The growth of bitcoin into the global phenomenon opened a new door in the economic world. With the shift from the traditional currency-based economy, this opened many opportunities for different businesses and individuals. As bitcoin gained more acceptance, its use has expanded to the gambling world. Bitcoin is a decentralized online currency without a single administrator or central bank. It is referred to as a cryptocurrency and can be exchanged among users without the need for intermediaries. Every single transaction is stored in a digital ledger called blockchain, which is one of the most secure forms of storing data to date.
Bitcoin has been seen as a form of investment and alternative means of commerce over the years. Although the cryptocurrency is volatile, it has continually increased in value since its launch. Due to the ease that bitcoin offers, several casinos have adopted the use of the cryptocurrency even in Canada. Some of the popular casinos that accepts Canadians and also offer bitcoins as payment method are, Kingbit with a first deposit bonus of 110% up to 1 bitcoin (BTC), Fortunes Jack with first deposit bonus of 110% up to 1.5 BTC and additional 250 Free Spins, KingBilly, Casoo casino and much more.
How do Bitcoin Casinos Operate?
Bitcoin casinos operate in the same manner as other online casinos. They offer the same games, bonuses and features. In fact, the only difference is that they accept bitcoin as a mode of deposit instead of just fiat currencies. To use bitcoin in any of these casinos, you must set up a bitcoin wallet. This is a digital storage system that helps to store your bitcoins. This is a very straightforward process as you can simply visit the bitcoin official website to download the client for storing your Bitcoins. You can also register with leading traders and get a free wallet set up for you.
This wallet would act as your own cryptocurrency bank account. After you have successfully registered, you would be assigned a temporary wallet address which would be updated regularly. This is the address you provide if you want to receive bitcoin from anyone. After getting a wallet set up, head on to the casino to make your deposit. You would be prompted to choose a payment option, select Bitcoin. After this, copy the wallet address and go to your Bitcoin wallet, select the tab for sending and enter the online casino wallet address. Enter the amount and confirm the transaction. The funds will be available in the casino balance within minutes.
Benefits That Bitcoin Gambling Provides
Bitcoin offers several benefits for both casinos and players. One big benefit that comes with using Bitcoin is complete anonymity. This is achievable because bitcoin is not regulated by any central bank. The digital currency is anonymous and customers are not required to provide personal information when setting up a wallet or when making transfers among peers. Using Bitcoin also offers high-end security mechanism. All bitcoin transactions are encrypted and verified multiple times in different points on the network to guarantee maximum security. This also helps improve privacy since it is technically impossible to trace back transactions to their source.
There are no transfer fees associated with bitcoin transactions. Users can send and receive Bitcoin several times without paying any fees. The process of transfer is very simple but also very safe. Transfers are completed right away with precision, normally without any processing costs. This is a big advantage over bank transfers, which in most cases have large fees. Bitcoin transactions are much faster than bank transfers when depositing or withdrawing money from your casino account. Compared to the traditional seven days processing time placed on bank transfers, bitcoin transactions only takes minutes. You can easily cash out your winnings instantly without having to wait.