Bitcoin

Table of Contents

• How can I use Bitcoin at online casinos in Canada?
• Transactions at Bitcoin casinos
• Limits and fees
• Bitcoin on mobile
• Is Bitcoin safe?
• Advantages of using Bitcoin as an online casino payment method
• Disadvantages of using Bitcoin as an online casino payment method
• Conclusion
• FAQs

How can I use Bitcoin at online casinos in Canada?

It’s super easy to use Bitcoin at online casinos in Canada. The advantages are plenty, the most attractive being the anonymous transactions. All you need is a crypto-wallet and a safe space to store your coins until you’re ready to use them.

This page gives you a comprehensive guide to Bitcoin casinos in Canada.

Transactions at Bitcoin casinos

Making deposits at Bitcoin casinos in Canada is hassle-free once you get the hang of it. You’ll find Bitcoin as a payment provider for both deposits and withdrawals at most online casinos in Canada.

We’ve broken down the process into a step-by-step guide to make it easier for you.

How to withdraw using Bitcoin

1. Check whether Bitcoin withdrawals are accepted
The best casinos in Canada offer Bitcoin for both deposits and withdrawals, but it’s always good to check the payment policy beforehand to make sure.  

2. Check your bonus funds
Make sure you do not have any incomplete bonuses or wagering requirements. Attempting to withdraw before doing so may result in you losing your bonus together with any winnings you received from it.

3. Select Bitcoin in the cashier
Find the Bitcoin logo in the cashier and choose it as your preferred payment method.

4. Type in the withdrawal amount
Enter the amount you wish to withdraw, remembering to include any necessary decimal points.

5. Submit your verification documents
If you haven’t already, you’ll need to verify yourself before being able to request a payout. This is requirement of licensing bodies and anti-money laundering legislation. The KYC (Know Your Customer) procedure involves submitting proof of identity and address through documents like your passport and a recent utility bill. Most online casinos in Canada complete this process within 72 hours of document submission.

6. Request your withdrawal
You can begin the withdrawal process as soon as you receive verification confirmation. Some online casinos process and approve these within 24 hours whereas others may take up to 72 hours.

7. Wait for your funds
Your payout will enter your Bitcoin crypto-wallet instantly or within a few minutes, depending on the amount.

Limits and fees

Fees always depend on the online casino you form part of. However, they are usually much lower in the case of Bitcoin transactions. This is because blockchain doesn’t charge the online casino anything, which is also why casinos tend to promote cryptocurrency transactions with Bitcoin-specific bonuses.

What you’ll pay is the conversion fee if the casino converts your BTC deposit. For example, if you deposit 1 BTC and the casino needs to convert that into CAD, you’ll pay the conversion fee. How much Canadian Dollars you’ll get depends on the value of coins at that given time.

Bitcoin doesn’t set any limits per se, but online casinos in Canada do, which are usually between $10 and $30 as minimum deposits and between $5,000 and $10,000 as maximum withdrawals. We are unable to give you the numbers in BTC due to the volatility of the cryptocurrency.

Bitcoin on mobile

You can access Bitcoin sites on any device, making it perfect for on-the-go individuals. You’ll also find many mobile apps that you can use to purchase coins, store them, or both. This means you won’t have any issues making payments using Bitcoin at online casinos in Canada via your mobile phone.

What you need to find is an online casino that is optimized to work on smaller devices, which should be relatively easy. Many even have dedicated mobile apps that you can download for free from the Google Play Store or the Apple Store.

Is Bitcoin safe?

Bitcoin is built using blockchain technology, making it secure and reliable. First off, it is cryptographic as it uses hashes to validate irreversible transactions.

Each transaction is recorded in a public ledger, making it easy for you to verify your payment if necessary, and almost impossible for anyone to hack the system. Bitcoin is also decentralized as it has over 10,000 nodes worldwide, which makes it even more difficult for hackers to get into the system.

Although Bitcoin has a tough security system, it is not 100% safe, and you may still fall prey to phishing attacks, fake websites, and malware. We recommend you store your Bitcoin in a secure manner. This could be by downloading reliable Bitcoin storage apps or by using cold storage such as external hard drives or USB sticks.

Lastly, always make sure you sign up to a reputable online casino in Canada. Check the licensing, the importance given to responsible gaming, and the security measures in place.

Advantages of using Bitcoin as an online casino payment method

There are many reasons why Bitcoin has been growing in popularity among online gamblers over the last few years. We’ve listed a few of the reasons below:

• Anonymity
  None of your personal information will be visible when making Bitcoin transactions at online casinos due to the unique transfer link. Your bank statement will also only show your purchased coins.

• Worldwide payment method
  You’ll be able to use Bitcoin at many online merchant sites. Some plans even include credit cards that allow you to withdraw funds or make payments at physical establishments.

• Lower fees
  Cryptocurrency fees tend to be much lower than those charged by e-wallets and other payment methods, leaving more funds for you to play the games with.

• Transparency
  Each transaction you make with Bitcoin is recorded in a ledger, which you can use to verify using the unique identifier that matches your transaction link.

• Bitcoin bonuses
  Since Bitcoin doesn’t charge the casino much commission, you’ll usually find special bonuses for deposits made using cryptocurrency. There are also many online casinos in Canada that focus mainly on Bitcoin depositors.

Disadvantages of using Bitcoin as an online casino payment method

Although Bitcoin has many good points, it isn’t perfect. This section deals with the cryptocurrency’s main disadvantages.

• Volatility
  The value of your coins depends on the rates in the stock market at the time you use them. This means that how much you actually have can increase or decrease if the online casino converts your BTC into regular currency.

• Lack of customer support
  Bitcoin isn’t governed by anyone, meaning that there is no customer support system. The closest you’ll get is the live chat at your selected online casino. What’s more, you won’t be able to retrieve stolen coins, which is why we suggest storing your coins securely.

Conclusion

If you want to carry out online casino transactions in cryptocurrency, Bitcoin is one you should consider. A pioneer in the blockchain phenomenon, this digital currency offers anonymity and security together with a strong reputation.

You’ll receive a unique identifier for each transaction you complete that protects you against con artists and potential hackers. This also gives you proof of your deposit in case you need it.

To make your first Bitcoin deposit at an online casino in Canada, simply connect your crypto wallet to your casino wallet and you’re good to go.

Find a Bitcoin casino in Canada and get started today!

FAQs