Bitcoins are commonly used at online casinos these days to play slots and live casinos. It is one of the deposit options available for punters to fund their casino accounts to play real money games. Canucks like to use this new payment mode because it’s instant, secure and anonymous. This means you do not have to spend too much time fiddling with your bank accounts, or worrying about the safety of your online transactions or your privacy. It’s simple, quick and reliable.
Not only is Bitcoin legal to own and trade in Canada, but the Canadian government and central bank are also making significant steps to understand the merits of the blockchain, the technology powering Bitcoin and 800+ other digital currencies.
You can use Bitcoins at the live casino to play live dealers but you need to report your winnings to the CRA for tax as tax rules apply to digital currency transactions, including those made with cryptocurrencies. So using digital currency does not exempt consumers from Canadian tax obligations. This means digital currencies are subject to the Income Tax Act.
Where to get Bitcoins from and how to store them?
To play at Bitcoin casinos you need Bitcoins and the easiest way to get them is through a bitcoin exchange.
Create a wallet at the bitcoin exchange: All you need is a verifiable email address to get started. Once you’ve selected and signed up for an exchange, you can begin buying or transferring money to your exchange bank account. Once the money is deposited, you can choose to ‘Buy’ or ‘Trade’ the bitcoins, The pricing will always vary depending on supply and demand. Once the bitcoins are purchased, you can transfer your bitcoins from the bitcoin exchange to your wallets.
There are different methods through which you can purchase bitcoin. Also, there are many currencies you can use to buy bitcoin from different exchanges. After buying bitcoins you will be allowed to use them anywhere you want and enjoy anonymity and safety. Another thing is that you can exchange your bitcoin into fiat currency through any of your selected bitcoin exchanges online.
You can buy BTC in CAD dollars here or get the best prices to buy BTC by clicking here
Also, there are Bitcoin ATMs in various places like Alberta, British Columbia, Manitoba Nova Scotia, Ontario and other various places.
How to play with Bitcoins at live casinos?
Whether they are slots, table games or live dealer games at Bitcoins casinos, they can be played with Bitcoins without any effort. Like you generally play casino games at Canadian-friendly online casinos in the same way you play with Bitcoins. All you need to get to Bitcoin casinos or casinos that have BTC as the currency of deposit listed on their banking page. When playing at a live casino simply choose BTC as your mode of payment at Bitcoin casinos. The Bitcoin casinos will convert your bitcoin into their base currency which is CAD and the exchange rate will be boldly displayed in the bank interface on the site.
Although you can’t use a bank account, credit card or cheque, avoiding the conventional banking system means transactions are faster. Using conventional currency, cashouts can take days, and cheque deposits up to a week. Bitcoin transactions are usually completed within minutes. Bitcoin casinos have no transaction costs. All transfers are peer-to-peer, so there are no middlemen to pay. Multi-currency casinos often make charges to deposit or withdraw using a credit card, and the providers themselves may have fees. The same can be true for e-Wallets and banks.
The Bitcoin live casinos to play live games
Though there are many Bitcoin live casinos these days we choose the best five that are Canadian-friendly and are legit to play. Remember you needn’t download anything but simply pick up your gaming device be it a cell phone, PC or Tablet and get going.
Note that the Bitcoin casinos also allow various other cryptocurrencies to use like Litecoin, Ethereum, Bitcoin Cash, Dogecoins and more.
Before signing up at Bitcoin casinos you should check the following:
- Bitcoin casinos should be licensed and regulated by the authentic gambling commission.
- The casino should have a provably fair system, and/or uses games from reputable traditional casinos. A provably fair system uses cryptographic techniques to determine the authenticity of a roll and ensure that neither the game nor the player knows the outcome of a roll before the bet.
- Bitcoin casinos should offer great promotional offers and BTC bonuses.
- The gameplay and interface should be user-friendly and can be played with various devices like mobile and tablet.
Playing at Bitcoin casinos gives much joy as you can make can deposit and withdraw anonymously without the need for any third parties or middlemen. Also, you can play with high or low credit according to your budget in a fast deposit and withdrawal environment. Moreover, when making cashouts, there is no need for any ID proof and with loads of BTC bonuses at Bitcoin casinos greater chance to make some wins when playing slot games. With 24.7 help support Bitcoin casinos are now much in demand and are appreciated by Canadian players.