The dawn of the digital age has ushered in the use of bitcoin as an alternative banking transaction method in Canadian online casinos. Since its first launch in 2013, bitcoin casinos have noticed a huge boom in the number of casino players using the electronic currency. A big part of the virtual currency’s appeal is the surety for players of their confidential information’s safety and the relative anonymity that comes with it. But before we go any further, what exactly is bitcoin.
What is Bitcoin
Simply put, a bitcoin is a currency used on a virtual platform as a payment method. The cyber currency transmits information about financial transactions from peer-to-peer, using different digital communication systems. Using cryptography, the digital currency’s value is dictated by market forces of supply and demand, with no connection to any country, government or regulatory institution. The inherent privacy feature makes bitcoin transactions secure, providing both the gambler and the online casino with safe casino banking transactions.
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Why You Should Use Bitcoin
In looking at why online players should use bitcoin, we have to compare it to other alternative forms of payment methods available in online casinos. Casinos that accept bitcoin have an edge on the conventional multi-currency casino websites due to the relative speed that the cryptocurrency offers. Here are some of the advantages of using bitcoin:
Bitcoin has faster transactions because there’s no need for exchange rate calculations and ‘interference’ in the transaction. Interference in this regard refers to a third-party (usually a financial institution) that slows down the process because of the payment method used.
In the exchange of bitcoin, from peer-to-peer, there are minimum fees as compared to banking transaction that goes through a financial institution. Bitcoin casinos make it easily accessible for gamblers to create a ‘wallet address’ with top-rated bitcoin software providing the service. Bitcoin casinos have no transaction costs. All banking transfers are user-to-user, meaning that there are no middlemen that charge a fee for the transaction.
This along with the fact that bitcoin transactions are without a recognised regulatory party, all transactions are irreversible once the process is complete, making it a secure tool for both gamblers and online casinos.
No fixed rate/value
The value of the bitcoin transaction is contingent on an agreement between users which determines the value. As indicated before, the market forces of demand and supply dictate the value of the bitcoin.
Player Privacy prioritised
Casinos that accept bitcoin prioritise player confidentiality, due to the innate feature of bitcoin to have anonymous financial transactions. All of the player’s transactions will occur through the bitcoin wallet or bitcoin email address, where the user’s information remains anonymous.
Lower House Edge
Ultimately, players want to know if they can win at a bitcoin gambling site, and they can. When online gamblers use bitcoins for gambling transactions, the house edge is slightly lower than normal. In an industry where you need all the advantage you can get, this fact increases odds in the player’s favour by a fraction, further motivation for players to buy bitcoin Canada.
Best Bitcoin Games
The growing popularity of bitcoin has encouraged several reputable online casinos to offer the digital currency as a form of payment as well as unique bitcoin betting games. Countless bitcoin-only games have flooded the market, while there has been a noticeable increase in investment opportunities in bitcoin’s gambling industry towards the classic casino games. Gamblers can also enjoy the traditional casino gambling games with bitcoins such as Blackjack, dice games, Roulette, poker, and even sports betting.
Banking with Bitcoin
Players that use bitcoin as a medium of exchange at an online casino rest easy knowing that their banking information is secure. To buy bitcoin, players must convert their currency into bitcoin and store it in bitcoin digital wallets. eWallets payment service providers like Neteller assist with the depositing option at non-bitcoin casinos.
Bitcoin transactions are generally completed within minutes because it is minus the fact-finding-and-checking procedures that financial institutions subject online banking transactions. To check if your selected online casino accepts bitcoins, click on the ‘Banking’ page on your casino’s website. Once the Canadian dollar is converted, players can use their bitcoin at any one of the popular online and offline stores such as at eBay, Apple’s App Store, PayPal, Kmart and Amazon to name a few.
Bitcoin Casinos Safety & Security
Canadian players that prefer bitcoin gambling experience a better advantage using the cryptocurrency compared to the traditional banking payment option because of the security it offers. Secure bitcoin transactions from user-to-user are fast and transparent, as the trail of the virtual currency can be traced all the way back to its original source. This feature prevents the creation of counterfeit bitcoin from circulating in the system.
The digital currency’s payment transfers are also considered secure because they are anonymous. When money is transferred, a computer software generates and approves a security certificate between the two parties.
Bitcoin Casinos – Gambling History
The exponential growth in popularity of bitcoin took off early in 2013, but there was a substantial amount of scepticism owing to the fact that it is not associated with any country or governing body. Early signs of its efficiency were seen with bitcoin-enabled gambling games like SatoshiDICE which pioneered the establishment of bitcoin casinos. As a cryptocurrency, bitcoin exceeded user’s expectation when the price hit $100 in April of 2013. The upward trend continued, as bitcoin’s record highest value was in the region of US$19 500 in Dec 2017.
- House edge – house edge refers to an advantage calculated in percentages that a gambling casino has over a player in a casino game. The advantage means that the casino is assured of avoiding a loss over a period of time.
- Cryptocurrency – This refers to a digital currency used as a medium of exchange. It is designed using encryption technology intended to verify the transaction and ensure that it is self-sustaining, without centralized control.
- Blockchain – is a term refers to a global network of computers that keep records of bitcoin transactions.
- Cryptography – Cryptography refers to the computational process of rearranging plain text into obscure codes.
- Bitcoin mining – refers to the process of calculating transaction records and adding them to the bitcoin public ledger of previous transactions.
What is cryptocurrency?
A cryptocurrency is a virtual currency that is not controlled by any country or government. It uses codes to encrypt transactions and maintain the anonymity of its users.
Is bitcoin safe?
Bitcoin is highly secure as all transaction are stored in a digital wallet, in an encrypted code that ensures the anonymity of its users.
Is bitcoin gambling regulated?
Bitcoin gambling casinos are properly licensed and regulated by third-party organisations that oversee the rendition of fair and ethical casino gambling standards in the online casino industry.
How do I buy Bitcoin?
There are many ways to get a hold of bitcoin. A majority of people prefer to exchange their real money for Bitcoin (e.g. CAD) at dedicated bitcoin exchange sites. Other forms of getting a hold of bitcoin are through bitcoin mining or trading.