The world of crypto is expanding each day, with new digital assets and options becoming available to users across the globe, and with the invention of stablecoins, USDC has become one of the most popular digital assets out there. This is a cryptocurrency in essence, however, backed up by one of the world’s most used fiat currencies, the US dollar. As such, it combines the best of two worlds, the convenience of traditional banking and the exotic of the crypto scene. That’s why it is not known as a cryptocurrency but as a stablecoin, which, as implied by its name, is a crypto coin that is much more stable than any regular digital currency. What is USDC really and why use it as your payment method across Canadian online casinos?
Top USD Coin Casinos
USDC, or what’s short for USD Coin, is precisely what’s implied by its name, a crypto coin that has the same value as the fiat currency US dollar. It is the brainchild of Circle and Coinbase, co-founded by CENTRE, which you may or may not know is an open-source tech organization. The three teamed up with the aim to create a unique digital asset that would allow people who wish to move money all across the globe to be able to do it in a faster and cheaper way, without involving their traditional bank accounts.
The solution they created is one that manages to connect financial institutions, fiat currencies, businesses and people, but via an open financial system. The stablecoin we know today is just what was meant to be: a digital asset backed by one of the world’s most used fiat currencies, the US dollar, meaning a coin that has the same value as the US dollar. As such, its value rarely fluctuates, meaning it fluctuates just as much as the US dollar’s value fluctuates. This is one of the many reasons why users prefer it over other cryptocurrencies, which normally go through volatile fluctuations.
So, the stablecoin is one of the coolest digital assets that pairs the best of the two worlds, the stability of fiat currencies and the affordability and speed of digital currencies. Add to that the fact that the risk of fluctuations is completely eliminated, and there you have it: the perfect crypto to use.
How is all of this possible, you may wonder? Well, the stablecoin runs on Ethereum’s chain, which is a decentralized and programmable chain. And, even though a token on Ethereum’s blockchain, you’d need to have a compatible wallet to use it. But, since it is backed by the fiat currency, which is regulated and licensed by US government-controlled financial institutions, it also has the support of the traditional banking systems. Therefore, to use it, all you’d need is a digital wallet and a mobile device, and with it, you’ll be able to use all of the traditional financing services. Coinbase coined a phrase to describe it, a programmable dollar, which perfectly describes its ability to unlock new opportunities for apps and businesses.
While Tether’s stablecoin USDT is still the number one, USD Coin has been crowned the second-largest right behind it, since reports in 2021 were that over $20 billion have been mined. On that note, while USDT still has better trading volume and higher liquidity, USDC offers better transparency. Therefore, it should come as no surprise to you that it has already been listed across the very best Canadian casinos. Continue reading to figure out how to use it.
Getting Started with the Solution
Even though it offers the stability of a fiat currency, as said, to get started with the solution, you must have a wallet and a mobile device. The wallet needs to be compatible with Ethereum’s blockchain, while the mobile device can be any, with a newer version of iOS or Android operating systems.
But first, you’d need to purchase some coins, in order to have something to store on your wallet. Coinbase is one of the top exchanges, and one of the names behind this stablecoin, so you could visit it to purchase your coins, but you should know that BitFinex, Poloniex and Binance are also offering the stablecoin. Create an account with any of these exchanges and connect your debit, credit card or eWallet to it, and you’ll be able to purchase as many coins as you want, at a ratio of $1 for 1 USDC. If you’re using US dollars, the purchase won’t be subject to fees, but if you’re using Canadian dollars, there will be a currency conversion fee, naturally.
Next, you’d need to create an account with a wallet. Download the chosen Ethereum-compatible wallet on your mobile device and create your account with it, where you can store your coins. You’d get the appropriate wallet addresses, the keys, you’d be using to transact with the solution.
Here, we should mention that you can also store your coins on the Coinbase account if you chose to go with this exchange for purchasing. The account offers special perks for US citizens holding at least 1 USDC on a Level 2 verified account. All users are getting signed up for the Rewards program automatically and are getting their rewards in the first five working days of the following month.
Depositing and Withdrawing
We mentioned briefly that USDC has already been listed as an accepted method across the finest Canadian casinos. We can mention some which have been reviewed here at casinoreports.ca, and these are FairSpin Casino, 1GOODBet, FuzeBet, BC.Game, and Pleedo, to name a few. These are only a few suggestions, but search for more, and you’ll see that many others are offering it. Choose the one that suits you best and create an account with it.
To make a deposit with USDC, you’d need to do the following:
- Visit the casino’s Cashier/ Payment Methods/ Banking page.
- In the Deposits section, look for USDC’s logo and press it.
- Copy the casino’s key.
- In the new window, enter your wallet or Coinbase account.
- Paste the casino’s key in the designated field and specify how much you’d like to deposit.
- Confirm the transaction and watch the stablecoins arrive on your casino balance right away.
Since this is, after all, a digital currency, the solution can offer near-instant deposits. But, withdrawals with it are as fast! You’d need to go through basically the same steps as just described, only now look for its logo in the Withdrawals section, and copy and paste your key in the designated fields, specifying how much you’d like to cash out. The casino will have to review your request, but the minute the request has been approved, you’ll instantly get your coins on your wallet or Coinbase account.
You should know that some of the smallest fees when it comes to crypto apply with USDC. These are called gas fees which apply for transactions with any Ethereum token, this one included.
These fees are really insignificant but must be charged nevertheless, to fuel the transaction on the Ethereum blockchain.
Of course, as you’d assume judging by its name, the US dollar is the default currency to purchase this coin.
In case you wish to use other currencies, like the Canadian dollar, since you’re a Canadian player, you’d need to pay some small currency conversion fees. You’d need to first convert your Canadian to US dollars to then become able to purchase some coins.
When it comes to cryptocurrencies, you can trade the stablecoin for Ethereum, of course, and Bitcoin, but that’s it.
This is, without a doubt, a stablecoin that is offered all across the globe. Even though, of course, it is most popular in the US and offers pretty generous terms and perks to US users, as a digital asset, it is offered to anyone, anywhere in the world.
Of course, we cannot ignore the fact that some countries forbid cryptocurrencies transactions or are facing possible bans, and since this is a crypto in essence, some players won’t be able to use it across online casinos. You, as a Canadian player, are out of the woods, since Canada welcomed crypto a few years ago and crypto transactions are legit.
In case you have a question about the stablecoin or some issues with it, you may try contacting one of the three organizations behind it. Each of them has an official website and a Contact Us page you could explore to try and find your answers by yourself or get in touch with their representatives.
Of course, you can also use your casino’s Customer Support service. The Support agents across online casinos usually speak different languages and are trained to assist you with anything, especially when it comes to deposits and withdrawals. They should be able to give you a hand.
USD Coin is really a digital asset that anyone would like to hold and use across online casinos. It really provides you with the best of open-source technologies and traditional financing, since it is a crypto backed by the US dollar. Even if you don’t own a bank account or you simply don’t want to use one across online casinos, you can basically make transactions with US dollars at a ratio of 1:1. So, as long as you have a smartphone, an account with Coinbase or a wallet that’s compatible with Ethereum, you can enjoy all the perks it comes with. You can use it for both deposits and withdrawals, across so many cool Canadian casinos, so make sure you check it out.
While there’s no official website for the digital currency itself, you can visit Circle.com and you’ll find a USDC page where you could learn all about the power of the stablecoin.
It is, actually, if you’re using a wallet that is not compatible with Ethereum’s blockchain. It can also fail if the address of the sender or receiver has been blacklisted. Keep in mind that both the sender’s and the receiver’s wallets need to be compatible with Ethereum’s blockchain.
No, not really. This is, after all, a digital currency, so just like with any other, transactions with it are irreversible. It still runs on a blockchain, and you know that blockchain transactions cannot be reversed.
You should be aware that a maximum of 8,500,000 USDC and a minimum of 0.001 can be sent through the blockchain.
Ethereum’s blockchain, it is no secret, has been overloaded and fees were increased a bit, but should you manage to upgrade to Ethereum 2, you can actually avoid paying fees.