The Rise Of Bitcoin In Canadian iGaming - September 2021
Bitcoin has come a long way since the first units were mined back in 2009. Today, it is a fully-fledged digital currency that relies on advanced coding and mining using blockchain technology. And Canadian online casino enthusiasts have started to embrace the countless advantages offered by a fully digital currency.
What the rise of Bitcoin is doing is to usher in a new era of online financial transactions. Since Bitcoin is completely anonymous, it’s as safe and secure as any currency is ever going to get in an industry that relies on regular online payments and withdrawals. Instead of relying on the oftentimes flawed security systems of banks and other financial service providers, customers hold their Bitcoin an a fully encrypted digital wallet with a unique identification address that ensures the holder’s identity and transactions never enter the public eye or domain.
The Pros And Cons
Several big-name online casino brands accept Bitcoin as a formal currency in Canada. These include N1 Casino, PLAYAMO, 22 BET, and 7Bit Casino.
The benefits of using Bitcoin for online gaming have been well-documented, and include:
- No more processing fees payable to banks
- No sharing of sensitive personal and financial information online
- 24/7 payments
- No censoring and no pre-assessment of credit scores
- The potential of owning currency that increases in value over time
But in all fairness, Bitcoin online casinos do have their disadvantages too. These may or may not include:
- Transactions aren’t reversible, so a slip of the finger usually becomes permanent
- Not all online casinos in Canada accept Bitcoin
- Bitcoin are susceptible to cyberattacks
The Good Outweigh The Bad
Even when taking into account the disadvantages, it soon becomes clear that the positive aspects of using Bitcoin at Canadian online casinos far outweigh the negative in number.
It should be mentioned that Bitcoin as a currency is gaining steady traction among online casino operators in Canada, with many steadily moving into the digital currency domain.
What has certainly helped Bitcoin gain a new level of “believable” is Tesla’s recent multi-million dollar investment in the cryptocurrency. And back here at home in Canada, the launch of several new EFT products is helping local players become used to the idea of gambling with a digital currency as the official tender.
Considering all of the above, it’s clear that Bitcoin as an online casino currency is here to stay. And that Canadian players can expect to see more Bitcoin-accepting online casinos popping up with increased frequency.