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Bitcoin Casinos Canada

Writen by Dale Shelabarger

Regardless of your opinion on cryptocurrency, there is no denying at this point that crypto is one of the biggest trends of the 2020s. And at the top of this mountain of coins, Bitcoin – the first official cryptocurrency – continues to reign supreme not only in terms of its monetary value but also in terms of its historical and cultural value as well. It is for this reason that Bitcoin casinos are also one of the most common. 

On this page, we will guide you to the best Bitcoin casinos that you can play in Canada, as well as learn a bit more about how one of the largest cryptocurrencies works.

CASINOS WITH BITCOIN

Best Bitcoin Casinos in Canada

We are very passionate about finding the best crypto gambling experience that you can get in Canada. This is especially more so, as casino operators and developers are becoming aware of the current potential of Bitcoin and other cryptocurrencies in the online gambling industry and the vital role they will have in the upcoming Metaverse gambling and Web3.0.

We have listed the best Bitcoin casinos that our team of casino experts and gambling enthusiasts have found after very thorough reviews. All of these sites feature great games and superb service, and you won’t go wrong playing at any of them.

What We Look For in Bitcoin Casinos

It can be easy to assume at first glance that Canadian bitcoin casinos are really not all that different from typical real money casino online. After all, the only thing that really changes between a bitcoin casino and a normal online casino is the casino payment method that they have available (which for our purposes is Bitcoin).

Despite this, there is much more to bitcoin casinos than simply being top online casino with a digital currency payment method. Just the mere association of cryptocurrency makes bitcoin gambling quite a bit different than simply playing online casino games. And it is for this reason that we have compiled the following set of criteria that we look at when we assess Canadian online casinos that take Bitcoin as a deposit method:

Game Quality

No matter what means of value the casino accepts – be it cryptocurrency, regular fiat currency, frequent flyer points, or something else entirely – the casino is still a service that provides customers with casino games, and it is those casino games that are integral to what we at Inside Casino find in the best bitcoin gambling sites.

Cryptocurrency Handling

When it comes to regular casinos, the way they handle the real money that you wager and win at these games is rigidly standardized at this point, and you can pretty easily figure out how the casino operator will hold onto and use the money that you deposit. This, of course, shouldn’t be a surprise as traditional currencies have the backing of governments, which themselves have been cemented down with local and international laws.

However, Bitcoin and cryptocurrency in general is an almost entirely new frontier in the world of finance, which means that different casino sites will have different ideas and methods as to how to hold the digital coins that you use to gamble on their games.

For instance, there are many crypto casino sites out there that only really use cryptocurrency as a payment mechanism; in other words, they will take bitcoin and other crypto coins as deposits and likewise give them out when players choose to withdraw them from their casino accounts. However, these casino sites still make most of their business transactions with traditional currencies like Canadian dollars, making conversions to and from Bitcoin based on the coin’s market value at the point of the transaction. Naturally, this is something you would definitely want to avoid considering the highly volatile nature of the value of Bitcoin.

What Bitcoin gamblers would and should prefer is a crypto casino that transacts purely in cryptocurrency. This way, the bitcoin deposit going into your account stays as the cryptocurrency of your choice without it being converted into a traditional currency and having its value effectively frozen until the time you decide to withdraw it.

Safety & Security

Security has always been one of the major selling points of bitcoin, as the nature of the blockchain makes it so that all of the users on it can verify all of the bitcoin transactions that have ever been made. However, when online bitcoin casinos enter the picture, a new potential point of entry is introduced that the blockchain itself cannot affect. For this reason, it falls to the operator of the bitcoin casino to ensure that all players’ personal information (especially their crypto wallet addresses) is properly secured and kept out of the eyes of potential bad actors.

Customer Support

Even if an online casino has the best games and the most robust transaction infrastructure in place, there will still be a need for customer support. This is more so with BTC casinos, than any other because of the highly technical nature of blockchain technology. We at Inside Casino actually take the time to test the customer service system of each bitcoin gambling site that we review with simple test scenarios to assess the speed and knowledgeability of their customer support staff.

How to Play at Bitcoin Casinos in Canada

Playing Bitcoin casinos in Canada is, for the most part, not much different from playing at any normal online casino; the only major difference in this case is that you will need to have BTC to use, a bitcoin wallet to put it in, and have all of that set up for bitcoin transactions. For the following tutorial, we’re going to assume that you already have these set up, but if you haven’t, you can check out our crypto casinos guide for detailed steps on how to get your BTC wallet ready.

  1. Sign up for a bitcoin casino.

    Assuming that you will be using a Bitcoin casino from our Canada casino reviews, the only thing you need to really think about before making a decision is choosing the one that has the bitcoin casino bonus that you want.

  2. Deposit your Bitcoin.

    This step is conceptually no different from any regular online casino, but throwing crypto into the mix means you will need to go through the extra steps with handling the cryptocurrency wallet address used by the bitcoin casino.

  3. Start playing!

    Once your Bitcoin has been transferred into your Bitcoin casino account, you should now have everything you need to start placing bets on your favourite casino games using Bitcoin.

Is Bitcoin the Right Payment Method for You?

At this point, if you are already dead set on using Bitcoin instead of real money for your online gambling activities, then feel free to skip this section. However, for those of you who are looking for a new online casino with crypto as a new viability, it is important to get a deeper understanding of what Bitcoin actually is so that you can make a proper decision.

What is Bitcoin, anyway?

It is probably a good idea to understand the origins of Bitcoin itself. The cryptocurrency was the subject of a paper released by an unknown person (or group) with the pseudonym Satoshi Nakamoto, describing an encrypted peer-to-peer network that would establish, log, and process the movement and storage of a token that would hold stable financial value just like a normal currency, but with neither the oversight nor influence of governments. It is worth noting that the Bitcoin currency and its underlying blockchain was launched in 2009, just after the world was reeling from the financial crisis that had hit the previous year.

Bitcoins

Because Bitcoin is the very first cryptocurrency to ever exist, explaining how Bitcoin works becomes, by extension, an explanation of crypto technology in general. As such, we will try to keep it relatively short.  Bitcoin is a digital currency built on a blockchain that computers “mine” (that is, solve cryptographic problems) to receive a certain reward in said bitcoin. The blockchain is designed to only have a maximum of 21 million bitcoins, after which no new tokens will be produced. This was implemented to give bitcoin a form of value through scarcity that increases over time.

If you can piece two and two together, you will find that there is a bit of a contradiction.  How can you have a stable store of value if it is designed to increase in value over time? The answer can be found in how bitcoin is being used and perceived by people today: instead of a means of holding stable value like a standard currency, people use bitcoin as a speculative asset, buying and trading it whenever opportunity strikes in the hopes of turning a profit on their initial investment into the coin. This attitude towards bitcoin has given it an incredibly volatile value, which means that your C$100 worth of bitcoin could spike to C$200 the next day or plummet to C$60 or even less.

Bitcoin Vs. Other Cryptocurrencies

Even though Bitcoin was the first and (still) the most valuable cryptocurrency in the world, only one look at a crypto exchange will show you that there are dozens, if not hundreds more digital coins being used at crypto casinos right now.

This, of course, begs the question: what makes Bitcoin better for gambling than other cryptocurrencies used in say, an Ethereum casino or Litecoin casino? To help you decide whether or not Bitcoin is really the best option for you, we have listed a few of its pros and cons below: 

Pros of Bitcoin

  1. Strong value:

    Bitcoin has continued to stay at the top as the most valuable cryptocurrency, with its value currently being well over 10 times that of the second-most popular cryptocurrency, Ethereum. Its prestige and popularity as the first cryptocurrency continue to ensure its popularity among traders and gamblers alike, and said popularity contributes to its trading volume, which in turn contributes to its value.

  2. High security:

    Because all bitcoin transactions are made on the blockchain, an encrypted append-only digital ledger that is shared and validated by all of the devices that are part of the blockchain network, any transaction you make with bitcoin is incredibly secure.

  3. Fast transactions:

    Slow processing times have always been a sore point for online gamblers, especially when we consider the fact that deposits to casino accounts take mere seconds while withdrawals in particular often take as long as a couple of days for it to process. When transacting on bitcoin gambling sites, you harness the full power of the blockchain, allowing both deposits and withdrawals to reflect on your crypto wallet balance in just a few minutes.

  4. Low transaction fees:

    Although all payment methods, crypto or otherwise, have some form of transaction fee when depositing or withdrawing, transactions made with bitcoin are several times smaller than that of fiat currency transactions.

  5. No rejections:

    One of the most annoying parts about transacting with fiat currency for online gambling is that a lot of banking systems will automatically block these gambling-related transactions, even if you yourself have authorised the transaction. Now, part of the reason for this is related to banks contributing to curbing problem gambling;

  6. Fair gaming:

    A special feature that is unique to bitcoin casinos is the feature of “provably fair gaming”. This is a system that makes use of blockchain technology to allow the players themselves to verify the validity of every round of every bitcoin game at a bitcoin casino.

    The way this works is that each bitcoin casino game uses a system of “seeds”, these are identifier codes that refer to that specific round of that specific casino game. The game system and every participating player is given their seed at the beginning of each round and exchanged between the players and the system, which is encrypted or “hashed” to prevent it from being hacked. At the end of the round, the player side of the game checks the system seed against the one it received at the beginning of the round. If the seeds match, the bet is verified to be correct, and if it is not, it is an indication of a manipulated bet.

Cons of Bitcoin

  1. Extremely high mining difficulty:

    For cryptocurrency gamblers who are looking to go down the route of mining the Bitcoin they want to use for gambling, they may be disappointed to find that doing so (at least, at the time of publishing this guide) is extremely difficult.

    The reason for this is ingrained into the fundamental concept of Bitcoin itself. As we touched on earlier, Bitcoin can only have 21 million tokens with each succeeding token becoming more difficult to mine. And with over 19 million of these tokens already mined as of 2022, trying to start mining for bitcoins at this time would require a significant investment into dedicated bitcoin mining equipment to get coins that may not even be enough to pay for the equipment’s own electricity use, much less have any left over for online bitcoin gambling.

  2. Possibility for errors:

    One of the inherent shortcomings of the decentralised design of the blockchain is that the burden of verifying the information of every transaction falls on the user. In other words, the bitcoin blockchain has no way to check for and rectify any errors made in a transaction.

    Say, for example, you want to deposit bitcoin into your bitcoin casino account. To do this, you will need to input the wallet address of the casino site when you make your bitcoin transfer. Since the blockchain has no safety net for errors, a typo in the bitcoin address will still send your bitcoin to that address regardless of whether it even exists or not; and because there is no system overseeing those wallets, there is no way to actually recover that bitcoin once it is sent.

  3. Slow blockchain speed:

    Although Bitcoin operates on a generally faster rate compared to a typical online bank transfer, it is relatively slow especially when we compare it to newer blockchains. For instance, the Bitcoin blockchain is only capable of handling about 10 transactions per second; by comparison, the competing currency Ethereum can process 30 transactions per second, with an upcoming rework of the blockchain promising even faster throughput.

Play the Best Canadian Bitcoin Casinos with Inside Casino

Whether people like it or not, Bitcoin and cryptocurrency are here to stay, and by extension, bitcoin gambling will as well. There is a lot that cryptocurrency has to offer for the world of online gambling, and there is no doubt that bitcoin casinos will become more common and more popular as the technology continues to mature.

Just be sure to keep it tuned to Inside Casino to stay updated on the best bitcoin casino sites that the Internet has to offer.

Bitcoin FAQs

Which casinos accept bitcoin?

Although they are still a relatively small section of the online gambling industry, there are many online casinos that accept bitcoin in Canada. Check out our list of bitcoin casino reviews to find the latest and greatest casino sites for your bitcoin gambling needs.

What is the best bitcoin casino?

Going from years of experience in the online casino space, we at Inside Casino consider the best bitcoin casino to be the one that has proper respect for the nature of bitcoin and other cryptocurrencies. Such bitcoin casinos understand the extreme volatility of bitcoin’s value and therefore ensure that the casino’s players get to fully utilize said value on the site and its casino games.

How do bitcoin casinos work?

For the most part, bitcoin casinos work similarly to regular online casino sites, the only major difference being that the casino site takes bitcoin as its primary (or sometimes only) casino payment. In some cases, the casino site may need to convert bitcoin to and from fiat currency to facilitate this type of casino payment.

Can I gamble with bitcoin?

Yes, you can gamble with bitcoin at a bitcoin casino. These online bitcoin casinos treat your cryptocurrency as-is for your wagers, allowing you to bet, win, and lose bitcoin directly. This, of course, does not mention the fact that bitcoin has a value that is extremely volatile, making any real money transactions with bitcoin a bit of a gamble in and of itself as your bitcoin could double or halve in value almost on a whim.

What games can I play with bitcoin?

The casino games you can play with bitcoin are basically the same as the ones that are hosted by traditional online casinos. At many of the top bitcoin casinos, you can expect to find online slots, roulette, live casino games, and other titles.

Are bitcoin casinos legit?

Yes, bitcoin casinos in Canada are generally legit. However, it is crucial to remember that this does not apply to all bitcoin casino sites; for this reason, you would definitely want to stick to lists of recommended bitcoin casinos like the ones we have at Inside Casino to get the best and safest gambling experience.

Is crypto gambling legal in Canada?

Crypto gambling is legal in Canada, but only in the sense that it hasn’t been made explicitly illegal in the law. Because regulation has yet to be introduced in the cryptocurrency casino space, gamblers should tread lightly to avoid casinos with questionable legal standing.

How do I use bitcoin for poker?

To use bitcoin for poker, you will need to sign up for a bitcoin poker site. Once you’ve signed up, all you need to do is to transfer bitcoin into your account at that poker site and you’ll then be able to use that bitcoin to make wagers at the online poker game.

Can I withdraw my winnings in bitcoin?

Depending on the policies of the casino operator, you can withdraw your winnings in Bitcoin. When you make the withdrawal request, the bitcoin casino site will send your winnings to the address of your bitcoin wallet; as such, you should definitely make sure that the wallet address that you give is 100% correct, or else your bitcoin withdrawal may effectively be lost forever.

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