What Is Bitcoin?
Bitcoin is the first and best-known cryptocurrency in the world. There are over 5,000 cryptos at the moment, with BTC and ETH being the most popular and valuable. BTC was publicly launched in 2009, and over time it skyrocketed in value. There is a legendary story about a man called Laszlo Hanyecz who back in the day paid 10,000 Bitcoins for two Papa John’s pizzas. That’s around $350,000,000 in today’s money. For two pizzas.
Bitcoin is a decentralized, digital cryptocurrency. You can buy it, sell it, and exchange commodities without an intermediary such as banks. Bitcoins are not backed up by states, or any other institutions and legislatures. According to its creator Satoshi Nakamoto, BTC is based on cryptographic proof instead of trust.
What does that mean for some of the best casinos?
It means that every single Bitcoin transaction ever made exists on a public ledger that everyone has access to. Such transactions are extremely difficult to counterfeit, or even reverse. BTC doesn’t have an inherent value, it’s a virtual currency. It is pricey solely because it is backed by solid proof of existence, its transaction, and more importantly, the fact that people of the world agreed it holds value as we did with precious metals.
How Does Bitcoin Work?
Bitcoin is ‘coined’ on a digital record called a blockchain. It is made of ‘blocks’ containing all possible information about every transaction, with a unique identifying code. Those entries are tied together in chronological order, constituting a digital chain of blocks that anyone can access to. Being a decentralized currency, this may sound dangerous, but in reality, it is exactly what gives Bitcoin its value.
Every single BTC is ‘proven’ by numerous holders. A single transaction block must be verified by the majority of Bitcoin holders for it to be added to the blockchain. Bitcoin wallets are recognized by unique codes and every transaction must fit the specific encryption pattern. The codes are long sets of random numbers. They are very difficult, almost impossible to produce with criminal intentions in mind.
What is Bitcoin Mining?
Bitcoin mining became a very difficult procedure of adding more and more new transactions to the existing blockchain. In essence, people use powerful computers to solve mathematical puzzles. Those ‘puzzles’ verify all the Bitcoin transactions. Over time, the Bitcoin code became more and more difficult to crack. It demands huge computing power, and the electricity bills of dedicated miners are astronomical. It is estimated that by the next half of the century, there will be no new Bitcoins and miners will have to use transaction fees to earn money.
What Are Canadian Online Bitcoin Casinos?
Bitcoin casino or crypto casino is usually an online casino that supports cryptocurrencies as one of their payment methods. Some of the Bitcoin casinos prefer cryptos, while at the moment the majority of crypto gambling sites accept flat currency as well, on equal terms with BTC.
The good news is that in several past years some big-time Bitcoin casinos emerged with games and services especially crafted for Bitcoin users. The variety of games linked to Bitcoin is astonishing, and every Bitcoin gambling site tries to capitalize on Bitcoin games. Provably fair Bitcoin gambling sites will offer you not only a traditional range of games but a totally fresh perspective on the online gaming experience.
As expected, game providers and software developers quickly responded by creating games designed specifically for Bitcoin casinos and players. Simply put, Bitcoin casinos will let you play table games, card games, live dealer games, video poker games, mobile games, roulette, slot machines with free spins and other ‘regular’ casino games. But at the same time, crypto casinos offer a whole new level of real money games, bonuses and promotions.
Spread betting, Bitcoin poker, sports betting, online lottery games, and various cash prizes and exclusive rewards are just a small sample of possibilities. This opens a whole new branch of casino experience, and every gambler on the planet is starting to be aware of it. Crypto casinos index welcome bonuses, Bitcoin payments and the like in mBTC. It stands for ‘millibitcoin’, which is 0,001 BTC in the metric system.
A Bitcoin Casino and Bitcoin gambling can be invaluable assets for residents of the United Kingdom, United States, and other countries with high online casino ‘bounce rate’. UK players are often banned from traditional gambling sites due to completely legal issues, so Brits and players from the United States can benefit from Bitcoin gambling sites big time. Usually, the safest and the most trustworthy BTC gaming platforms are licensed by the United Kingdom Gambling Commission, the Malta Gaming Authority and Curacao as well as Kahnawake Gaming Commission.
How Does A Canadian Online Bitcoin Casino Work?
A Bitcoin casino is extremely similar to any other casino site. The main difference between Bitcoin casinos and regular online casinos are the user interface and payment options. Crypto casino sites adapted their deposits and withdrawals according to new, virtual currency.
Sometimes, a Bitcoin casino will facilitate an in-house Bitcoin wallet for new players willing to open an account. This is where players store their Bitcoins. All bets placed at a certain Bitcoin casino depend on funds on the player’s account. A potential winner places an opening bet from his or her wallet. Players can lose, or win, and once a casino game is finished all profits, if any, are returned to the in-house Bitcoin wallet belonging to the casino account owner.
After players complete their casino games, they can transfer funds from Bitcoin casino to their private electronic wallet, but there is usually some sort of limitation. Your Bitcoin payment method can have an imposed limited withdrawal because even provably fair Bitcoin casinos will do their best to stop you from pulling all your real money at once. This is why we advise players to read the terms and conditions document in all online casinos out there, especially if it’s a Bitcoin casino.
Why Are Bitcoin Casinos In Canada So Popular?
The shortest possible answer is easy, fast transfers and personal data security. Relying on cryptos is the simplest way to deposit money and get yourself a whole bunch of Bitcoin casino bonuses. BTC became a Bitcoin casino sweetheart for the same reason it became appealing to online black markets. This may sound suspicious, but in reality, it can be a complementary business model for some of the best online casinos out there.
BTC, and the crypto exchange itself, are far less regulated than other, conventional payment methods. BTC casinos offer zero transaction fees. The 200 free spins that you got as a casino welcome bonus, for instance, are not burdened by the additional cost upon making your first deposit in cryptos. Players should preferably encounter a casino with fair games, nice bonuses, and most importantly – zero transaction fees and unlimited daily transactions. Another gambling advantage is more generous rewards for players.
For example, my personal best Bitcoin casino has larger jackpots due to lower operating margins enabled by BTC. This brings us to laws and regulations.
Before you deposit your money into Bitcoin casino sites and claim your casino welcome bonus, make sure you are very familiar with the laws of your country regarding casino games and gambling with cryptos. This is very serious business. It is not uncommon to see ‘normal’ casino games customized with special rules in accordance with cryptos. Indeed, your welcome deposit bonus, free spins, table games, and even wagering requirements can be significantly different if you opt for gambling with Bitcoins. And then there are the taxes.
We do not encourage any illegal activities, but it has become apparent that players gambling with cryptos do not generate losses and wins that are inherently taxable. Players quickly adopted this perk and nowadays try to exploit every angle, with tax evasion being the most lucrative. Please make sure you know the legislature and gamble responsibly.
Reasons to Use Bitcoins at Canadian Online Casinos
There are few solid reasons why you should try gambling with cryptos. However, there are also clear disadvantages that might make you stick with traditional payment methods. We will try our best to provide you with both.
The Advantages Of Bitcoin Gambling Sites
Bitcoin gambling security
If stored correctly, BTC is probably the most secure digital currency in the world. There are few ways to make your cryptos impenetrable for cyber thieves. Keep your coins away from e-wallets, unless totally necessary for a short period of time. Players should keep the majority of their Bitcoins in so-called ‘cold storages’, protected by complicated, strong passwords consisting of numbers, punctuation marks and symbols.
In essence, a ‘cold storage’, or an offline wallet, is a place where you keep your Bitcoins offline. It is a superior form of protection compared to online wallets, or ‘hot storage’, against hackers and other criminals operating with online casinos. In order to see how effective this is, we will use an example of an online casino being successfully hacked after you’ve already opened an account.
If you’ve claimed your deposit bonus with money paid via a credit card, or hot storage such as PayPal, and a casino has a record of your data, you could be the criminal’s next victim. This is the worst scenario, followed by less threatening ones, such as phishing, and other schemes involving hackers getting hold of your personal information. BTC solves this and other security problems, just as long as you don’t give away your private keys and wallet’s password.
Bitcoin transactions anonymity
Just because you have nothing to hide, it doesn’t mean you shouldn’t look after your financial and social privacy. BTC ensures players stay anonymous, which is more than necessary in some societies, cultures, or states.
Gambling is not illegal in most countries, but it is often associated with poor character or straight-up criminal inclinations. Unfortunately for all players, online gambling comes with a social stigma in many societies. People think of us as ‘less moral’, and in some cases people we hold dear think we have an addiction problem, even if we are just an occasional slot spinner.
It is true that gambling can be associated with criminal and unhealthy behaviour, but the vast majority of people do it for games and fun alone. This is where cryptos jump in. They can provide us with both financial mobility and social privacy.
Bitcoin casino transactions are cost-effective
There is no way to deny it, cryptos are cheaper to own and use in a casino than traditional currency. Bank transfers, credit card payments and other casino withdrawals are much, much more burdened with transaction fees than BTC or ETH. This offers both players and a casino better payment terms, because players will pull more money out of a casino, and the latter will save money on credit card tolls.
Bitcoin payments are instant
In addition to lower transaction fees, BTC is extremely fast, which makes it the preferred currency among seasoned players. Compared to credit cards, it’s like an airplane racing against a car (with bank transfers being a cyclist in this analogy). It takes several minutes for most transactions to be confirmed. Sometimes it can take up to several hours, and very rarely your Bitcoin payment will take just one day to be confirmed.
Now imagine gambling in a casino and getting paid via bank transfer, which usually takes 5 or more business days to be completed. If you have the misfortune to play games and a sportsbook feature internationally, add a few more days into account. That is not what we call a perfect gaming experience.
The best Bitcoin Casinos in Canada are well-optimized for online gambling
Needless to say, BTC was created on the internet. This is its natural habitat and the best choice for online gambling games due to its pure speed and efficiency. You can tell how credit cards struggle to keep up the pace with the 21st century. They were not initially invented for online business, a sign painfully obvious in terms of cost inefficiency and overall ungainly and slow transactions.
There is no other way to say it: old-school money transaction services, banks and credit card companies are becoming obsolete. They have been run over by a superior currency that offers players unprecedented protection, security, speed, and other commodities yet to come. Check out our list of best Bitcoin Casinos in Canada and see what’s what in the world of cryptocurrencies.
Fiat currencies such as CAD, USD, GBP, EUR are regulated and centralized by their main banks that are located in their own countries. BTC and other cryptocurrencies aren’t. Banks ultimately decide on how much a certain currency is going to be worth and what they are going to do with it. When you own one of the above-mentioned currencies you are at the mercy of the central bank.
This simply isn’t the case with BTC since they don’t have a central force to govern it. While a bank is technically lending its money to its clients, when you own BTC, you actually own them and no bank is going to be able to take them from you.
This, unfortunately, can be a double-edged sword. Even if you do own BTC, it is ultimately up to the user base (you and everyone else who has them) to determine the value. Needless to say, this can be very risky which explains the BTC price volatility.
The Disadvantages Of Bitcoin Online Gambling Sites
If you remember that story about the two pizzas from Papa John’s, it should be enough to tell you how unstable BTC prices can be. While Bitcoin prices have been steadily rising since they first appeared, their prices are known to drop in value one minute and skyrocket the next. Because of their predictability, many stockbroker agents even refuse to spend time at the crypto stock exchange. BTC and other digital currencies are not easy to predict and can often lead to its user base over and underpaying for services and this also includes Bitcoin Casino deposits.
Digital currencies gas fees
We have already covered Bitcoin mining and how miners handle transactions by using their powerful PCs for solving mathematical “puzzles”. When miners solve these equations, they get awarded in Bitcoin fractions based on their speed and computing power. These are often called “gas fees”.
The nice thing about Bitcoin transaction gas fees is that end users can decide how much they will pay for them. Most payouts have a default price but end users can raise the price of gas fees in favour of speed. Unfortunately, this also means that, as more Bitcoin miners appear, the gas fees increase with them as well.
Some miners can demand high gas fees that are known to be, in extreme cases, upwards of C$100. Worst of all, if end users lower the gas prices intentionally, they might end up waiting for hours or even days for their transactions to finalize. Even though online casinos like to say that instant withdrawals are available for BTC, lowering gas fees can make them as slow as Bank Transfers. It all depends on how many miners there are and how popular some cryptocurrencies are at the moment.
Canadian Casinos may demand a specific Bitcoin wallet
Even though BTC and cryptocurrencies function exactly the same no matter which type of wallet you use, a Bitcoin Casino (Canada) may demand that their users use specific wallets in order to make a Bitcoin deposit or withdrawal. For example, a Bitcoin Casino (Canada) may demand that users use Coinbase or Binance. While neither of these are bad wallets, a Bitcoin Casino (Canada) may manipulate transaction fees (as well as gas fees) when they focus on only one type of wallet.
The decentralized and unregulated nature of blockchain technology
Having your transactions stored on a blockchain has a lot of benefits. Unfortunately because of its nature, blockchain technology also carries a lot of risks. Because of its lack of regulation and decentralization, there is no guarantee that all the BTC that miners have gathered over the years won’t be absolutely worthless one day. While it’s highly unlikely that this will happen to BTC, it has already happened to many other forms of crypto. Investing in any form of cryptocurrency carries risks and users should be aware of this before they invest.
One benefit that banks have over crypto transactions is the ability to halt and even to transaction reversals. Maybe you accidentally sent money to someone you didn’t intend to and then quickly called your bank so they could halt the transaction. This is simply not possible with Bitcoin transactions.
Once a Bitcoin transaction has been initiated, there is nothing you or anyone can do to stop it. After the miners finish processing the transaction, it will be in the recipient’s wallet. The only way you can get your Bitcoin bank is to contact the receiver and request a refund and they may not always be willing to comply. Like we have already mentioned, there really isn’t anything you can do about it because these kinds of transactions are hard-wired into the system. Such is the nature of BTC and blockchain technology in general.
Some security issues with digital currency
Even though BTC wallet attacks are rare and much more difficult than bank account attacks, they can still happen. Extremely skilled hackers may be able to break through the blockchain defences and steal cryptocurrencies from millions of users. Again, this would be an incredibly difficult feat to achieve but it has happened with various smaller cryptocurrencies. Online crypto wallets are the most vulnerable when it comes to wallet attacks so users who want an extra layer of security choose to invest in a physical crypto wallet. This piece of hardware is the closest you will ever get to physically owning your cryptocurrency.
A Step-By-Step Guide To Making Your First Online Casino Bitcoin Deposits
If you are reading this, then we assume that you are interested in making your first Bitcoin deposit. After all, deposit and withdrawal limits for BTC are generally much higher compared to other payment methods. High rollers love them! In this guide, we will cover the entire process from creating your very first wallet to making a deposit at any Bitcoin Casino (Canada).
Creating Your First Bitcoin Wallet
Making a crypto wallet is actually a very simple process. You can do this through your PC or mobile phone. We recommend you use a mobile wallet because we feel it’s more convenient. For mobile wallets, simply go to the app store and download one. It would be beneficial to you to download a wallet that’s compatible with the Bitcoin Casino (Canada) you want to play at because most Bitcoin Casinos will only accept specific wallets.
Once you’ve downloaded your wallet application, simply launch it to create a wallet. When you create your wallet, you will be given a see passphrase. This is a string of 12-24 separate words. You need to write these down on a piece of paper and keep it safe somewhere. We cannot stress enough how important it is to keep your passphrase safe.
Never, under any circumstances give away your passphrase to anyone. If you do this, then someone will have full access to your wallet and there won’t be anything you can do to change that, except making a brand new wallet. We would know, as it happened to some of our colleagues. Once you’ve created your wallet and gotten your passphrase, you will be ready for the next step.
Before Purchasing Bitcoins You Have To Go Through A Security Check
In order to purchase Bitcoins, there is a matter of security to consider. Bitcoin wallets have very strict security requirements which include giving your full name, address, telephone number and taking 3 pictures of your ID (one of the front, one of the back and one selfie of you holding the ID with a note). Once you have passed security checks you can move on to the next step.
How To Purchase Bitcoin Using Your Wallet
Depending on what kind of wallet you’ve created, you may not be able to purchase Bitcoin. Some wallets are only for storing crypto, others are only for buying while some serve both purposes. If your wallet has an option for buying Bitcoin, you can do so using your credit card or other payment methods if available. If your wallet does not support buying and selling of crypto, you will have to create an account on a different one where you can buy them and then transfer them to your main wallet (note that this will have fees).
Simply select the type of cryptocurrency you wish to buy, the amount and enter your credit card details. Once the transaction has been finalized, you’ll be the proud owner of your first cryptocurrency. If you did this on your main Bitcoin wallet, you won’t have to do anything else. If you haven’t, you will have to transfer your purchased currency to your main wallet.
Making Your First Bitcoin Casino Deposits
Now that you have a place to keep and transfer your BTC, it’s time to make your first deposit at a Bitcoin Casino. Canada Bitcoin casinos, just like all other Bitcoin casinos will require you to create an account before you can make a deposit using your preferred payment method. Once you’ve created a casino account, simply go to the payment system options and select BTC for your payment method.
From there, you will be asked how much you wish to deposit where you will select the amount of BTC (milliBitcoin). Then you will either be given the Bitcoin Casino (Canada) Bitcoin address. Normally, there will be a QR code that you simply scan from your mobile device wallet but some Canadian Bitcoin Casinos will simply give you their entire address without the QR code.
After you scan or enter the casino address, you have to confirm it through your wallet and select how much you want to spend on gas fees. After you select “Submit” and wait for the casino to receive your funds, you’ll be good to go. You should now have your BTC available at your Bitcoin Online Casino and you can start gambling in Canada.
Bonus: Trading And Swapping Crypto
In case you bought the wrong type of cryptocurrency that your Bitcoin Casino (Canada) doesn’t accept, there usually won’t be a reason to panic. Almost all wallets, including the ones where you can’t buy or sell cryptocurrencies, will give you the exchange option. Simply select this option and convert your cryptocurrency to a different type. Naturally, there will be a conversion fee but these are usually very symbolic at any Bitcoin friendly casino.
How To Choose The Best Bitcoin Casino?
When choosing the best Bitcoin Casino (Canada) there are several factors that you may want to consider. Following these steps will help you decide on the best Bitcoin Casino for you.
Does The Casino Accept Bitcoin And/Or Other Cryptocurrencies?
The most obvious first step would be to make sure that your online casino does, in fact, accept BTC. Even though BTC has taken the world by storm, not all online casino operators accept them as part of their payment methods. Make sure your online casino accepts Bitcoin or any other crypto you may have in your wallet. Also, make sure that you have the correct type of crypto wallet if your Bitcoin Casino only accepts a certain kind.
Bitcoin (BTC) Casino Games
Even though you can simply use your deposited Bitcoin to play regular online casino games or live casino games, many Canadian Bitcoin Casinos offer specific Bitcoin Casino games.
At first glance, BTC casino games may look exactly the same as regular casino games but there are a few differences.
Built for Bitcoin from the ground up
Bitcoin casino games are specifically designed to support BTC deposits. They will not accept other forms of currency.
Bitcoin games are more interactive
Unlike regular online slots, some of our favourite games which are using Bitcoin are much more interactive. You usually have a lot more options and sliders when it comes to how you would like to wager your BTC and improve your odds.
Canadian players can talk to each other
While this feature used to be exclusive to live dealer games, many Bitcoin-specific games give their players a chance to communicate while playing. This option can be turned on or off depending on whether or not you are in the mood to speak to your fellow players. Regardless, it is nice to have an option like this to complement the more extroverted player.
For whatever reason, Bitcoin games always have a lower house edge than other online casino games. It is still unclear whether the lower house edge is to promote Bitcoin gambling or is it simply because of the unpredictable nature of BItcoin price volatility. Whatever the reasons, players have a slightly better chance of winning at Bitcoin games.
Bitcoin Casino Bonus Offers
Just like regular casino deposit bonuses, Bitcoin bonuses usually give you a significant amount of bonus funds and free spins. The only difference is that, in order to activate these bonus offers, players need to use Bitcoin as a deposit method. Bitcoin bonuses can also be very generous compared to other deposit bonuses. It is advisable to take advantage of Bitcoin Bonus offers, should you consider using Bitcoin at Online Casinos.
Other Payment Methods At Top Bitcoin Casinos
Bitcoin may be the inaugural cryptocurrency that’s spearheading the crypto casino industry itself, but it’s not alone. Many other user-friendly cryptocurrencies have earned their spot among the top crypto payment methods. The following types of cryptocurrency are most commonly available in other Canadian Bitcoin Casinos:
While currently holding the number two spot of the most popular crypto, Ethereum has been slowly but surely rising in price. Not only has Ethereum proven that it is here to stay but the Ethereum network has other forms of use that Bitcoin simply doesn’t. For example, the Ethereum network uses NFT (Non-Fungible Tokens) which represent a piece of art or a digital asset that players can keep inside their Ethereum wallet. While this technology is really young, it is gaining a lot of popularity in the digital markets, including Canadian Bitcoin Casinos.
If you feel that purchasing Bitcoin can be too expensive, Litecoin is a much cheaper alternative. This cryptocurrency is almost identical to Bitcoin in every possible way, except in its value. Regardless of whether or not their value will suddenly increase or decrease, many Bitcoin Casinos in Canada will accept Litecoin.
Even though Dogecoins were created as a joke to make fun of cryptocurrency, many people didn’t understand the humour and took these Shiba Inu coins too seriously. So serious in fact, that they are very much accepted at almost every Bitcoin Casino in Canada. Their value is still relatively low so they may be a good investment for the future.