Bitcoin: cryptography within everyone's reach
Bitcoin is a cryptocurrency intended for use as a payment method. It is popularly used as a trading instrument on cryptocurrency exchanges or as a store of value. The origin of Bitcoin is shrouded in secrecy. It was created in 2009 by an unknown person using the alias Satoshi Nakamoto.
Deposit at an online casino with Bitcoin in Canada
What is Bitcoin?
Bitcoin is a cryptocurrency intended for use as a payment method. It is popularly used as a trading instrument on cryptocurrency exchanges or as a store of value. The origin of Bitcoin is shrouded in secrecy. It was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Technically, bitcoin leverages blockchain technology where transactions can be made with no middlemen. Bitcoin in Canada can be used to deposit money in online casinos, booking hotels or purchasing goods online. We would say that Bitcoin is far more popular for exchange trading, though, but it still serves an important function for a growing number of bitcoin casinos.
What is blockchain technology?
The blockchain is a digital ledger for transactions. Bitcoin has its blockchain. Ethereum has its own blockchain. When it comes to bitcoin payments, these are carried out on its related blockchain. Here is where all bitcoin transactions are recorded and distributed across the worldwide network of computer systems integrated into the blockchain. Every block in the chain consists of an unspecified number of transactions. Every time a new transaction occurs, a permanent record of that transaction is added to the ledger of every computer. The record is immutable and cannot be changed. The concept of a shared ledger or database among multiple participants is called Distributed Ledger Technology (DLT). Blockchain is a version of DLT where immutable transactions are recorded using a cryptographic signature (hash). The large network of individual computers makes the system tamper-proof. If some hacker wants to corrupt or tamper with a block, they would need to change every block across all distributed versions in the network. This decentralized network is self-regulating and creates trust in the absence of a centralized financial institution such as a bank.
The advantages of using Bitcoin in Canada
Bitcoin is designed to offer a unique set of advantages over the Canadian dollar. The first benefit of Bitcoin is speed. When using bitcoin in Canada, you can enjoy instant deposits and instant withdrawals in online casinos. There are zero or very low transaction fees when using bitcoins. Typically, when doing a financial transaction, you would rely on a financial company acting as a middleman that facilitates the transaction. The nature of blockchain technology makes a middleman redundant and eliminates transaction fees. Bitcoin is a good option for privacy. To own and use bitcoins, you need a bitcoin wallet. You then use your unique wallet address for transactions. The wallet address is almost completely anonymous, and you never have to enter any financial details with online casino sites when depositing using bitcoins. Bitcoin in Canada is always eligible for welcome bonuses and other promotional offers.
Disadvantages of using Bitcoin
Bitcoin is commonly used as a trading instrument, where people buy and sell bitcoins trying to make a profit—buying low and selling high. Inherently, bitcoin is extremely volatile. It is not uncommon that there are 25% swings in its valuation over a short period of time. Bitcoin’s price is expected to settle in the future. When this happens is unknown. Until then, it will continue to be one of the most volatile cryptocurrencies. Bitcoin is still in its infancy. As such, not that many online casinos in Canada accept bitcoins as a payment method.
Online Casinos in Canada that accepts Bitcoin
How to deposit to an online casino using bitcoin
There are three steps involved in getting started with bitcoins and depositing to an online casino:
Open an account with a bitcoin wallet
Buy bitcoins in your bitcoin wallet
Use your bitcoin wallet to deposit money into your online casino
Register for a bitcoin wallet
There are two different types of bitcoin wallets, hot wallets and cold wallets. Hot means that the wallet and its content are stored online. Cold means that the wallet and its content are stored offline. Examples of hot wallets are mobile app wallets or browser wallets. Examples of cold wallets are ledger or hardware wallets. Cold wallets are not recommended if you expect to make a lot of transactions in and out of online casinos. For this reason, we will look at hosted hot wallets. Recommended options are Coinbase, Binance, Gemini and Kraken. All of these have browser, desktop and mobile app options where you can purchase bitcoins for Canadian dollars. Create an account with any of the above-mentioned recommended bitcoin wallets.
In order to buy bitcoins on an exchange, you will have to deposit money into your bitcoin wallet. So, once you created an account, it is time to deposit. You can deposit money into your bitcoin account through a multitude of payment options. Choose your preferred one. Some sites will allow you to buy bitcoin directly with fiat money. Either do that or exchange your fiat for bitcoin after you made your deposit.
Deposit bitcoin to your online casino account
Once you have the bitcoins ready in your wallet, you are ready to deposit them to your online casino account. Log in to your casino site, navigate to the payment method section and choose bitcoin. Typically, you will be presented with a unique wallet address. Go to your bitcoin wallet, initiate a transaction and enter the wallet address you got from your online casino account. Once you action the transfer, the bitcoin will arrive instantly in your casino account.
Fees and withdrawals using bitcoin as a payment method
If you transfer from, e.g. Coinbase directly to the unique address in your online casino account, there is typically no fee from the online casino. Coinbase will charge you a very small transaction fee, though. Comparable to fiat transactions, the fee is much smaller. This applies to both deposits and withdrawals. As we already highlighted as an advantage, both deposits and withdrawals using bitcoin are instant.
How does Lucky7Bonus choose the best online casinos that accept Interac in Canada?
The Lucky7Bonus team is made up of both gaming enthusiasts and online casino industry veterans. We know online casinos from both the player perspective and the operational perspective. We strive to have an unbiased approach when reviewing and evaluating online casinos. The editorial team will scrutinize the texts written by our reviewers. Besides our own personal experience of playing in all the different online casinos, we also back all our information up with data and research. The goal is to produce honest and independent casino reviews that give a fair presentation of the reality of different online casino sites.
Conclusion Bitcoin in Canada as a payment method
Bitcoin in Canada is a highly preferable payment method due to the advantages of speedy transactions and low fees. The hurdle with bitcoin can be the technical aspects, which in reality, you do not have to understand. If you think about it, do you ever consider all the technical aspects behind a Visa transaction? Most of us don’t. We just trust that it will work and use it. Bitcoin is not that much different from fiat transactions. There is some friction around obtaining bitcoins, but once you have a wallet setup, it is super easy to use bitcoin for casino payments. Fortunately, bitcoins are becoming more and more widely accepted in Canadian online casinos. In our opinion, it is a superior payment method, as long as you can stomach the price fluctuations of bitcoins, which is a gamble in itself.
FAQ Bitcoin in Canada
Is my private data secure when using Interac in online casinos?
Yes, your private data is better protected when using bitcoin payments compared to fiat payments. When depositing, you won’t have to enter any financial information, and when withdrawing, you simply have to provide your unique wallet address.
Which bitcoin wallet is the best?
Most bitcoin wallets are similar but have some differences. Not least UI and fees. What the best wallet comes down to personal preference. We would, however, recommend Coinbase, Binance, Kraken and Gemini. All of which are popular choices and easy to use.
Do I have to pay any fees using Bitcoin in Canada?
Online casino operators will typically not charge you any fees for using bitcoins. However, depending on what wallet you use for buying and sending bitcoin, a fee is usually charged when transferring bitcoins away from the site. This fee varies depending on what wallet you use.
Is bitcoin available in all online casinos in Canada?
Far from all casinos accept bitcoin in Canada. However, the number of sites that accepts bitcoin and other cryptos is growing.