The Impact of Cryptocurrency on Online Casinos: 20Bet Approach

Have you noticed? iGaming has been affected by the rapid development of technology. For the better! In the past, you would only use real money to place a stake. Now, betting with cryptocurrency has become common in most online casinos.

20Bet is no exception. The brand offers over 10 different cryptocurrencies for deposits and withdrawals. I’m here to take you through all the necessary aspects you need to know. 

Crypto Casino Canada: Background and Context

Generally, gambling with cryptocurrency in Canada is not prohibited. So, while state-regulated operators may not all accept crypto yet, you can try out offshore options and still find the best crypto casino in Canada to suit your preferences. 

How Cryptocurrency is Changing Online Casinos

Is crypto gambling altering the way we know online casinos? The answer? Completely.  Unlike traditional payment methods, where there are intermediaries, cryptocurrencies are decentralized. Also, your transaction fees are minimized. 

Words you’ve never heard before? Don’t worry; I’m going to cover these topics in more detail below. 

Advantages of Using Cryptocurrency in Online Gambling

Unlike traditional finances, payments on the blockchain offer a handful of new advantages. From Crypto security to reduced transaction fees, there is a lot to explore. 

Profile Security

The blockchain protects your profile through advanced encryption and decentralized systems. Unlike traditional casinos that store sensitive data centrally, 20Bet reduces the risk of large-scale data breaches. With minimal personal information required, you can enjoy stronger protection against identity theft and hacking.

Crypto Anonymous Transactions

Digital currencies like Bitcoin maintain a high level of anonymity. Thanks to blockchain encryption, crypto transactions are recorded on public ledgers without revealing users’ identities.

Reduced Transaction Fees

I’ve tested all types of withdrawals. They come with ridiculously lower transaction costs. If you were to use a bank transfer, it would take approximately 5% of our balance. In contrast, crypto transactions processed via blockchain technology minimize any additional charges. Winning!

Global Accessibility

Gambling with cryptocurrency grants you access to online payments, bypassing regional banking restrictions and currency conversion issues. Despite restrictions in Canada, you can still easily access offshore casinos. 

Transparency

Blockchain technology provides transaction transparency. In online gambling, it means that all payments and withdrawals are publicly verifiable, reducing the risk of manipulation. Basically, when it’s a proven transaction, it’s impossible to fake. 

Since there’s no one cooking the books behind the scenes, trust between us players and the gambling platforms is fostered. 

Provably Fairness

Provably fair systems let you verify the fairness of each game outcome independently. By combining user and server-generated seeds, the systems ensure that game results are random and unbiased. 

Challenges and Risks of Crypto Casinos

At any Bitcoin live casino, you’ll face specific challenges and risks. Here’s what you need to take into account:

Crypto Volatility

Crypto might be a good investment, but volatility could become a concern. For instance, today, Bitcoin could be $50,000, but tomorrow, it might drop to $30,000. This will affect your finances significantly. 

Regulatory Issues

Not every country has light regulations regarding crypto. You can sometimes bypass restrictions, but keep in mind that local jurisdictions might impose fines if you use Bitcoin or other coins for gambling. 

20Bet Approach on Crypto Payments

The 20Bet casino has a user-friendly approach towards crypto payments. There are no restrictions, but the list of coins may vary depending on your location. Make sure to look at the subheadings in the subsequent paragraphs. 

List Of Cryptocurrencies

When you open your gambling wallet, you’ll find the following cryptocurrencies:

• Bitcoin
• Ethereum
• USDT
• Litecoin
• Bitcoin Cash

20Bet Deposit and Withdrawals

Crypto deposits are processed almost instantly. As for a 20Bet withdrawal, it can take up to 24 hours. However, you might receive funds in your wallet in several minutes. This is still much faster than the average 3-day delay on traditional transactions through your bank.

Vast Amount of Games Supported With Crypto

You can play different crypto slots with tokens available at 20Bet. There are no significant differences from fiat money. To illustrate, instead of a regular dollar, you will be playing with mBTC.

Future of Cryptocurrency at 20Bet

With the advent of blockchain gambling and smart contracts, I believe cryptocurrency will become more common at 20Bet. Almost every day, we hear the news that a new token or digital coin has entered the market. In time, there will be even more options and games you can play using crypto. 

Responsible Gambling

Despite the innovation and ease that crypto has brought us, compliance with modern regulations is necessary. Many forget about the addiction gambling can cause if we’re not careful.

Thankfully, at 20Bet, you can always rely on professional assistants. If you have problems setting limits or taking breaks, contact the customer support section. They can help you self-exclude temporarily or set deposit limitations on your account.

By Alyona Laptieva

Updated: 07 Apr 2025, 21:59