Canada takes pride in having one of the world’s most vibrant and lucrative online gambling industries. In 2021, the industry generated $1.2 billion in revenue. The revenue from this industry is expected to continue increasing steadily as more people shift from land-based casinos to online casinos.
Poker and table games are the most preferred games in the country. Most reputable online casinos offer them alongside other games such as Roulette. The introduction of cryptocurrencies as an alternative to fiat currency revolutionized the industry. Today, the best Ontario casino allows users to deposit various cryptocurrencies at no extra cost. Like the brick-and-mortar casinos, you should consider several factors before joining. These factors include:
- Deposit and Withdrawal options
- Number of games offered
Consider each factor in detail before registering at a crypto casino to enjoy the best online gambling experience. Let us shift gears and examine how cryptocurrencies influence the Canadian online casino industry.
Low Transaction Fees
One of the challenges facing conventional online casinos is the high transaction fees. Players are charged exorbitant fees for every deposit and withdrawal transaction. The fees hinder them from playing poker and other games as frequently as they want.
A bitcoin casino jumps this hurdle by allowing players to deposit bitcoin or any other cryptocurrency allowed by the casino at low fees. Thus, they can profit fully from the amount deposited in the account. The casino also benefits as they can deposit and withdraw funds from the platform to the bank account at the same low fees. It is a win-win for both parties – the players and the casino.
Improved Data Privacy and Security
In 2021, 42% of Canadians encountered one or more crimes related to cyber security. Due to the surge in cybercrime worldwide, people are more skeptical about sharing their personal information online. Users do extensive research before registering at a casino cryptocurrency platform to ascertain whether it is secure. These new casinos are powered by blockchain technology that guarantees the privacy and security of users’ data.
For example, a payment transaction is verified by multiple computers before being marked as complete. Your personal details are not revealed to anyone during the process, thereby eliminating the risk of your private data being exposed to hackers.
Online casinos also save thousands of dollars previously spent to purchase servers. The blockchain network does all the hard work, and it is scalable. If the online casino experiences a surge in new users, the blockchain network can be adjusted to prevent any lags or delays.
Reduced Transaction Processing Time
The traditional banks would take up to three business days to complete a transaction. This was a major challenge to not only the casinos, who would often run out of cash to process payouts but also to players as they would have to wait for days for the funds to reflect in their accounts.
Blockchain network that supports the transfer of bitcoin and other cryptocurrencies to the online casino account processes transactions in seconds. Advanced blockchains such as Polkadot process 1,000 transactions per second. Therefore, deposits and withdrawals are done instantly and securely. Even when thousands of users are depositing funds, there are no delays.
Lowers the Risk of Inflation
Inflation is a major concern for online players who use fiat currencies. Unprecedented economic changes result in the currency’s value either dropping or increasing. Thus, the value of a win on a particular online game is affected by inflation. Luckily, cryptocurrencies are less affected by inflation. Some governments and banks can decide to print more fiat currency during inflation to cushion people and businesses from going broke.
That is not the case with cryptocurrencies. There is a limited supply of every cryptocurrency, and this helps to control value. For example, there is only 21 million bitcoin in the market. Concisely, the fixed supply of any bitcoin or digital currency accepted by the selected Ontario casino reduces inflation risk. As an online gambler on such a platform, your immunity to inflation and unprecedented shifts in the financial market.
Anonymity is essential, especially to players whose profession does not allow them to gamble online. Any legal bitcoin casino is ideal for such players as there is total anonymity. Your personal information, such as names and physical addresses, is not revealed as the transactions are completed through the blockchain network.
The bottom line is that you can play anonymously without ever having to disclose your real name to the casino or your opponents. There is also no paper trail, so anyone checking your financial records will ever know you are a member an online crypto casino.
The future is bright for any Ontario casino that allows its target users to play using cryptocurrencies. The blockchain technology that powers bitcoin casino has immense growth potential. Consider the factors discussed earlier before registering to get value for money. Good luck!
Kevin N. Cochran is a reputable guest post writer with years of experience. You can count on him to deliver resounding content for your brand.