Canadian Bitcoin Casinos - Deposits and Withdrawals
Cryptocurrency has been around for a little while and is now being used increasingly by Canadians for day to day personal finance, buying and selling goods and services in both the real world and online. Canadian bettors can also make use of Bitcoin casinos for rapid, anonymous, and secure transactions, but if you're not sure how the system works then check out our article in which we cover all the areas you need to know about to decide if cryptocurrency might be your casino payment method of choice.
It wasn't so long ago that Bitcoin casinos were a relatively rare sight compared to mainstream banking methods, but the online betting industry is always keen to embrace technological progress, whether that's with mobile-friendly platforms for smartphones, cutting edge slots gameplay innovations, or the latest payment methods, such as cryptocurrency. Bitcoin in Canada has been taking off just like everywhere else in the world and there are increasing numbers of Bitcoin casinos where Canadians can use the cryptocurrency to engage in the latest games, making deposits and withdrawals without any need for CAD. If you already have a wallet and want to learn how to play Bitcoin games at casinos, or you're a regular player and are thinking of shifting to Bitcoin casinos read on to find out all the information you need to know.
Bitcoin Wallets Canada
One major difference between BTC and other payment methods is that players using the cryptocurrency do need to have a funded digital wallet. Other systems such as pre-paid cards and vouchers require no account, and Canadians tend to own debit and credit cards already, so Bitcoin casinos do require this extra step ahead of time (something they have in common with e-wallets). Of course, if you already have a digital Bitcoin wallet then this isn't a concern, but if you don't here are some Canadian wallets that might be of interest.
There are a small number of physical machines that can be used to buy currency for Bitcoin casinos. These machines are effectively ATMs for Bitcoin, with cryptocurrency dispensed to either a Bitcoin wallet or paper wallet. Naturally, these are fewer in number than traditional ATMs but if you happen to live near one they might be convenient.
Coinsquare is one of Canada's leading cryptocurrency exchanges and a natural choice for players intrigued by Bitcoin casinos, with a deposit of just CAD$100 required. There are plenty of choices though, including Coinsmart, Coinmama, and CEX.io. Because of that, take your time deciding which is the right for you.
How to Deposit using Cryptocurrency
Once you have a Canadian wallet and have it funded sufficiently, next you need to find a Bitcoin casino. Increasing numbers of Canadian betting sites offer this as a payment option so finding one to sign up at won't be hard. All you need to do is deposit into the gambling site of your choice, as we describe below.
- Enter/Register at your Bitcoin Casino - Rather obvious first step but you do need a place to play, so register at the Canadian casino of your choice, or sign in if you already have an account and have chosen to change your payment method.
- Go to the Banking Page - The banking page, also known as the cashier section, will list all the available finance options. Select the BTC deposit method.
- Enter the Wallet Address - At this stage you'll receive the Bitcoin casino's wallet address. Head over to your Canadian Bitcoin wallet and enter the address to authorize the transfer of funds to the Bitcoin casino. The transfer should complete after a few minutes of processing, or perhaps even faster than that.
- Optional Step: Check for Bonuses - Many match bonuses are offered at BTC sites, with the caveat that only certain depositing methods are matched by the site. Canadian casinos often like players using cryptocurrency because there are lower fees for the site (as well as the Canadian player, who has no fees usually), and this is encouraged by having Bitcoin-specific promos.
How to Withdraw using Cryptocurrency
As Canadian players know, the best part of playing at Bitcoin casinos is when you're withdrawing winnings having made a tidy profit. Depositing at Bitcoin casinos is pretty straightforward, and so are the super fast online casino payouts, as we explain.
- Return to the Banking Page - Simply sign into your casino and go back to the cashier section, banking page, or payments page.
- Choose Withdrawal - Enter the withdrawal page and choose the Bitcoin option. Select how much you want to withdraw and enter your wallet address.
- Confirmation - Confirm your withdrawal and the process will be completed.
- Optional Step: Convert to Cash - If you want to, you can just leave your Bitcoin casino withdrawal as cryptocurrency in your wallet, to deposit elsewhere or spend on goods/services as you like. Or you may prefer to sell your winnings and convert to Canadian cash, depending on your own financial preferences. Cryptocurrency is more volatile than traditional funds so some players prefer not to have all their eggs in the Bitcoin basket.
Pros and Cons of Bitcoin Casinos
Bitcoin casinos aren't the only fish in the sea and there are plenty of alternative options for Canadian players when it comes to depositing and withdrawing money online. Here are some of the advantages and weak spots:
- Deposit and Withdrawal - Some Canadian payment methods are deposit only or withdrawal only. The advantage of Bitcoin casinos over these one-way systems is that cryptocurrency can be used to transfer funds in either direction, meaning Canadians only have to use one method which keeps things nice and simple.
- Rapid Transfers - Another major pro of Canadian Bitcoin casinos is that the method is very swift indeed, with deposits being essentially instantaneous (perhaps taking a few minutes at most and often being immediate). Withdrawals from Bitcoin casinos are also very rapid, with the only factor slowing things down being a site's processing time.
- Privacy and Security - Lots of Canadians are a bit anxious about sharing personal or financial information online, and this is another area where Bitcoin casinos shine. The anonymity afforded by the system allows Canadians to enjoy a high degree of security coupled with a lack of shared details.
- Bonuses - Bitcoin casinos have all the bonuses Canadian players would hope for, and many of these are specific to the payment method.
- Less Commonly Accepted - However, there are downsides as well as upsides at Canadian Bitcoin casinos, including the fact that cryptocurrency is less widely available as a funding method than e-wallets or credit and debit cards. The situation is improving but it's still true that Canadian cryptocurrency casinos aren't as common as other types.
- High Volatility - All currency is subject to exchange rate effects, including the Canadian dollar, but this pales in comparison to the volatility of value that Bitcoin undergoes. This can be enough to transform losses into profits or vice versa.
- No Fees - To finish off this list on a positive note, Canadians taking advantage of Bitcoin casinos for playing online can generally expect to pay no fees at all. There might be the odd casino that has them but for the most part using cryptocurrency means Canadian players suffer no loss of funds when shifting money into or out of the Bitcoin casino.
Other Things to Consider
When choosing a Bitcoin casino the way you pay is an obvious matter of interest, but Canadian players should also consider several other factors to ensure their betting establishment of choice is up to snuff.
First and foremost is whether or not a Bitcoin casino is reliable or dubious. Thankfully it's not difficult for Canadians to quickly discover a casino's reputation, and a bit hint will be provided by the type of licensing setup a site has. This information should be clearly shown at the base of pretty much every page, and is indicative of how well regulated a site is. Other signs of trust at Canadian Bitcoin casinos include approval of third party independent auditors/mediators such as eCOGRA that can help resolve problems should they arise. Top international licensing organisations include the Malta Gambling Authority and the United Kingdom Gambling Commission.
Just as every payment method has a different speed, so do Canadian casinos. Some are very fast, whereas other Bitcoin casinos can be slow. Given the cryptocurrency is an ultra-fast system, it can be galling to be kept waiting because a betting site is a slowcoach. Similarly, fees are usually not involved at all, but some Bitcoin casinos will apply them.
Games are key to keeping people happy, as Roman Emperors knew well, and the same is true of Canadians playing at Bitcoin casinos. It doesn't matter if the payment system is squeaky clean if the range of slots and table games doesn't match up to the competition. Fortunately the biggest casinos offer hundreds or even thousands of slots for Canadians to enjoy, on top of many regular and live versions of table games like blackjack, baccarat, and roulette.
Mobile compatibility is another big issue as most Bitcoin casinos now are 100% compatible with smartphones and tablets. Many Canadian betting sites offer dedicated apps for multiple OS, including iOS and Android, with modern slots and other games designed from the ground up to work seamlessly on both desktops and mobile devices.
Bitcoin casinos are increasingly popular with Canadian players due to the winning combination of speed and security. It's a great option for those who like to win real money online instantly. Canadians keen on trying Bitcoin casinos have plenty to choose from, so be discerning when picking the right place to register.