Surely it is not the first time you hear the word Bitcoin or cryptocurrency both on the internet and in the news or talking with colleagues. But what exactly does it mean? Let’s start by explaining that Bitcoin is a cryptocurrency, and therefore it is a decentralized digital currency. This implies that it is not linked to any financial entity, country or even corporation, which makes it a more attractive option for people who seek to carry out strictly peer-to-peer transactions with third parties. Like any currency in the global financial market, the value of Bitcoin fluctuates and, as it becomes more popular being accepted by increasing numbers of online and physical stores, its appreciation grows. In fact, there are several operators with Bitcoin as a payment method in the world, especially the United Kingdom.
To get Bitcoins there are different possibilities, one of them is to buy them directly at dollar value of specialized bags on the internet which require that we have a virtual wallet. The other option, which you have already heard about for sure, is to undermine this currency while maintaining the consistency of blockchain. To achieve this, you basically have to verify transactions and possess specialized software in addition to sophisticated pieces of hardware that are capable of processing this type of activity.
The best casinos with Bitcoin and blockchain
As we have mentioned before, there are currently no operators that accept this cryptocurrency in Canada . However, this does not imply that they will not do so soon in 2020 due to rapid growth in popularity. One of the reasons for assuming this is the advancement of blockchain technology. But what exactly is this? To put it in simple terms, the blockchain is something like an immense database that is 100% open and public. This database is not centralized, so it cannot be compromised by hackers. This makes the secure transfer of data or, in the case of cryptocurrencies, money. In that sense, the PayPal .
Bitcoin is an attractive method of payment for many online casino players. We regret that in Canada there is still no online casino that accepts Bitcoin as a payment method. Thanks to its high level of safety, reliability and complexity make it one of the most attractive options. We also hope that soon there will not only be operators with this currency but also offer specialized bonds to trade with Bitcoin.
Guaranteed security in Bitcoin casinos
One of the reasons that explain the rapid rise of Bitcoin as one of the most used cryptocurrencies worldwide is due to the extreme security and reliability that the system possesses. Blockchain allows you to store and perform all daily transactions. The financial system is going through a unique revolution in its history thanks to the rapid development and evolution of cryptocurrencies, especially Bitcoin that allows transactions to be easier and safer than ever. That is why we can say that Bitcoin is one of the safest payment methods for online transactions . Therefore, and once again we say that we regret that there is no casino with Bitcoin in Canada.
Legal casinos with Bitcoin: How to recognize which ones are legitimate?
When looking for online casinos with Bitcoin in national territory we find that none of those who have their own license issued by the General Directorate of Game Management under the Ministry of Making of Canada offer this cryptocurrency as a payment method for both deposits As for withdrawals.
However, there are a number of very important steps that you must take into account when looking for a legal, safe and reliable operator in Canada to register and deposit your money so they do not scam you. The first thing is to find the DGOJ Secure Game logo in the operator’s footer . The second, and the easiest way to know that it is licensed properly, you must enter the website of the canadian regulatory body and search among the licenses granted to operators.
Fair game with Bitcoin and game strategies
When we play and bet with Bitcoin, as with any other type of currency, we must keep in mind that the service offered to us is fair and impartial. By this we mean that it is very important that the operators in which you bet, in the case of Canada without Bitcoin and only with euros, have the safety regulations and state license that every safe, reliable and legal gambling house requires. For that, you should check not only the logo of the General Directorate of Game Management under the Ministry of Finance, but also that they have the logo of the control and verification bodies such as eCogra among others that are responsible for verifying and guarantee the international regulations of security and impartiality of the games that we can find also expressed with the RTP, return of return to the player defined by these agencies.
Deposit with Bitcoins: how it works
We do not want you to stop trying to find the best casino with Bitcoin, but we advise you to be practical and look for ways to bet your Bitcoins without putting your investment at risk . Investing in an operator backed by DGOJ is possible if you know how to do it. You just need to make a little detour. Almost all online casinos in Canada offer the option of depositing with Skrill or Neteller because creating an account with them is free and easy . Before you start you need an email to link your account in this cryptocurrency. The electronic wallet you choose will mediate between the two. Charge your Skrill or Neteller Bitcoins and everything is ready for when you want to deposit in the operator. Once at the casino cashier select Skrill or Neteller as a deposit method. The page will redirect you to your account in the electronic wallet, and ask you to confirm the amount (in euros) to deposit. Then the wallet will convert your balance in Bitcoins to euros , and deposit them in the operator immediately. Below we present a comparative chart between the different payment methods available in Canada and Bitcoin.
Advantages and disadvantages of Bitcoin and casinos
Using electronic wallets such as Neteller or Skrill is free, secure and also allows you to make deposits that are available in minutes . In general, they never charge fees for depositing or making purchases, but if these transactions involve a currency exchange, as would be the case, they do have a commission.
For the Bitcoins this means the collection of 1% on the total money you move . In reality it is very little money, which in our opinion is worth it if you can play on quality sites and where you can assert your rights. As we said, there are other payment methods that also allow you to change Bitcoins to make payments with the country’s currency. Given the popularity of digital currencies, in the future it is possible that many other methods that do not require creating an account (such as PaySafeCard) also give this option.
Withdraw your earnings in Bitcoins
To withdraw your winnings at the casino or bookmaker and change them back to this cryptocurrency is the same process in reverse. Of course, we warn you that it can be a little longer, because the money in euros will not reach your electronic wallet until after a few hours, and maybe even days . This is common in all online casinos and happens with all withdrawal methods, although using electronic wallets is usually faster than requesting a bank transfer or check. The procedures can be extended if the casino needs to verify your identity to make sure that it is really you who give your money.
If you request that the refund be made to you through a different payment method than the one you used to deposit, the operator may ask you to prove that you are the owner of that other account. Do not be surprised.
Betting with Bitcoin and the tax situation
It is clear that any activity that presupposes the transaction of money, of whatever type, will carry a tax burden established according to the law in force in Canada. Although the world of cryptocurrencies and blockchain, despite being very popular today and being in vogue in different publications, social networks and others, it is still a somewhat gray terrain. When analyzing what canadian law says regarding the taxation of individuals for making transactions with this cryptocurrency we find that there are many important points to clarify. It is not that it is the simplest thing in the world to find in our country counters that agree on the tax situation of this cryptocurrency and even less regarding the bets that are made with this cryptocurrency, because, as we have said until we are fed up In this article, no such thing is possible in the country for now. It would be possible to elucidate that before this payment system is approved by the online operators registered in the General Directorate of Game Management under the canadian Ministry of Finance, the law that regulates these issues has a definitive sanction on this before You can start betting.
The best applications for mobile casinos and Bitcoin
What is not available today for mobile devices? Probably almost nothing, and the casinos with the cryptocurrency do not escape this. But in the absence of this option even in Canada what we do have in our country are excellent online casinos with mobile applications. So you can play your favorite games wherever you are and whenever you want. Thanks to the development and advancement of mobile technologies, we increasingly have stronger, faster and more interactive devices that are capable of supporting a great level of detail and graphics, as is the case with several new slots that are released. With the options that we have in the market we can download an application from the Android Play Store or the iPhone App Store and play without limitations or also take advantage of the web-app versions optimized for mobiles entering from our browser.