Crypto, Canada and Casinos

If there is one thing that can be said to have defined the complexity and development of human interaction at the start of the 21^st century it is the pervasive integration of the internet and digital communication.

For many, those first few years included a lot of stumbling as users got to grips with social media, spooky interaction at a distance, virtual shopping and of course having the ability to be a visible voice on a global stage. Meanwhile many of the technologies and innovators driving the changes to the modern world have quietly but surely started to reach maturity.

This includes the two seemingly separate worlds of online casinos and crypto currency. Whilst one has made the transition from tangible environments and hard cash to digital, the other has travelled in the opposite direction. Now both worlds have found a common purpose and may yet be poised to spearhead the next phase of the digital revolution.

In terms of cryptocurrency affability, Canada ranks in the top 3 countries that have embraced its development and use. With Quebec possessing about 10 terawatt hours per year in surplus energy, the province has also piqued interest from domestic and foreign cryptominers looking to locate some of their operations to a region with some of the lowest energy costs in the world.

Along with high internet speeds, low temperatures and interest from the Bank of Canada to build a nationwide blockchain ecosystem, Canada is looking like one of the most attractive places for cryptocurrency to flourish and be firmly adopted as a mainstream currency.

The inherent security of the way cryptocurrency operates (it’s in the name) means that many online casinos have started to adopt it as a valid form of currency for deposits and payments to their patrons. In this regard, the casinos at the forefront of this currency disruption are trailblazers not only for their own industry, but for the global economy as a whole.

Casinos and Crypto

Whilst the majority of private individuals probably don’t have any digital currency, casinos taking the bold step to incorporate this method of transaction into their repertoire means that many players will eventually see the benefits and make the move to adopting cryptocurrencies as their main form of online payment.

The benefits are clear, with many casinos offering free cryptocurrency withdrawals and deposits there has already been an increased demand for alternative casino payment methods to stop reliance on the more traditional debit, credit or bank transfer payments.

For those transacting across borders there are usually lower fees for cross-border exchanges. In-country handling fees are often considerably lower than those charged by banks or organisations using Visa. There is also evidence to show that most cryptocurrency transfers are significantly quicker than their traditional forebears.

Perhaps the final stumbling block for early adopters is the issue surrounding security, however as already mentioned, the security is built into the currency with each computation that brings a currency into being forming part of a regularly changing “description” of the whole cryptocurrency system. Think of it like a constantly changing password.

There still remain a number of unresolved questions over how cryptocurrencies are taxed and accounted for, however, Canada’s progressive and positive approach to find ways to accommodate this new currency can only benefit its growing online casino industry. Observers will be eagerly watching as Canada forges ahead and sets the standards for this brave new world of cryptocurrency.