The use of cryptocurrency is moving further away from the niche, and more towards the norm. Transactions made on the blockchain are highly secure, which makes them an ideal currency and method of payment for online casinos, for whom protecting funds – both their own and the players’ winnings – are essential.

A growing number of online casinos are using some kind of cryptocurrency as one of their methods of payment, if not exclusively. In this guide, we’ll take a look at how cryptocurrencies work, what benefits they offer to casino players online, and where you can find the best cryptocurrency casinos.

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What is Cryptocurrency?

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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 the blockchain. The individual is in full control of their money and what happens to it.

Pros & Cons Of Cryptocurrencies

Since there are no financial institutions making up and controlling the rules of the game, cryptocurrency transactions are either extremely cheap or completely free, with 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, cryptocurrencies are fortified with coding to make sure that nobody can hack your money from you. 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 cryptocurrency is digital, the data can be destroyed. That’s why if you ever buy cryptocurrency, make sure to back-up your cryptocurrency wallet. This will protect your cryptocurrency against computer or software failure, and help you retrieve your funds in the case of theft or loss.

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 cryptocurrency casinos accept. Here’s a little information about each of them:

  • Bitcoin: Bitcoin is the grand-daddy of all cryptocurrency. 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.
  • 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.
  • 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, you’re  likely to find that cryptocurrency casinos will accept bitcoin or ethereum, but not litecoin.
  • 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 cryptocurrency casinos.

Advantages of playing at a cryptocurrency casino

There are a number of considerable advantages to cryptocurrency 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:

  • Since cryptocurrencies are decentralized, there’s no bank to charge you fees on your monetary transactions. Withdrawing and depositing with a cryptocoin casino is usually completely free from hidden charges and costs.
  • Aside from being tax free, cryptocurrency transactions are often instant. Unlike other payment methods, 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.
  • Cryptocurrency casinos 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 cryptocurrency casinos, players can put their own minds at ease by testing the slots themselves.

Yes. Gambling online using cryptocurrency is completely legal in Canada.

You should be careful when deciding to sign up to a new cryptocurrency 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.

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