In the digital online world of 2022, many new payment methods have become available for Canadian players. One such new method is paying by cryptocurrency. Canadian casinos accepting Bitcoin are increasing in number. Bitcoin can be used for both deposits and withdrawals at many Canadian online casinos already, with more making this an option as the popularity of Bitcoin rises. Some online casinos deal exclusively in bitcoin, pure Bitcoin casinos. Other casinos offer Bitcoin and possibly other Cryptocurrency’s as payment method in addition to traditional methods as card, wire-transfer and E-Wallets.
Many of the bigger online casinos are still holding out on offering Bitcoin as a payment method, this might be due to uncertainty regarding legislation about Cryptocurrency, or they have other reasons, These casinos are so big they don’t have to reply on Krypto enthusiasts, so for now they keep to the regular payment methods.
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What is Bitcoin?
Bitcoin is the leading and best-known Cryptocurrency in the world. It is also the first decentralized cryptocurrency using block-chain. This technology was developed by “Satoshi Nakamoto” in 2008, Bitcoin was lunched the year after. No one knows the real identity of the person or persons behind Bitcoin.
Bitcoin was the first, soon followed by countless other cryptocurrency’s using the block-chain method. All Cryptocurrency’s currently available are decentralized. This means that there is no nation backing the currency like with traditional currencies. Usually as a currency is tied to a country’s wealth, it will remain reasonable stable. Cryptocurrency on the other hand tends to shift suddenly in value.
The price of one bitcoin has steadily risen since it was released. The prize sores and peaked in December 2017 when one bitcoin cost close to 20.000 dollars. The price then plummeted and ended up between 5-8 thousand until it dropped to right under 3k in December 2018. In March 2019 the price again rose. Trough minor ups and down the price of Bitcoin has remained semi-stable since. The beginning of the COVID-19 pandemic saw the price again rice, fall only to rise again.
Bitcoin works by mining code to form one of 21 million Bitcoin, there are still Bitcoin to be discovered. Bitcoin stored on drives or USB-sticks can be lost or destroyed, and the Bitcoins will be lost forever. Most people keep their Bitcoin in Digital online Bitcoin Wallets.
You can buy parts of a bitcoin using regular currencies. Once you have some bitcoin the value will rise and fall with the bitcoin price. You can invest in Bitcoin and wait for it to go up in price, then sell. When the Bitcoin price peaked in 2017 many people became bitcoin millionaires or even billionaires, only to have most of their newfound wealth dissipate as they did not sell any Bitcoin hoping it would continue to increase in value.
Advantages and disadvantages using Bitcoin
There are many advantages to using Bitcoin at payment at online casinos. First, there are no fees for using Bitcoin, or there should not be. If you are using an online bank offering Bitcoin as a currency, they might charge a fee when you buy or sell Bitcoin, but online casinos should not charge you any fee when you deposit or withdraw Bitcoin from your account. If they charge a fee, it should be pretty low compared to other payment methods.
Bitcoin is fairly hard to trace and semi-anonymous, due to using peer-to-peer networking with blockchain technology. But the Ip addresses used while making Bitcoin transactions are registered and can be mapped and traced. For Canadian online casino players this has little consequence. The Blockchain code makes it impossible for anyone to steal your Bitcoin in transition. You still have to register with a Cryptocurrency Wallet or make the transaction trough your bank, so the most important thing is that Bitcoin is safe to use. Bitcoin can provide tremendously high levels of security for your deposits and withdrawals at online casinos if used correctly.
As the Bitcoin code does not contain any personal information it can be easy to hide funds, only when you transfer funds to your bank account will they be traceable to you. If you buy 20 dollars’ worth of Bitcoin, this becomes worth 50 dollars over time, you deposit this to a Bitcoin casino and win 500 dollars, you will have 500 dollars’ worth of bitcoin in your Cryptocurrency wallet once withdrawn. This amount can again rise in value over time, all that is registered from your bank account is a 20-dollar Bitcoin purchase. Your Bitcoin can so be used to pay for things online by paying in bitcoin or by transferring bitcoin to E-Wallets, from where they can be spent as dollars.
One last benefit of paying with Bitcoin can be if other payments are tricky to use due to laws and new legislation. There is a trend of cards being forbidden, bank transactions blocked and the like throughout the world at the moment, making it hard for online casino players to get hold of their winnings. For now, Bitcoin can be deposited to your bank account without trouble in most countries and banks, so if transactions from your E-wallet will not be accepted by your bank without proof it did not come from gambling, you could use it to by Bitcoin and cash out your bitcoin after.
There are not many disadvantages to using Bitcoin casinos for Canadian players. It is important to note that when you withdraw Bitcoin it will usually have the same value as when deposited. If you win, forget to withdraw for a week or so while the price goes up, you will lose out on this price gain. Of course, if you deposit Bitcoin and the price goes down, you will be saved from the price fall, it can go both ways.
How get/buy Bitcoin?
To use online casinos that accept Bitcoin you first need to acquire some. If you wish to buy Bitcoin there are several options. The most common would be registering with a Cryptocurrency wallet. You could register with CoinBase, Exodusor or another provider, there are many to choose from. From your Cryptocurrency wallet you can buy and sell Bitcoin and other Cryptocurrencies. You then use the Wallet to deposit funds to the Bitcoin casino.
Some online banks offer Bitcoin as a currency directly in your profile. You can buy Bitcoin and then use it to deposit into a Bitcoin Casino. Revolut would be one such online bank.
Is it safe to use Bitcoin?
Bitcoin is a safe payment method with high levels of security applied to the transactions made. Canadian casinos accepting Bitcoin can safely be used. It is always important to keep your mobile pins and password secret and secure. If you want to store your Bitcoin offline, you can buy a hardware wallet to store your Bitcoin in.
Casinos that accept Bitcoin
There are many Canadian casinos accepting Bitcoin, some are pure Bitcoin casinos, where you deposit and play with Bitcoin, others let you deposit using Bitcoin and convert them into dollars using the current Bitcoin prise. When you withdraw founds the same rate will be given back to you. You will find several Canadian online casinos that accept bitcoin if you head over to our list of top krypto casinos 2022.
Do you get bonus using Bitcoin?
If you play on a pure Bitcoin casino, you will play with Bitcoin when playing and all bonuses will be awarded in bitcoin. Most Bitcoin casinos for Canadian players that accept Bitcoin but converts them to dollars for you to play with will give you the bonus when you deposit with bitcoin, but make sure you read the terms and conditions before you deposit to be sure. If you want to play on an online casinos that accept Bitcoin right now, just click on the link below.