Your In Depth Guide to Banking with Bitcoin

The future of banking at online casinos explained 

Bitcoin Casinos CanadBitcoin was first introduced to the online world back in 2008 and even now many Canadians are still not too sure what it is exactly. When Bitcoin was first introduced as a viable currency option, very few people took it seriously. However, today Bitcoin is one of the main ways in which people exchange funds through online transactions. More and more Canadians are also discovering that Bitcoin is a better way to fund their online casino accounts as well as make fast withdrawals of their winnings.

Bitcoin is often also referred to as ‘cryptocurrency’ or ‘virtual currency’ although both these terms describe exactly the same thing. One of the main features of Bitcoin is that it is totally decentralized, meaning that it is not owned by any specific financial institution, country or bank. This means that anyone can use Bitcoin online to make deposits anonymously, purchase goods safely, and fund their online casino accounts without the need to divulge their personal information online. In fact, to use Bitcoin online you don’t even need a bank account. As the use of Bitcoin becomes more popular, more and more online casinos, particularly in Canada, are beginning to accept Bitcoin as an official payment option.

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Top Scores for Bitcoin Casinos

Simplicity
4/5
Bitcoin is extremely easy to acquire and to use through a simple free eWallet.
Charges
5/5
Most online casinos do not charge fees when using Bitcoin, if they do it is often much lower than other payment options.
Safety
5/5
Bitcoin is extremely safe to use online as there is no need to divulge personal details or even use a bank account.
Availability
4/5
Bitcoin is becoming more and more available online as more sites are created that exchange Bitcoin for traditional money.
Speed
4/5
Bitcoin deposits are instant and withdrawing your winnings using Bitcoin can be completed in under 24 hours.

Why Use Bitcoin at Online Casinos?

There are plenty of great reasons why you should consider using or switching over to Bitcoin for your online casino deposits and withdrawals. Despite the mystery that still surrounds Bitcoin, it is one of the easiest online payment options available and offers many advantages with very few disadvantages. Let’s look at some of them now:

Anonymity

Bitcoin is currently one of the few online payment options where the user can remain completely anonymous when making payments online. Bitcoin can be used in a variety of situations online including purchasing goods online, exchanging funds or making safe and anonymous deposits into online casino accounts for example. With Bitcoin, there is no need to create online accounts where personal details are required and you do not even need to have a bank account in order to acquire Bitcoin.

Security

Just like anonymity, Bitcoin provides a relatively high degree of online security when using the system properly as a legitimate online payment option. Provided that the user only visits reputable and vetted online Bitcoin sites, uses a legitimate and vetted eWallet system associated with Bitcoin, there is virtually no risk involved. Bitcoin does not link to your bank account or any other source of your personal funds. You buy Bitcoin at online Bitcoin sites by exchanging your normal currency, completely anonymously.

Little to no fees involved

Using Bitcoin at most online casinos means that there are virtually no user fees involved, although this may depend on the actual online casino. While most online casinos do not charge their customers that use Bitcoin to make deposits or withdraw their winnings, some online casinos may charge a fee when making withdrawals. However, even in these cases the fees applied to Bitcoin are nominal and still much lower than many other online payment options.

Speed

Using Bitcoin as your preferred online payment system has the added advantage of being super-fast when compared to many other online payment systems (particularly more traditional options). When making deposits into your online casino account with Bitcoin, your funds will be available to you instantly, allowing you to take advantage of any special offers at your online casino for instance. Most online casinos in Canada also offer speedy withdrawals of funds when using Bitcoin, in many instances in under 24 hours.

Drawback

Perhaps one of the few drawbacks to using Bitcoin, especially to newcomers to the advanced payment system, lies in the fact that you will need to install special software to your computer or mobile device in the form of a Bitcoin wallet. You will also need to visit special Bitcoin sites in order to purchase Bitcoin via your installed eWallet.

How to Deposit with Bitcoin

As long as you are prepared to spend a little bit of time investing in a few essential elements before using Bitcoin, the entire process of making safe, fast and secure deposits into your personal casino account is easy. Simply follow the steps described below to learn how to make easy and convenient deposits (and withdrawals) using Bitcoin:

 

  • Find a reputable and secure online Bitcoin exchange site (there are many)
  • You can download a Bitcoin eWallet from many of these sites or find great Bitcoin eWallets online
  • Once you have installed your Bitcoin eWallet and purchased some Bitcoin you can make a deposit with your online Bitcoin casino
  • Look for the Bitcoin logo at your online casino first
  • Go to your online casino that offers the Bitcoin payment option
  • Click on the Cashier or Banking tab
  • Click on ‘Deposit Funds’
  • Click on the Bitcoin option from the selection of payment options
  • Usually the casino will give you a ‘wallet address’
  • Go to your digital wallet via the navigation button
  • Paste in the address that you obtained at your online casino
  • Click to authorize the transfer of the desired funds to your online casino account
  • Go back to your online casino where you should see your funds reflecting in your account

 

Where Can I Get Bitcoin?

The first step in getting Bitcoin online is to get yourself a reliable Bitcoin wallet. There are plenty of great options to choose from, including the following options:

Copay

Copay by Bitpay is a simple Bitcoin wallet that can be used on iOS, Windows Phone and Android mobile devices. The wallet can also be installed on desktops running Linux, Max OS X as well as Windows. Copay is one of the most popular Bitcoin wallets due to its multi-platform capabilities and user friendly features.

Breadwallet

If you prefer mobile casino gaming as well as paying on the go, Breadwallet may just be the best option for you. Breadwallet is available for both iPhone and Android users. Android users running an OS of 6.0 or higher can install Breadwallet and its simple interface and top features make it a great starting point for new Bitcoin users.

Once you have your Bitcoin wallet installed on your preferred device, you can take the next step in the process which is actually going out and buying your first Bitcoin. There are plenty of great Bitcoin exchange sites, with more popping up every day. To get started with Bitcoin, try these Bitcoin exchange sites:

Coinbase

Coinbase is one of the biggest Bitcoin exchanges online and accepts buyers from all over the world including the USA and Canada.

Indacoin

Indacoin offers one of the fastest Bitcoin exchange platforms to over 200 countries, with no registration required and most credit or debit card transactions accepted.

Further info about Bitcoin

Email: press@bitcoin.com

Telephone: NA

Available Hours Telephone: NA

 

Bottom Line

Bitcoin is fast becoming the way that all or most online transaction may be handled, including online casino transactions. While this innovative payment system may seem a bit confusing at first to newcomers, once understood is one of the easiest to use in a practical sense. Bitcoin provides an efficient, fast and anonymous way to exchange funds online and to make secure deposits to participating Bitcoin online casinos in Canada. The list of Bitcoin online casinos in Canada is beginning to grow quite rapidly, which means finding a great online casino is becoming easier. The best place to start of course, is with our guide to Bitcoin online casinos for Canadians.

 

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