What Are Cryptocurrencies?
Cryptocurrencies are an increasingly popular way for people to make deposits and withdrawals in live casinos, to play live dealer games in casinos.
The huge number of cryptocurrencies available and the need for different infrastructure to be in place in order to support them has traditionally served as a barrier to the widespread adoption of cryptocurrency casino deposits. Known as one of the most popular online services and boasts over 10 million users.
The History of Cryptocurrency
Bitcoin was the first-ever cryptocurrency to come to life. That was way back in 2009 when a group of anonymous individuals found it necessary to create an efficient online payment solution that would allow people to complete money transactions anonymously.
As a result, Bitcoin, a decentralized digital currency, was born. Initially, people were very skeptical about Bitcoin, but with time, it won souls and became what it is today. Today, there are so many cryptos in operation, but here are the most popular ones:
- Bitcoin Cash
It doesn't matter which of these cryptos one wants to play with, they (players) should be able to find a crypto casino with live dealer casino games that allows them to do so.
While some Bitcoin live casinos offer one crypto, other online crypto casinos support multiple. However, Bitcoin is still the king even though the other cryptos are giving it a run for its money.
Depositing at a Crypto Casino in Canada
Before a player is able to make a deposit in a live casino in cryptocurrency using the Bitcoin casino, they will have to sign up for an account at the Bitcoin live casino and make a deposit. When making a deposit at the live crypto casino, users are required to decide which cryptocurrency they would like to invest in.
As the majority of online casinos that accept Bitcoin as a means of deposit still conduct their transactions in a fiat currency such as the euro or US dollar, it is important to keep an eye on the exchange rate between the currency that your chosen crypto casino is using.
Funding a crypto account for the first time involves making a deposit with a credit or debit card. Once customers have done this, they are able to move the money that is stored in their crypto e-wallet from one currency to another.
This makes it easy to take advantage of movements in markets and ensure that they are getting the best possible value from the money that they have stored with crypto.
While it was previously necessary to withdraw money in order to deposit it into a crypto casino, the crypto.com pay platform makes it possible to execute this transaction directly without any additional steps, middlemen, or fees.
How to Make a Withdrawal at Bitcoin Casinos
One of the reasons cryptos were invented was to ensure quick money transfer; hence, a crypto casino withdrawal at the different Bitcoin live casinos is not a long, tedious process. Only a few steps are required for one to get their money from a Bitcoin live casino.
Players can launch a withdrawal request by logging into their crypto casino and locating the banking page.
Once they click on the "withdraw", they will be asked to key in the amount of crypto they want to cash out and the crypto wallet address where the funds should be sent. It is worth noting that the players who wish to withdraw crypto must have a crypto wallet where they can store their digital money.
Once all the steps have been completed, the player can confirm the transaction and wait for the crypto casino to approve the request. The funds will be sent to the wallet as soon as the online gambling casino approves the withdrawal.
Processing Times & Withdrawal Limits at an Online Bitcoin Casino
Crypto transactions must be verified on the blockchain. The verification usually involves multiple confirmations, depending on the amount of crypto one is withdrawing.
Each confirmation takes approximately 10 minutes. Typically, crypto withdrawal processing times take a few hours (2-3), and they vary at most crypto casinos and all other live casino sites. Again, the minimum and maximum withdrawal limits vary from one crypto casino to another.
Cryptocurrency Supported Currencies and Countries
As mentioned earlier, Bitcoin is the most popular crypto globally, but there are at least 1,000 different cryptos. That's a huge number, and it speaks volumes about the extent to which cryptos are taking over the currency world.
Thanks to the benefits that crypto users enjoy, these digital currencies are now more popular than ever, and many countries have given the nod to them.
The countries where cryptos are most popular include:
- The United States
Other countries that also have kept up with the crypto trends are:
One could go on and on with this list. Unfortunately, some countries are yet to embrace cryptos, and they include Macedonia, Nepal, Bolivia, and Bangladesh, to name but a few.
Do cryptos support fiat currencies? Yes. People can buy cryptos online using USD, EUR, GBP, and other fiat currencies.
Top Casino Bonuses for Cryptocurrencies in Canada
Unlike in the past, when bonuses in live casinos were rare, most Bitcoin live casinos today splash bonuses to attract players. Rather than players looking for the best Bitcoin casinos to play live casino games, the opposite is happening now. The reason for this is that the dozens of Canadian casinos offer top live games. And crypto casinos with live dealer casino games are not an exception. Here are the main bonus types found at these Bitcoin casinos.
The first thing players encounter at live Bitcoin casinos are the welcome bonus offers. A welcome bonus is usually the biggest bonus at a crypto live casino, boasting both deposit bonus offers, free spins, cashback, or perhaps a sports betting promotion.
Match Deposit Bonus
Deposit bonuses are valued based on the player's first deposits, up to a certain amount. Matched deposit bonuses could be 100% up to $200 or any other amount. A matched deposit bonus is usually the first deposit bonus players receive at any Bitcoin casino. But the wagering requirements must be considered if one is claiming this type of welcome bonus.
No Deposit Bonus
No deposit bonuses are similar to the classic matched deposit bonuses, although they don't require any deposit at the Bitcoin casinos. Rather than making a deposit and then play live dealer games, players can simply grab a specific amount of real cash and use it as a welcome bonus or regular bonus.
When playing live casino Bitcoin games, players will always continue funding their casino accounts after making the first deposit. The crypto casino may decide to offer reload bonuses on some of these subsequent deposits. However, unlike the welcome bonus, a reload bonus is a smaller percentage of the deposit.
Nevertheless, the best Bitcoin casinos do tend to offer reload bonuses on a regular basis to enjoy such live dealer games as Speed Baccarat, Lightning Roulette, Immersive Roulette, Live Roulette, Arcade Games, and multiple other Bitcoin live casino games by Evolution Gaming and other providers.
This is a bonus that a player receives for their losses. For instance, if they lose $1,000 and the Bitcoin casino awards them a cashback of 5%, the player will get $50 as a bonus, meaning their losses will total $950.
The best live casinos in Canada will always give out VIP bonuses in various forms, including high roller bonuses and VIP programs. With this type of bonus, Bitcoin live casinos offer free spins, four matched deposit bonuses, cashback, and multiple other bonuses.
Why Choose Cryptocurrency at Bitcoin Casinos?
- Quick Deposit Time - Crypto transactions are faster at online casinos than traditional payments. Since the transfer of cryptocurrencies takes place in seconds, players will never wait long for money to be available in their Bitcoin casino account. Moreover, there is no need to wait for days or weeks before players can receive winnings after playing the live dealer games.
- Tax-free Payments - Since cryptos are not regulated by any government, they are not subject to any taxes. However, players should note that the value of their winnings may be affected by the fluctuating value of cryptocurrencies, which can have an impact at the Bitcoin casinos.
- Anonymous Payments - There is no need to provide personal information when making deposits or withdrawals at a crypto casino, since your personal and financial information will remain hidden both from the online casinos and any third-person that might want your data.
- Safe and Secure - Crypto payments are secure and safe at Bitcoin casinos. Users never have to worry about getting their personal information stolen because there is no need for credit card details.
- Volatile - Cryptocurrencies are volatile, which means that their value can fluctuate considerably within a short period of time. This is especially true for Bitcoin, which has seen massive downturns in its value in recent years.
- High limits - Higher limits than traditional payment methods. Transaction limits offered by other Bitcoin casinos when it comes to cryptocurrencies are much higher than those offered by conventional payment methods such as credit cards or bank transfers.
- Limitations - Some countries do not accept crypto payments. Examples include Egypt, Morocco, and Iraq.
Getting Started with Crypto at Live Dealer Casinos
The number of online casinos that accept crypto as a means of deposit is currently relatively limited compared to some other deposit methods such as PayPal or credit cards.
However, the number of live casino sites that work with crypto is regularly increasing as demand for probably fair games and other popular casino games with BTC is going up.
Once a user finds a Bitcoin casino that accepts crypto as a deposit method, the first step is to start the deposit process.
The player should make sure that they are aware of any special deposit bonus offers that are running when they decide to make a deposit so that they get the best possible value from their transaction.
The next step is to select crypto as the funding method for the deposit at the chosen live Bitcoin casino. Again, the way this works will vary from one Bitcoin casino to another, but this is generally the first step in the process. They will then be required to select their deposit amount and log into their crypto account.
The final step is then to confirm the transaction. In most cases, the funds will be transferred from the crypto account to the online casino instantly.
Safety and Security at the best Bitcoin Live Casinos
Safety and security are essential requirements of the best Bitcoin live casinos. There have been a few online fraud cases resulting from players using traditional payment methods, such as debit and credit cards, to fund their casino accounts.
With crypto casinos that offer live dealer casino games, however, such cases have been effectively put to bed. Unlike cards, which have a centralized database that can easily be hacked, these digital currencies have nothing of the sort. They also don't allow players to provide transaction data and sensitive information; gamers transact anonymously.
Cryptocurrencies work by recording all transactions. What is known as the blockchain, which is a digital public ledger. This ledger is stored on a network made up of many computers to decentralize crypto.
With blockchain technology, cheating the crypto system becomes almost impossible; not even hackers stand a good chance.
If a transaction is displayed in a single ledger copy, it will easily be detected and flagged. It is this cutting-edge security technology that makes the future of cryptocurrencies in the live casino industry bright.
About the author
Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.