Almost every online casino gambling fan, regardless of whether they are new to this entertainment or they have been around since the dawn of the Internet, often hear or read about gambling with cryptocurrency. If they are not very aware of what crypto is and how it works, they may feel reluctant to try this way out for real cash betting.

And this is a correct approach; in fact, why would anyone risk their own money in a way they are not familiar with? However, there are so many reliable and secure online casinos that accept crypto for betting that maybe it makes sense checking the thing out. Firstly, it is important to choose one of the best cryptocurrency casinos in Canada for safety of the funds and data, and secondly, it is important to know what rules are applied by Canada to crypto coins.

Many reliable reviewing platforms like CasinosHunter explain in detail how cryptocurrency gambling works. This post explains some of the most make-or-break aspects; for more details and a list of reliable casinos sites, check out CasinosHunter for Canadian punters.

Cryptocurrency Online Casinos: New Profitable Trend

Cryptocurrency casino sites are part of the comparatively new trend, despite the fact that cryptocurrencies, beginning with Bitcoin and other popular coins, have been around for many years already. Casinos accepting crypto are in fact easy to understand; they add online payment options that process payments in crypto coins, to their other banking methods for deposits and withdrawals.

People connecting crypto payment methods to their casino accounts become able to send deposits in digital coins, make bets in BTC, LTC, etc., on casino games, even claim bonuses at some casino sites, and eventually withdraw digital coins to their ewallets. While this type of gambling seems a bit more complicated, and a bit more risky than when using fiat currencies, in reality this is a matter of habit. If one tries this and makes several deposits, bets, and withdrawals in crypto, they will quickly get used to it. Crypto gambling, in turn, has lots of benefits for real money betting.

The Benefits of Cryptocurrency Gambling

There are four main benefits of cryptocurrency gambling at online casino sites: safety, profitability, games, and bonuses.

The point is that transactions in cryptocurrency are often faster, more convenient, and even more secure than transactions in fiat currencies via online payment processing companies. Transactions in crypto are often instant, the fees are small, and the transaction is completely transparent meaning it can be tracked, but at the same time, the payer and the payee have their data encrypted and therefore protected from any third parties.

Due to the high cost of most cryptocurrencies, betting and winning in crypto is also rather profitable. Of course the value of this or that currency can change quickly, and it can either drop or grow, but together with the risks, the profits also grow.

Players depositing with digital coins can find special bonuses by online casinos, in the form of match bonuses or in the form of free spins. Bonuses can help the player win more crypto, and if the casino promotion offer is fair and advantageous, this benefit should be used in gambling.

And eventually, some of the best and biggest cryptocurrency gambling platforms even have exclusive casino games created specifically for betting in digital coins, bringing even bigger wins. Due to all those benefits of crypto betting, digital coins become more and more popular with Canadian players.

Cryptocurrency in Canada: Laws and Rules

Those Canadian punters who are reluctant to use crypto currency for casino betting because they are not sure about the local laws and stuff should check out a more detailed overview of this topic by CasinosHunter, an online casino reviewing platform that covers the topic of real money betting for Canadians.

However, if one would like the matter to be described in simple terms, at the time of writing, cryptocurrency is completely legal in Canada for online payments, and for transactions between users. Many online merchants accept crypto payments, including online casinos. Therefore, local punters can freely buy coins and use them for bets in games.

Do Canadians Pay Taxes on Crypto Wins?

Currently, Canadian gamblers who play games at online casinos are not expected by the government to pay taxes on what they win on these platforms. Offline gambling is legal, popular, and regulated in Canada, and the companies providing services in this industry pay huge taxes to the communities, plus, all bets and winnings are subject to taxes, as well.

However, this does not work for online casino gambling, because online casinos allowed in Canada are not located in Canada; therefore, while the operators must pay for the license, the players are not expected to pay taxes on what they win.