What is Bitcoin?
Bitcoin is the first and still the most popular digital cryptocurrency that saw the light of day in 2008 and has since been used by online users worldwide.
Bitcoins are a special kind of file kept in virtual, digital wallets. These are managed with the blockchain system, which is a list where each transaction is publicly stored.
The creator of Bitcoin has found a way for two participants to trade directly with each other in confidence without having to rely on banks or intermediaries. The key is math. As long as both rely on math, you can rest assured that the exchange will go as expected.
Bitcoin uses public-key cryptography and an innovative approach to accounting to achieve the above-described authorization, balance verification, no double spending, asset delivery, and record immutability. And that is almost in real-time and without costs.
Cryptography secures authorization. It would be best if you had a private key for the transaction. And your key is so complex that it would take the best computer longer than Earth has ever known to crack it. In other words, it’s essentially unhackable.
Bitcoins are transferred between users and/or operators and service providers via Bitcoin addresses. These are a secure sequence of letters and numbers between 27 and 34 characters. You can set up a Bitcoin account through a variety of apps and websites that you can download to your iOS or Android device, Mac, Windows or Linux computer. When you have bitcoins in your virtual wallet, you can play instantly at any casino that offers bitcoin.
Bitcoin is a cryptocurrency, a form of electronic money. It is a decentralized digital currency without a central bank that is also used in online Bitcoin casinos. In addition, it is one of the most popular payment methods in online casinos. The public ledger records all bitcoin transactions, and copies are stored on servers around the world.
Bitcoins can be used to buy goods without using your data. At the same time, payments abroad are easy and convenient because bitcoins are not subject to regulation. Smaller businesses like them because there are no fees for using credit cards. Individuals buy bitcoins as an investment and hope that their value will increase in the interim. However, we must not forget that just as they grow, their value can also drop drastically instantly, so you still need to be careful.
People can send bitcoins to each other using mobile apps or their computers. This works similarly to sending cash digitally. Transactions are completed in a few seconds, but unlike classic bank transactions, they cannot be canceled or changed once completed. Individuals compete to “mine” bitcoins by using computers to solve complex mathematical puzzles, and thus bitcoins are created.
Bitcoin’s popularity has grown in recent years despite the price decline. Online casinos have now discovered digital money as a payment method and selected, the most modern and reliable providers to offer this service.
Bitcoin facts
Bitcoins are a decentralized digital currency not tied to a central bank and can be sent from person to person in a peer-to-peer bitcoin network without intermediaries. Transactions are verified using cryptographic network nodes and recorded in a blockchain public ledger. The cryptocurrency was invented in 2008 under the name Satoshi Nakamoto. The currency has been in use since 2009 when it was released as open-source software. Bitcoins were created to receive them as a reward for successful mining. They can be converted into other currencies, products or services.
The word bitcoin was defined in a white paper published on October 31, 2008. It is a combination of the words bit and coin. There is no single convention for capitalizing bitcoin; some sources use uppercase Bitcoin to refer to the technology and network and lowercase Bitcoin to refer to the unit of account.
Bitcoin casino in Canada
Bitcoin serves as an ideal means of payment for players and casinos. Blockchain gambling is safe because everything happens in a transparent system. What’s more, no one can manipulate Bitcoin transaction records. Anonymity: As stated, Bitcoin transactions do not involve government authorities or banks. The online nature of this business provides global access and easy accessibility to many players 24 hours a day.
Since online gaming is largely beyond the reach and control of the authorities, many online games have been adapted with improved gambling rules. Such variations in traditional online currency casinos are not allowed by law, which is the main reason for the popularity of Bitcoin casinos.
Traditional online casinos that trade in traditional currency have special rules. Payments in traditional currency allow tracking and identification of individual players, dealers and casino operators. This does not apply to Canadian online casinos using Bitcoin.
Although gambling is not banned in many parts of the world, there seems to be a social stigma attached to it. People who know you gamble may believe you are bad or immoral or have a gambling problem. Although these things are related to gambling, most people play for fun. Due to the anonymity of Bitcoin, casual gamblers can enjoy themselves without fear of being criticized by the people around them.
Mobile Bitcoin casinos
Virtually every casino website has a mobile version. The website can recognize that the device it is launched is a smartphone and adapt to it. The mobile casino version has different screen proportions, larger font and buttons, and can adapt to different screen sizes. Another way to play casino games on your phone is a dedicated mobile application that must be installed from the casino website. This solution is even more convenient, but not every casino has decided to invest in it.
Best place to buy Bitcoins
Before choosing a site to buy from, check the websites carefully, as not all of them are reliable, and no one wants to be disappointed. One of the most secure and popular places to buy bitcoins is LocalBitcoins. LocalBitcoins is a peer-to-peer Bitcoin marketplace based in Helsinki, Finland. Its service allows you to trade local currency for bitcoins over the air. Users post ads on the website listing exchange rates and payment methods to buy or sell bitcoins.
Sign in to your account. Go to the main page and click “Quick Buy”. Now, in the search box, fill out the form with the amount you want to buy in your currency and your location and choose the payment method. Choose one dealer with a good reputation and many transactions from the list of ads. You can click the “Buy” button to view more information about the ad. To start trading, enter how much you want to buy in the blue box, enter a message for the seller and click the “Send Trade Request” button to start trading. When you make a payment, click the “I paid” button. Once the merchant verifies that your payment has been received, your Bitcoins will be released from escrow and immediately available in your LocalBitcoins wallet.
How to choose a trusted Bitcoin casino?
Before you start playing at a Bitcoin casino, it is important to consider several factors before starting any financial transactions. Before making your first bet, you may want to look for a highly-rated online casino. It is important to know all the details about how certain casinos handle Bitcoin deposits and withdrawals. With this knowledge, you will avoid the problems of using illegal or unlicensed Bitcoin casinos.
Always ensure that the online Bitcoin casinos you are interested in are certified by a verified gambling commission. It’s a simple step that doesn’t take much time and allows you to stay safe when using the BTC casino. Prominent certification sites include the UK Gambling Commission, Malta Gambling Authority, TST Labs, eCOGRA, GLI, and iTech Labs. These sites follow strict rules that BTC online casinos must follow to get their recommendation and good ratings. This means that only the best Bitcoin casinos are recognized on these sites.
Another important factor to consider when looking for bitcoin casinos is the speed of payment execution and processing. Our website lists only casinos that offer the most efficient and fastest bitcoin transfers.
An important feature of any online casino is the choice of playing options. Once again, we assure you that you can trust us, and the BTC online casinos we recommend offer a wide selection of games. This means the latest 3D games, old classics, video slots and progressive slots. Whatever your mood, there’s always something to play.
Also, note the various ways Bitcoin casinos allow Canadian players to access their games. Gaming websites that are fully accessible via phone also provide greater flexibility and ease of use while gaming. In most cases, we recommend casinos fully support mobile gaming via the app and mobile website. However, you should always ensure that the gambling site you choose complies with regulations and offers unique and feature-rich entertainment.
How to make a Bitcoin deposit in an online casino?
Online casinos offer many ways to deposit funds into your casino account. Some methods offer deposit and withdrawal of funds from the account of a certain casino, but only deposit for withdrawal, you have to use some other method. In addition to classic payment methods, dozens of Bitcoin online casinos offer a unique portfolio of betting games. Before playing in the casino, you must buy your virtual currency and store it in your e-wallet. Make your purchase carefully to avoid unwanted sites that can harm you or leave you without funds, and save yourself any inconvenience. Once you have successfully purchased the currency and it is visible in your e-wallet, go to the casino’s virtual cashier and select Bitcoin as your preferred payment method. Here are the steps,
- Log into your favorite crypto or bitcoin casino and visit the cashier.
- Choose a cryptocurrency.
- Choose a crypto wallet.
- Enter the amount you want to transfer.
- Confirm the transaction.
If this is your first deposit, make sure you accept the welcome bonus that suits you best or one that you can eventually take advantage of if available. Finally, enjoy playing a curated selection of bitcoin games.
How to withdraw Bitcoin from an online casino?
Before you decide on a casino, make sure how you will receive your winnings in the end because the conditions are not the same everywhere, and of course, every player also wants actually to spend their funds, so it is wise to check such things before it is too late. One of the most secure ways to transfer instant casino payments is by using bitcoins. Using bitcoins for transfers also means that your transactions are not visible to third parties, making them much safer than traditional transfers. There is no transfer fee when using bitcoins. The procedure is as follows:
Go to an online Bitcoin casino and look for a withdrawal option. The procedure is the same as for a normal transfer to e-wallets. Select Bitcoin as the withdrawal method. Remember that some Bitcoin casinos in Canada only allow withdrawal if you have paid in advance, so check the rules before doing anything.
Provide detailed information about your payout. This includes your Bitcoin wallet address and the amount you want to withdraw. Always make sure the address you provide is correct. Otherwise, you may accidentally transfer your bitcoins to a stranger’s wallet. Make sure the amount you choose does not exceed your withdrawal limit. Also, ensure you enter the amount correctly, as Bitcoin transfers cannot be reversed. You can confirm the transfer once you know all the information you have provided.
Wait for the transaction to be processed and completed. The process will happen in seconds, so you can immediately start planning how to spend your winnings. If you store your winnings in a Bitcoin wallet, remember that their values can fluctuate much more than other currencies, and their value will not necessarily increase.
Bonuses and promotions for depositing using Bitcoin
Undoubtedly, most players are attracted to the bonuses and promotions offered by online casinos, which is why they have created them. Today, the offer of bonuses is huge because there are many online casinos with the same goal – to attract the most players – so choose wisely. It’s a great way to get started and enjoy higher-stakes gaming or an easy way to expand your gaming experience with a bigger budget. However, not every casino offers bonuses under the same conditions, so read them before deciding on a bonus. The highest bonus amount does not mean the best conditions for payout. Many casinos that accept Bitcoin offer a better bonus than their regular welcome bonuses. You will undoubtedly find many surprise bonuses on the casino lists if you have decided to invest in a Bitcoin casino.
Bitcoin casinos bonus types:
- Welcome bonus
Attracting new players to the casino is one of the key elements determining whether the casino will be successful or crushed under the pressure of competition. Casinos are, of course, perfectly aware of this and, therefore, offer promotions that are extremely profitable.
- Free spins bonus
Another typical example of a Bitcoin casino bonus is free spins. They are awarded for various things, such as registering, depositing, or wiping away tears after failure. Regardless of what they are awarded for, using free spins significantly increases the chance of winning and turning a profit.
- Deposit match bonuses
However, registration is not everything that casino owners care about. It is also important that players make deposits. The casino encourages this through deposit bonuses. Most often, the first few deposits involve an increase in the deposit amount. The bonus percentage varies between casinos, but most often you will see the first two or three deposits being doubled.
Bitcoin features
- Bitcoin was created in 2008 by an unknown Satoshi Nakamoto and revolutionized finance.
- First, it is not tied to or affiliated with any of the world’s currencies or central banks and is unaffected by political and economic events and government agendas. Therefore, there is no inflation, which is a massive plus.
- In addition, Bitcoin is a fee-free currency that is attractive to casino players and operators who struggle with the high fees involved in day-to-day operations. Since the fees don’t exist, online casinos can make more profit and, because of that, have more room to be more generous with the players and offer the Bitcoin depositors better casino welcome bonuses, special offers, and promotions.
- When you deposit Bitcoin, it will be converted to any currency as long as the casino supports it.
- Bitcoin uses very advanced security protocols, so the transmission itself is secure. However, you must ensure that the online casino operator you use to deposit and withdraw Bitcoin is trustworthy.
- The Bitcoin transactions are carried out quickly, so your funds are immediately available to start playing without any delays.
- There is also a high level of anonymity associated with Bitcoin, which many online gamers worldwide appreciate.
- Bitcoin accounts are usually completely separate from other accounts and housekeeping transactions, allowing you to keep your casino spending completely independent.
- Many players also enjoy total control over their money, budget and spending with Bitcoin. This is another plus that many casino players appreciate.
- Once you deposit Bitcoin at an online casino, you can enjoy various casino games. In some casinos, you can bet and play with bitcoins. The others exchange it for another currency supported by certain games. So you can be sure you always have a decent selection of slots and classic casino games like poker, blackjack or roulette when using Bitcoin.
- Another fact to remember about the casino operators using Bitcoin is that they often have to prove that they operate legitimate Bitcoin gaming environments and that their games are Provably Fair (PF). This means that the games the casino offers have a reasonable return for the players and do not have the odds that are overwhelmingly wagered against the players. In our guide, you will find some great suggestions for deposits with Bitcoin from reputable and professional casino operators.
Bitcoin wallets
Just as there are a lot of cryptocurrencies, there are also quite a few providers of electronic wallets where you can safely store your electronic money. There are various Bitcoin electronic wallets to choose from, so it is important to choose a reliable product. The first thing to check is to choose a service that offers two-factor authentication. Opting for two-factor authentication makes it much more difficult for hackers to get into your account. Since many users still don’t use two-factor authentication, hackers usually choose not to try to hack accounts if enabled, simply because there are accounts that require much less effort to hack.
Keep your keys in a safe place because if you forget or lose them, you cannot recover your crypto wallet and any funds stored in it. Therefore, avoid sharing private keys. This only applies to physical wallets, as e-wallets do not have private keys. The only information you should share about your wallet is its address. This address allows Bitcoin Casino to transfer funds to your electronic wallet when you want to withdraw your winnings.
Types of Bitcoin wallets
The last piece of advice we can give regarding Bitcoin is to understand the difference between the different types of Bitcoin wallets. There are three types in total.
- Online wallets
Crypto exchanges are recommended for new users. In this case, a third party stores your wallet and its bitcoins online and backs up on cloud-based storage.
- Software wallets
These types of wallets are stored entirely on your computer, so you need to back them up manually regularly. Aimed at more advanced users, these wallets are considered more secure than cloud-based wallets but require more maintenance and attention from users.
- Hardware wallets
Ledgers are the most secure and require special software to connect to your computer via USB. This is a step further for security reasons, as your wallet can only be accessed when the USB stick is inserted.
Potential problems with Bitcoin online casinos
One of the distinctive features of anonymous payments such as Bitcoin is that once a payment has been made, it cannot be withdrawn. So remember always to double-check that your payment details are correct. A Bitcoin casino will not be able to refund an erroneous payment.
Bitcoin is not legally recognized as legal tender in Canada, so proving that you deposited something into the casino account may be difficult. Therefore, you need to focus even more carefully on choosing the right company.
Pros and Cons of using Bitcoin in online casinos
Online casinos must contend with one new regulation after another, making payment transactions highly regulated. This is where bitcoins and other cryptocurrencies came to the rescue. In short, virtual coins offer an alternative way to process payments on casino websites without the limitations of processing standard currencies. However, this is not the only advantage when it comes to blockchain. Below are some benefits of gambling with bitcoins.
But as with anything else, where there are pros, there are also cons. Some people are often discouraged from trying something new, even if they have many advantages. To give you the big picture so you can make up your mind, here are some things to remember if you’re considering playing with cryptocurrency.
Advantages
- Decentralization. One of the advantages we like the most at CryptoCasinos is that virtual currencies like Bitcoin are decentralized. This means they have no connection to governments or banks, giving you complete control over the funds in your wallet. They cannot be blocked and your account cannot be frozen. You can also transfer your funds to a crypto wallet while playing at a Bitcoin casino without anyone noticing. However, it is true that, unlike bank transfers, which can be canceled and changed, this is not the case with cryptocurrency transactions. Once you transfer your funds, they cannot be stopped. So, be careful when making transactions.
- Transaction fees. Any online store business needs to make money, and one of the ways to do this is by transferring funds every time a customer makes a deposit or withdrawal. Conventional payment methods in online casinos usually carry high fees, just like anywhere else. Fortunately, blockchain transaction fees are much lower than all conventional methods, which means you can keep more of the money you win than you would at a regular online casino with a regular payment method. More money in your pocket also means you can play for longer.
- Transparency. Another advantage of cryptocurrency is transparency. This is particularly useful when your transactions are visible because of the public ledger. This means that you can prove that you made a payment and verify that the Bitcoin casino made your withdrawal.
- Worldwide acceptance. One of the goals of cryptocurrencies is to provide a global payment system without any bank or government involvement or control. Without this national and institutional control, Bitcoin or any other cryptocurrency works the same for all gambling sites, regardless of which country you reside in. Cryptocurrencies are widespread and can be used offline and on many smart sites worldwide.
- Anonymity. Bitcoin is pseudonymous, so your personal information remains hidden during each transaction. Everyone can view the transaction, but only the amount is visible without information about the owner. Some Bitcoin casino sites offer completely anonymous accounts, meaning you can play your favorite games without revealing your personal information. Oh, and transactions made at Bitcoin casinos will never be recorded on your credit card or bank statements.
Disadvantages
- No chargebacks. Since no one owns the blockchain, if you run into a problem with a transaction, you will have a hard time getting out. While you can get customer support from either your wallet provider or the crypto casino, they have no control over the blockchain. One more thing, once the transaction is confirmed, the funds leave your wallet. So if there’s a problem with the casino, you can’t return or reverse the charge like you could with a credit card. This is one of the reasons you should only play at a reputable Bitcoin casino like the ones recommended by CryptoCasinos.
- Volatility. Another thing that cryptocurrencies are known for is their volatility, which can cause large swings. While this can be an advantage, for example, if the value of Bitcoin increases, it can also work against it.
- This is a work in progress. Although it has been around for years, the Bitcoin network is always changing. As Bitcoin usage grows, it becomes more accessible, and its features and usage practices become more sophisticated. Although with such high throughput, the Bitcoin network, which was not originally built to handle the current number of transactions, ran into scalability issues.
Final Thoughts on Bitcoin
Bitcoin is a digital currency that was created in 2009. The cryptocurrency was the first payment method of its kind in the world. Bitcoin is money created and stored electronically. Its main advantage is that it is not tied to any currency or central bank.
Bitcoin is not printed, so it has no physical form. It is free of politics and economics and, therefore, independent of financial institutions and governments. The sophisticated technology behind making us the king of cryptocurrencies does not allow forgery or fraud. Digital money cannot be faked, so everything favors Bitcoin.
As an international means of payment, bitcoin allows you to transact from anywhere in the world. Thanks to cryptocurrency, those companies looking for customers abroad are developing. In addition, individuals use this payment method to make purchases worldwide with complete anonymity.
