Many cryptocurrency investors and enthusiasts believe that Bitcoin and blockchain are representative of the future that awaits us. Although there are still far more people who don’t own cryptocurrency or even have a basic understanding of how it works, this number is steadily decreasing. Through the practical use cases of Bitcoin casinos, more people are becoming aware of the promise of digital assets and how cryptocurrency wallets can facilitate a seamless way to bet.
Although there’s still an unbalanced gambling legislative landscape on a global scale, there have been some changes that have benefited North American casino gamers over the last decade. Overall, the gambling industry continues to benefit from a raft of new states looking to join the market to generate some of the extensive gambling tax income. Canada is following the trend and is one of the few countries where cryptocurrency casinos can operate.
Although other countries have cryptocurrency casinos, the regulations on whether they’re legal or tolerated is sometimes unclear. However, in Canada, this question isn’t generally a concern. However, given that each province has its own approach, you must check the current landscape, as sometimes laws and regulations can change quickly. Hence, it’s crucial to have a strong knowledge before you use Bitcoin to play roulette, poker, slots or blackjack. Metaspins Canada is one of the fastest-rising Bitcoin casinos where you can connect your wallet instantly, deposit your Bitcoin and select your chosen casino game.
Placing bets at a cryptocurrency casino operates in the same way as a traditional casino. However, there are added advantages that bettors in Canada and other countries have identified as critical variables that are driving this current demand.
Security of crypto casinos
Although traditional digital casinos pride themselves on using the highest levels of encryption available, with many spending millions of dollars on security and firewall protection, there have been growing instances of data breaches involving some of the biggest names in US gambling. We must stress that given the number of providers out there, this is a rare occurrence, and with each breach comes a complete revision of how companies conduct their internal security reviews so that it doesn’t happen again.
However, that doesn’t detract from the fact that cybercriminals will target traditional online casinos because of the valuable personal information they hold on millions of their users. The good news is that with a cryptocurrency casino, there is no need to provide your information, date of birth, photo, address or credit card information.
You only need a cryptocurrency wallet with some Bitcoin to begin playing. Suppose a crypto casino is subject to a cyberattack, which we saw with Stake recently – in that case, the hackers aim to drain the cryptocurrency from holding wallets because there’s no valuable or identifiable personal or banking information for them to get their hands on.
All that is kept on file is your cryptocurrency wallet address and proof of transaction on the blockchain, all of which is publicly available anyway and poses no threat to you if the information is improperly accessed. From a security perspective, the critical thing to remember is never to hand out your seed phrase or wallet password, and always ensure you are connecting your wallet to a legitimate provider.
Due to the red tape involved when it comes to verifying your identity at a traditional casino and the barriers that conventional banking can put in place when you deposit your cash, many bettors have sought out other ways to gamble, and this is where the gap in the market that crypto casinos have been developing over the last few years has begun to pay dividends.
As we alluded to in the previous section, cryptocurrency wallets negate the need for a bank to be involved in your casino deposit. Once you have connected your wallet, you send your assets directly and instantly.
With a traditional casino, you have to authorize your bank to send the money to the casino’s bank, they need to allocate the money to the conventional casino’s bank account, and the casino needs to put the funds in your account. With cryptocurrency, it’s just your wallet and the casino’s wallet, and that’s it – no issues with payment, hidden fees or problems with your bank; you send it, and it is there, verified securely on the blockchain and ready to use immediately.
Giving bettors a choice is imperative, and with the online gaming industry generating billions of dollars and more game designers looking to develop ways for gamers to play on their mobile devices, whether they’re free to play games or classic casino games, it just further highlights how much creativity exists within the industry.
Bitcoin and the blockchain can potentially transform how we spend and invest, and cryptocurrency casinos are positioned early to benefit if mass adoption occurs. Some people believe this is more of a case of when and not if, so there’s a lot of anticipation in the sector.