Is crypto actually faster for cashing out or am i imagining things
ok so ive been using e-transfer for my withdrawals for like a year and its honestly fine but takes a day or two usually. buddy of mine keeps telling me to switch to btc cause its instant. is that real tho? everyone keeps hyping crypto but i feel like theres gotta be fees or delays somewhere. anyone actually compared the two?
12 answers
Top Answer
192
yeah crypto is genuinely faster in my experience but its not magic instant either. when i was on interac it'd take a day or sometimes longer if i hit a weekend. switched to using crypto on Boomerang Bet a while back and most of my withdrawals clear in under an hour, sometimes like 15 min. the catch is the network fee and the price swing while you wait, plus you gotta verify your wallet stuff first time. once thats done its smooth tho. just dont expect literally zero waiting
6
Can confirm. I made the switch about 6 weeks ago and the difference is night and day for me. E-transfer always had me waiting overnight, crypto usually hits my wallet before i even close the app. The first verification step was a bit annoying but after that its been painless.
2
idk man sounds like youre all forgetting about the conversion. sure the withdrawal is fast but then you gotta move it off an exchange and sell it back to cad. by the time you account for all that is it really faster? feels like youre just adding extra steps
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118
nah that depends on your setup honestly. i use a wallet thats already linked to an exchange so selling to cad takes like 2 min. if youre doing some convoluted cold storage thing then yeah sure its slower but most people arent. and even with the sell step its still way quicker than waiting 2 days for interac
62
fwiw the actual speed comes down to which coin you use too. btc can be slow and pricey if the network is congested, ltc or usdt on a cheaper chain is usually way faster and the fees are pennies. lots of people default to btc cause its the name they know but its not always the best pick for withdrawals
51
from what ive read the speed difference is mostly on the casino side anyway. crypto withdrawals dont go through the banking system so theres less manual review. interac and bank transfers can get held up for compliance checks. thats the real reason crypto clears faster, not the blockchain itself being magic
50
honestly my experience with crypto was a headache. sent to the wrong wallet address ONE time and that money is just gone forever. with interac at least if i mess up theres a chance to recover it. fast is great until you fat finger an address and lose 400 bucks lmao
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39
that sucks but tbh thats a user error thing not a crypto thing. most sites let you save your wallet address after verifying so you copy paste it once and never touch it again. i always send a tiny test amount first if im paranoid. been doing crypto withdrawals for over a year and never lost a cent
7
wait so do you guys actually pay tax on this stuff differently? like if im moving btc around does CRA care vs just getting a regular e-transfer payout? genuinely confused about that part
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34
yeah crypto disposals can be a taxable event in canada when you sell back to cad, so technically you should be tracking it. e-transfer winnings are simpler that way since theres no conversion. im not an accountant but i keep a little spreadsheet of my crypto cashouts just in case. worth looking into before you go all in on it
22
one thing nobody mentioned, some sites have lower minimum withdrawal limits for crypto and higher ones for interac. so if youre cashing out smaller amounts crypto can actually be more convenient on top of being faster. depends on the operator tho, varies a lot
25
agree with the top comment 100%. i was hesitant for ages cause i didnt understand crypto but once i set it up properly its hands down faster than anything else ive used. did one over the weekend last month and it cleared while interac wouldve had me waiting till monday. just gotta get over the initial learning curve