Bitcoin Wallets and Exchange at Bitcoin Casino Online in Canada
In order to make deposits and bets in BTC, you need not only an online casino accepting crypto, but a Bitcoin online wallet. If you already have, or are planning to buy more Bitcoins, it makes sense to purchase a cold storage, also called cold wallet. Cold wallet is a physical storage disk where the majority of your crypto is kept. Online wallet is where you keep your BTC for betting, and where your cashout goes in the first place.
Online wallets are safe, but not safe enough to keep big sums there. So, you transfer coins from cold storage to an online wallet, and deposit. When you withdraw, the funds go to the online wallet, and then you transfer the coins to the cold storage. This is the safest method of saving the crypto coins.
At the time of writing, the most convenient and secure wallets for Canadians include: Trezor, Ledger Nano S, KeepKey, Mycelium, Exodus, Electrum, Jaxx, Copay.
If you need to exchange crypto to fiat currency or back, use exchange services. Better use independent third party services instead of currency exchange service offered by an online casino. Some of the most popular services are Coinberry, Crypto.com, Bitbuy, Binance, Coinmama, Quebex, Kraken, Bitfinex, Ndax.
Laws and Regulations for Bitcoin Casino Players
Canadians have no problem gambling online at foreign casino sites and betting with fiat currencies. Predictably enough, they are also free to make real money deposits and bets with any cryptocurrencies, including Bitcoin.
The general main law of online gambling for Canadian punters is to play on offshore sites. The government does not regulate that much; some parlours purchase the gambling license by Kahnawake Gaming Commission, some do not and Canadians still gamble there. So, the situation with Bitcoin and other digital coins is generally the same.
However, some regulations and laws can be expected in the nearest future. The Canadian government does not mind real money bets by local residents at whatever casino that accepts them, but the funds movement can at least be tracked via payment systems and banks in case the money gets stolen. The other case is with the cryptocurrencies, which offer transparent, but fully anonymous transactions. While this is an advantage in terms of safety, full absence of regulation creates legal risks.