One of the most substantial benefits of doing your gaming online is that you can use various deposit and withdrawal methods. With a land-based casino, you effectively only have a few ways to convert your money to chips. You can use an ATM with a debit card or credit card, bring cash, or apply for casino credit. Some land-based casinos have started to have things like Bitcoin ATMs, although those are relatively uncommon. However, with online casinos, you have a wide variety of deposit and withdrawal methods. One of the most popular methods is Ripple, a relatively new cryptocurrency. Here’s what you need to know about any Ripple casino!
Best Crypto Casinos Canada (August 2022)
What Is Ripple?
Ripple consists of two primary products. The first is a highly optimized cryptocurrency. It has a symbol of XRP, and you can buy Ripple on many leading cryptocurrency markets. The second product is a blockchain-based financial clearinghouse system called Ripple xCurrent. It is a competitor to SWIFT, enabling banks to settle transactions with nominal fees and minimal wait-time.
The brilliant engineers behind Ripple built it on a distributed open-source protocol. Jed McCaleb conceived of the idea, and the lead developers were Arthur Britto and David Schwartz.
Today, many people are still using Ripple as one of its leading benefits is its short wait time to settle the transaction. What might take an hour or more on Bitcoin takes a few seconds in Ripple!
How Does Ripple Work?
Under the hood, Ripple acts as any other cryptocurrency. You’ll have a wallet of Ripple (either software or hardware), and you can send and receive money with it. It utilizes a distributed blockchain system which is part of the reason why it is so efficient.
Indeed, one of the reasons why Ripple is such a fantastic payment method for casinos is that it does not require a central intermediary. Cryptocurrencies that have a centralized system like Bitcoin have increasingly long transaction times. If you send Bitcoin, it could take an hour or so before you can start gaming. With Ripple, in a few seconds, the funds will be in the casino’s wallet!
How Can I Use Ripple at Casinos?
Using this payment method at Ripple Canadian casinos is incredibly easy! You’ll need to have a wallet with Ripple in it. The casino will give you further instructions on how to deposit or withdraw using Ripple. Typically, these instructions involve sending Ripple to a wallet, and then there’s an automated or manual system that will pick up on the payment and credit your casino account accordingly.
Unfortunately, there aren’t many casinos with Ripple for Canadian players. Given the popularity of cryptocurrencies and Ripple, that number will likely increase significantly in the future. Indeed, we hope that more Ripple Canadian casinos will be available for players to try in the coming years!
Ripple Casino Deposits
To use Ripple as a deposit method with online casinos, you need to register for an online casino that accepts Ripple. Once you sign up for an account, you’ll need to go to the deposit page, which will provide appropriate instructions on how to send the funds to the crypto casino.
It is worth noting that casinos will convert cryptocurrency into whatever its Canadian dollar value is at the time of deposit. Online casinos can’t deposit, gamble, and withdraw, all in cryptocurrency denominations. As such, it is worth noting that the price of the digital currency can fluctuate significantly as you are gambling, and you will miss out on any gains (or losses) that the cryptocurrency sustains while it is in your account.
Ripple Casino Withdrawals
Withdrawing using Ripple is as simple as making deposits. You’ll need an account at any of the casinos with Ripple, and you may also need to complete the know your customer verification process.
Once you have that done, go to the withdrawals page of the crypto casino. Select Ripple and request a withdrawal. You’ll need to provide your wallet information. The casino will then start the withdrawal process. When they initiate the payout, they’ll convert your withdrawal amount in Canadian dollars to whatever the equivalent amount is in Ripple.
Is Ripple Safe To Use at Casinos?
Yes, it is! Most people consider Ripple to be a relatively safe cryptocurrency. It’s hard to hack the wallets, and there haven’t been any significant cases of theft. Additionally, since the transactions are all put into a distributed ledger, you’ll have a record of your payment to the casino, which is beneficial if you’re nervous about a casino claiming that they didn’t receive the funds.
With that said, you cannot request a refund for any money you send through Ripple, like you can with a credit card, for example. So please make sure that you double-check the funds you’re sending before you send them, as there’s no ability to get that money back.
Best Online Canadian Casinos Accepting Ripple
Unfortunately, there are not many casinos for Canadian players that are accepting Ripple at the moment. Although any cryptocurrency has the potential to be big, Ripple just hasn’t become as mainstream as something like Bitcoin or Ethereum yet.
Indeed, of all the casinos we have reviewed, there’s only one Ripple casino. Fortunately for Canadian players, though, it’s one of the best around. Established in 2018, Mr Bit is one of the best Canadian casinos. It’s also one of the rare ones that accept Ripple as a deposit method! They also support stunningly high withdrawal and deposit limits. So, you should have no problem playing at Mr Bit if you have Ripple!
We hope to see more casinos accepting Ripple in the future. Ripple has many technological advantages over Bitcoin and other more centralized cryptocurrencies, including a fast transaction settlement time!
Ripple Casino: Pros and Cons of the Payment Method
There are numerous pros and cons of using Ripple as a payment method at a Ripple casino.
The pros are that it is a fast, relatively easy way to make a payment to your favourite online casino. Additionally, it’s easy to get started with this payment method. All you need to do is go to your preferred cryptocurrency broker and buy some. Many of the large trading platforms either support or have plans to support Ripple. Finally, it’s a secure method of payment. There’s no personal information attached to your Ripple payment.
However, no payment method is perfect. There are legitimate downsides to using Ripple. For starters, the currency itself is somewhat volatile. If you like to gamble and keep Ripple, that could mean that the value of your cryptocurrency fluctuates rapidly. This problem exists with most cryptocurrencies. However, since Ripple is one of the smaller ones, this effect is more pronounced.
Additionally, while Ripple is available on many large cryptocurrency trading platforms, it’s not available on all of them. Depending on which platform you use, you may need to sign up elsewhere to buy and sell Ripple.
Consider Using Ripple in the Future!
There’s a lot to love about Ripple and, if you’re passionate about this cryptocurrency, you should sign up for a Ripple casino. The fact that anyone can make and receive payments with it in a matter of seconds makes it better than many of the other cryptocurrencies out there. Additionally, it’s safe, secure, and private.
However, with that in mind, not many casinos support this cryptocurrency yet. The rare exception to this is Mr Bit, a highly-rated crypto casino Canada in its own right. If you love Ripple and want to encourage other casinos to use it, consider sending them an email and asking them to include it as a transaction method in the future. If enough people ask for Ripple as a deposit and withdrawal method, there’s a good chance that more casinos will start to add it in the future!
Also, any cryptocurrency would benefit from some degree of price stabilization – especially for casinos. It can sometimes be stressful missing out on a big run while your crypto is in the casino as Canadian dollars. Conversely, of course, it can feel good if the cryptocurrency goes down in value. In some respects, you depositing it in the casino preserved its value at a higher point.
Ideally, though, it would be awesome if players could deposit and withdraw in XRP and gamble in it too. Instead of putting $1 per spin, you could spin the slot with 20 XRP (or whatever the amount is that the casino allows). That way, you could avoid converting your cryptocurrency into fiat currency just to gamble. At the moment, this idea is merely that – an idea. However, there are likely very talented folks working on how to accomplish this in the future, which will make the entire process much easier for cryptocurrency enthusiasts.
In the meantime, there’s one casino to check out that has Ripple. If more pop up, we’ll make sure to re-write this guide and add whatever the new crypto casino Canada is that accepts this excellent payment method!