With Bitcoin, you can take your online gaming to a new level. Since it is expected that Bitcoin may one day replace traditional payment systems, it’s no wonder the best online casinos now accept the cryptocurrency as a way to deposit and withdraw funds.
At the moment, there are two main types of Bitcoin casinos; those that only accept Bitcoin payments and those that accept both Bitcoin and traditional methods of payment.
Bitcoin as a Payment Method
Bitcoin, along with other cryptocurrencies promises to revolutionise the essence of money. After all, it allows you to make instant online payments and requires only very minor fees for processing your casino transactions.
Bitcoin further offers Canadian players the perfect way to make deposits and withdraw casino winnings. You don’t need to wait a length of time for transfers, either. Whether you’re funding your account or requesting a withdrawal, your transaction is confirmed immediately.
As with most things, Bitcoin has its pros and cons.
The biggest issue with the cryptocurrency is perhaps the fact that not all online casinos accept it as a payment method just yet. So, it can restrict your choices a little and you might find that your favourite games aren’t always available at a Bitcoin casino.
Furthermore, Bitcoin isn’t the easiest payment method. You have to go through a few steps to get your Bitcoin wallet and fund it, which takes time away from playing at your preferred online casino.
Another downfall we must mention is somewhat of a double-edged sword. Bitcoin is unregulated by any government. If a casino were to shut down and take your cryptocurrency with it, you won’t have much chance of getting it back, since payments are irreversible.
Online Casino Deposits with Bitcoin
If you’ve yet to use Bitcoin to play online, getting started may seem a little daunting. It’s not as quick and easy as, say, a credit card or e-wallet payment, but it has way more advantages, especially in terms of anonymity and low fees.
Set Up a Bitcoin Wallet
The first step is to set up your Bitcoin wallet. There are several available, so it’s just a case of doing a little research and then downloading the wallet software.
Buy Your Bitcoin
Next, find a Bitcoin exchange and open up your newly acquired wallet. From here, choose how much you want to buy using a preferred payment method. The amount is released to your wallet immediately.
Find an Online Casino and Set Up Your Payment Option
In Canada, there are many government-run online casinos to choose from, along with a very decent selection of international online casino platforms. But you do need a safe and secure payment method for seamless banking, especially with offshore sites. Bitcoin users can get exactly this.
While our country’s federal financial authorities are somewhat hesitant about the cryptocurrency’s future, it is perfectly legal to purchase and sell Bitcoin in Canada, and that is why we are seeing more and more Canadian Bitcoin casinos popping up.
If you’re ready to start playing casino games, the next step is to find an online casino that accepts Bitcoin. Take a look at our top list of recommended casinos that already accept cryptocurrency. When you’ve found one that caters to your needs, and that offers a variety of high-quality games from the best software companies around, it’s time to create an account and grab those attractive bonuses.
All the casinos that we recommend are fully licensed and use the latest safety technology, ensuring your cryptocurrency is always safe. Once you have created a new account and verified it, head over to the online casino’s cashier and select Bitcoin as your preferred payment method.
Make Your Bitcoin Deposit
While this may all seem a little complicated, Bitcoin casino deposits are surprisingly easy. Once you do make a deposit at your Bitcoin casino of choice, you won’t need to carry out any further verifications or registration procedures or handover your credit card details.
There are a few steps involved in making your Bitcoin deposit at a Canada online casino, including:
- Go to the casino’s cashier section
- Choose the deposit option, and choose Bitcoin as your preferred payment method
- The casino will provide you with a public address of their Bitcoin wallet. This will either be in the form of a QR code or a string of numbers. Insert the public address into your Bitcoin wallet
- Indicate how much you would like to transfer to your casino account and confirm the transaction
Online Casino Withdrawals with Bitcoin
Bitcoin withdrawals are just as quick and easy as deposits. All you need to do is choose Bitcoin as your preferred withdrawal payment method.
Log into Your Casino Account
When you’re ready to withdraw your casino funds, log in to your casino account and click on the virtual cashier and then the withdrawal option.
Enter Your Unique BTC Wallet Address
Next, enter your unique Bitcoin wallet address and the amount you would like to withdraw. Confirm the transaction.
Wait for Your Money to Appear
Bitcoin withdrawals can be almost instant, but in some cases, you might wait for about an hour for your funds to reflect in your Bitcoin wallet. There are a few online casinos that take several days to process Bitcoin withdrawals.
Bitcoin Payment Methods and Transfer Times at Online Casinos
Online casinos understand that you want to be able to play your favourite games immediately and get your hands on your winnings just as instantly. As with most payment methods, withdrawals at some online casinos are faster than at others. But with Bitcoin, you’ll receive your winnings within a few minutes of requesting them. At the most, it can take one to three business days to process your withdrawal on the casino’s side.
The biggest benefit of using Bitcoin for online gambling is complete anonymity. Since the cryptocurrency is not regulated by any central bank, it’s totally anonymous and you don’t need to hand over your personal details to make transfers or open an account.
What’s more, Bitcoin payments are extremely secure, being verified, and encrypted a few times at different points on the network for the utmost safety. As for privacy, it is almost impossible to trace your transactions back to you, which is a huge advantage if you don’t want anyone keeping track of your online gambling habits.
Finally, Bitcoin casino deposits and withdrawals are free and a whole lot faster than other payment methods. At most, you might incur a small transaction fee. With standard currencies, withdrawals can take as long as seven working days to process, but with Bitcoin, you get your winnings within minutes, and deposits are always instant.
Bitcoin payments offer plenty of advantages for Canadian online gamblers that standard payment methods cannot offer. If you’re looking for a secure, anonymous and simple way to fund your gaming habits, Bitcoin is the way to go.