Some people may be surprised to see the inclusion of cryptocurrency in the list of available payment methods, but it’s true! Many Canadian businesses have moved into the 21st century and now accept cryptocurrency as a form of payment. And yes, that means you can use crypto to pay for goods and services at online Canadian businesses. There are many benefits to using cryptocurrency for both business owners and visitors. One of the biggest advantages is no currency conversion fees, so you don’t need to worry about changing your money before you arrive.
Another big benefit of using cryptocurrency over standard online payment methods is the fact that it is a fully decentralized, peer-to-peer payment system. This means that there is no central authority that can block or restrict payments, meaning you’re free to spend your money however you want to. Some banks or e-wallets restrict transactions to businesses that they consider to be risky, such as cryptocurrency exchanges or online casinos.
Because of this, there are many crypto casinos in Canada, as they provide Canadian players with a hassle-free way of depositing. These Canadian online casinos accept many different payment methods, from crypto to Skrill to Visa card payments.
However, there are some downsides to using crypto. One of the major downsides is that there is no help available if something goes wrong. If you make a mistake when copying down the wallet address or if you send the wrong type of crypto to the wrong wallet, that money is lost forever.
There’s no one who can reverse the transaction as it’s a purely peer-to-peer network, so you have to be careful when paying via crypto. However, many companies have made this easier by including scannable QR codes that automatically enter the wallet address when making a transaction.
Paying Around Canada
Once you’ve arrived in Canada, you also have plenty of options for paying while in person. Almost all stores in Canada accept the major credit and debit cards, such as Visa, Mastercard, and Discover. You’ll be hard-pressed to find a store that doesn’t accept one of these cards, and many stores also accept contactless forms of payment, such as Apple Pay, Google Pay, and Visa contactless.
This means that you don’t have to worry about carrying large amounts of cash around with you, which is often a stressful part of vacationing.
While paying online with cryptocurrency is often an option, you’ll find that far fewer brick-and-mortar stores accept crypto. Part of the reason for this is the amount of time it takes to fully confirm a transaction on most blockchains. Debit and credit cards process their transactions almost immediately, whereas some cryptocurrencies can take upwards of thirty minutes to confirm a transaction. However, there are some stores that accept faster forms of crypto, such as Bitcoin’s lightning network, so keep your eye out for them.
Overall, Canada offers plenty of ways to pay online when traveling, so you’re free to pick the method that best suits you.