With so many casino operators sprouting up and flourishing in the Canadian market, Canadians are currently enjoying a golden age of gambling. Recent innovations in payment systems have allowed casino players to fund their accounts and cash out their winnings more conveniently than ever before.
One payment method that stands out in terms of efficiency, safety, and transparency is bitcoin. As soon as it appeared in the global iGaming industry, Canadian-friendly online casino operators were quick to introduce it to their gambling platforms. Nowadays, there are dozens of bitcoin casinos in Canada, each offering its players a chance to fully utilize all the benefits of this superb payment provider.
It has quickly become my favourite way to deposit/withdraw at casinos because the annoying KYC process is either not required or much easier since transactions no longer need to be processed using a bank.
In this article, I’m going to present the pros and cons of using bitcoin for online gambling in Canada, as well as the best bitcoin casinos for residents of the Great White North.
Best Bitcoin Casinos in Canada
When bitcoin was introduced to the global scene in 2008, not many people fully understood its potential. Gradually, it took the world by storm and underwent a huge expansion in 2017. That’s when casinos came to realize how convenient this cryptocurrency is and started implementing it on their gambling platforms.
Today, there are hundreds of online casinos that allow their players to facilitate bitcoin payments. The emerging Canadian online casino market jumped on the bandwagon and Canadian gamblers are now able to exploit all the benefits of this cutting-edge payment system.
Not all casinos can be trusted, though, which is why we went above and beyond to track down the most trustworthy options — feel free to check them out below.
Video Guide: How to make a deposit with Bitcoin
How to Deposit in Online Casinos Using Bitcoin
Although the exact process of depositing BTC to the casino account may differ depending on the operator, the overall procedure is more or less the same. The idea is to purchase bitcoins and transfer them from your BTC to a casino.
To begin with, you must find a bitcoin-friendly casino and set up an account there. Then, go to the Cashier section and click on Deposit. You will be presented with several payment options, and you should select bitcoin.
Then, the casino will give you a bitcoin wallet address and you have to paste it in your wallet app and input the amount of money you want to deposit — it’s as simple as that.
Withdrawing funds via bitcoin is even easier because it’s basically a reverse process from what you did when you deposited. Only this time, you give the casino your wallet address, and the casino will send the required funds there.
Keep in mind that online casinos usually have a withdrawal pending time, which is the time required for their financial team to process the payment and confirm it. This pending time differs depending on the casino, and usually takes 24–48 hours.
Pros of Using Bitcoin in Canadian Online Casinos
One of the main benefits of using bitcoin is its ease of use. Bitcoin casino transactions are completed within a few clicks, and the funds are being transferred almost instantly, unlike some obsolete methods where you have to wait for an eternity to withdraw your hard-earned winnings.
Another reason why bitcoin is a fantastic payment option when it comes to casino transactions is that the payment platform doesn’t charge any fees. If you encounter any charges, they are imposed by the casino operators themselves, but even that’s a rarity nowadays.
If a casino lists bitcoin as a viable banking option, this usually means that you can use it for both deposits and withdrawals. Also, deposit and withdrawal limits for bitcoin are generally much higher compared to other payment methods, which is why it’s popular among high rollers.
Transparency is another strong point of bitcoin, and other cryptocurrencies for that matter. If you’re feeling uncomfortable with sharing your personal and financial details with the casino, this is something you won’t have to worry about if you’re using bitcoin. All transactions are 100% anonymous, which is why bitcoin is considered to be one of the safest payment methods on the web.
While online casinos impose geo-restrictions, Bitcoin is a global method, available for everyone. You can use it from any corner of the globe to send money. Other payment methods are not accessible in certain countries, but Bitcoin is genuinely a universal service.
Speaking of restrictions, some Canada-friendly casinos won’t allow you to activate their bonuses if you’re depositing via certain banking options, like Skrill or Neteller. Bitcoin is never excluded from bonuses, and you can use it to unlock all promotional offers you can find.
But perhaps the BIGGEST advantage, as mentioned earlier in this article, is the ability to avoid having to provide KYC documentation before withdrawing. Once you skip out using a bank to process transactions, online casinos can seamlessly operate deposits/withdrawals without having to worry about banking regulations.
So far, we’ve only talked about the advantages of using Bitcoin for casino transactions. Now, it’s time to mention something about its shortcoming as well.
Downsides of Using Bitcoin in Canadian Casinos
One of the few Bitcoin’s shortcomings is that it’s still not supported by many casinos. Although the Canadian gambling community is becoming increasingly fond of it, Bitcoin is not yet accepted by a great number of casino operators.
This is mostly due to the fact that many players still don’t know much about this digital currency, and how to use it for casino payments. Old school players still feel more comfortable using traditional payment options like bank transfers and credit cards, while younger patrons prefer e-wallets to cryptos.
Many people believe that Bitcoin is less secure than other payment systems because it isn’t connected with any centralized banking system. Also, bitcoin is not subject to any governmental rules or policies.
Another downside of Bitcoin is that its value is constantly fluctuating, so many players prefer using fiat money instead.
Conclusion
Not so long ago, it was almost impossible to find a casino that accepts Bitcoin. Times have changed, and cryptocurrency has now fully extended its reach to the Canadian online gambling industry.
The advantages of using Bitcoin are indisputable, and it’s only a matter of time before this payment method becomes as ubiquitous in the online gambling industry as its well-established competitors.
It is my favourite way to deposit/withdraw from casinos because of its speed and the ability to skip the KYC process. However, it does require a little bit of a learning curve and is not widely available so for now, Interac e-Transfer is still much more popular.
FAQ
If you’re a Bitcoin rookie, you probably have some questions. I tried to answer the most common ones in my mini-FAQ section below. By all means, read on!
Are there any bitcoin bonuses in Canadian online casinos?
All bitcoin-friendly casinos offer welcome bonuses, which is a housewarming gift for newcomers. These bonuses are being given to all who sign up for an account and deposit money. Some casinos even have bitcoin-specific welcome bonuses which can be worth up in thousands of dollars.
Is it safe to use bitcoin in online casinos in Canada?
Bitcoin is one of the safest payment methods in the world. If you use bitcoin for casino transactions, you won’t have to disclose any banking information, which mitigates the risk of frauds and hacker attacks.
Are there any alternatives to Bitcoin?
Bitcoin is only one of hundreds of cryptocurrencies that exist nowadays. Some of them, like litecoin and ethereum are available at certain casinos. However, BTC is the most widespread in the online gambling industry.
Do I have to pay any fees when depositing in bitcoin?
Bitcoin fees are minimal to non-existent. Each transaction on the chain comes with a small fee, but this is nothing compared to other casino payment methods. Casino operators themselves rarely charge any fees for bitcoin transactions.
Is it legal to use bitcoin in Canadian online casinos?
Absolutely! Canadian players can use bitcoin for casino transactions wherever the payment method is supported, without suffering any legal consequences for it.
