Cryptocurrencies have revolutionised the way we transact online and have opened up new vistas to online gamblers searching for convenient ways to deposit and withdraw money.
Cryptocurrencies have been around for over a decade and have been instrumental in the evolution of blockchain networks. Crypto wallets have revolutionised payment software while offering users a less regulated and more anonymous system within which to transact.
The online gambling industry in Canada has been making use of cryptocurrencies for years. Bitcoin remains the most dominant cryptocurrency of all the ones in use, being both highly accepted and widely used at online casinos. Since 2014, gamblers have deposited over US$4 billion into casinos, with providers offering increasingly innovative solutions for players to manage their funds.
Here are a few popular alternatives to Bitcoin used by Canadian gamblers:
Ethereum
Ethereum (ETH) casinos have become popular over the last few years. In terms of games selection, most offer classic card games like roulette, video poker and blackjack, plus dice games like craps. It’s also possible to choose from hundreds of online slots at most Ethereum casinos.
Using bonuses at Ethereum casinos is similar to the traditional rules that govern bonuses. If you sign up with a casino and your first deposit is 1 ETH, the casino will likely match you with a complimentary 1 ETH as a welcome gift. Remember to monitor the percentage of the bonus that you plan to use to ensure that you get the maximum value out.
Litecoin
Alongside Bitcoin, Litecoin is (LTC) the most widely used cryptocurrency for online gambling transactions. There are even specific Litecoin casinos designed for users of this payment method. These platforms offer Litecoin-based games such as blackjack, slots, and roulette, as well as Litecoin bonuses with complimentary spins and other perks. LTC exchanges and e-wallets are also available with sportsbooks, allowing players to wager on all kinds of sports.
HEROcoin
HEROcoin, or HERO, is another type of Ethereum cryptocurrency used primarily for e-sports and virtual tournament buy-ins for video games like Counterstrike and DOTA2. One of the critical features of this platform is that by reserving a HEROcoin, users can continue to earn extra coins without needing to buy in to an events pool.
The reason for this is that the HEROcoin contract mandates that every prize pool must distribute at least one per cent across each active user account. The more coins a user has, the larger the percentage cut of the prize pool they are eligible for.
Ripple
Ripple (XRP) is a centralised, secure payment protocol renowned for its speedy transaction times and minimal fees. Though it’s not a common cryptocurrency that one would find at online casinos, those that accept this payment type provide a selection of dice games, slots, baccarat, keno, roulette and poker.
It’s also possible to use XRP on virtual horse racing and other sports. On specific gambling sites, winners can claim up to 99 per cent of their winnings, which ultimately means that the house edge is set at only 1 per cent for most of the games available.
Wagerr
Wagerr is a decentralised, self-regulated blockchain system aimed at the sports betting industry. Wagerr lets players place wagers through a transparent, unrestricted and private system, with the aim of eliminating risks and problems associated with bookmakers.
Wagerr is one of the newest providers, having first emerged in 2018. However, during its first operational weekend, the application accepted over 400,000 sports bets, making it a notable adversary even to more entrenched market players such as Bitcoin.
Monster Byte
Monster Byte has been present in the crypto gaming industry for over five years. The company operates several online gambling and sportsbook sites, including Peerbet.org, Bit777.com, and BitcoinRush.
In comparison to other sportsbooks, Monster Byte platforms offer attractive odds, as well as an exclusive daily cashback that you won’t find at other Bitcoin bookmakers or casinos. The site provides a one per cent house edge on close to 50 games, plus the ability to exchange different cryptocurrencies through your Mac, PC, mobile device or tablet.
