When it comes to making a deposit at a Canadian online casino there are plenty of ways to do so. Originally credit cards were about the only way to transact online, but these days you can use a number of eWallet options, pay using a voucher, make a direct deposit from your bank account, or use a cryptocurrency such as Bitcoin. Bitcoins have burst onto the online gaming scene and although they are not readily accepted across the web, they are growing in popularity and have changed the face of the online banking industry somewhat. Lets take a look at what Bitcoins are, how they work and what they have to offer.
How does it work?
There are some online Casinos which allow players to deposit money and place bets using a special online-only currency known as Bitcoins. Bitcoins were developed in 2009 as a peer-to-peer digital currency to remove the need for centralized banks when making digital transactions. These coins are not regulated by any central banking institution and there’s no control over their use. Some players may find this a little unsettling, but others prefer not to be tied to any bank or regulated by any official financial entity. Bitcoins can also be generated, or manufactured, and they are the ideal option for the more tech savvy player.
To make a Bitcoin deposit you will first need to purchase some Bitcoins from a Bitcoin exchange. Alternatively, you can learn more about generating Bitcoins and create your own, but this can be time consuming and a little labour and technologically intensive. Once you have obtained your Bitcoins you’ll be able to transfer them to a Bitcoin Casino where they will be converted to Casino credits. This is done in much the same way as it would if you had deposited using any other banking option, and Bitcoins are considered real money too.
After you’ve enjoyed playing all your favourite online casino games, you can withdraw your winnings in Bitcoin too, making this banking method dually rewarding. Winnings can be cashed in almost immediately from any good Bitcoin Casino. Once you’ve made a request to withdraw your winnings your Casino credits will be converted back into Bitcoins and transferred into your Bitcoin account.
Using Bitcoins is easy and safe, and it’s certainly an option for players in Canada looking for a different way to play real money casino games. While not all casinos offer this option now, it may well become the norm in the next few years.
What Are the Advantages?
- Bitcoin transactions are incredibly secure and virtually anonymous, protecting you against fraud and giving you control over your money.
- Bitcoin payments can be made anywhere, anytime as they don’t require any sort of central authority to confirm transactions.
- International payments can be made in mere minutes without any huge fees or conversion rates.
- You don’t need a credit card or similar banking product to make a real money deposit. Bitcoins are completely virtual and you don’t have to reveal any personal information whatsoever when using them.
Bitcoins might seem a little futuristic but, in the short time that they’ve been around, they’ve proven to be an incredibly effective method for making online transactions. Payments are fast, cheap and secure so it’s no surprise that Bitcoins are becoming increasingly popular with Canadian online Casino users.