitcoin gambling, are moving more towards ‘the norm’ and further away from ‘the niche’. So much so that there are now several cryptocoin casinos floating around the interwebs. Which is why we think it’s high time we gave a little breakdown of how they work.

Before you decide to click away, you should know that cryptocurrency casinos and bitcoin gambling have a mountain of advantages over normal online casinos.

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What is Cryptocurrency?

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A cryptocoin is a unit of a cryptocurrency, just like a Canadian dollar is a unit of the CAD currency.

Cryptocurrency is a decentralized payment system, meaning a means of payment that doesn’t require a middle-person or institution, which is not under the control of a third party. It’s considered to be a peer-to-peer (P2P) ecosystem. Basically, money without any banks and financial institutions involved.  Anyone who uses the currency and engages in any transactions has a full copy of all the necessary details, which is what makes the entire system possible. The records of all the transactions of currency are called its blockchain. You, the individual, are in full control of your money and what happens to it.

Pros & Cons of cryptocurrencies

SinceIs Bitcoin like Gambling Image there are no financial institutions making up and controlling the rules of the game, crytocoin transactions are either extremely cheap or completely free. No taxes or fees involved. Aside from that, because it has cryptography inherently built into it, cryptocurrency is safe and secure. Just like normal internet payment methods, the cryptocoins themselves are fortified with coding to make sure that nobody can hack your money from you. Plus, transfers happen through the use of public and private keys that heighten security even further. For sure, it’s safe from any manipulation or interference by governmental or financial bodies.

The only drawback to using cryptocurrencies that you should be aware of is that you can easily lose it. How? Since there is no central repository, like a bank, and since cryptocoins are virtual, the data can be destroyed. For example, if your computer crashes or you lose your codes, you can say bye bye to all your cryptocoins. It’s a bit like losing a wallet stashed with, say, $10,000. That’s why if you ever buy cryptocoins, make sure to back-up all your copies of transactions. Those copies are what guarantee that you ‘own’ cryptocoins.

There are over 700 cryptocurrency projects underway right now, but there’s only a handful that are legit and good at what they should do. Also, there’s an even smaller handful that cryptocoin casinos accept. Here’s a little information about each of them:

  1. Bitcoin: Bitcoin is the grand-daddy of all crytocurrency. First introduced in 2009, Bitcoin is not only the original cryptocurrency, it is also the most popular and the most widelyEthereum used. It takes up about 80% of the total usage of cryptocurrency.
  2. Ethereum: Ethereum is the currency, ‘Ether’ is the coin. Ethereum is considered to be a revolutionary blockchain because it allows anyone to program ‘contracts’ and ‘tokens’ onto it which are self-executing. In uncomplicated terms, it does a lot of things in a lot of different ways which is beneficial to individuals and businesses.
  3. Litecoin: Litecoin is similar to Bitcoin in the way it is mined, but it’s just easier to mine and also has a far large maximum coin supply. However, because it’s not as widely acknowledged as bitcoin, you’re far more likely to find that cryptocoin casinos will accept bitcoin and not litecoin.
  4. Dogecoin: Yes, it is indeed named after the famous ‘doge’ meme. The thing that makes dogecoin so popular is, well, the fierce loyalty of its users (we suspect it’s all thanks to their doge mascot). Given its strong community, it’s no wonder that it got transferred to the equally strong gambling community. It is now widely accepted in cryptocoin casinos.

Examples of Cryptocoin Casinos

Theredice are many cryptocoin casinos around, but not every one of them is trustworthy. This isn’t because the use of cryptocoin itself is unreliable, but because the online gambling world brings with it a lot of greedy no-good people (check out our article on casino scams for more on this). Here’s a list of the cryptocoin casinos we think you can trust your bitcoin/litecoin/dogecoin/ether with:

  1. Crypto-games accepts all four currencies we’ve mentioned so far, i.e. dogecoin, litecoin, bitcoin and ether. It only has one slot game so far, and a few table game classics like blackjack and roulette, and video poker.
  2. PrimeDice: Unlike the previous casino, PrimeDice only offers and accepts bitcoin transactions. The exciting thing about this casino is that it has a great dice game which can provide many lucrative payouts.
  3. MBitCasino: This casino only deals in bitcoin, which is fine given that bitcoin is the most readily found and easily recognised cryptocurrencies on the market. What MBitCasino offers that no other cryptocoin casino does so far is a huge range of games (huge for cryptocoin casinos, that is). With slots from Endorphina, NetEnt and Betsoft, there’s almost no different between this casino and a normal online casino.

Advantages of playing at a cryptocoin casino

We’ve been talking a lot about these ‘cryptocoin casinos’, but what we haven’t said so far is why they’re such an amazing addition to the online gambling industry, and why you should seriously consider signing up to one. There are a number of considerable advantages to cryptocoin casinos, all of which not only save you money but can get you better deals on winning money. Here’s just a select few of them:

  1. Since cryptocurrencies are decentralized, there’s no bank to charge you fees on your monetary transactions. That means that withdrawing and depositing with a cryptocoin casino is usually completely free from hidden charges and costs.Visa Logo
  2. Aside from being tax free, cryptocurrency transactions are often instant. That means that, unlike other payment methods like Visa or Mastercard, you don’t have to wait until the processing time window is closed before withdrawing your money and enjoying the winnings. It also means that you can deposit and start playing immediately, without waiting around for the casino to confirm your details.
    Speaking of details – since cryptocurrencies are all about blockchains and P2P transactions, a cryptocoin casino has everything it needs just from the money you give it.
  3. Identity CardYou don’t need to send over any of your personal info like your home address, bank details, telephone number and so on to create an account with a cryptocurrency casino. All you need is a name and surname, username, and your cryptocoin details. This ensures a higher level of anonymity.
  4. Cryptocoin casinos are also a really good investment because, as we all know, the value of crytocurrencies tends to fluctuate. But, overall, it’s not a wise idea to exchange your bitcoins/litecoins/ether/dogecoins for real money, because you’ll probably lose out in the long run. That’s why playing your cryptocoins at online casinos is such a good idea – you won’t lose anything in the value of your money, and you might win a lot more back.
  5.  Even though cryptocurrency has been well-established for over a decade now, it’s still not recognized as an official currency in many countries. While this might sound like a con at first, it actually plays to the favor of players who live in countries where gambling is restricted. These players can still play cryptocurrency casinos with cryptocoins, because they’re technically not legally playing real money betting games. It’s a win-win right?
  6. Casinos that have bitcoin gambling usually also operate using a system called Provably Fair. It’s an algorithm that players can personally use to check that each game they’re playing is 100% fair. Normal online casinos have this too, only it’s outsourced by a trusted third body. With cryptocoin casinos, players can put their own minds at ease by testing the slots themselves.

The short answer is, “Yes”.  gambling online using cryptocurrencies is perfectly legal in Can. This is because currently, there are no Canadian laws that expressly state that it is illegal.

Risks involved in gambling online with Bitcoin and other cryptocoins

Exclamation PointWith the rise of cryptocoin currencies came the rise of cryptocoin casinos alongside them. Players can be skeptical of cryptocurrency because they don’t understand it, and you don’t really trust what you don’t understand as a general rule. There’s a misconception surrounding cryptocoin casinos in that they’re ‘shady’ or more likely to try and trick you out of your money.

Which of course isn’t true at all.

Sure, you have to be careful when deciding to sign up to a new cryptocoin casino, but that’s also applicable to anytime you decide to sign up to a normal online casino. You should always do your homework and read up about an online casino before trusting them with your money.

Ever since bitcoin was launched in 2009, online casinos have become gradually more aware of how well the cryptocurrency platform and the online casino platform match one another. Both of them are characterized by one singular aspect: the internet. Both hit their stride around the same time, i.e. the beginning of the 2010’s. Fast-forward to today, and it’s normal for players to be engaged in bitcoin gambling, for example, or litecoin gambling, ether gambling, and dogecoin gambling. From here on out, it can only grow in popularity and use.

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