Bitcoin is the world’s first and largest cryptocurrency. Due to its popularity and decentralised nature, this digital currency has quickly spread around the world. Today, it is accepted by thousands of online stores and marketplaces, as well as online casinos in Canada.
This guide on Bitcoin CA will help you understand what this alternative payment method is and how it works. We’ll also explain the main benefits of using Bitcoin and important terms to remember.
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Using Bitcoin on Canadian Online Casinos
Bitcoin was the first cryptocurrency to be launched back in 2009. Created as an alternative to traditional payments and banking, had a relatively quick rise to global currency. Fuelled by speculative trading and an increase in the number of merchants which accepted Bitcoin payments, the coin was increasingly featured on front page news.
Online casinos in Canada and around the world quickly began noticing the advantages and features of cryptocurrencies. Continually driven to innovate and stand out from a crowded market, these online casinos were eager to start accepting Bitcoin alongside traditional currencies, such as CAD and USD.
Using Bitcoin to fund your casino account can also provide you with additional benefits. We will explain these further in the rest of this guide, but suffice to say that in certain cases, paying with BTC can lead to superior rewards and limits.
How to Use Bitcoin at Online Casinos in Canada
If you’ve never dealt with cryptocurrencies before, the idea of funding your account with Bitcoin might have never crossed your mind. As you will see, using BTC to deposit and withdraw casino funds is simple, fast, and secure. It is no surprise, therefore, that a growing number of online casinos in Canada let you pay using Bitcoin.
Deposit Funds using Bitcoin
Before you can deposit Bitcoin into your online casino account you will need to buy it from an exchange or alternative source. Several exchanges, such as Coinbase or Binance, let you buy Bitcoin using a cards or other payment methods. You will also need to have a wallet where to store your coins. These two exchanges provide you with a free, in-built wallet.
To deposit BTC to your casino account, you simply need to:
- Visit the payments page of your casino and click on Bitcoin.
- The casino will provide you with a wallet address and a QR code.
- Open your Bitcoin wallet and click on send BTC.
- Enter the amount you wish to send and enter the address provided by the casino. Alternatively, scan the QR code.
- The funds should be transferred to your casino account instantly, although it might take longer during extremely busy periods.
Before you process the payment you should be certain that the address provided by the casino is for Bitcoin and not another cryptocurrency. If you have any trouble to effect a Bitcoin payment you should get in touch with the support team at your casino or wallet provider.
Withdraw Funds using Bitcoin
When you’d like to withdraw your funds into your Bitcoin account you simply need to do the following:
- Locate the Bitcoin wallet address where you intend to receive the funds.
- Go to the payments page of your online casino and select the withdrawal option.
- Choose to withdraw funds using Bitcoin.
- The casino will ask you for your wallet address. Paste this and select the amount you wish to withdraw.
Just like with deposits, withdrawals using Bitcoin are generally instant. However, online casinos in Canada may delay payment due to verification or manual checks.
The Benefits of Bitcoin Casino Payments
Opting to funds your Canadian casino account with Bitcoin can provide you with several benefits. For starters, transfers are normally carried out instantly and you can tap into very low minimum limits and very high maximum limits. In addition, since accepting Bitcoin is normally cheaper for a Canadian casino, several will offer exclusive or superior rewards if you opt to use BTC instead of CAD.
Understanding Bitcoin Payment Conditions
Bitcoin operates in a decentralised network which makes it different from traditional currencies. With this and other cryptocurrencies, there is no central authority or government which has jurisdiction or control. As a result, it might be difficult to get assistance if you need it, beyond perhaps contacting either your casino or wallet provider.
This is especially significant if you mistakenly enter the wrong address when making a transfer. If the wrong address is still valid, funds will still be transferred, and you may lose them. This is why you should always opt to use the QR code rather than copying and pasting the long and complex wallet address.
Play Anonymously at Canadian Online Casinos
It’s no secret that some banks in Canada do not approve of account holders transferring or receiving funds from online casinos. Using Bitcoin instead of traditional currencies can help keep your online casino activity secret from your bank. The only transfers visible to your bank would be to and from Bitcoin exchanges.
How Secure is Bitcoin?
One of the key features of Bitcoin and other cryptocurrencies is their safety. As long as you use the correct wallet addresses, it is almost impossible for fraud to take place. Transactions are verified using thousands of independent computers and for any hack to be successful, a majority of these computers would need to be simultaneously infected.
Start Using Bitcoin at Online Casinos in Canada
Several top-rated online casinos in Canada are already accepting Bitcoin payments. This cryptocurrency is safe and convenient, providing anonymity amongst players in CA. You can buy Bitcoin instantly online and start paying immediately. Whilst it is vital that you enter the correct wallet address when making transfers, you don’t really need to do much more in order to have a secure experience with this payment method. This is why Bitcoin, along with other top cryptocurrencies, are quickly becoming Canada’s favourite ways to play at online casinos.