Best Bitcoin Casino Sites in Canada
Bitcoin (BTC) has had a massive surge in popularity and value in the last few years. After its invention in 2008 by a mysterious figure under the pseudonym Satoshi Nakamoto, this cryptocurrency lay dormant for a long time. It was in 2017 when it had its historic price run from around C$1,000 in January to an astonishing C$25,000 in December of the same year that bitcoin obtained global fame.
This historic price surge led to the creation of a vast array of other cryptocurrencies competing for their share of the market. Yet, bitcoin remains the benchmark and has gone on to become a popular method of transaction for online activities, including gambling websites. It is now possible to play all kinds of casino games like slots, roulette, blackjack, baccarat, and others while using bitcoin as your currency of choice.
There are many reasons for bitcoin’s popularity as an online casino payment method. We’ll take a closer look at what those reasons are, how this newly established currency works, and why it might be a good idea to consider using it for your next casino deposit.
- 1 Best Bitcoin Casino Sites in Canada
- 1.1 How Do Bitcoin Casino Deposits Work?
- 1.2 Choosing Best Canadian Bitcoin Casino for You
- 1.3 Licensing and Regulation
- 1.4 Pros and Cons of Bitcoin Casinos
- 1.5 What Is Bitcoin and Why Should You Gamble With It?
- 1.6 Final Thoughts on Canadian Bitcoin Casinos
- 1.7 Bitcoin Casino Canada FAQs
How Do Bitcoin Casino Deposits Work?
Using bitcoin for payment in online casinos that accept it is a straightforward process. If you already have bitcoins in a wallet somewhere, this is especially the case. If you don’t have them yet, don’t worry, we’ll get into how to acquire and store bitcoins a little later. For now, let’s get into the process of using your bitcoins in an online casino.
To play with bitcoin in your bitcoin casino Canada online casino of choice, all you need to do is follow four simple steps:
Step 1 – Make an account in an online casino that accepts bitcoin as a form of payment.
Step 2 – Choose bitcoin as your deposit method.
Step 3 – Send your bitcoins to the wallet address provided by the casino, or use your cryptocurrency wallet to scan the provided QR code.
Step 4 – Enjoy your welcome bonus and start playing once the bitcoins are in your casino account.
That’s all it takes to be able to use bitcoin for betting on the internet. Some casinos offer the option to use other cryptocurrencies as well, and the process will not be much different in those cases either. You might also find that some casinos automatically convert your bitcoins into a fiat currency of your choice. This is also fine, as casinos will generally give you a fair exchange rate, but it might be a good idea to check before you make your deposit.
In most cases, however, your bitcoins will remain as they are in your account, and all your bets will be made using BTC instead of CAD.
When you want to withdraw BTC from your account, you will need to follow a similar process. You can expect the transaction to be very quick, as bitcoin transactions are almost instantaneous. However, some casinos can take from 24 to 48 hours to process your withdrawal request, regardless of the currency, so there may be some waiting involved.
Choosing Best Canadian Bitcoin Casino for You
Bitcoin has been around for a long time and it does not seem to be going anywhere anytime soon. Even major players in the world of financing now agree that Bitcoin has become a significant part of the economic landscape. Therefore, it is not a surprise that this popular cryptocurrency has managed to become so well integrated into the online gambling world and are not gambling with bitcoin.
Let’s explore some factors you should look into if you’re trying to find a good bitcoin online casino.
Licensing and Regulation
Although bitcoin isn’t regulated by any country or nation, gambling websites still have to comply with the laws of countries in which they are licensed to operate. For Canadian players, there are many options when it comes to gambling in online casinos worldwide.
In order to be licensed by a gambling authority, bitcoin casinos are required to comply with the same rules as any other online casino. This means they go through a variety of tests that determine their fairness and security. These tests are performed by independent organizations such as Gaming Laboratories International, eCOGRA, etc. Make sure to stick to websites that show transparency when it comes to their games and financial operation.
This factor is tied to the previous one, as security is an integral part of an online casino’s ability to get licensed. When it comes to non-traditional payment methods such as bitcoin, this aspect becomes even more important, as bitcoin does not have a big financial institution to back up its value.
That said, bitcoin transactions are probably more secure than those involving credit and debit cards or e-wallets. Since bitcoin is inherently private, there is no risk of your personal information landing into the wrong hands.
However, online casinos need to hold some of your personal information in order to confirm your identity. This information is stored alongside your account funds, so it is crucial to play in casinos that have a well-developed data encryption system.
Bitcoin online casinos often display their security certificate at the footer of the website, along with the logo of the company that is in charge of its encryption.
Pros and Cons of Bitcoin Casinos
As the popularity of bitcoin has increased over the last couple of years, so has its presence within the realm of online casinos which comes with most now accept bitcoin. More and more web-based casinos are accepting BTC as a form of payment, but why should you consider using it?
Every method of payment in online casinos has its advantages and drawbacks. This is true for bitcoin as well, so let’s take a look at some pros and cons of using this cryptocurrency in online casinos.
Pros of Bitcoin Casinos
The main advantage of using a bitcoin casino Canada for online gaming is the privacy it provides you with. Your personal and financial information will not be given to any third parties, which means your transactions are fully discreet and secure.
In addition, all bitcoin transactions are instant. While other banking methods may take hours or even days to process, your bitcoin deposits will be available in your online casino account within seconds.
When it comes to withdrawals, things may be a bit different depending on the casino. Some web-based casinos take a day or two to process your withdrawal request, so although the transaction itself is instant, the casino may make you wait a couple of days while your information is being verified. This is the established practice with any payment method, not just bitcoin.
Bitcoin also charges no fees for transactions, while your bank or e-wallet might. The casino may still impose some charges on its end, but this is rare.
Cons of Bitcoin Casinos
Although bitcoin has had a major surge in popularity in recent years, it is still not accepted as a payment method in all online casinos. There are still popular gambling sites that do not support this banking option, which could be considered a drawback. However, we think it is only a matter of time until all online casinos begin accepting bitcoin payments.
Another potential problem is the fact that bitcoin can be quite volatile when it comes to its value. The exchange rate of this cryptocurrency tends to change very rapidly, so you may end up losing money simply by having it stored in BTC rather than CAD. That said, bitcoin has been known to surge in price just as quickly, so this potential drawback can quickly turn into an advantage.
What Is Bitcoin and Why Should You Gamble With It?
Bitcoin is a new type of currency. It is different from regular (fiat) currencies since it does not have a governing authority to oversee its creation and distribution. There’s no bank or Federal Reserve creating and controlling bitcoin and other cryptocurrencies. Instead, they are “mined,” which basically means that computers around the world work together to solve complex math problems, resulting in the creation of a fraction of a bitcoin at a time.
Because these math problems are so complicated, it is not easy to mine bitcoin. The sheer amount of computing power required makes the currency impossible to counterfeit. Every bitcoin transaction that happens anywhere in the world is recorded and stored publicly on the “blockchain.” This means transactions are stored on thousands of computers across the globe rather than in one centralized database, thus preventing manipulation of the public ledger.
It used to be near-impossible to acquire bitcoin without mining it, but now you can purchase the cryptocurrency at one of the many online exchanges.
We use cryptocurrency exchanges to trade various forms of cryptocurrencies, as well as purchase and sell them for fiat money. The exchanges work similarly to stock markets. There are many cryptocurrencies to choose from. The most notable examples include Litecoin (LTC), Ethereum (ETH), Maker (MKR), and, of course, Bitcoin (BTC).
Many online casinos currently accept bitcoin as a form of payment, while other cryptocurrencies are not as widespread just yet. This means any reputable crypto exchange will work since almost all of them deal in bitcoin.
You might be aware of the fact that you can purchase bitcoin through ATMs now, but buying it through online exchanges is still the most sensible option. This is due to the high fees that these Bitcoin ATMs charge for the service. If you’re looking to buy BTC to use in an online casino, a cryptocurrency exchange is by far the best way to acquire it.
As we explained earlier, bitcoin is a decentralized currency. This means you will not be able to store it in a bank, regardless of whether you’ve bought or mined it. You will be able to keep your BTC at the exchange you purchased it from, but this is generally considered an unsafe practice.
Cryptocurrency exchanges store all kinds of cryptocurrencies for millions of potential customers, making them very tempting for hackers and cybercriminals. In fact, there were as many as 12 major cryptocurrency exchange hacks in 2019 alone, resulting in a loss of over C$300 million.
If you want to make sure that your bitcoins are safely tucked away, your best bet is to send it to a cryptocurrency wallet or even straight to your casino account.
Having a cryptocurrency wallet is pretty much essential at this point in time. This is where you store your bitcoins safely and securely, protected by your private key. A private key is a 256-bit number, meaning it consists of 64 characters including numbers and letters.
You will use your wallet to make BTC transactions with people or businesses, such as online casinos. There are four types of cryptocurrency wallets:
Hardware – Considered by most to be the best way to store your cryptocurrency in terms of security. Hardware wallets are physical devices designed for storing a lot of bitcoins or other digital currencies. They carry no risk of getting hacked since they are fully offline.
That said, if your hardware wallet gets damaged or lost, you could lose all your bitcoins forever. If you wish to transfer your bitcoins from a hardware wallet to an online casino, you will need to use specialized software. This makes hardware wallets a slightly inconvenient solution and one we would not recommend unless you have a lot of bitcoins in your possession.
Software – To use a software wallet, you will need to install a cryptocurrency wallet program on your computer, which will allow you to store your bitcoins this way. You will need to perform backups manually if you want to make sure your bitcoins are always protected.
Software bitcoin wallets are susceptible to hardware failure and viruses, so keeping your software up to date is essential, as well as doing frequent backups. It is a relatively convenient, if not entirely safe, option for online casino transactions.
Mobile – Mobile cryptocurrency wallets allow you to take your bitcoins with you everywhere you go, thanks to an app on your phone. However, if you break or lose your phone or there’s some kind of hardware failure, there’s a risk that you could lose your bitcoins. If you’re looking for a very convenient portable option, this is a good choice, although it is not very secure.
Web – Web-based cryptocurrency wallets allow you to store your bitcoins on a secure cloud server. Just like crypto exchanges, online wallets are susceptible to cyberattacks, but they happen less frequently. The wallet provider will also perform backups of your bitcoins to ensure their safety in the event of a hack. This is the best option for online gamers.
As you can see, there are several options to choose from when it comes to storing your bitcoins. You’ll likely want to avoid the hardware option unless you own a lot of bitcoins, as it is the least convenient option for online gaming. The extra steps required to get your BTC to an online casino make this option too complicated for most people.
All other ways of storing your bitcoins will work with varying degrees of convenience, so it is up to you to choose what sounds most appealing.
Final Thoughts on Canadian Bitcoin Casinos
Many gaming websites in Canada have begun utilizing bitcoin as one of their banking methods. This sudden explosion of bitcoin into the online casino market can be attributed to the cryptocurrency’s efficiency, security, and reliability. Playing with bitcoin is just as secure as using CAD, if not more.
Since so many casinos now offer bitcoin as a payment option, it should not be difficult to find one that meets your needs. However, make sure to take a close look at many different casinos before making your final decision, as some of them offer exclusive bonuses to bitcoin players.
Most importantly, you should make sure that your chosen casino is fully regulated and licensed by a respected gaming authority.
Bitcoin Casino Canada FAQs
How do I use bitcoin to fund my online casino account?
The process will be a little different in each online casino, but you can expect it to be simple and hassle-free in all casinos. The casino will most likely provide a QR code you can scan if you have a mobile bitcoin wallet. Alternatively, you will be given an address to which you can send bitcoins from your wallet or exchange.
Do Canadian bitcoin casinos offer bonuses to players?
Yes, many bitcoin casinos offer promotions; some even have higher welcome bonuses for players who choose to make deposits in bitcoin.
Is it safe to use bitcoin in online casinos?
Bitcoin is one of the safest payment methods to use in online casinos. The transactions are recorded and protected on the blockchain — a public ledger. The transaction code is also very complex, making bitcoin extremely difficult, if not impossible, to steal or counterfeit.
Is it legal to gamble with bitcoin in Canada?
Bitcoin is perfectly legal to use as a currency for gambling in online casinos in Canada. If an online casino accepts players from Canada and allows deposits in bitcoin, there are no legal barriers to playing there.