The trajectory of Canada’s exploration into cryptocurrencies has been undeniably impressive. Standing tall as the world’s third-most attuned country to crypto, Canada’s tech community has enthusiastically seized upon the promises of blockchain technology and digital currencies. Backed by a comprehensive regulatory structure and a progressive mindset, Canada is setting the stage to take charge in the worldwide crypto landscape.
This enthusiasm is underscored by findings from the Ontario Securities Commission’s survey, which indicate that more than 30% of Canadians are actively seeking to educate themselves and consider venturing into crypto investments within the upcoming year.
Also, Coinbase, one of the largest cryptocurrency exchanges launched officially in Canada quite recently. This gives a big boost and further backing to the crypto market in Canada.
One area we want to focus on more specifically is the gaming and gambling crypto market in Canada. In this article, we’re going to give you a tour of what it looks like and how it has grown to be the huge industry it is today.
Why Is Crypto Gaming So Popular?
There are a number of reasons as to why crypto gaming is very popular across the world and now in Canada. Here are some of the key reasons:
Ownership and Control
Unlike traditional gaming, where in-game assets are owned and controlled by the game developer, crypto gaming allows players to truly own their in-game assets as non-fungible tokens (NFTs) on the blockchain. This gives players more control over their virtual belongings and the ability to trade or sell them outside of the game environment.
Economic Incentives
Many crypto games offer economic incentives in the form of cryptocurrency rewards, tokens, or in-game currencies that have real-world value. Players can earn rewards for their participation, skill, or contribution to the game, providing additional motivation to engage with the game. This is extremely popular at crypto casino sites. You can find a latest list of casino deals in Canada for crypto gaming sites and enhance your experience.
Community and Social Interaction
Crypto gaming communities tend to be highly engaged and passionate. Players often form tight-knit communities around their favorite games, participating in forums, social media, and in-game events. This sense of community and social interaction adds another layer of enjoyment to the gaming experience.
Transparency and Security
Blockchain technology provides transparency and security to the gaming ecosystem. Smart contracts ensure fair gameplay and prevent cheating, while the immutable nature of the blockchain protects players’ assets from fraud or manipulation.
Gambling Laws in Canada
Canada has its own laws and regulations when it comes to gaming and gambling and this can directly affect the cryptocurrency gaming industry in that country. These rules differ across provinces and therefore residents must abide by their own.
Take Alberta, for example, where physical casinos flourish but sports betting is capped at a daily limit of $250. Meanwhile, British Columbia enjoys a lottery boom but frowns upon single-bet sports betting. Conversely, Ontario leans more towards online casinos and horse racing licenses, yet tightens the reins on sports betting activities.
The legality of gambling itself isn’t in question across Canada; however, accessing gambling services can be convoluted depending on where you reside. Notably, these regulations predominantly apply to physical gambling establishments, except for Ontario’s burgeoning iGaming industry, which offers a different digital landscape nationwide.
In certain provinces like Alberta, British Columbia, Manitoba, and Quebec, online gambling sites are few and far between, and in some cases, entirely absent. Conversely, provinces such as New Brunswick, Newfoundland, and Nova Scotia refrain from licensing online gambling sites altogether. This disparity highlights the stark contrast in how the Canadian government regulates physical and online gambling activities.
Popular Cryptocurrencies To Use For Online Gaming
Several cryptocurrencies are popular for use at online casinos due to their security, speed, and privacy features. Some of the most commonly accepted cryptocurrencies at online casinos include: Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero, Bitcoin Cash, Dogecoin and more! In fact, there are around 50+ crypto coins available to the gambling industry.
Should You Invest In Crypto Gaming?
If you hold cryptocurrency and enjoy dabbling in online gaming, then there really isn’t a reason not to combine the 2 and make deposits and withdrawals using cryptocurrency.
Crypto possesses many benefits when it comes to gaming, we touched upon some of the main benefits early on in the article. Just to reiterate, these include: privacy, security, anonymity, speed, fees and more.
If you want an easier life when it comes to gaming and want a hassle free way to play, we would certainly recommend using cryptocurrency for gaming in Canada.
