Playing across international online casinos, Canadian players do not have that many methods to use accepted in their country, but Bitcoin is certainly one to consider. This is a global payment solution, which is entirely digital, that a Canadian player can use in the lack of other solutions, or by choice, considering this is a solution that has become increasingly popular in the past years. It is a digital currency and a payment system that works entirely different compared to the standard banking system and fiat currencies, and it was designed for more forward-thinking users.
What is Bitcoin and why use it across online casinos?
As introduced, Bitcoin is an entirely digital currency that made a boom across the world when it was first launched in 2008. It appeared somewhat controversial at first since it was launched by an unknown group or man calling themselves Satoshi Nakamoto, for one. Two, it offered something unseen at the moment, a fully digital currency that has no physical appearance; you cannot have it in your hands. That was outrageous, unseen, and unheard of at the time, and people were sceptic about using it. That’s especially because at first, it received a negative reputation, considering it was first being used across the black market, and people could not trust it.
The other reason why it gained such a negative connotation is that it works on a decentralized blockchain system, which has no ties with the standard banking system people knew previously. The thing is, that’s precisely what the creator behind it intended, to make decentralized online banking which would facilitate the transfer of money online without being monitored by the banks and the governments, but to work on a peer-to-peer principle so that users can be the only ones who could see the transactions being made.
It involves no middleman, and no authorities can oversee the transactions being made, and that’s why forward-thinking, modern users were so fascinated by it. Thanks to their interest in it, the cryptocurrency quickly dusted off the bad reputation and received a steadier one, since people from across the world started believing in it and the concept behind it. And thanks to its underlying blockchain technology, which proved incredibly efficient for the effortless movement of money across the globe, its success grew immensely. When the ledger was revealed, where Bitcoin holders could transparently monitor the transactions being made, it proved that this is, after all, a trustworthy concept.
However, being a fully digital currency with no one to monitor it, it is still considered an asset and its value keeps on fluctuating. Compared to fiat currencies, which have way steadier value on the market, Bitcoin’s price goes up and down all the time, and that again is of concern to users.
Regardless, those who wish to take risks and are not afraid of its fluctuations, are really enjoying using it. So much that, in fact, they have made Bitcoin one of the most popularly used online payment solutions in the world. Millions are using it today for their everyday transactions, across all kinds of industries that support it, the online gambling industry included. In fact, the cryptocurrency has been embraced by most top online casinos, so you can rest assured that, should you decide to use it, you’ll have plenty of Canadian casinos to explore and choose from. So, let’s go over the steps you need to make to start using it for safe and fast deposits and withdrawals.
Getting Started with the Solution
In the past, when it first appeared, Bitcoin coins were mined. The mining was a process where miners would solve mathematically difficult problems to be awarded a few coins. However, this process required expensive equipment, cost a lot of energy, and in short, was a really expensive way of acquiring coins. Luckily, today, you have many easier ways to get coins; you can even purchase them with fiat currencies. But let’s go through all the steps you need to make before we get to that part.
First thing first…
…you need to choose the wallet type you’ll use and create a wallet to store your coins. You can choose hardware, mobile, desktop, paper and eWallets to use, but the most convenient for you as an online casino player would be the eWallet. You will find many exchange platforms where you could create your crypto wallet, such as Coinbase, Bitstamp or Bitfinex. You’d need to visit their website and provide the needed details to create your wallet. Once you do, you’ll get two addresses, known as the public and private keys. These are the addresses you’ll need for transacting with the solution. One would serve as a location when receiving coins and the other one as a password for accessing your wallet and sending money, to be further explained below.
Now, on the previously mentioned exchange platforms, after you’ve created your wallet, you’d be able to instantly fund it with coins. You can purchase the coins with any fiat currency, by entering the desired payment method, be it a credit card, a debit card or some eWallet, from the ones offered. After you complete your purchase, your coins will be on your wallet, ready to be used.
Depositing and Withdrawing
We mentioned, but we cannot emphasize enough, that Bitcoin is accepted across every single top-performing online casino. You’ll certainly find it across at least a dozen popular Canadian sites, that’s for sure. So, you won’t have any issue finding one that would suit you to start depositing with the cryptocurrency. Just join the site you chose and you can start the depositing procedure right away.
To make a deposit with the digital currency, go through these steps:
- Head over to the casino’s Cashier/Payments/Deposits section.
- Find Bitcoin’s logo from the list of offered payment methods.
- The casino’s public key address will be displayed here, and you need to copy it.
- A new window will open where you need to log into your crypto wallet.
- Paste the casino’s public key in the designated field.
- Specify how much you’d like to deposit.
- After double-checking the address and the deposit amount, confirm your transaction.
- The coins will arrive on your casino balance in an instant!
Step 7 says to double-check the address and the deposit amount, and that’s because you must remember that transactions with this cryptocurrency are irreversible. So, one wrong number or letter, and the coins will reach an entirely different destination without a chance to be refunded.
While deposits with Bitcoin are instant, withdrawals can either be instant or take a few hours, depending on the casino you’ve chosen. The procedure for withdrawing is similar, only this time, when you request a withdrawal, you’d need to specify how much you’d like to withdraw and paste your wallet address in the designated field. That way, the site will know where to send your coins. Remember that double-checking the address is crucial if you wish for your winnings to arrive on your account problem-free.
Some hefty blockchain fees used to be charged in the past, but today, Bitcoin is one of the most cost-effective payment methods to use for online payments.
There’s only a small, basic transfer fee you need to pay, and depending on the exchange platform you’re using, some fiat-to-crypto fee may apply. Transactions are actually fee-free, plus online casinos never charge additional fees for using crypto, so you can rest assured that this would be the most convenient solution to use for deposits and withdrawals.
Bitcoin is a digital currency itself, but as you could see, you can use different fiat currencies and even other cryptocurrencies to purchase your coins.
All the world’s fiat currencies can be used for purchasing coins, so the Canadian dollar is certainly your option. The most popular exchange platforms offer a lot of crypto options, too, so make sure to explore them all to know your options. For instance, you can purchase Bitcoin using Ethereum, Cardano, Litecoin and Bitcoin Cash, to name a few.
Now, we said that Bitcoin is a global solution, virtually available everywhere across the globe. But due to its digital-only form and decentralized nature, you should know that some countries have banned its use.
Canada is not one of those countries, no worries, even though it had some thoughts of taking the anti-Bitcoin stance a few years back. But you should know that, for instance, Russia, the United Arab Emirates and Saudi Arabia have banned it for good, not only for online gambling purposes.
Considering Bitcoin is not owned by one company, there’s no one really behind it, it functions on the peer-to-peer system and the blockchain technology, so there’s no actual Customer Support team to turn to in case you’re troubled with something.
However, there are several useful sites…
…such as Bitcoin.com, where you could learn more about the solution. Some of the most well-known crypto exchanges in Canada, such as Binance Canada and Netcoins, also offer guidance and user-friendly purchase options, thanks to which you could easily get started with the solution.
In case you need actual assistance, though, you know that you can always contact the casino’s Customer Support team, as its agents are trained to assist players with any payment method available at the site. They can even provide support and show you the easy and fun ways how to use the crypto for deposits and withdrawals.
Bitcoin is, without a doubt, an unusual payment method to use, however, it does offer some perks you cannot dismiss. First of all, it is a decentralized solution that offers near-instant deposits and withdrawals across online casinos. Secondly, it is one of the most cost-efficient methods to use, thanks to which you’ll have more to play your favourite slots, roulette, and video poker games with. Thirdly, it is quite easy to use once you get a hang of it. And last but not least, it is accepted across most Canadian-friendly online casinos available.
Sadly, it also has downsides, the most significant being its fluctuating value. The second disadvantage is that transactions with it are irreversible. Therefore, you’d need to weigh all the pros and cons to decide whether this is a method you could use. If it is, you’ll find it an incredibly convenient solution for online casino transactions.
Are there any Bitcoin-only Canadian casinos I could join?
Sure! Some Canadian casinos have fully embraced Bitcoins as their default and only payment method, and such casinos even offer Bitcoin games. You won’t find that many casinos like these, but there’s a decent choice to explore and choose from.
What happens if I send coins to the wrong address?
Unfortunately, if you sent the coins to a wrong address, you can never get those coins back. That’s why it is crucial to always double, triple-check the address before confirming the transaction.
Are all casinos that accept the crypto entirely based on blockchain technology?
No. In fact, there are such casinos that offer both crypto and fiat currencies and traditional payment methods, so whenever you want to, you can switch from playing with crypto to playing with a credit card, for instance.
Do any transaction limits apply when using the crypto across Canadian casinos?
Canadian casinos have the right to impose transaction limits, and most of them do, so you’d need to be really careful when choosing a site to join. On Bitcoin’s part, however, no transaction limits apply and you can send and receive as much as you want to.
Can I use mobile devices to transact with this cryptocurrency?
Sure! This is a digital currency which can be moved online with whichever device you want and have. No matter whether you’re using an iOS or Android-powered device, you can rest assured that you’ll be able to smoothly make your transactions with this crypto.