It is fair to say that the golden age of online gambling is in full swing. Online casino enthusiasts will undoubtedly agree that compared to twenty years ago, online casino websites, with their modern games, generous bonuses, heightened online security and dedicated customer service have come a long way. And the number of safe and convenient online payment methods have increased significantly.
We now have a multitude of payment providers to choose from, all of which have their own appeal and draw in specific customers. In fact, the growth of the online payments industry has largely contributed to the growth of the online gambling industry. The latest payment method to take the online world by storm is bitcoin. The number of people using bitcoin has been growing ever upwards. Thanks to the popularity of the bitcoin casino payment method, we are now seeing bitcoin casinos on the market.
What are Bitcoins?
Bitcoins are a type of cryptocurrency that can be used in exchange for goods and services. In simple terms, you can think of bitcoin as being a type of digital token or computer file. These digital tokens are mined from a computer programme and then stored in a digital wallet. The technology involved is called blockchain. All bitcoin transactions are recorded on the blockchain, which is a decentralised technology that can be accessed by many different computers.
Cryptocurrency is a decentralised monetary system, which means that all trading is done directly between users and there is no bank of financial institution involved. In order to use bitcoin, you’ll need bitcoin client software and a bitcoin wallet. Bitcoin client software is the peer to peer network interface that facilitates communication between wallets, generates private keys and maintains security. Your bitcoins will be stored in your wallet, but in order to use them to make a transaction, you’ll need a private key, a public key, and a unique address. If you are new to bitcoin, you can use a bitcoin exchange to buy and sell bitcoin – the exchange works as a middleman between buyers and sellers and takes a percentage of the transaction as an administration fee.
Bitcoin at a glance:
- Bitcoin is an online currency, also known as cryptocurrency
- “Bit” refers to the smallest memory units in the computer
- “Coin” is the English word for coin
- Bitcoins can be exchanged into other currencies
- Bitcoins are a decentralised currency – which means that there is no central bank intervention
- Bitcoins can be stored in an online wallet or in a hardware wallet
Bitcoin and online casinos – How does it work?
Bitcoin casinos tend to be brand new casinos, and at this stage there are not as many bitcoin casinos on the market as there are, say, credit card casinos or eWallet casinos. This is due in large part to the fact that existing online casinos do not have the technology in place to allow for bitcoin casino payments. Just as a bitcoin user needs specific software to power their bitcoin casino payments, so do casinos need software to accept bitcoin as a payment method. Now that more and more people are using bitcoin, we expect to see a rise in the number of casinos incorporating the technology need to facilitate bitcoin casino deposits.
Once a casino has the software in place to accept bitcoin casino payments, the casino payment process for bitcoin users is not dissimilar to traditional casino payment methods, such as credit cards, eWallets and bank wire. Making a bitcoin casino deposit is easy to do and your funds will appear in your bitcoin casino account in an instant. In fact, a bitcoin casino deposit is easier and quicker than a bank wire casino deposit, and most bitcoin casinos do not charge a transaction fee, unlike credit card transactions which can be quite pricey.
Here is a quick breakdown of the bitcoin casino payment process:
- Check out our list of bitcoin casinos for the best bitcoin casino and sign up for a casino account.
- Locate the banking section within your bitcoin casino.
- Select bitcoin as your payment method by clicking on the bitcoin logo and wait to be redirected to your wallet.
- Enter the amount you’d like to deposit into your bitcoin casino account.
- Specify the individual bitcoin address.
- Confirm the payment.
What advantages and disadvantages do Bitcoins have?
It is always a good idea to weigh up the pros and cons of a payment method prior to jumping on the bandwagon. Bitcoin has certainly had ups and downs over the last few years. One of the biggest issues has been the fluctuation in value – many early investors made a fortune, but there have also been big losers in the trading game. It’s not surprising, therefore, that it has taken quite a while for cryptocurrency in general to be taken seriously by the mainstream public . Few were willing to invest their lifesavings in a currency that could become worthless at the drop of hat. Today, the value of bitcoin has stabilised, but it can fluctuate, so you will need to keep a close eye on it.
Another issue that many consider to be a disadvantage of using bitcoin is the lack of insurance against theft. Bitcoin is stored in a digital wallet or a hardware wallet (such as a USB stick) – if your computer gets hacked or you lose your hardware, your bitcoins are lost forever. You are in charge of your own security, and you’ll need to take it seriously.
A last disadvantage, due to the relative infancy of bitcoin as a trustworthy payment method, is the lack of bitcoin casinos on the market. It is still much harder to find a bitcoin casino Canada than it is to find a non-bitcoin casino.
While the above concerns are certainly serious enough to cause you to pause and reflect, we think you will find that the advantages outweigh the disadvantages. In response to the fluctuating value of bitcoin, it is important to remember that as a decentralised currency, bitcoin is not subject to the effects of an economic downturn or political interference. If the euro, dollar or yen experience turbulence, for example, or if you’re living in a country that is susceptible to civil unrest or political upheaval, you can rest assured that you bitcoin won’t be affected.
Another big advantage is that you will not have to hand over any personal information in order to buy and use bitcoin. At no point will you need to verify your identity or pass a credit check or background check, and no one will have access to your account or your information.
The advantages of Bitcoins:
- Anonymous – No one has access to your financial data and your personal information is private.
- Bitcoin functions without the interposition of a centralised bank – Due to decentralised blockchain technology, all trading is done directly peer to peer.
- Independent of price movements of other currencies – The value of bitcoin is unaffected by civil unrest or political upheaval.
- Low fees – Bitcoin casinos do not charge transaction fees for deposits and withdrawals. You will only be charged a transaction fee if you use a bitcoin exchange.
The disadvantages of Bitcoins:
- Not widely accepted – There number of bitcoin casino Canada is limited.
- Fluctuations in value – Exchanging bitcoin for fiat currency could result in a loss.
- Security issues – It is up to you to maintain your computer’s security systems and keep your passwords safe.
The game selection of Bitcoin casinos
As we mentioned earlier, bitcoin casinos are a new addition to the online casino industry. However, the fact that bitcoin casinos are new to the scene does not mean that the brains behind these gambling enterprises are in any way inexperienced. Most bitcoin casinos are managed by passionate gaming professionals, which means that bitcoin players will be offered a gambling experience as good as any other. You will find bitcoin casinos are set up with the same essential elements in place that you would expect from any online casino, such as tight security, bitcoin casino bonuses and bitcoin casino VIP programmes. The most important element, of course, is the games selection, and in this area bitcoin casinos do not disappoint.
The bitcoin casinos featured on our list will have games libraries bursting with all the best casino games on the market. Bitcoin casinos partner with the biggest names in casino game software to ensure that the casino games are of the highest quality and regularly audited to ensure fair gaming. Bitcoin casinos feature a vast range of slot games in all sorts of themes and gameplay styles, all of which have betting limits to suit a wide range of budgets. Bitcoin casinos also feature table games, such as blackjack, poker, roulette and baccarat in a number of exciting variations. And you will also find that bitcoin casinos feature all the best live casino games on the market.
There is certainly no need to fear that using bitcoin to place bets will in any way deprive you of your favourite casino games – bitcoin casinos will not let you down.
Online Bitcoin casinos and licenses
Unfortunately, one of the advantages of bitcoin can easily become a disadvantage within the online casino industry. The advantage we are talking about here is the fact that bitcoin is a decentralised currency. Because of this, it is possible for unscrupulous companies to run unlicensed casinos. It is important that you check that your bitcoin casino is, in fact, fully licenced and regulated by an official government entity by searching for their licence number on the casino site. Luckily, you will easily find a legitimate bitcoin casino Canada that is licenced and professionally managed.
Why is an online casino license important at all?
It is imperative that you only play casino games at a licenced bitcoin casino because a licence is the online casino version of a seal of approval. If a bitcoin casino is licenced by an official government body, it means that it must adhere to a number of rules and regulations pertaining to player safety and fair gaming. One such rule is that the bitcoin casino must provide a robust security system with which to protect your personal and financial data, as well as the large sums of money that are in circulation within the casino at any one time. A licenced bitcoin casino must, therefore, be fully equipped with state-of-the-art SSL Encryption technology to keep your money and your data safe from prying eyes.
A licenced bitcoin casino must also undergo regular audits to ensure that the casino is managed responsibly, and that all the games are functioning properly and running fairly. If your bitcoin casino is licenced, you can rest assured that the games are paying out at fair RTP rates. A licenced bitcoin casino is also required to lay out their terms and conditions in a clear and straightforward manner, meaning no hidden small print that will hinder your chance to withdraw your winnings. And if your bitcoin casino offers a bitcoin casinos no deposit bonus, you won’t find unreasonable wagering requirements that make it impossible to turn your bonus into bitcoin that you can withdraw to your wallet.
Frequently Asked Questions
Is gambling with bitcoin safe?
There is no reason to believe that gambling bitcoin is not safe, however; you must ensure that the bitcoin casino is licenced and reputable. If you bitcoin gamble at an unlicensed bitcoin casino Canada, there is not guarantee that the games are fair or that you will be able to withdraw any winnings.
What alternatives are there in casinos to bitcoins?
A bitcoin casino is also likely to give you the option to make a deposit using a different payment method. Alternative payment methods include credit cards, such as Visa and MasterCard, eWallets, such as PayPal and Neteller, or bank transfers and debit cards.
How to recognize bitcoin casinos?
If you are unsure whether or not your bitcoin casino is, in fact, a bitcoin casino, all you need to do is locate the banking section of the casino and look for the bitcoin logo.
Are there special bonuses when depositing with bitcoin?
Every bitcoin casino has its own particular bonus structure, but yes in general bitcoin casinos offer bigger bonuses than traditional online casinos. Your bitcoin casino Canada, for example, might offer you a large number of free spins and a match deposit bonus that covers the first 4 deposits. Or you may find that your bitcoin casino offers a much larger welcome bonus to bitcoin players than they do to fiat currency players.
Is bitcoin gambling available for mobile users?
Yes, bitcoin gambling is available for mobile users. All you need to do is search for your bitcoin casino via the browser on your mobile device, or download your bitcoin casino app. Mobile bitcoin gaming has become extremely popular, and the bitcoin payment method makes it safe and convenient to do so.
Is there an age limit to play games at a bitcoin casino Canada?
A licenced bitcoin casino will only allow players over the age of 18 or 19 years of age (depending on your state) to play real casino bitcoin games.
Can I withdraw my bitcoin casino winnings back to my online wallet?
Yes, you can withdraw your bitcoin casino winnings from your bitcoin casino Canada account back to your online wallet. Once your bitcoin casino has processed your withdrawal request, the transaction should be instantaneous.
Can I use cryptocurrency to place bets on sporting events?
Yes, if your bitcoin casino has a sportsbook, you can use cryptocurrency for sports betting on a number of sporting events.