With so much innovation in the crypto scene, one can have trouble deciding on the cryptocurrency to use across online casinos, but with Polkadot, all your troubles will go away. This is a multichain protocol, which due to its structure, allows interoperability between many chains, hence, allows you to transfer different data, assets and tokens across multiple blockchains. It offers its native token, too, so you can use it if you want, as well. If it sounds as intriguing to you as it is, stay with us to learn about it more. What is Polkadot and why choose it as your payment solution across Canadian online casinos?
Top Polkadot Casinos
When Polkadot was first launched in 2020, it served as a proof-of-authority protocol, but today, it is one of the most innovative, hottest multichain available on the crypto scene. It is an open-source and decentralized protocol that allows validators in the network to participate in its consensus. Offering multiple chain interoperability, it allows different chances to create new services and apps through its network. These chains can share transactions and data through its own Relay Chain, which enables consensus, interoperability and security.
Three experienced crypto veterans are behind the solution. One is Rober Habermeier, an accomplished cryptography and blockchain developer and researcher, the second is the co-founder of Ethereum, the creator of Solidity and the founder of Partity Technology, Gavin Wood, and the third one is Peter Czaban, specializing in FinTech industries. With their vast knowledge in the field, they created the Web3 Foundation that runs Polkadot. This foundation created the crypto that allows for instant transactions at a low cost we’re exploring today.
How does the protocol work? Well, it serves the purpose of providing network operations and guidance and creates parachains. Parachains are independent chains owning their tokens, which can be customized and optimized for different use cases. Then, there are bridges which allow parachains and parathreads to successfully communicate with external chains like Ethereum. Parathreads are, in fact, similar to parachains, only based on the pay-as-you-go model, meaning more flexible.
You’d need to be a developer to understand all of these terms, but to put this in simpler words, this is a protocol that has parallel processing power, meaning it can offer unrivalled scalability since multiple transactions on several different blockchains are processed at the same time. To maximize security, its network uses nominated proof of stake mechanism, known as NPoS, selecting nominators and validators.
Its native token is called the DOT, and today, you can see 1 billion DOTs circulating, therefore, this is a crypto that has already taken the world by storm. No wonder it has gotten its way into the online gambling industry. Many online casinos are already offering it since their players have some DOTs in their possession. The number of casinos offering it continues growing, so you can rest assured you’ll find it across the most reputable Canadian casinos. If ready to learn how to start using it, stay with us.
Getting Started with the Solution
There’s an official Polkadot website you could visit to discover more about the solution if you’re a crypto enthusiast and/or a developer since there’s a launch roadmap and so many different pages you could explore. So far, we explained only the basic services and things you could use if you join its community, but to discover more, make sure you visit the website.
To get started with it, you’d want to purchase some DOTs first. To do that, you’d need to visit a reliable exchange platform like Coinbase and create your account with it. This exchange has been offering the token since 2021. Other options include Kraken, HBTC, Binance, OKEx and Huobi Global. No matter which one you go with, you’d need to provide some basic personal details, such as name, email address and date of birth. Once your account has been created and verified, you can proceed with the purchase.
You can use fiat currencies, like Canadian dollars, euros or US dollars, but to do that, you’d need to provide additional ID documents to verify your identity. Once verified, you can use any of the debit, credit cards or eWallets you’re already using to complete the purchase.
The purchasing procedure is incredibly simple, you just need to specify how many DOTs you’d like to buy and the platform will calculate exactly how much you’d need to pay for your coins, depending on the current market rates. Keep in mind that some fees would apply here, charged by the exchange platform.
Once you get your coins, you’d need to learn how to set up and use a crypto wallet to store them. There will be plenty of options to explore, but you better stick with eWallets as they are incredibly useful for casino deposits and withdrawals. Choose the one you’d want to go with and create your wallet account. Once you have your keys, you are ready to start transacting with the coins.
Depositing and Withdrawing
We mentioned that Polkadot is a fairly new cryptocurrency that is yet to become offered across thousands of casinos. However, we also hinted that the number of casinos offering it is growing in full steam. You’ll already find it across top Canadian casinos like 888Starz.bet, Fuzebet, and BC.Game, for instance. Do your research and you’ll see that plenty of other options are at your disposal. Explore what they’re offering, and choose the one that offers the best things for you, according to your preferences and tastes.
To make a deposit with Polkadot, you’d need to do the following:
- Go to the casino’s Deposits/Cashier/Banking page.
- Look for Polkadot/DOT logo and press it.
- Copy the casino’s address.
- Log into your crypto wallet and specify how much you’d like to have on your casino balance.
- Paste the casino’s address and confirm the transaction.
- Your coins will arrive on your casino balance in an instant.
Withdrawals are done the same way, only in step 3, you need to copy your wallet address and paste it in step 5. Of course, instead of specifying how much you’d like to deposit, specify how much you’d want to cash out. The casino will take it from there, check whether your request is legit and confirm the transaction. As soon as it does, the coins will arrive on your wallet right away.
Depending on the services you’d like to use, some fees are charged. You’d need to head over to its official website to check the fees for the service you’d want to use.
These fees are charged in order for the solution to prevent users from abusing the resources on the network, so you won’t be able to go around them.
And, you remember that fees also apply when purchasing your DOTs, as set and charged by the exchange platform of your choosing.
You can purchase DOTs using any fiat currency available at the exchange platform you’ve created an account with. You should not worry about the availability of Canadian dollars, since they are offered across most, if not all exchanges. Binance, for example, offers over 150 fiat currencies, and Canadian dollars are at top of the list.
You can, of course, exchange another token you have in possession with DOTs, available on the exchange platform, too.
Given the fact that this is a multichain protocol of open-source and decentralized nature, it goes without saying that Polkadot is a global solution, available to anyone, from any place in the world, Canadians included.
Its community counts members from more than 50 countries across the world, yet, as you know, some users are forbidden to use crypto in some countries, so its services won’t be available there.
When on the official website, make sure you visit the Contact page, to find all of the options available at your disposal to get in touch with the Polkadot team. You’d need to join Discord or Watercooler for general chat, fill out a form for press inquiries and join the support.polkadot.network for all other inquiries. This is a special page you get redirected to, where you can type your question to get the answers you need. Of course, you have a separate FAQs page you could explore, as well.
However, in case you need help with your deposits or withdrawals, you should definitely contact the Customer Support agents at your chosen casino. They should be able to guide you through the processes and help you out with anything you might need.
Polkadot is truly an amazing solution, one incredibly suited for crypto aficionados and developers in particular, as it has so much to offer that normal users cannot really fully comprehend. Other than the small fees that apply, absolutely necessary to protect the network resources, the solution has no disadvantages. Seriously, with it, you’ll only be getting perks and benefits. As a Canadian online casino player, you can make deposits and withdrawals with it, and you can purchase it in your native currency. You have no legal obstacles to using it across the many online casinos that offer it since your country has embraced crypto and crypto transactions are completely legit, so the first chance you get, make sure you give this crypto a go. You won’t be disappointed with what it has to offer.
No, no way. This is only the foundation behind the crypto, the one that invented it, but Polkadot is still a decentralized and open-source multichain left to the communities, with no supervision whatsoever.
No, not really. The exact number is not familiar, since the protocol is unbelievably scalable, so anywhere between dozens and hundreds of blockchains could do.
Sure, just like any other cryptocurrency. You have the constant fluctuations in value, the legal relationship between token holders and the regulatory treatment, among others.
No, not really. You can only explore the website in English, as this is the global language spoken by most people across the globe.
It sure is. You will find it on Twitter, YouTube, Telegram, Element and Discord, as mentioned.