Millions of Canadians are active on gaming websites, with numbers increasing yearly. As scores of casinos crop up to meet the growing demands of punters, acceptable payment methods are also expanding. Cryptocurrencies are the latest trend in banking options for iGaming enthusiasts worldwide, and Canada is riding the wave with gusto.
Bitcoin (BTC) is the most popular cryptocurrency punters use for gambling at online casinos, generating millions of Canadian dollars yearly. However, questions about its legality as a payment option often dampen players’ excitement at engaging with online casinos.
Here are the answers to these questions, including a refresher on Bitcoin’s concept, a guide on using BTC in online casinos, and more.
What You Should Know About Bitcoin
Bitcoin is a cryptocurrency (digital currency) built on a blockchain, which maintains decentralized and secure transaction records. BTC was the first digital currency to gain global success and acceptance. It uses peer-to-peer transactions, eliminating the need for an intermediary (e.g., financial institutions.)
You can store BTC in a Bitcoin wallet, and the two primary ways of obtaining it are purchasing and mining. Purchasing involves exchanging fiat for the token, using Bitcoin gift cards, etc. In contrast, mining is a process that adds complicated mathematical formulas to Bitcoin transactions via software.
The Legality of Bitcoin Gambling in Canada
BTC gambling is just one part of the online gambling industry in Canada. To understand the side of the law that it falls under, you must consider two things:
Canada’s gambling laws
Punting is a ‘grey area’ here because there are no federal laws directly prohibiting or allowing online wagering. The authority for regulation solely rests on the shoulders of the provincial governments, and some have restrictive laws. Furthermore, these restrictions don’t extend to offshore iGaming sites, enabling them to accept Canadian Punters.
Cryptocurrency’s status in Canada
The Currency Act of Canada defines legal tender as two things, and Bitcoin isn’t one of them. The coins issued under the Royal Canadian Mint Act and banknotes issued by the Bank of Canada are legal tenders. In contrast, they consider Bitcoin and other such cryptocurrencies commodities (for tax purposes.)
This government recognition – albeit vague – allows Canadians to buy, sell, and transact with BTC, breaking no laws. As long as the merchant accepts it, you’re in the clear, and this includes online casino websites.
In summary, BTC gambling is legal in Canadian areas with no specific gambling laws or those who openly accept iGaming. So if you’re among the estimated 20 million Canadians taking part in any form of gambling, you can freely wager with Bitcoin.
How to Use Bitcoin at Online Casinos
Depositing and withdrawing BTC is much easier than fiat currency, regardless of the type of casino. Hybrid casinos accept both crypto and traditional currencies, while crypto casinos only accept cryptocurrency. gambling with cryptocurrency is easier because it involves less documentation.
Here’s how you use BTC for deposits and withdrawals:
- Download a Bitcoin wallet
- Purchase or exchange Bitcoin on online exchanges like Kraken.
- Register and create your online casino account at your preferred iGaming site.
- Navigate to the cashier page and click on the Deposit option
- Choose Bitcoin as your deposit method.
- Follow the site’s instructions to link your Bitcoin wallet and casino account.
- Input and confirm the deposit amount before transferring the money.
- The money will appear in your casino account within minutes to an hour.
- You’re now ready to game to your heart’s content.
- To withdraw, select the Withdraw option from the cashier page.
- The instructions will be similar but opposite to those for depositing.
- It also follows the same transaction time frame.
Why You Should Bet with Bitcoin
Punting with Bitcoin has myriad benefits, and the unique bonuses (however significant) are a mere fraction of them. Here’s a more detailed description of said benefits:
Anonymity
Many gamers value their privacy and balk at exposing their personal and banking details during transactions with online casinos. Thankfully, Bitcoin transactions don’t need these details to proceed. Once you have your walled ID, you are set!
Bonuses
Since Bitcoin is still cementing its status as a reliable currency, many casinos attach attractive bonuses to BTC deposits. With mouth-watering offers, including casinos matching your deposit up to 100%, punters flock to these casinos. However, a bonus’s true worth is tied to the terms and conditions of access and withdrawal.
Fast Transactions
Transaction speed with Bitcoin is often faster than classic banking methods like MasterCard. I’d instead opt for a payment method that takes minutes to hours than one requiring two to five days to process. This speed is even more valuable with a volatile currency like BTC.
Cost Efficiency
The third parties involved in standard banking transactions often gain the most from whatever banking fees you pay. BTC transactions are peer-to-peer, eliminating these third parties and their charges. While Bitcoin doesn’t have fees theoretically, miners’ costs exist in reality.
Rest assured, the fee is relatively small compared to other banking options. An exception or raised fees occur when there’s a long queue of BTC payments for them to verify.
Investment Opportunities
BTC is highly volatile, with values rising and dropping in the blink of an eye. Suppose you make a small deposit and win some money with low BTC values. The amount may double or triple if the value increases overnight.
However, a further drop in value will cause an equally devastating loss, making this venture risky with equally steep rewards.
Bitcoin gambling Tidbits to Remember
These time-tested tips will keep you safe and ensure an enjoyable experience as you navigate the world of iGaming.
If you already know them, well, here’s a refresher:
- Register with trustworthy casinos: Whether you settle for a big-name or regular online casino, ensure it has a license – verified and up-to-date. Canadian bettors should look out for MGA, Curacao, and Kahnawake licenses.
- Confirm withdrawal policies: If you’re not enthusiastic about waiting for a while to receive your money, then take a peek at the casino’s withdrawal policies.
Conclusion
BTC gambling might be in the ‘grey area’ that makes up Canada’s gambling space, but you should wager with caution. Remember to check the punting regulations in your province or state before playing at online casinos, and use credible casino sites.