The growth in technology has lead to the development of new ways of conducting businesses, and no area of life has remained immune to it. One of the industries that have benefited the most from this development is the iGaming industry.
The latest of these developments that have had a far-reaching impact on the iGaming industry is the implementation of cryptocurrencies and sportsbooks that are springing like mushrooms all across Canada. Many of these have already jumped on the bandwagon and started using digital currencies, such as Bitcoin, as a means of payment, while others are still suspicious of them due to unclear legal regulations regarding cryptos.
However, considering how numerous the advantages of using cryptocurrencies are, the number of casinos and sportsbooks in Canada that accept cryptos will only grow. If you are on the lookout for the valuable info on the betting and gaming scenes in Canada, make sure to visit this site to get the latest information about the best betting sites and online casinos.
In the following text, we will cover the main aspects of cryptocurrencies and how this technology impacts the world of betting and online gaming in Canada.
What are Cryptocurrencies?
Bitcoin and other cryptocurrencies are digital currencies that are based on peer-to-peer blockchain technology. This technology implies having an utterly decentralized payment system where each unit of the cryptocurrency is accounted for and is a result of the peer-to-peer transaction.
The power of cryptocurrencies lies in its impenetrable cryptography that protects each of the transactions that occur. Each of these transactions is noted in a sort of a distributed ledger, called blockchain technology, which can be regarded as a type of public transactions database. All this has contributed to the existence of essential characteristics of cryptocurrencies, which are absolute safety, complete anonymity, and many other features that differentiate cryptos from any other payment method.
The value of cryptocurrencies resides solely in how much are people willing to pay for them. There is a finite number of Bitcoins, Litecoins, Ethereum, and other cryptos, which ultimately determines their substantial value. However, the essential characteristic here would be that no centralized banking system can influence it and determine its value, as is the case with fiat currencies.
Can Cryptocurrencies Be Used for Online Betting?
Cryptocurrencies were designed with a general idea of providing safe and anonymous means of payment on the Internet, which mainly refers to services such as online betting, especially the anonymous part.
Due to vague legal regulations, many online casinos in Canada might refuse certain payment methods, such as credit or debit cards, since banks can block the activities that include any form of online betting. With cryptocurrencies, this is not an issue as cryptos are not controlled by any federal government or bank, and no one can ban you from betting on your preferred sports and top online casino games.
Is Betting with Cryptocurrencies Legal in Canada?
Betting with cryptocurrencies operates on many same principles as does betting with fiat currencies. Since most of the sportsbooks operate outside the Canadian territory, no Canadian laws apply towards them. Although some regulations ban players from gambling online in Canada, they don’t prohibit Canadians from betting on offshore betting sites, which means that betting online won’t incur any penalties for you. On top of this, cryptocurrencies are entirely independent, unlike fiat currencies, so no authority can seize your funds if you choose to use them for online gambling activities.
Why Choose Cryptocurrencies for Online Betting and Gaming?
The most significant advantages of using cryptocurrencies are the safety of transactions, their speed, low cost, and overall anonymity, as you won’t have to verify your financial data as you would with the regular payment options. As we said before, blockchain technology is resistant to any third-party influence, which means all your transactions are encrypted and impervious to any alterations.
Also, the speed with which these transactions take place is unparalleled, since both deposits and withdrawals happen almost instantly. On top of that, cryptocurrencies entail the lowest costs out of all payment methods available, and are practically free of charge, as only a small proportion of your cryptocurrency will go into the mandatory expenses.