Best Bitcoin Casino Canada 2022
While it’s true that Cryptocurrencies like bitcoin are not yet regarded as legal tender in Canada, the country has been relatively liberal and progressive in its adoption of bitcoin. Canada was the first country to approve the regulation of cryptocurrencies and the British Colombia Securities Commission was the first registered crypto-only investment fund. The early support from the government has meant that bitcoin online casino banking is rapidly growing in popularity within the online gambling community. This means that Canada is home to some of the best bitcoin casinos, which is exactly what this article is about.
As with any fast-growing industry, lots of individuals and companies are trying to carve out a space to make a quick buck. This has resulted in a vast number of bitcoin online casinos emerging almost overnight, making it hard to know which websites are provably fair and which ones cannot be trusted.
But, what is bitcoin? Considered by some as digital gold, Bitcoin is a decentralized digital currency that uses a peer-to-peer network to record transactions on a public ledger which is called a blockchain. It first came about in 2009 and started the decentralized finance movement. Whenever we talk about bitcoin casino Canada throughout this article, we are referring to any online casino or sports betting agency that accepts bitcoin (BTC) either in preference (or alongside) fiat currency.
Most Common Gambling Cryptocurrency Options Available to Canuck Players
Bitcoin gambling is certainly the most popular form of gambling at crypto casinos. However, there’s a number of cryptocurrencies that you can use at online casinos. So, no matter which crypto you prefer, at least one of our recommended gambling sites will accommodate your needs. Here are some of the most commonly offered coins that are accepted at online casinos.
- Bitcoin - the original cryptocurrency created by Satoshi Nakamoto in 2009 is the world’s most successful and valuable digital currency. It’s the currency of choice for online gamblers looking for a way to bet anonymously and to get away from some restrictions imposed on regular online casinos. All crypto casinos will accept BTC, whereas only some will accept the below currencies. So, if you want the ability to play at any crypto casino, you need to be holding bitcoin. The bitcoin ledger uses a trustless system to protect its users against fraud and has proved itself over time to be the most secure cryptocurrency when compared with other alt-coins. It has the largest market capitalization at $1 Trillion and it’s the most accessible cryptocurrency. This is due to it being listed on the most exchanges, being sold by the most merchants, and having the most software and hardware to store it. The advantages are insurmountable and therefore, you can’t go wrong with Bitcoin.
- Bitcoin Cash was created as a spin-off to bitcoin in 2017 due to concerns about bitcoin’s transaction processing time limitations. The main difference is in the blockchain technology. BTC blocks are limited to 1 MB whereas BCH blocks can be up to 32 MB, giving it the potential to process transactions much faster. Some people view BTC as an asset and BHC as a currency or payment method.
- Etheruem - while bitcoin is referred to as digital gold, Ethereum is referred to as digital oil. It’s a community-run blockchain technology that powers thousands of decentralized apps as well as its own cryptocurrency Ether (ETH). The main difference from bitcoin is that bitcoin’s blockchain is fixed, whereas Etheruem’s blockchain is programmable which allows people to use it for lots of different digital assets such as NFTs.
- Litecoin - is a non-discriminatory decentralized cryptocurrency that’s free from censorship. It allows users to send low-cost, private, secure, and borderless payments to anyone 24/7. It’s based on bitcoin’s original source code but was designed for everyday use with cheaper and faster transactions.
- Dogecoin - is an open source peer-to-peer crypto that started off as a joke to make fun of the wild speculation that was happening within the crypto markets. While some people see it as a ‘meme coin’ others see it as a serious investment. The online gambling industry has adopted it as a legitimate currency and it’s also commonly used to tip people for various services. The currency mascot is a Shiba Inu...
- Monero - is a private digital currency that is focused on secure and censorship-resistant transactions. Unlike other blockchains, it uses a variety of privacy-enhancing protocols to ensure the anonymity of Monero transactions. If privacy is your top priority, then Monero is the crypto for you.
- Dash - originally named Xcoin, then Darkcoin, Dash is another derivative of bitcoin that built upon the original source code with aims to become a currency used for daily transactions. It is a privacy-focused technology with strong encryption features.
Why Choose Bitcoin Gambling Sites?
The growth of crypto casinos in Canada is phenomenal due to the impressive list of benefits that you get from bitcoin payments. Everyone has their reasons for gambling at bitcoin casinos in Canada depending on what’s most important to them. Such as increased personal privacy, lower fees, faster transactions, fantastic bonus offers, or additional security derived from blockchain technology. However, it’s important to call out one of the downsides of bitcoin gambling before we discuss the benefits in more detail. Because there isn’t a centralized entity managing the blockchain, if anything goes wrong with a transaction, there is nowhere to go for customer support.
Fast Payouts and No Limits
One of the major reasons online gamblers love bitcoin casino Canada sites is that the withdrawal procedure is lightning fast. It’s much quicker than traditional fiat currency withdrawals and most of the time it’s instant. This is because the casino isn’t involved in the actual payment process, it all takes place on the blockchain. However, you will still need to make a withdrawal request before the transaction is confirmed and processed by the blockchain. This can take anywhere between a few seconds, up to an hour in most cases.
Another benefit is that bitcoin transactions at online casinos are limitless. This means you can transfer large sums of BTC without worrying about maximum withdrawal restrictions that are the status quo with other payment methods.
Lower to No Fees When Withdrawing Winnings
Because there is no middleman involved when making a transaction with cryptocurrencies, most bitcoin casinos in Canada do not charge fees when depositing and withdrawing funds. This is the benefit of the peer-to-peer system that removes the need for banking institutions. There are some crypto casinos that charge for deposits. However, these fees are relatively low compared with regular online casinos. So, you’ll find that bitcoin gambling sites will have the lowest fees on transactions.
Anonymity and Privacy
When depositing funds at a regular online casino, you’re required to input personal and financial details like your name, address, and bank account information. Whereas at bitcoin online casinos you will simply need to send funds from your crypto wallet address to your crypto casino wallet address. This creates a transaction on the blockchain that uses an alphanumeric key rather than your personal details.
Your crypto wallet or exchange will securely send your transaction to the bitcoin network. Once the transaction is confirmed, it is complete and there is no way to undo it. This means that it’s impossible to lose funds when making payments at your BTC casino. All you need to do is make sure that your wallet addresses are correct and that you use a reliable crypto wallet.
Special Bitcoin Casino Bonuses and Promotions
New crypto casinos in Canada want to encourage the use of BTC and other cryptocurrencies at online casinos. So, there is a huge variety of exciting bonuses and promotions available to bitcoin gamblers. If you choose to gamble at one of the best bitcoin casinos in Canada, you’ll get access to extremely lucrative promotions that will help you to get off to a positive start.
Mobile Bitcoin Casinos Canada?
Just like with regular online casinos, bitcoin gambling sites offer mobile versions of their platforms so that mobile gamblers can get in on the action too. Depending on which casino you choose, you will be able to access crypto casinos via mobile apps or mobile-optimized websites that adapt to different screen sizes. There are also plenty of mobile-friendly crypto wallets so that you can store and transfer your crypto funds on your mobile device. Mobile gamblers will have access to the same bonuses and promotions as desktop users too.
What are Provably Fair Games?
Blockchains have created a number of revolutionary technologies such as cryptocurrencies, smart contracts, ICOs, and NFTs. What blockchain has given the online gambling industry is provably fair games. But what’s that?
Well, have you ever thought to yourself when gambling online ‘how do I know the algorithm used to deal cards or generate numbers isn’t rigged in favor of the house?’. This fear of foul play is extremely common and it’s why live dealer games exist at online casinos.
Before blockchain gave birth to provably fair games, players simply had to trust that the casino operator was fair. However, now with this new technology, players can easily verify if a game’s outcome was fair after every game.
There are two types of bitcoin casinos. The first simply accept bitcoin and other cryptos as a form of currency. While others choose to incorporate blockchain technologies into their online casino platforms. Blockchain-based online casinos use smart contracts to provide public access to casino transactions, resulting in greater transparency and the ability to check the fairness of the outcome of games.
Provably fair games check that the casino is using a Random Number Generator (RNG) to determine dice rolls, roulette numbers, card draws, slot symbols, and more. RNGs are used to make sure that casinos are not cheating and have traditionally been regulated by third-party institutions like the AGCO. Now players can do the auditing because they have access to every transaction completed by the casinos that are stored publically on the blockchain. So, you no longer have to have blind faith in the integrity of casinos and regulators.
While it’s possible to check the blockchain manually after each round to ensure no foul play has occurred, there is also software that runs periodical checks to confirm that the code has not been altered. Therefore, provably fair games can put gambler’s minds at ease and makes the job of casino regulators a lot easier.
Final Thoughts on the Bitcoin Casino Canada
The marriage of blockchain technology and online casino platforms has created amazing benefits for crypto gamblers such as faster payments, increased security & anonymity, no withdrawal limits, lower fees, and a more transparent environment. While bitcoin remains the most popular digital gambling currency, you can also find crypto casinos that accept bitcoin cash, ethereum, litecoin, dogecoin, monero, and dash.
Finally, thanks to provably fair games that run on blockchain technology, you no longer have to hope that casinos and regulators are ensuring the fairness of every game. If the dealer draws an ace/jack twice in a row during your blackjack game, you can view the blockchain to ensure the casino was using a random number generator and not a rigged algorithm. So, you can sit back, relax, and have fun at the best bitcoin casinos in Canada without worrying about foul play.
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FAQs about the Best Bitcoin Casino Canada
Bitcoin is a digital currency that uses blockchain technology to create a decentralized, peer-to-peer payment network. It was created by Satoshi Nakamoto in 2009 and is now the most valuable crypto asset with a market cap of $1 trillion. Bitcoin casinos are casino websites that accept payments in Bitcoin.
Bitcoin and other cryptocurrencies are completely legal in Canada but are not accepted as legal tender. However, you can use bitcoin to buy goods or services on the internet and at stores that accept digital currencies. You can also wager bitcoin at online casinos legally in Canada.
Yes, bitcoin casinos are completely safe. The blockchain technology that’s used to complete cryptocurrency transactions cannot be tampered with which prevents hacking and eliminates the possibility of game results being altered. Bitcoin transactions also have a higher level of encryption which ensures increased security and anonymity compared with regular fiat transactions.
The downside to bitcoin gambling is that there is a lack of customer support available if there is an issue with a blockchain transaction. This is because there is no centralized authority managing transactions. Instead, it is run on a peer-to-peer network.