A few years ago, nobody would ever predict just how much Bitcoin would shape the financial sector. From a noble idea to wide usage, it is now a popular online payment method used in casinos. Casino bitcoins have been in use for a few years, and it has proven to show several perks against its competitors. Here, we’re going to look at Bitcoin payment methods and use them in online casinos in Canada.
What Is Bitcoin?
Bitcoin is a cashless and bankless online payment method that has just hit the casino industry recently. It is a form of payment that offers a significant currency that uses blockchain technology adopted by millions of users and online businesses worldwide. In the casino realm, bitcoin was introduced as a mode of payment back in 2015, and since then, hundreds of casinos have sprung to incorporate the payment method.
Many people recognize the usefulness of bitcoin because it offers a more secure payment method and protects your identity. Any casino player can deposit and withdraw using betcoin without having to enter personal details. The trail of money can’t be followed as bitcoin is like using a Canadian dollar once, and it never circulates.
How To Open A Bitcoin Account
The process of getting your bitcoin account is pretty straightforward. All you need to do is look for a bitcoin website and use the steps below as a guide to acquire bitcoins.
- Go to the bitcoin website and select your wallet.
- Once you have your wallet, you can use it to collect bitcoins. The bitcoin wallet can be downloaded as an app.
- Acquiring bitcoins is fast and straightforward. Use the site’s converter to select the amount and the preferred currency. Remember, the exchange rate for bitcoin is very volatile, and you should regularly check first before buying bitcoins.
- After getting the preferred bitcoins, you can now set up your banking details to the best bitcoin casino you are registered to.
Of course, bitcoin is still new in the economy, and there is a lot of stuff to learn. However, newbies shouldn’t be too worried, and as long as they can buy bitcoins and use them in online Canada casinos, it’s a good start. Bitcoin is only registered with your address when you first install the wallet app in your mobile device or computer. Once this is done, you can share the address and make payments everywhere with bitcoin. Of course, you have to confirm whether the online store or casino accepts bitcoins as a payment method.
How To Deposit In Online Casinos With Bitcoin
While this method is still fresh in the casino industry, the deposit method is no different from other online payment services.
- Get the necessary bitcoin funds ready. Make sure you have the amount you want to deposit already in your bitcoin wallet.
- Log in to your bitcoin casino and head over to the payments section.
- Select bitcoin and wait for the pop up window to connect your bitcoin account
- Once your wallet is connected, select the amount you wish to withdraw and make sure it is available in bitcoin wallet.
- Confirm the amount in MBTC, which will be converted to CA$. Bitcoin is a pretty high-value currency, and you can decide to play with fractions of the coin or the whole bitcoin, which is tens of thousands of dollars.
- Once the amount reflects in your casino account, it is time to play and enjoy favorite games at top online bitcoin casinos in Canada.
Bitcoin casinos are not so many, and not all will allow you to play with the whole bitcoin. We insist that when going for online casinos, the best ones will be exclusively for bitcoins.
How To Withdraw From Online Casinos With Bitcoin
When playing at online casinos, it is possible to make cash winnings, and once you do so, you can withdraw the money back to your BTC wallet. The process is as simple as depositing, and the only difference is that you will get the amount in Canadian dollars and not bitcoins. Once you get your winnings into BTC, you have to create another payment method to get the amount back in Canadian dollars. So, here are the simple steps to get your winnings into the bitcoin wallet.
- Confirm whether the amount you have won is withdrawable. You can do this by checking your account balance.
- Select the cashier tab and choose the payment method as Bitcoin.
- Open the bitcoin wallet, and you’ll be given a bitcoin address to paste in your bitcoin.
- Process the withdrawal by pasting this address and select the amount you wish to withdraw. Check to see if the amount satisfies the casino’s limits.
- Click withdraw and confirm the payment in your bitcoin wallet. Now it is time to enjoy your winnings at the best bitcoin casinos.
Generally, withdrawals should take a few hours to process once the casino has initiated the withdrawal process. It should generally take about 24 hours which is pretty fast as compared to other online withdrawal methods.
Bitcoin Safety and Security
Bitcoin was introduced to the financial sector as the safest payment method, not only for casinos but in all spheres. Bitcoin involves no banking, fees, or administration costs. You will only incur expenses during conversion, and that’s it. Some casinos even provide automatic conversions if you so wish, and such casinos might be using bitcoin as part of the payment method and not exclusive.
Bitcoin has no connection to currency, and you’ll not find your name anywhere in the transaction trail. Nothing during the payment or withdrawal process will lead back to you, making it the most secure payment method for online casinos. Each bitcoin has a unique serial number which expires once it is used.
Winding up, bitcoin is a reliable and safe online banking method for Casinos in Canada. It may not be the most popular at the moment, but reviews have shown a positive trend. It is best to get yourself familiar with bitcoin first before setting up as a user as a Canadian player. However, this should not be a tech-savvy process, and with no time, you should get your bitcoin wallet ready for Casino play.