Bitcoin has been on the rise for the past decade, becoming one of the most popular payment protocols in the world. The “digital gold” is also gradually being incorporated into the online betting industry, with some Canadian betting sites also becoming a part of the bitcoin craze.
If you consider using bitcoins for placing bets on betting sites in Canada, you should read this review first in order to find out more about this cryptocurrency and how to use it.
The Best Bitcoin Betting Sites
What Is Bitcoin?
Bitcoin is the most popular cryptocurrency in the world. It is a type of electronic cash that is based on blockchain technology, which is a decentralized protocol. In other words, there is no central authority, such as a bank, that governs the rules. Instead, the records of transactions made in this cryptocurrency are maintained via many interlinked computers across the world.
Why Use Bitcoin?
The main advantage of using bitcoin is the privacy it offers. Unlike linking credit or debit cards to a betting site, bitcoin requires no personal information to be revealed either on the betting platform or in your wallet account.
Furthermore, bitcoin is not connected to banks in any way, which is excellent if your bank doesn’t accept payments from betting sites.
Finally, there are no taxes for winning bitcoins through betting as it is still not recognized as real money in any country in the world.
How to Deposit Using Bitcoin?
Depositing bitcoins to an online betting site in Canada is pretty straightforward.
- Create an account to use a bitcoin wallet.
- Obtain bitcoins.
- Open an account on a Canadian betting site.
- Choose bitcoin as your preferred payment method.
- Go to the “Cashier” section and enter the amount that you want to deposit in dollars.
- Scan the QR code to get the address of the betting site, and then paste it to your bitcoin wallet.
- Enter the corresponding amount in bitcoins and deposit.
If the betting site uses only bitcoins, there’s no need to convert from dollars to bitcoins.
How to Withdraw Using Bitcoin?
The withdrawal process is even easier than depositing.
- Go to the betting site and log in.
- Navigate to the withdrawal page.
- Enter your bitcoin wallet address.
- Enter the amount that you want to withdraw and confirm.
Bitcoin Online Betting Sites
Although Bitcoin has been one of the popular payment methods for quite a while now, not many betting sites use it as their primary option for deposits and withdrawals. However, our team did a great job and found the best Canadian betting sites that support bitcoin. You can check what we discovered on this page.
Disadvantages of Using Bitcoin
The most significant disadvantage of using bitcoin is its volatility. In other words, its price is a far cry from being constant and often shifts both upwards and downwards.
Furthermore, since bitcoin is not recognized by Canada as an official currency and is not subject to Canadian laws, it is widely accepted at unregulated gambling sites. Note that all sites suggested on this page are regulated and licensed.
Bitcoin Customer Support
Bitcoin has a huge community around the world that you can refer to should you encounter any issues using this payment method. Being decentralized, there is no single governing authority that would provide customer support, although there is a proper FAQ section on the official website.
How long does it take to receive money using bitcoin?
Bitcoin is not the fastest payment method out there, but it is still much faster than the majority of its competitors. It takes up to half an hour to process deposits and withdrawals.
Does it cost more money if I make a large deposit?
Bitcoin has fees that are much lower compared to other payment methods and will not impose huge fees if you deposit big sums.
Can I use Bitcoin outside of Canada?
Yes, it is an international protocol.
Who benefits most from using bitcoin?
Those who make use of bitcoins on licensed betting sites benefit the most from using this cryptocurrency.
Which banks is bitcoin available through?
Being a decentralized cryptocurrency, bitcoin is not a party of any bank. In fact, the mere idea behind the technology on which it is based is to get rid of the central authority that banks represent.
Do I have to open an account with bitcoin to use their services?
You need to open a bitcoin wallet. Furthermore, if you want to exchange your fiat money for this cryptocurrency, you will also have to register on an online cryptocurrency exchange platform.
Are transactions via bitcoin protected?
Yes, bitcoin is one of the safest protocols right now.
Can I reverse a transaction using bitcoin?
Due to the nature of blockchain technology, which requires many computers to confirm a transaction, reversing a transaction is not possible with bitcoin.