Is the Use of Bitcoins Legal?
Bitcoins are recognized as personal money in the United Kingdom. In Canada, these kind of payments for online gaming are legal, and that is why they are subject to taxation by the Canadian Revenue Authority (C.R.A). During taxation of proceeds obtained from casino wins, the CRA taxes considers the value of the BTC to be the value at the time you were playing.
Purchase, Deposit, and Withdrawal of Bitcoins
Several reputable Canadian online casinos accept this form of payment. Currently, 1BTC is valued at about 6,400 USD or approximately 8,400 Canadian Dollars. And before we dig into the details, you should know that it’s creator had the intention of making sure that the value of Bitcoin increases with time. Owing to the fact that the value would increase with time, smaller units of this currency were derived. The units are mBTC and µBTC.
- 1mBTC = 0.001BTC;
- 1 µBTC = 0.000001BTC;
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You can purchase them from exchange companies like Quadrigacx, Kraken.com, Coinbase, Coinmama, Cubit, Cancoin, Wall of Coins, Bitbuy and Canadian BTC. For all the exchange companies mentioned above, payment is done through credit cards. However, the Canadian Bitcoin Exchange company provides the widest array of payment methods among the mentioned companies.
Apart from the credit card, you can make payments on Canadian Bitcoin Exchange Company through Interac online, online banking, Flexepin voucher, direct debit from bank accounts and cash through the mail. After having purchased from exchange companies and registering a digital currency e-wallet, you can now deposit to the online casino of your choice and withdraw using the same wallet. The minimum deposit for most Canadian Bitcoin Casinos is between 3 mBTC and 0.8 mBTC which translates to 3,000 µBTC and 800 µBTC respectively.
Withdrawal of cryptocurrencies is basically as simple as depositing as long as you visit the cashier’s page and follow all the instructions properly. However, most online casinos will prohibit any withdrawal from any individual’s account without any deposit history with the online casino. The minimum withdrawal from most Canadian Casinos ranges between 1.5 mBTC and 8 mBTC or 1,500 µBTC and 8,000 µBTC. The maximum withdrawal limit varies according to the Casinos. You can withdraw Bitcoins by converting to national currency through the exchange companies.
Bitcoin Casino Bonuses
Just on signing up for most Canadian online casinos even before making a deposit, ‘no deposit’ bonuses are normally awarded. Upon depositing, most Canadian online casinos will offer a welcome bonus and points for every subsequent deposit made as part of a loyalty scheme. The points acquired can then be renewed as cashbacks once they accumulate to a significant amount. A lot of the reputable Canadian casinos also offer bonuses for referrals and regular offers and promotions for its existing members.
Top 10 Bitcoin Casinos Accepting Canadian Players
The highest rated online Canadian casinos accepting this payment are listed below:
Games to Play with Bitcoins
With everything just a tap of the button away on your gaming devices, tablet or PC, you can play a wide array of online games on the Canadian BTC Casinos. These games include:
Advantages of Canadian Bitcoin Casinos
Some of the main advantages why this means of digital payment has become quite popular are as discussed below:
- Anonymity. No personal information is given. Identification is through special keys. It therefore enables players to play without any fear of stigma caused by some judgmental members of the society.
- Security. Elimination of physical form of currencies completely reduces insecurity. The theft of passwords from financial institution and personal email through cyber-attack leading to online fraud has been greatly diminished due the fact that the Blockchain technology used with this cryptocurrency have strong personal keys that are impossible to hack.
- Impressive Transaction Speeds. Literally reduces the process of verifying and clearing payments and withdrawal from days and hours to just minutes. This is because it is not subject to any regulatory body. The Blockchain technology also enables faster transaction.
- Cost Effective. The transaction fees are way less compared to the conventional payment method. In some instances, that transaction is free. This leaves you with more money to use while playing.
- Removes Restrictions. Due to some illegal activities by some individuals in some regions, a blanket restriction is placed on those regions preventing even genuine players from participating. However, with the anonymity created by this digital money, any player from anywhere can play.
Makes Online Gambling Fairer
Blockchain technology used here has several decentralized nodes that makes it impossible for any form of manipulation during gaming to influence the outcome of a game. Apart from the above advantages, we can’t also fail to mention the consequent benefits that come with using this type of digital currency. For instance;
- Cryptocurrencies are protected against manipulation for economic purpose. This is because they are not regulated cannot be devalued by anybody.
- Payment can be made anywhere and at any time.
- Irrespective of costs usually offer the highest odds because of cost reduction in form of processing fees.
Mobile Bitcoin Casinos
Most of the Canadian casinos are mobile-friendly. The BTC casinos are compatible with almost all mobile phone applications including iPhone, Android, Linux and Mac OS. You can therefore relax with your mobile phone or tablet at home and strategize on how to win big.
Our Take on BTC in Canadian Casinos
Without a doubt, it is clear that the role cryptocurrencies play in our online gaming lives is already big. But this role will keep growing big and more crucial with each passing day here in Canada.
The gambling industry is transforming at an unstoppable rate. The digital currencies have already made life easier by streamlining some processes and made online gambling more interesting by reducing costs while at the same time guaranteeing security of players. This is the future. If you have not embraced this form of payment, make sure you do because the horse has already left the stable and there is no looking back!
FAQ About Bitcoin Gambling in Canada
- How can I buy Bitcoin?You can buy it through exchange companies such as Coin Base, Kraken, Bitstamp and Localbitcoins. You can buy them via your credit or debit cards as well as other online payment options then send the currency to your wallet.
- How do I deposit BTC in my account? Depositing money to your account is easy, you can receive it from an exchange after buying it from real money or exchange with a friend.
- Is there a commission charged in BTC deposits? Since BTC uses peer-to-peer transactions without the need of a third party such as a banking institution, the commission charges are negligible.
- How long do Bitcoin withdrawals and deposits take?Both deposit and withdrawal transactions using Bitcon are processed instantaneously.
- How can I convert BTC to real money online?You can exchange the currency for real money online via exchanges such as Coin Base, Kraken, Bitstamp and Localbitcoins.
- Which steps should I follow to register at a Bitcoin Casino?As long as you have a wallet, the registration process is the same. You just enter your correct personal details as usual including your email and physical address as well as your date of birth.
- Is it legal to use Bitcoin?Yes, it is legal in Canada and many other countries across the globe.
- Which countries have legalized the use of Bitcoin?This depends on the region where you reside but for the most part it is legal in the majority of jurisdictions including Canada. To date, no one has ever been prosecuted for using it but there are laws that restrict its access as it is a competing currency. Nonetheless, the use of this kind of money is highly unregulated.
- What is the difference between BTC, mBTC and uBTC?These are metric terms of this currency representing Bitcoin (a unit of the currency), Millibitcoin (a thousandth of the currency) and Microbitcoin (a millionth of the currency) respectively.
- Are BTC bonuses similar to regular online casino bonuses?Yes, they are similar in terms of offers and the wagering requirements, the only difference is the form of currency.
- How can I withdraw from a BTC Casino in national currency?As long as such casinos accepts regular e-Wallets like PayPal and Skrill or credit and debit cards, you can cash out using national currency. You have to bear in mind that Casinos have strict anti-money laundering regulations that only allow withdrawal from the same method you used to deposit. So, if you deposited using a BTC wallet, you can’t withdraw in national currency. However, you can exchange BTC to national currency after cashing out.