Bitcoin is a decentralized virtual currency. Like fiat currencies, Bitcoin has monetary value, and people can use it to purchase goods and services. Bitcoin is also widely used as a payment method at online casinos. Using Bitcoin for casino gaming has many benefits. This popular crypto, as with other cryptocurrencies, is prone to wild volatility.
- High level of privacy
- Low Fees
- No intermediaries mean fast transactions
- Many sites offer special Bitcoin deposit bonuses
- Safe and secure
- Bitcoin casinos don’t always have provably fair games
- Not accepted at many top online casinos
Licenses and Restricted Countries
Being decentralized means, there is no oversight by a central bank or financial authority. Therefore, Bitcoin needs not to meet any specific licensing requirements. Laws in most regions don’t classify Bitcoin as legal or illegal, although this issue is currently being addressed in some countries. Canadians who use Bitcoin online casinos should ensure that the site they play is licensed and regulated by a respected gambling authority. Also, make a point of checking that the games are certified and 100% fair.
Many countries, including Canada, the United States, Australia, and most European nations, allow residents to freely and openly use Bitcoin. On the flip side, a few Asian countries such as Vietnam and China, and some South American countries including Bolivia, Colombia, and Ecuador, have banned its use. Of course, it’s no surprise to learn that Afghanistan, Pakistan, Saudi Arabia, and several other notorious “no fun” zones prohibit Bitcoin.
Creating a Bitcoin Wallet
The process of buying Bitcoin and using it at a Bitcoin online casino is fast and straightforward. It starts with a virtual trip to a Bitcoin exchange. Which one is best for Canadians? Well, that’s an entirely separate topic, but Bitcoin exchanges like Coinbase and Kraken are well-established and trustworthy international exchanges. CoinField, NDAX, and Coinsquare are also popular among Canadians. Open up an account once you find a Bitcoin exchange that suits your needs.
Before you buy Bitcoin, you need to get a Bitcoin wallet. Most Bitcoin exchanges offer safe and secure wallets free of charge. However, it is a good idea to use a recommended third-party Bitcoin wallet like Exodus, Trezor, or Mycelium. There are plenty of online resources to help you decide which is best for you.
Now it’s time to buy Bitcoin. Log in to your Bitcoin exchange and click on the “Buy Bitcoin” or similar link. It’s then just a matter of following the instructions. Canadians can use several methods to purchase Bitcoin. While bank transfers and credit/debit cards are popular, many exchanges accept various eWallets like Skrill, Neteller, and PayPal. Some even accept payments via Western Union. Once your purchase is complete, the Bitcoin goes directly into your secure Bitcoin wallet, and it’s ready to spend. When you use your Bitcoin wallet to deposit at an online casino, you only need your wallet address, which makes these transactions virtually anonymous.
Deposits and Withdrawals
When you find the right Bitcoin online casino, you are just moments away from the exciting real-money action. Making a deposit using Bitcoin is as fast and easy as using any other conventional payment method. Your online casino betting account is usually credited upon completion of the transaction.
Most online casinos automatically convert your Bitcoin deposit into a supported fiat betting currency. However, a few Bitcoin online casinos support Bitcoin as a betting currency. It’s up to you which way you decide to go. Remember to claim any Bitcoin deposit bonuses you are eligible for.
With a little luck, you will find yourself in a position to cash out winnings. This is the time when you get to reap the benefits of using Bitcoin because many Bitcoin online casinos instantly process Bitcoin withdrawals making the funds available to you within hours or even minutes. While you get quick access to your funds, those using other withdrawal methods must wait for days.
To cash out funds, log in to your betting account, go to the banking section, and hit the “Withdraw” link. After selecting Bitcoin as the payment method and entering the amount you want to cash out, follow the instructions, and confirm your withdrawal. It’s as easy as that. Naturally, processing times vary depending on your online casino.
You should get in touch with the customer service team at your online casino if you have any problems or questions relating to using Bitcoin there. Also, check out Bitcoin.org for a wealth of Bitcoin information.
It all started in 2009 with Satoshi Nakamoto’s release of Bitcoin’s open-source code software. On January 3 of that year, the first Bitcoin was mined, giving birth to cryptocurrency as we know it. Because Bitcoin use is pretty much anonymous, many new transactions occurred on the black market, which is an issue that remains to this day.
By around 2011, Bitcoin’s volatility was on full display as it rose as high as $31.50 before dropping back down to about $5.25. Over the next couple of years, Bitcoin endured many more fluctuations but trended up to nearly $1,000 by the start of 2017. Then it went crazy, hitting a high of a whopping $19,783 in December 2017. Once again, Bitcoin’s volatility went into overdrive as its value plummeted in the crypto crash. At the start of 2019, Bitcoin’s value stood at around $3,750. However, it climbed steadily through the first half of 2019 and was valued at $11,430 by the beginning of July 2019.