Bitcoin Becomes an Increasingly Popular Payment Method at Online Casinos
Starting in 2009 when a certain Satoshi Nakamoto introduced Bitcoin, cryptocurrencies represent a fundamentally new form of money that is taking the world by storm. But for several years Bitcoin did not attract much public attention as it had negligible value. In 2017, when there was a boom in the cryptocurrency space, BTC and other tokens increased in value significantly as many believed that this brand-new technology could change our lives. Always at the forefront of innovation, Canadian online casinos began adding Bitcoin and altcoins as supported payment methods. The versatility and accessibility of crypto benefit many sectors including online gambling. By choosing a good online casino in Canada (a legal website), you can use your crypto savings to enjoy gambling. So, let's find out why crypto could be the new frontier for the online gambling industry.
Convenience of Use
Although Bitcoin is a digital asset, it can also be used as money to pay for goods and services. Create a crypto wallet, top it up with a few coins and you can pay with bitcoins online and at some offline outlets. A safe online casino in Canada, King Billy, accepts Bitcoin and other popular cryptocurrencies to give players an even wider choice of payment options. As an easy-to-use and fast financial tool, Bitcoin lowers the entry threshold for those looking to try their hand at online slots, blackjack, poker, and other exciting online casino games. Using BTC, you will benefit from fast and inexpensive transactions so that you can focus on the things about gambling entertainment that matter.
Easy Access to Gambling Entertainment
Thanks to the anonymity and privacy afforded by cryptocurrencies, anyone can gamble as they wish without worrying about their identity being revealed. By choosing a decentralized iGaming platform, you can play casino games from anywhere in the world, even from places where gambling is prohibited. But in the fight against cybercrime, many online platforms including gambling websites are following KYC (Know Your Customer) practices that require players to undergo identity verification.
To pass the verification process at a Bitcoin-friendly online casino, you will need to:
- - Take a photo or scanned copy of your ID, passport, or driving license.
- - Take a selfie and upload it to the casino website (if required) to verify that the documents belong to you.
- - Wait a while as the documents are manually checked by online casino specialists.
King Billy is a licensed Canadian online casino that requires its users to reveal some of their personal data for security purposes. And while Bitcoin users will lose their anonymity, they will still be able to enjoy other benefits of the cryptocurrency.
Bitcoins and altcoins are virtual coins that work in an encrypted environment called the blockchain. It is the most secure form of money, virtually immune to hacking. Although the theft of crypto tokens happens from time to time, it is caused by the users themselves who unintentionally disclose their wallet details to third parties. By choosing a secure crypto wallet and storing your private keys securely, you will prevent fraudsters from gaining access to your crypto savings.
Fast and Cheap Transactions
Regardless of whether you use a bank card or an e-wallet like PayPal, you have to pay a pretty high fee when withdrawing from a real money casino in Canada. Another frustrating factor is the long wait time for cashouts. This is especially true when you use the slow Wire Transfer method. Cryptocurrencies are here to change the rules of the game. Find a Bitcoin casino online, play real money games, and withdraw your winnings in minutes. The average wait time to execute a BTC transaction is 10 minutes. Transactions on the Ethereum network are even faster. The good news is that crypto transactions have low fees, so you get almost all your winnings.
Some online casinos set strict transaction limits, thus preventing you from withdrawing large winnings at a time. Using cryptocurrency not only lowers the minimum withdrawal limits but also raises the maximum cashout amount. And that's to your advantage if you're the next lucky winner of a multi-million jackpot.
Cryptocurrency is a highly volatile asset with a value that can change significantly in a short period of time. This can be both an advantage and a disadvantage for gamblers who prefer to play at King Billy, the best casino online in Canada according to user reviews. But the value of your crypto winnings can increase if the market goes up. However, you can lose some of your winnings if the value of the digital asset drops significantly. Either way, you always have the option of exchanging tokens you win for Canadian dollars or any other national currency.
The Value of the Technology Behind Crypto
Cryptocurrencies circulate in a distributed ledger called the blockchain. It is a decentralized database with immutable records and no central regulator or supervisory authority. Due to its unique properties, blockchain technology is successfully used in a variety of applications, including online gambling. Some online casino games use a blockchain-based system to ensure that any game results are completely random. So, blockchain is here to make online gambling even more honest and trustworthy.
Cryptocurrencies are here to change the online gambling industry for the better. More and more big companies are using Bitcoin as a payment method and online casino Canada websites are not willing to stay away from this trend. King Billy is a trustworthy Canadian online casino and one of the first to support crypto. That's why the mechanisms of accepting crypto payments and cashouts have already been perfected here. But since cryptocurrency is too volatile, it is recommended to monitor market trends to find the best entry and withdrawal points in order not to incur financial losses.