Despite the peddled controversies, BTC has offered a whole new experience in carrying out most online transactions since its inception. We compiled this eye-opening article to help you understand the currency better. Let’s get started.
What is Bitcoin?
Simply put, it is an entirely virtual type of currency, or you can say an online version of cash that you can use to play games in online casinos or buy goods and services online.
Bitcoin’s inception dates back to 2009 and, since then, it has continued to grow in popularity, gaining more and more users. It offers a peer-to-peer type of transaction that makes it relatively safe and the best option for most online buyers and sellers. This hints at why it has grown to more than 42 million Bitcoin wallet owners globally.
Canadian online casinos have joined the shift and are now accepting deposits and withdrawals through bitcoin. Besides the ease of using this cryptocurrency, bitcoin casino lovers can also enjoy a bulk of bonuses and other advantages by using it as their preferred transaction currency.
Apart from that, there are a lot of BTC games that you can enjoy at your favorite bitcoin casino. Most of these games (from tables games to modern video slots) include recent creations, require no deposits to play, and have a great graphic display alongside other top-notch features that are a remarkable leap from the former versions.
How to get Bitcoin?
Unlike the fiat currency, you can create, trade, distribute, and store this cryptocurrency using a decentralized ledger system known as the blockchain. A blockchain is a shared public ledger that contains all confirmed transactions. Each BTC is a computer file kept in a system or a mobile Bitcoin app.
To start the bitcoin casino process, you will first need to have a wallet. A wallet is a software that allows you to send, receive, and keep cash in the Bitcoin network. You can keep your wallet on computer hardware, a desktop, on the web, or your mobile phone. Here are a few ways you can land your first currency.
Playing online games
Several online and mobile game stores offer many interesting Bitcoin casino games that you may enjoy and receive rewards in BTC. Similarly, you can play casino games and place bets, and choose BTC as your transaction currency. This way, all your winnings will be available for cash out through BTC. There are many such gaming houses in Canada.
It’s likely that you’ve already heard about the buying and selling of bitcoins. Many expert traders are making a good living by trading crypto. There are several cryptocurrency exchanges where you can buy your currency. Some of the options available in the trading category include; online buying or buying in person.
Means of payment
If you offer any services or sell goods, you can add Bitcoin to the list of your payment methods and encourage customers to use it to make payments. This way, your consumers — who are also BTC users — will send their payments in the currency.
You must have heard the term “mining.” Mining means using your computer hardware to perform mathematical calculations for the Bitcoin network to confirm transactions and upsurge security. Though it’s not easy, the system will occasionally reward you with BTC to keep.
Working for Bitcoins
Suppose you’re self-employed and use online payment methods to receive your payment. In that case, you can change and request Bitcoins instead of the fiat currencies.
Some websites also reward users with BTC for writing about cryptocurrency, completing tasks and surveys, or reading classic books.
How does Bitcoin work?
Bitcoin is one of the first currencies to use peer-to-peer technology to facilitate transactions. In the P2P reimbursement method, online payments are sent directly from one party to the other without going through a financial institution. This makes the transactions faster and secure for both parties, hence making this the best option.
This currency also offers a promise of lower transaction fees compared to many traditional payment methods. In many bitcoin casinos, all transactions are free and faster than other payments.
BTC uses cryptography to enforce the integrity and chronological order of the blockchain. Cryptography is a branch of mathematics that helps you create mathematical proofs that offer high levels of security. The technique ensures that no one spends from your wallet, and no one manages to corrupt the blockchain.
The blockchain displays all wallet addresses with the transactions, and everyone else can see your wallet address. This address is the key to accessing your hard-earned bitcoins, so it needs much security. To ascertain this, developers use cryptography to encrypt wallets and only let you access it using a password.
Which online casinos accept Bitcoin?
Bitcoin has become considerably popular recently, and many businesses and service providers globally prefer it to other transaction mediums. The motives and advantages are numerous, but the primary reason you also may regard it as the best option is a quicker and safer transaction mode.
Casinos are also not trailing behind in the new shift. Today, many online and land-based casinos globally accept BTC as a mode of transaction. They also offer a lot of Bitcoin casino games that are more modern and up-to-date. The graphics and setting of these games are just a plus.
Alongside the instant transactions, using BTC in your favorite casino also opens doors to several casino bonuses, better rollovers, and free spins and slots. Free game rounds mean you can enjoy the game, place a bet, win and cash out your profits at no-deposits.
Some of the games you can enjoy in these casinos include table games, slots, roulettes, and other RNG Bitcoin casino games like Bingo, Keno, and Dice.
Some of the highest-ranking Canada casinos that accept Bitcoin include the following.
- PlayAmo offering up to $10,000 bonus plus 14000 free spins weekly in a new race, and a 5.0-star rating
- BitCasino offering a 100% welcome bonus, up to 1BTC and has a rating 5.00
- BlitStarz with a $12000, or 5 BTC and 180 free spins, with a rating of 4.80 star
- Bodog, where you get to enjoy a $1200 bonus, and at a minimum deposit of $10, you get over 300 free slots. It’s rated 4.7 in Google Reviews.
- 22 Bet with up to 300CAD bonus and a rating star of 4.50
- Slots.LV, where you receive a $7,500 bonus, and at a minimum deposit of $20, you enjoy over 200 free slots.
Advantages of using Bitcoin
Many Bitcoin users attest that it is the new revolution and something they’d all want for their businesses. Apart from facilitating quick transactions, it’s also a job opportunity for the traders and miners. With its popularity growing so fast, the chances are high that the world will require more people to facilitate the trading of the currency—plus miners to do the calculations. Some of the reasons you may want to use Bitcoin in your next casino deposit or payment for your goods include:
- Transactions are faster
- Full anonymity
- Very accessible
- No transaction cost
- The wallet ensures high-end security
Disadvantages of Bitcoin
- Its value keeps fluctuating
- A bit difficult to understand
- Relatively new and untested
Of course, every payment mode has its ups and downs, and so does Bitcoin. It’s generally the best option for most online transactions but requires you to understand it well before investing. As a result, invest in learning the concept before you invest your time and money.