Will Bitcoin Remain a Popular Method for Online Casino Transactions in the Future?
While it is a current reality that online casinos are prohibited from operating out of Canada, it is entirely legal for Canadians to play at offshore online casinos. In fact, the pastime is so popular that roughly 75% of Canadians reported gambling at least once in the past year.
People are looking for the best payment methods with the rise in the popularity of online wagering strategies. Bitcoin casinos Canada are becoming increasingly popular due to the implementation of cryptocurrencies as a payment method. Today Bitcoin is widely recognized as a convenient financial tool for online gaming transactions. But is it likely to retain its popularity? In this article, casino expert Kevin N. Cochran will attempt to answer this question.
How to Pay at Online Casinos
There are a number of different transaction methods available at online casinos. This section will cover some of the more popular methods to give you an idea of your available options. Note that not all casinos will offer every transaction method on the list, but they are quite widely used.
The Top payment methods include
- Credit and debit cards. Before e-wallets gained in popularity, credit and debit cards were the most common transaction method for online casinos. They have retained some of this popularity, largely due to their widespread use and quick processing times.
- E-wallets. In recent years, e-wallets like PayPal and Skrill have overtaken cards in popularity. With high security, fast processing time, and low transaction fees, e-wallets are a fantastic option.
- Bank Transfers. Because of the high level of security bank transfers guarantee, some people still use them today. This is even in spite of the fact that they are some of the most time-consuming transaction methods on this list, with payments taking 3-4 days to transfer from your bank account to your casino account.
- Cryptocurrency. Paying with cryptocurrency is a relatively new concept for online casinos, but it’s a method that is quickly gaining in popularity due to its rapid payments, low fees, and security.
This article will now go on to consider the benefits of cryptocurrency in online casinos, particularly Bitcoin.
Why Use Bitcoin at Online Casinos?
Ultimately, you should use whatever transaction method you feel safest and most comfortable with. The point of this article is not to disparage other forms of payment or dissuade you from using them. However, for you to make an informed decision on the matter, you should know something about the benefits crypto offers.
Security
One of the main draws of using Bitcoin and other forms of cryptocurrency for online casino transactions is the increased security it guarantees. Online casino Bitcoin transactions are completely anonymous, so you are assured privacy and don’t have to worry about someone getting hold of your bank details.
Low Fees
Another perk of using cryptocurrency for online casino transactions is its low fees. You don’t have to contend with credit card fees, for one thing. But what’s most interesting: studies also show that cryptocurrency fees may be as much as 90% less than the fees incurred by traditional bank transfers.
Convenience
A final benefit of using Bitcoin at online casinos is the convenience. Cryptocurrency transactions are fast and simple and can be done from a computer, tablet, or smartphone. Say goodbye to waiting in line at the bank and filling out countless forms; with Bitcoin, transactions are so much easier.
Will Bitcoin Remain Popular at Online Casinos?
It’s easy to see why Bitcoin and other types of cryptocurrencies are such popular transaction methods in Canadian online casinos. But you may be wondering: what is the future of Bitcoin at online casinos?
Given the multiple benefits of Bitcoin transactions for online casino owners as well as gamblers, it’s to be expected Bitcoin is here to stay. If anything, it seems likely that Bitcoin and other cryptocurrencies will only continue to grow in popularity and will be adopted by even more online casinos.
The reason for this is quite obvious: the advantages of using Bitcoin for online casino transactions are just too great to ignore!
Conclusion
Online gambling in Canada is only becoming more and more popular. Likewise, performing online casino transactions with Bitcoin is becoming increasingly popular, too. Due to the multiple benefits of Bitcoin and other cryptocurrencies, it seems extremely unlikely this will change any time soon.