We can be relatively sure that you will have heard of Bitcoin, even if you have not necessarily used it to play at the internet’s top online casinos. There are many leading cryptocurrency payment methods out there that you can use at internet casinos, but Bitcoin is the number one option. Widely popular with players who like a touch more anonymity and speediness to their gameplay, Bitcoin is easy to acquire and relatively user-friendly. What is Bitcoin, and how does it work? Which casinos accept it? It is time to reveal all…
What Is Bitcoin?
Bitcoin is the number one cryptocurrency payment method online. As with any cryptocurrency, Bitcoin is a decentralised digital currency and one which works on a blockchain. Bitcoins can be harvested by processing transactions on that blockchain (a process known as mining) or can be bought from cryptocurrency exchanges. As they are digital currencies, their legality is up for debate in some countries. Once Bitcoin has been acquired, it is stored in an e-wallet. You can then use that e-wallet to send funds to your casino account.
Is Bitcoin Accepted at Canadian Online Casinos?
The subject of Bitcoin (and other cryptocurrencies) being accepted at online casinos is a debatable one. Some casinos permit this, and others do not. In the case of Canadian casinos, you are going to find that it is a mixed bag affair. You can find many top internet casinos which are prepared to accept Bitcoins and some which are not. Moreover, there are a handful of top Canadian online casinos which accept both FIAT currencies (such as the Canadian dollar) as well as cryptocurrency options.
How to Deposit Funds Using Bitcoin
Depositing at an internet casino with Bitcoin is a straightforward process. Before you can do that, though, you need to obtain a Bitcoin wallet. This is done via the Bitcoin website. It is free to create a wallet.
After creating a wallet, you need to head to a cryptocurrency exchange and purchase Bitcoins using your bank card or another payment method. Your Bitcoins can be transferred to your wallet from there. Armed with Bitcoins in your wallet, it is time to head to your chosen casino.
- Once inside your casino account, head to the cashier page.
- Select Bitcoin as your chosen deposit method and enter the amount you wish to deposit.
- Follow-on by entering your Bitcoin wallet details.
- Confirm the transaction. Your deposit should land within 20 minutes at the most.
How to Withdraw Winnings Using Bitcoin
You can also withdraw any gambling winnings you have acquired with your Bitcoin wallet. Once again, you need to visit the cashier page at your chosen online casino to get started.
- Visit the casino’s cashier or banking page, and select the withdrawal option.
- Choose Bitcoin as your preferred withdrawal method and enter the amount you wish to withdraw. Bear in mind that there may be minimum and maximum cashout limits in play here. Your withdrawal sum is going to need to fall somewhere in-between them.
- Enter your Bitcoin wallet details and confirm the transaction.
- Bitcoin cashouts usually take anything from a few minutes to a few hours. They are amongst the fastest cashout options. In most cases, you will not be charged a fee for this process.
Fees and Transaction Times
In most top Canadian online casinos, Bitcoin is a free-to-use banking option. Very few top Canadian casino sites will charge you for depositing or withdrawing with Bitcoin. You may stumble across the odd casino which does, but that is rare. The only fees you can really expect to see with Bitcoin transactions are those associated with processing transactions (known as a miner’s fee), or fees attached to purchasing Bitcoins via a cryptocurrency exchange. Neither of these has anything to do with Canadian online casinos, though.
Bitcoin is one of the fastest payment methods you can use when playing at online casinos in Canada. With a bit of luck, you can expect your Bitcoin deposits to land instantly in your account. Withdrawals are also relatively speedy. Most Canadian online casinos can process Bitcoin withdrawals in a matter of hours. It is exceptionally rare to see them taking longer than 24 hours at Canada’s top casinos.
The Pros and Cons of Using Bitcoin (BTC) at Canadian Casinos
There are plenty of pros and a few cons to look concerning the use of Bitcoins at Canadian online casinos. Here are a few of the things you may wish to note about them…
- Not All Casinos Accept Bitcoins: Not every Canadian online casino accepts cryptocurrencies. Some only accept cryptocurrencies, and a handful accepts both FIAT and digital currency options. However, of those that do accept cryptocurrencies, you will almost certainly be able to deposit and withdraw using Bitcoin as it is the most popular option.
- Anonymity and Privacy: If you don’t really want people (or authorities) to know what you are doing, then cryptocurrencies come in handy. They afford a certain degree of anonymity to their users. Of course, if you are skilled enough, you can always read the blockchain’s ledger and find out where the money went. However, for most people, this is far too complicated a process, thus giving you relative anonymity when betting online.
- Exchange Rates: Some online casinos accept deposits and withdrawals using Bitcoin, but convert your BTC into a FIAT currency for gameplay. This may mean that your BTC deposit is converted to Canadian or US dollars for the purpose of betting, and converted back again when you wish to withdraw. This naturally involves an exchange rate, and you may or may not get a particularly good one. This is worth checking before you sign up to play.
- Top-Notch Security: Owing to how Bitcoin transactions are processed on the blockchain, it is exceptionally rare for somebody to be able to steal your money. Bitcoins are amongst the most secure options you can use to bank at online casinos with.
Find Top Bitcoin Casinos for Canadian Players Today
Now that you know a bit about Bitcoins and how they work, perhaps it is time for you to start playing online? On this page, you will find a host of quality Bitcoin casinos which are open to players in Canada. Our casinos are all licensed, reputable and certified as fair and safe to play at. Moreover, they permit players to deposit and withdraw using the world’s leading cryptocurrency.