Bitcoin Casino Canada
With more and more Canadian players joining online casinos, the need to have a variety of payment methods arises. Thus, it comes as no surprise that every gambling firm now operates a Bitcoin casino in Canada where players can use the world’s most notorious cryptocurrency. If you are looking to gamble at Canadian Bitcoin casinos, the information herein will be very helpful. Read our unbiased guide and browse our exclusive BTC casinos toplist! All the brands we feature:
- Are tested and reviewed by our staff;
- Are trusted and safe to play at;
- Offer attractive bonuses;
- Accept Bitcoin as a payment method.
Best Bitcoin Casinos Canada
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What is Bitcoin?
Bitcoin is the world’s most famous cryptocurrency and as such, is based purely in mathematics. Unlike some other methods normally used for casino payments, Btc is a decentralized digital currency that can be used over the Internet for peer-to-peer digital payments. What made Bitcoin something revolutionary when it was launched (back in 2009) are the following points:
- There is no need for a central bank or financial institutions for Bitcoin to exist. Bitcoins are a currency managed by users;
- All Bitcoin transactions are carried out, verified and recorded in a distributed ledger known as blockchain;
- Bitcoins are created through a process called mining which uses the processing power of modern computers;
- Worldwide, users of cryptocurrency wallets amount to almost 6 millions. Most of them are using Bitcoins;
- Bitcoins are characterized by a high volatility, require plenty of processing power and electricity to be mined;
- Bitcoin allows for completely anonymous transactions, which has been a decisive factor for its success;
- There is only a limited amount of Bitcoins that can be produced, which is set to 21 millions.
Btc Casinos – Pros and Cons
Bitcoin gambling has continuously gained fame, thanks to the much attention accorded the currency. Many gambling sites have been developed to enable players to take part in Bitcoin spots betting. For sure, Btc gambling sites offer several advantages to the tech-savvy user. Let’s take a closer look then, to the pro’s and cons of Canadian Bitcoin casinos!
Pro’s
When you decide to play at Bitcoin casinos in Canada, you will have access to the following benefits:
- Bitcoin casino payments are not only fast, but also easy. Digital money transactions are hasty, meaning you start playing in minutes;
- There are no transaction fees. This means you will lose no money in transaction costs;
- Considering that cryptocurrency transactions are anonymous, you are ensured of your security and anonymity;
- With Bitcoin you can gamble from any location, without anyone’s knowledge and in total safety;
- Seamless integration with mobile casino sites and apps;
- As it is a virtual currency, Bitcoin cannot be stolen. You will have complete control over your funds.
So all in all, using Bitcoin for your casino payments allows for fast, cheap and secure transactions!
Cons
There are a few minor drawbacks when it comes to gambling at online casinos with Bitcoin:
- The number of Canadian casinos that accept Bitcoin is limited;
- Bitcoin transactions cannot be reversed. Once your payment is confirmed, you can never have your Bitcoin back;
- Bitcoin is extremely volatile by nature, so gambling it during bullish trends is not necessarily a wise choice.
As you can see, there are pros and cons for using Bitcoin for your casino payments. Make sure you weigh them wisely before you start playing at Canadian Bitcoin casinos.
Bitcoin Casino Payments
Depositing and withdrawing winnings in Bitcoin gambling sites is not difficult.
Deposits
- The first step is to deposit some cash in your e-Wallet.
- Most casinos will require you to create an account with them. In this case, create one and then search for the deposit button.
- Click it and then copy your digital cash address.
- Next, paste the address on your wallet and indicate the amount you want to deposit.
- Once done click send. You will have finalized depositing!
Withdrawals
For withdrawals, the steps are minimal.
- All you have to do is click withdrawal, choose the crypto as your preferred method and then submit.
- The casino will process your withdrawal and send you your winnings once they are approved!
Bitcoin Tax Canada
If you play at Btc gambling sites, you may be asking yourself whether you will have to pay any taxes on your winnings. We have all the answers to your questions!
- According to the laws governing Canada, all income earned by casinos should be taxed.
- The same applies to the winnings that are paid out using a digital currency.
- Bitcoin tax Canada requires all players to document all earnings they make from betting for taxing purposes.
- The amount to be taxed is determined by the cryptocurrency’s value at the time when you played a game since the value of your earnings equals that value.
- Casinos are also expected to file returns, in which they are taxed according to the overall amount that they earn.
How We Rate Bitcoin Casino Sites
Bitcoin gambling in Canada is gaining plenty of traction, and more and more Bitcoin casinos are hitting the Canadian market as a consequence. So there is ample choice for Bitcoin users who want to try online casino, but where to start? The choice can be overwhelming for beginners and that’s why we adhere to the strictest quality criteria when reviewing Canadian Bitcoin casinos and gambling sites:
- We only list operators that are reliable and registered with a trustworthy gaming licence (UKGC and MGA mainly);
- We review all Bitcoin casino bonus offers to make sure that they present fair wagering requirements;
- We analyze the game catalog. All the casinos we list offer the latest games as well as all the classics;
- All the brands we list offer an impeccable mobile casino experience with instant payments.
Other Bitcoin Gambling Products
Casinos are our main area of interest, but the choice of Bitcoin gambling products goes far beyond. At Btc gambling sites you can indulge in a session of sports betting, a game of lottery and much more!
Bitcoin Sports Betting
Sports betting is a favourite among Canadian gamblers. That is why most Btc gambling sites in Canada offer great odds, attractive bonuses for new and existing customers, a vast sportsbook with plenty of events to choose from and much more. No doubt, Bitcoin betting sites meet the highest standards of quality with the added possibility of paying with the world’s most popular cryptocurrency.
Bitcoin Lottery
Bitcoin lottery is the latest twist on an immortal classic. Lottery has been massively popular in Canada for decades, and the adoption of Bitcoin has contributed to make it successful even among younger people. What is the best part about Bitcoin lottery games? Some of them feature luscious Bitcoin jackpots – not to be missed!
Summary & Advice for Bitcoin Casino Players
Bitcoin has faced major attacks and crises, yet it has managed to emerge triumphantly, rising to become a significant part of the financial sector. Thus, it is not a surprise that the digital money is now well integrated into gambling sites. Considering this remarkable success, casinos should focus on providing more Bitcoin games to players and gamblers. It has also emerged that most gamblers seek anonymity. Hence, since the cryptocurrency strives to achieve this, Bitcoin casinos should borrow a leaf from to be able to promote anonymity.
Are Bitcoin Gambling Sites Safe?
This is possibly the central question when it comes to the whole Bitcoin gambling topic. Since Bitcoin transactions are irreversible, players need to be extra careful when they gamble online with Bitcoin. The safest course of action is playing only at casinos that possess a trustworthy licence:
- UKGC (UK Gambling Commission) – this is arguably the best gambling licence in the world, and the hardest to attain. Operators applying for a UKGC licence must adhere to strict quality standards, which shall be manitained through time. Failing to do so means that the operator will lose the licence altogether.
- MGA (Malta Gaming Authority) licence – also a synonym of quality and safety. If you see the MGA logo (with a legit licence number) on the Home Page of a casino website, it means you have found a reliable place to play.
Other licences (Curacao, Gibraltar etc.) do not offer the same quality assurance as UKGC and MGA. And of course, you should completely avoid unlicensed casino websites as investing your money on those would be suicidal.
Bitcoin Casino FAQ
- DO BITCOIN CASINOS OFFER CASINO BONUSES?
Betting with Bitcoin is a relatively new concept, leaving people wondering whether the casino will offer bonuses. Bitcoin casinos offer deposit bonuses. Further, there are also bonuses offered for free spins. It is also noteworthy that the currency’s casinos don’t often offer bonuses that are frequently offered by other types of casinos. By keeping an eye on the casino reviews, you can get important insights on when the bonuses are offered. It is also important to note that casinos offering bonuses have put stringent rules in place. You are therefore advised to ensure that you are well-versed with the requirements.
- IS BITCOIN GAMBLING ANONYMOUS?
Most gamblers love anonymity when using Bitcoin gambling sites. Crypto betting promises anonymity to those who use it in gambling. Well, while it has managed to achieve this, it is not yet 100% anonymous. Regardless, crypto gambling offers you strong security by maintaining your privacy. However, you should note that the lack of anonymity is sometimes not caused by the currency, but by the casino that you join. As such, if you are looking to be completely anonymous, you can join a casino that does not ask you to create an account.
- DO BITCOIN CASINOS HAVE TERRITORIAL RESTRICTIONS?
There are ideally no boundary restrictions associated with cryptocurrency betting in Bitcoin gambling sites. You can virtually play from anywhere around the globe. Complete anonymity is offered to users, regardless of whether they are in Canada or any other part of the world. Notably, you should be able to play even in a scenario where gambling is highly regulated, as in the case of our southern neighbour the United States. This, however, doesn’t restrict players in the country. Notable is that digital currency payments do not require proof of identity or residence.
- ARE BITCOIN CASINOS TAXED?
In Canada, just like most countries across the world, it is a requirement for both casinos and players to pay taxes. Hence, if you are wondering whether Bitcoin casinos Canada are taxed, then the answer is yes. To have more knowledge regarding the guidelines governing taxing in Canada, you can read casino reviews. This will help you to know what to expect in regards to Bitcoin casino taxation. In addition, reading reviews will help you to know the amount that will be taxed from your winnings.