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Bank transfers are the oldest and most common payment method in online casinos. However, there’s a new payment method that has been causing a stir. Bitcoin casinos have blown up in recent years, especially in Canada. About 1.2 million Canadians, which is 3.2% of the total population, use cryptocurrency. Moreover, it is estimated about 2.9% of Canadians own Bitcoin (BTC) cryptocurrency. Punters can now use Bitcoin to play popular casino games and we’re here to tell you how to be one of them.
How do Bitcoin Casinos Work?
Before using Bitcoin casinos, you need to have in-depth knowledge of how to use and own cryptocurrency.
Created in 2009, Bitcoin is a decentralised digital currency stored in thousands of computers across the globe. It is used to safely make anonymous online transactions such as sending and receiving money through the internet.
If you still don’t have Bitcoin, you can start by choosing a trusted platform to purchase cryptocurrency. Think of it as a place similar to finding a reliable broker in buying stocks online.
Choose from some of the most trusted platforms such as eToro, Binance, Coinbase, or Kraken, and then open an account with them. You’ll be needing your bank details in order to purchase Bitcoin from them for minimal transaction fees.
Next, you have to keep your purchased Bitcoin in a virtual wallet. Keeping cryptocurrency in a wallet keeps it safe and secure since it uses private keys to access it.
The virtual wallet does not actually contain your Bitcoin purchase but only a bridge to your blockchain, a digital ledger of transactions. The virtual wallet keeps a record of your transactions and can only be accessed through keys or codes.
Creating an Account at a Crypto Wallet
You can choose from a virtual wallet or a hardware wallet that is similar to a USB, which is also thought to be more secure. Now that you have Bitcoin, you can start playing with Bitcoin casinos.
Before making a deposit, make sure to choose only trusted Bitcoin casinos from our list above.
Moreover, read their terms and conditions, especially wagering requirements, to know if it suits your gaming style and your gambling budget.
Every time you make a transaction, it is added to the ledger or blockchain, making it impossible to steal. Moreover, Bitcoin casinos usually don’t charge transaction fees when you make a deposit.
If you’re ready to make your first deposit, follow the steps below:
Log in to your Bitcoin casino account and head to the cashier page.
Select the deposit option and choose a cryptocurrency or Bitcoin. Then, select a crypto wallet that works for you.
Scan the provided QR Code using your Bitcoin wallet or transfer your Bitcoin to the address given by the casino.
Wait for the transfer to reflect in your casino account and claim your welcome bonus to start playing.
The casino usually verifies your withdrawal request whether you followed the wagering requirement or not. Withdrawing Bitcoin is usually free of charge.
If you are ready to withdraw your winnings and have met the wagering requirements, simply follow the steps below:
Earn enough BTC to be able to withdraw and meet the minimum withdrawal amount. Make sure you follow the wagering requirements before requesting a withdrawal. If you attempt to withdraw without following the rules, they may forfeit your bonus winnings.
Log into your Bitcoin casino account and go to the cashier page. Select the withdrawal option and choose Bitcoin as the currency. Enter your wallet’s address and the amount for withdrawal.
Confirm your withdrawal request and wait for the casino to approve your transaction. Once the Bitcoin casino approves your withdrawal request, your winnings will be instantly transferred to your virtual wallet.
Pros & Cons
Before deciding to play with Bitcoin casinos from our list, get to know more about the positives and negatives of using BTC as a payment method.
Bitcoin casinos are still one of the most reliable types of casinos in Canada because of the top-notch security measure it promises.
To experience only the positives and not worry about the negatives, choose only the most trusted online casinos.
Alternative Payment Methods
Although Bitcoin is the most popular digital currency in Canadian online casinos, it is not the only cryptocurrency accepted by them. Most Bitcoin casinos also accept other cryptocurrencies such as Ethereum (ETH), Dogecoin (DOGE), Dash (DASH), and Litecoin (LTC). You can use the same payment and withdrawal process with these cryptocurrencies. To learn about the accepted currencies, simply go to the banking or payment page of the online casino where you’ll find information on transaction fees, speed, and other relevant information about them.
If the casino doesn’t support your cryptocurrency, you can always use other regular payment methods like bank transfers, credit cards, and e-wallet. Your information in these payment methods is always kept safe and secure, as long as you play with licensed online casinos in Canada.
Signing Up at Bitcoin Casinos
Should you decide to open an account with Bitcoin casinos, make sure they allow the cryptocurrency you have and that you accept their terms and conditions.
To get you started, follow the simple steps below on how to open a casino account and start playing.
Once you accumulate enough winnings, don’t forget to withdraw them only after following the wagering requirements and completing the online casino’s registration process.
Bitcoin casinos still follow the same verification process of withdrawals before approving a withdrawal request of any player.
Are Bitcoin Casinos Safe?
Whether paper or virtual money, safety is the top priority. Bitcoin promises the same safety features as other payment methods, in fact, even better than most.
BTC is difficult to steal with its digital ledger and anonymity. Plus, the private keys are created and encrypted locally on your mobile device. The private keys are always kept secure since they are never saved in the cloud or the internet, making sure you maintain 100% ownership.
Bitcoin is a trusted payment method that is legitimately used in Canadian online casinos. As long as you play with licensed online casinos in Canada, it adds extra layers of security and assurance that your money is safe.
It’s no secret that Bitcoin is the best payment method with these awards:
With BTC growing in numbers, it’s no wonder Bitcoin casinos are also developing rapidly. It’s one of the safest and most secure payment methods using advanced technology that is difficult to breach.
Choosing a reliable hardware or software wallet and licensed online casino are other extra layers of security that will keep your BTC safe. It’s extremely convenient to use BTC since it is accessible anywhere and anytime.
Frequently Asked Questions
Frequently Asked Questions about Bitcoin Casinos Canada
Both Bitcoin and bank transfer methods offer unique security measures to ensure safe transactions. Bank transfers may use an extra layer of security by enabling two-factor authentication, PIN, or SMS codes. On the other hand, Bitcoin transactions use a digital ledger or blockchain and a virtual wallet that utilises private keys for protection.
Choose a crypto casino that accepts your preferred cryptocurrency. You’ll also want to consider the number of games they have such as slot games, poker, blackjack, and live casino games. Most players choose Bitcoin casinos that have a wide selection of games to have variety whenever they decide to play a new game. Plus, take a good look at the bonuses and promotions offered and compare which one is the most suitable for you. You’ll want to consider those who have the best bonuses for a long-term collaboration. Lastly, play with casinos that have a license from reputable licensing organisations.
Bitcoin online casino sites are considered legal as long as they are licensed and are not illegal according to the laws and regulations of your respective country. Using Bitcoin isn’t illegal in most countries but may be banned from those restricting foreign currencies such as Russia and Argentina. Moreover, as long as they are licensed and registered in the jurisdiction they want to operate, they are usually considered legal.
Bitcoin casinos are extremely safe with Bitcoin’s protected and recorded blockchain and private keys for virtual and hardware wallets.
You can get Bitcoin through an exchange app such as Binance, eToro, and Coinbase. It is the fastest way to buy and sell Bitcoin and use it in Bitcoin casinos. Make an account with these exchange platforms and verify your identity by uploading your identification documents. You’ll also need to use your debit or credit card to purchase and withdraw Bitcoin. You can access your BTC with a virtual wallet that makes use of private keys that are only known to you.
Bank transfers usually require players to submit their identification documents to verify the deposit. However, making payment transactions with Bitcoin does not require verification since these transactions are automatically authorised, thanks to the private keys of the virtual wallet. So, you can easily make a minimum deposit and start playing after completing your registration with a Bitcoin casino.
Yes, Bitcoin casinos usually allow the same payment method, as long as you meet the minimum amount for deposits and withdrawals. However, withdrawing with BTC goes through a verification process that may take days to complete. Casinos need to verify if you have followed the wagering requirements.
The internet has countless online casinos available, making it confusing and difficult to choose the best ones. The best way to find Bitcoin casinos to play with is by checking our recommended sites that suit your wants and needs.
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