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What is Bitcoin?
Bitcoin is the original cryptocurrency, which means it’s an electric form of payment and storage of value. When it comes to using Bitcoin online at casinos in Canada, we can think of it as simply another type of currency, but one which has no physical property and is not native to any particular country.
There are thousands of different cryptocurrencies in circulation but Bitcoin has perpetually held a position of great relevance. This is because it was the first cryptocurrency to be invented back in 2009 by the mysterious figure known as Satoshi Nakamoto.
In recent years, Bitcoin has permeated the mainstream and is now being accepted as a payment method at a wide range of casinos in Canada and beyond.
Advantages of using Bitcoin to deposit
So, why would you want to use Bitcoin at online casinos in Canada?
There are many advantages to using Bitcoin in Canada. For one thing, Bitcoin is highly anonymous. While the blockchain it operates on makes all transactions transparent and traceable, there is no need to have an active bank account or provide details like your physical address.
This level of anonymity is something a lot of casino players enjoy, whether this is to protect against fraudsters, keep their gambling money separate from their other accounts, or simply to increase privacy.
In addition to the above, you may also find that depositing with Bitcoin grants you access to special offers, like bigger deposit bonuses. This is especially true when you consider how much Bitcoin fluctuates.
For example, let’s say you’re offered a new player welcome bonus of 100% up to 0.1BTC. At the time of the offer, this could be worth a maximum of $3,000. But, if Bitcoin is on a bull run, this could double to $6,000 or even much more within days.
Can I withdraw using Bitcoin in Canada?
Yes, you can withdraw using Bitcoin in Canada in a very similar way to how you’d deposit. There may be some casinos which only offer deposits, so make sure to check before you get going.
Withdrawals made using Bitcoin are not subject to the multi-day waiting periods you’ll face when using a bank card. Instead, the withdrawal process can begin as soon as the casino is finished processing their end. In theory, this could take just seconds, but there is a great deal of variance depending on a range of factors – primarily how busy the Bitcoin network is.
Is it safe to use Bitcoin?
If you’ve never used Bitcoin in Canada, either at an online casino or elsewhere, you may be wondering whether or not it’s safe. This is a perfectly reasonable concern, but our experts are here to assure you that Bitcoin is 100% safe to use at online casinos.
Every payment you make with Bitcoin is tracked on something called the blockchain. This is like a giant Excel spreadsheet, taking note of every deposit, transaction and receipt. It’s powered by supercomputers around the world, which means there’s no central authority. In other words, no one person or company controls Bitcoin – everyone pitches in to help ensure payments are transparent.
Keep your passwords safe
Like all payment methods, Bitcoin isn’t fraud-proof. You have to be very careful with your passwords when using Bitcoin in Canada. If you’re using Bitcoin for the first time, you should start by making some smaller payments to test that you’re processing them correctly. Once you’ve sent a payment somewhere, it’s tough to cancel or retrieve it.
But, if you use Bitcoin at online casinos in Canada responsibly, you should be very safe.
Where to play using Bitcoin in Canada
Using Bitcoin in Canada is becoming increasingly common. This is true not only of online casinos, but also online stores and even physical shops. You’ll even find well over 800 Bitcoin ATMs dotted across Canada.
Many online casinos in Canada have made it easy to deposit and withdraw using Bitcoin. You can find a selection of the best pro-Bitcoin Canadian casinos right here on this page. If you follow the links provided, you’ll be taken directly to the latest Bitcoin welcome offers, where applicable.