Why Gamble With Bitcoin (BTC)?
If you are still wondering whether you should risk your Bitcoin gambling, and if you really love gambling at online casinos, should you really use BTC for betting at a casino with Bitcoin, well, check out the following advantages provided. BTC, as the majority of other cryptocurrencies, has its own peculiarities making it really advantageous for betting.
Bitcoin, as other digital currencies, is “made” in a way which makes it a safe currency and channel at the same time, for all types of users and usages. When you send or receive money in BTC, your privacy is protected not only by the casino rules, software, etc., it is also protected with the nature of BTC software.
When you send money in BTC, you remain anonymous. The system sees the source of the transaction and its destination, however, the parties remain anonymous. This way, if the Bitcoin casino turns out fraudulent, it can try to steal the money you have just deposited, or ordered for cashout. But the casino cannot reach out to your e-wallet / bank account to hack it and take all your money.
Safe and Fast Deposits & Withdrawals
Depositing and withdrawing in BTC is really advantageous. Firstly, Bitcoin transactions are transparent, meaning your money cannot get “lost” in transactions, or the sum can be “accidently” decreased by any of the parties due to “commissions”. You will see the whole process from start to end, and if any commissions or fees are applied, you will see them reflected transparently, as well.
Secondly, the transactions are irreversible, meaning the Bitcoin casino cannot send you the winnings and then pretend they revealed any type of rules violation, and “reverse” the cashout request. If they want to reverse what has been sent, they will have to create a new request, and ask the payee to send the money back. And eventually, deposits and withdrawals in digital currencies are almost instant, taking maximum around 3 days if the Bitcoin casino double-checks the legitimacy of the request.
Higher Limits for Depositing and Cashout
Since Bitcoin payments are not tied to official banks of different countries, and usual bank limitations do not apply, it usually means that the Bitcoin casinos allow higher limits for deposits and withdrawals when you pay in BTC. Therefore, high rollers who want to deposit and bet bigger sums are able to do so, including receiving higher bonuses, and cashing out bigger sums per transaction. Bitcoin casinos are way more cautious with fiat currencies if compared to BTC, because they will have to deal with banks and their strict policies if something goes wrong. But if you use Bitcoin, the possibility of going wrong is way lower, as a result, the limits are way higher.
Provably Fair Gambling
One of the markers of a reliable and respectable online casino that accepts Bitcoin is the abundance of the payment methods for deposits and withdrawals, and the faster and more transparent these payment methods are, the easier it is to double-check the Canadian Bitcoin casino for fairness. To be a provably fair casino, the Canadian Bitcoin casinos usually request a check from independent third parties which test through all the processes, and confirm (or do not confirm) that the best Bitcoin casino Canada seems to be fair. Testing the payments and seeing they are fast, fair, and adequate, also makes the site provably fair.
User Identification Not Needed
Most online casinos demand additional user identity confirmations for every payment, and we mean it every payment. With every withdrawal higher than the previously made deposit, the user will have to confirm their identity, and this is without mentioning all the additional identification documents and proof of income like bank statements, utility bills, rent agreements and so on. If you use Bitcoin, nothing of this is needed for every withdrawal. You prove your identity once, and this is it.
Pros and Cons of Bitcoin Casino Sites
Bitcoin casinos are still complicated to find, because offering deposits and withdrawals with BTC, let alone exclusive BTC games, is a privilege not each and every Bitcoin casino in Canada can now afford. This is why many web parlours prefer to stick to fiat currencies and avoid the pains of providing BTC options for their customers.
However, while we never deny the beauties and benefits of regular web casinos, those Bitcoin casinos in Canada can open some totally new horizons of Bitcoin gambling for their loyal customers.
In order to enable you to make an informed choice about what casino to prefer, we have compared the features of those two casino types.
Online Bitcoin Casinos
- Fast deposits and withdrawals via cryptocurrency payment systems
- Enhanced safety and data protection (anonymity) of payments
- Transparency of transactions for the player
- Exclusive Bitcoin games
- Only one currency is used for depositing, betting, and withdrawing
- Live Dealer Games are rarely available for BTC betting
- Exclusive bonuses can be offered
- Withdrawals can take up to 14 business days, depending on the payment system
- Lots of third parties participate in transaction processing, and the safety is lower
- The process of transaction is fully handled by the casino and then the payment processing company
- Wider choice of games, as non BTC compatible games are more abundant
- If there is a default currency at an online casino, the casino has the right to pay the winnings out in this default currency, regardless of the currency preferred by the customer
- Live Dealer Games are widely available
- The choice of bonuses is way richer for fiat currency deposits