Bitcoin Casinos in Canada

Bitcoin, the new currency of the internet is one of the securest ways of making and receiving payments online. Online gamers stand to benefit a lot from the underlying technology that powers Bitcoin. That's why Bitcoin betting sites and Bitcoin gambling is gaining massive popularity in Canada. With people understanding the advantages of privacy offered by Bitcoin, including the ability to anonymously deposit funds on an online casino and receive anonymous payouts, more and more players are looking to take signup with Bitcoin casino sites. That does not mean that just any other casino will do. When hunting down a Bitcoin online gaming platform, it is imperative to exercise the same caution you'd use when looking for an online casino.

Aleister Crow
9/12 2018
11/28 2018

How Do Bitcoin Work for Casinos?

If you're new to cryptocurrencies or even new to online casinos, you might be wondering how Bitcoin betting sites and casinos work. When you sign up with a Bitcoin gambling site, you'll be given a secure wallet. This is your account on the site and it comes with an address. Anytime you want to make deposit money into your account, you'll use the wallet's address. Read more on the legal status for crytpocurrencies here. The wallet address, usually a string of letters and numbers operates like a typical bank account. To use it, you'll need a wallet of your own. Sign up with a Bitcoin exchange platform in Canada so to get a personal Bitcoin wallet. After creating the wallet, you can make payments and receive money from bitcoin betting sites using the Bitcoin payment address associated with your wallet.


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Casinos Who Have Bitcoin As a Payment Method

Since Bitcoin is a relatively new technology, there are not many Bitcoin Canada online casinos. The few that have adopted the technology have some of the best online privacy measures and gaming options. BitCasino.io is one of the few Bitcoin casino sites that allow players to make deposits and withdraws using the Bitcoin cryptocurrencies. It doesn't accept any other payment method, so players must create a Bitcoin wallet before using it. It's licensed and regulated by the Curacao government and offers a host of games including live casino table games and slots. 7BitCasino is another great option for Canadian players looking to take advantage of cryptocurrencies instead of iDebit or credit cards.

Advantages of Bitcoin for casinos

There are numerous advantages of using Bitcoin to play online casino games. For starters, Bitcoin is an anonymous payment method. That means all the transactions between you and the casino will never show up on your credit card. Another advantage of signing up with Bitcoin casino sites owes much to the fact that Bitcoin is a decentralized currency. That means no single authority regulates the currency. The decentralized nature of Bitcoin protects you from exorbitant bank fees.

Disadvantages of Bitcoin Casinos

There are a few disadvantages of using Bitcoin, however. One of the biggest disadvantages of using the cryptocurrency is its volatile nature. Bitcoin largely depends on the goodwill of its users. That means at times the value of Bitcoin tends to fluctuate depending on market temperaments. Bitcoin has also earned a bad reputation as it promotes illegal trading online.

Withdrawing Your Winnings Using Bitcoins

Once you have a Bitcoin wallet, withdrawing your winnings from Bitcoin betting sites is pretty much straightforward. All you have to do is enter your Bitcoin wallet address in the withdrawal section and your funds will be deposited into your account. It's always good etiquette to generate a new Bitcoin address every time you want to withdraw funds. Generating a new address increases your anonymity.


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Is This Method The Best One?

Out of all the payment methods you can use for online payments, Bitcoin is probably the best one. Signing up with a Bitcoin casino Canada platform not only guarantees your privacy, but you can be sure your betting activities will never appear on your banking records. This is a good thing because some lenders tend to reject loan applications if your financial records show gambling activities. Another reason why Bitcoin is the best method for transacting with online casinos is its security. It is almost impossible to hack into a Bitcoin wallet. Using Bitcoin guarantees you the best security cryptography can afford. All of your Bitcoin transactions, provided you do not share your password with anyone are secure and heavily encrypted.

Another advantage of using Bitcoin is, you can probably exchange it for potentially more money than you bought it for. When Bitcoin started out, it was only worth a few dollars. Today, a single Bitcoin is worth thousands of dollars. There were months when a single Bitcoin was worth more than ten thousand dollars. That means the earnings you get from Bitcoin betting sites can amount to a windfall. With the best Bitcoin casino, you can change your life.

Any Fees For This Payment Method??

There's a small transaction fee for each Bitcoin transaction. The transaction fee is negligible compared to other payment methods. While bank transfers and other online wallets such as PayPal and Skrill charge a noticeable percentage of the total transfer fee, sometimes as high as 20 CAD, a Bitcoin transaction costs less than a dollar. You can deposit funds into Bitcoin casino sites and withdraw winnings for an all-time low fee.

Choose The Payment Method Best Suited For You

With more and more casinos accepting Bitcoin as a payment and withdrawal method, you now have the flexibility of choosing a payment method that you prefer. To truly enjoy this flexibility, you'll want to make sure that the casino accepts both Bitcoin and other forms of payments. That means the Bitcoin casino sites you sign up with must support other forms of payments including online wallets and bank transfers. Such Bitcoin gambling sites allow you to make deposits and withdrawals through the most convenient method currently at your disposal. When you sign up with some of the best casinos, you'll enjoy support of major payment and withdraw methods. The casinos will help you set up your prefered payment method.

Summary of Bitcoin Casinos

Bitcoin might be the next universal payment method. It not only offers users guaranteed privacy in their transactions but using Bitcoin guarantees anonymity. No one will ever find out about your gambling activities. Furthermore, using Bitcoin can potentially turn out to be a worthwhile investment. Bitcoin has shown tremendous growth over the last couple of years. A few years back, Bitcoin was worth only a few dollars. Today, Bitcoin has stabilized at thousands of dollars. That makes Bitcoin a potentially viable investment vehicle that can pay off in the long run. Furthermore, casinos that accept Bitcoin have some of the best security features every online gamer can enjoy.