Bitcoin Casinos in Canada 2020
Invented in 2008, Bitcoin (BTC) has blown up in recent years. This cryptocurrency boom has also led to the creation of numerous other cryptos. But, Bitcoin is the benchmark. Due to its increase in popularity, it has become a popular deposit method for online casino players. It’s now possible for you to play slots, blackjack, roulette, baccarat and other casino games all while using BTC as your deposit currency.
There are a variety of reasons why Bitcoin is becoming more and more popular in the world of online casinos. We’ll take a look at what it is, how it works and why you might want to consider using it when you make your next casino deposit. We also have a list of recommended online casinos that accept Bitcoin.
Top Canadian Casinos that Accept Bitcoin
What is Bitcoin?
A new banking option for casinos, Bitcoin is a digital currency as opposed to a fiat currency (money created by governments, i.e. the Canadian dollar). It’s de-centralized, meaning that there is no governing authority overseeing it, i.e. a bank. Bitcoin and certain other cryptocurrencies are “mined”. Basically, computers work together to solve complex math problems which results in the generation of a small piece of a Bitcoin.
Because of the complexity of these math problems, only so much Bitcoin can be mined at a time. It also means that because of the sheer amount of computing power required, it’s very hard to counterfeit. Every transaction that happens with Bitcoin is publicly recorded, verified and stored on thousands of computers across the globe. This public ledger, known as a blockchain, helps to prevent manipulation of the market.
Once upon a time, it was hard to acquire Bitcoin without mining it. Now there are exchanges.
This is where you buy, sell and trade all forms of cryptocurrency, similar to a stock market. From Bitcoin (BTC) to Litecoin (LTC), there are quite a few cryptos to choose from. As long as the casino accepts BTC and your exchange deals in it, then it’s considered casino-friendly. ShakePay is the one that we find works best for players in Canada. You’ll be able to purchase not just Bitcoin but Ethereum (ETH) as well.
While you can buy Bitcoin through ATM’s now, along with other cryptocurrencies, the fees are much more reasonable when you purchase from an exchange. If you were buying BTC to play at a Bitcoin casino, then these are the best way for you to acquire it.
Whether you’ve mined or purchased your Bitcoin, it is a decentralized currency. As a result, it can’t be stored in a bank. The exchange you bought it on will store it, but your BTC is stored there with millions of other people’s BTC, ETH, etc… This is a temptation for hackers, so you are better off sending your coin to a wallet or straight to your casino account.
A wallet is essential for any cryptocurrency, including Bitcoin. This is where you store your private key. This key is what proves that you own your BTC. Your private key is a 256-bit number meaning that it is 64 characters (0 to 9 and A to F). You’ll also use your wallet to send and receive BTC from people or businesses. In fact, this is what you would use to deposit Bitcoin into an online casino.
There are 4 types of Bitcoin wallets:
- Web: This is a web-based wallet wherein your Bitcoin is stored in a secure cloud server. The service provider you will perform backups of your cryptocurrency to ensure your BTC is safe. This is a good online casino option.
- Software: Versions like the Exodus Wallet need to be installed on your computer, which then stores your access to Bitcoin on your computer. Back ups need to be performed manually by you. These Bitcoin wallets are susceptible to viruses and computer hardware failure, so always keep your software up to date. This is a great online casino option.
- Mobile: Stored right on your phone, these allow for you take your Bitcoin everywhere with you via an app. Just like a software wallet, the risk here is that if you lose or break your phone, you could lose your Bitcoin. This is another good option if you want to play at an online casino with your BTC.
- Hardware: Hardware wallets are considered the most secure way to store your Bitcoin. These are physical devices like USB drives that are designed for storing access to large amounts of Bitcoin. As they are fully offline, there’s no risk of being hacked. But, if lost or damaged, your Bitcoin could be gone forever. It’s important to note that you will need to use software to transfer your Bitcoin anywhere, making this the least desirable BTC option for playing at a casino.
So, there are a few options to choose from when it comes to wallets. As a casino player, you’ll likely want to avoid using the hardware version. It will require extra steps to get your BTC transferred to your casino account.
As Bitcoin’s popularity has increased, so too has its presence within the online casino realm. More and more casinos are accepting it as a form of currency. But what are its advantages?
How to Use Bitcoin at an Online Casino?
The process of using Bitcoin for deposits and withdrawals is straight forward. This is especially the case if you already have the Bitcoin. If, not, don’t worry. You will want to read about how to use Bitcoin.
If you’re looking to play with Bitcoin at an online casino, just follow these simple steps:
Sign up for a casino that accepts Bitcoin.
Choose BTC as your deposit method.
Use your Bitcoin Wallet to scan the provided QR Code or Send your BTC to the address provided by the casino.
Once the Bitcoin is in your account, choose a welcome bonus and start playing.
After that, you are all set to use your Bitcoin for wagering online. Some casinos will offer the option to deposit other cryptos and in those cases, the process of getting started will be similar. You will also find that some casinos will convert your Bitcoin into their currency of choice. In these cases, you’ll be given the current exchange rate on Bitcoin. Otherwise, the BTC will stay in your account as-is. All of your betting will be made using Bitcoin instead of regular dollars.
Withdrawing your money from the casino follows a similar process. The transaction itself will be quick, but requests to withdraw at online casinos can take between 24 and 48 hours. Now you know what Bitcoin is and how to use it for online gambling, so what gives it the edge over other banking methods.
Why Should You Consider Using Bitcoin?
Every payment method has its advantages and drawbacks. Bitcoin is no different, so let’s take a look at the pros and cons of using BTC at a casino:
|Quick Payments – Bitcoin payments are very fast.||Volatile Market – The value of Bitcoin has fluctuated in the past couple of years, so when you’re done playing, you’ll want to transfer your BTC from the casino to your wallet.|
|Bitcoin Deposit Bonuses – Many online casinos offer BTC promotions, so you receive more bonus money when you deposit Bitcoin.||Limited Placement – Not every Canadian online casino supports Bitcoin, Litecoin, Dash, Ethereum, and Bitcoin Cash.|
|Best Security – Each transaction has a unique code, so hackers and identity thieves cannot steal your information. You can further protect your BTC by enabling 2FA (2-Factor Authentication). Couple that with the casino’s security measures and your hard-earned BTC is safe.|
|Protects Privacy – Your name, bank information, or credit card information is not used, so BTC helps maintain your privacy.|
|Free transactions – Canadian players will never pay a fee when using Bitcoin for deposits or withdrawals.|
|High Roller Payouts – Bitcoin has uncapped deposits and high withdrawal limits.|
These pro’s and con’s should give you an idea of whether or not you want to use Bitcoin for online betting. You might also want to consider which casino’s offer a Bitcoin welcome bonus.
Bitcoin Casino Welcome Bonuses
You might be wondering, “Can I use Bitcoin to claim my welcome bonus?” The answer is yes. And, once you’ve decided to make a deposit at an online casino using Bitcoin, it’s time to decide on whether or not you want that welcome bonus. In an effort to encourage more people to use Bitcoin, casinos will often have bonuses specific to BTC depositors.
Bodog Casino offers a Bitcoin-specific bonus to new players. If you’re looking to deposit Bitcoin, you are eligible for a 150% match bonus up to $900 worth of Bitcoin. This is much better than their 100% match up to $600 for other transaction methods.
At Slots.lv, if you are new to the casino, the welcome bonus is quite generous for Bitcoin users. Split over nine deposits, they’ll do a 300% match up to $1,500 on the first deposit and a 150% match up to $750 on the next eight deposits. For the rest of the banking methods, it’s a 200% match up to $1,000 on the first followed by a 100% match up to $500 on the remaining 8.
There’s definitely incentive to use the Bitcoin if you have it and are looking for a new online casino.
The terminology surrounding Bitcoin can be challenging to keep up with. So, we’ve broken down a few of the terms you’ll encounter if you are new to the world of cryptocurrency. Understanding these will be helpful before you starting playing at a Bitcoin casino.
|Block||A record of Bitcoin transactions over a certain period of time, usually about 10 minutes. All of these blocks are stored in a blockchain.|
|Blockchain||Made up of blocks, a this is a public ledger containing every Bitcoin transaction ever. This ledger is available for anyone to download, but there are no identities associated with it.|
|Address||Generally, a Bitcoin address is made up of 34 characters in random sequence. This address is used to send and receive Bitcoin. Your wallet has an address, the casino you are using has an address, etc…|
|Fiat||This is government-issued money. In particular, this money is backed not by a commodity like gold or silver, but by the government that issued it. An example of this would be the Canadian Dollar (CAD).|
|Miner||A miner is a computer or series of computers that are used to help calculate and verify transactions on the ledger. More than one miner makes up a mining pool. Miners, for their work are rewarded with pieces of a Bitcoin.|
|Node||Nodes exist for all cryptocurrencies and are just electronic devices that are connected to the internet. A node stores a part of a blockchain and can sometimes process transactions. By running a node, and processing transactions, you are in essence mining.|
Bitcoin Casino FAQ's
Bitcoin is a digital cryptocurrency that does not have a centralized bank to answer to. You can purchase Bitcoins or mine your own, which you then need to keep in a BTC wallet. From there, you can use Bitcoin anywhere that accepts it, including casinos.
The easiest way to get BTC is to purchase it through an exchange, which is also the best way to buy it for use at a Bitcoin casino. You sign up for an account and then pay with your credit or debit card. At the time of purchase, the BTC will be stored on the exchange, but this isn’t as secure, so you’ll want to transfer it to a wallet. The other option is to mine the Bitcoin which can take quite a bit of time and resources.
Yes – Online casinos definitely accept Bitcoin and other cryptos like Bitcoin Cash(BCC) and Ethereum. But, not every casino does, so make sure you do your research. The casinos we recommend at the top of the page here all accept Bitcoin.
Yes – Bitcoin is extremely safe to use. The transactions are protected and recorded on the public ledger. Thanks to the complexity of the transaction code, it’s very hard to steal. You biggest concern with Bitcoin safety is the reliability of your wallet. Once you’ve transferred the BTC to an online casino, it’s safe there.
Yes – In fact, some online casinos offer enhanced welcome bonuses for users looking to deposit Bitcoin. Bodog Casino and Slots.lv Casino both offer BTC-specific welcome bonuses.
The process at each casino will be a little bit different but it will always be straight forward. The casino will provide you with an address to send the Bitcoin to from your wallet. To get your Bitcoin out of the casino, a similar process is followed. The only delay when it comes to withdrawals is that it might take some casinos 24-48 hours to process your request.