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Bitcoin casinos are a big trend in online gambling. Cryptocurrencies, which are increasingly popular in mainstream finance, allow gamblers to enjoy secure, fast and convenient transactions. Although the number of these platforms is still fairly limited, finding the best Bitcoin casino is a challenge. We have compared dozens of operators to choose truly reliable websites. Gamblers should always look beyond enticing ads and promotions. A great Bitcoin casino Canada is a licensed and regulated provider of high-quality games with generous bonuses, smooth transactions and attractive loyalty systems. To identify our top candidates, we have considered these five criteria:
1. Licenses and Safety
Licensing, transaction security and data protection are the primary requirements for any digital casino. Reliable vendors have an SSL certificate and encrypt any information exchanged between their websites and the user’s devices. While Bitcoin provides anonymity, gambling sites must still prioritize security. We choose platforms authorized by credible monitoring organizations. Our best Bitcoin casino sites are licensed and regulated in full compliance with the industry requirements. To become licensed, they meet stringent requirements in terms of user experience, data security, and other aspects of safe gambling online.
2. Bitcoin Bonuses
Any Canadian Bitcoin casino accepts crypto deposits, but only some providers offer Bitcoin rewards. We have factored in these bonuses to highlight websites with the most generous offers.
3. Rich Library
Popular casinos cater to a broad audience, so their collections feature both table games and online slots. The top casinos on our list offer crisp graphics, impressive soundtracks, and a stunning variety of games from the leading developers, such as Microgaming. Each website features hundreds of games for any taste and budget. These websites are also optimized for mobile use, so members can enjoy smooth gameplay on the go.
4. Support
High-quality support is a hallmark of excellence. The best Bitcoin casino brands serve an international audience, and their support is available in any time zone. Gamblers can always receive prompt assistance by email or contact the team in real-time through live chat.
Are Bitcoin Casinos Legit?
Many governments are still working on legal frameworks for cryptocurrency transactions. There are many unanswered questions, but the perception of crypto gambling is changing for the better. Unfortunately, we are yet to see any universal solutions. Bitcoin and altcoins are not recognized as property, store of value, or currency everywhere. Only a few gambling jurisdictions (e.g., Curacao) have started issuing licenses to platforms that accept Bitcoin. Thereby they accept the responsibility of supervising crypto gambling operations. Generally, an online casino that follows the laws of its jurisdiction is legit. Yet, the cryptocurrency adds quite a few intricacies. Players looking for the best Bitcoin casino must be aware of the following:
- Currently, no specific laws for Bitcoin gambling exist. It is neither explicitly allowed nor explicitly prohibited. This is a gray area.
- More and more governments around the world view Bitcoin positively, and regulation of the industry is being discussed at the highest level.
- Most countries still refuse to recognize Bitcoin as a “real” currency comparable to fiat like the US dollar. This means that any laws which regulate conventional online gambling do not apply to crypto-based sites.
- In countries with the strict prohibition of gambling, such as the US, the authorities may still prosecute Bitcoin casinos and/or gamblers who use the coins for online bets.
- Despite the anonymity of Bitcoin, operators have to comply with AML (Anti-Money Laundering) and CFT (Counter Financing of Terrorism) regulations. Reliable websites do not process transactions over 2000 US dollars or Euros without identification.
Advantages of Bitcoin Casinos
For many players, safety, anonymity and speed of payments are the biggest strengths of the best Bitcoin casino. They bypass conventional banking institutions, make deposits almost instantly and have confidence in the security of the sites.
1. Decentralized Network In the Bitcoin ecosystem, there is no central regulator. Any of the computers may verify the transactions. The blockchain principle means that no entity can deprive users of their coins. The transactions are controlled by the members of the network.
2. Security Transactions in Bitcoin do not require personal data. As nothing is shared, nothing can be stolen, even if your casino gets hacked. No other payment method can provide the same level of protection against identity theft. The transactions are immutable, which means that nobody can reverse or alter the records stored in the public ledger. This makes Bitcoin attractive for users and merchants alike.
3. Privacy The Bitcoin ledger does not record the identities of wallet holders, only their addresses and the amounts transferred. On the one hand, this makes all transactions on blockchain untraceable. On the other hand, the system is perfectly transparent, as anyone can view any of the addresses and balances.
4. High Speed Deposits at a cryptocurrency casino are almost instantaneous. The best Bitcoin casino does not make its users wait for days before releasing their winnings. In comparison, card payments or bank transfers may take up to 5 business days on conventional sites.
5. Cheaper Transactions Bitcoin transactions eliminate the need for the middleman. As this network is decentralized, the costs of transfers are lower. However, players may need to pay extra for accelerated processing or conversion into fiat. Most wallets allow users to choose between higher speeds and low commissions.
6. No Inflation Risk The number of Bitcoins that will ever be in circulation is limited to 21 million. This means that their volume is predictable. Unlike US dollars or Euros, Bitcoins cannot be generated at random.
7. Absence of Taxes (in Some Regions) In most jurisdictions, Bitcoin is still largely unregulated, which also means that taxes do not apply. Before registering at a cryptocurrency casino, gamblers should check their local laws to see if their winnings will be taxable or not.
Disadvantages of crypto gambling
Despite all of its merits, even the best Bitcoin casino is not ideal for everyone. However, most of its flaws are believed to be temporary. At the moment, players are mostly concerned about:
1. High Volatility Bitcoin is notorious for its dramatic ups and downs. The market is highly responsive to announcements by high-profile investors. For example, when Elon Musk questioned Bitcoin’s sustainability in May 2021, its price plunged by over 10%. Just a month before, after Tesla bought 1.5 billion worth of Bitcoin, it skyrocketed to $64,000, gaining almost 200% since the beginning of the year. Experts believe that the value will eventually settle. In the meantime, Bitcoin is not viewed as a reliable store of value. The only exception is HODLing (holding on to your assets rather than trading).
2. Growing Pains The Bitcoin network is still evolving, becoming more accessible and polished. It is a work in progress. As the number of transactions has been growing so rapidly, it has encountered scalability issues. Yet, gamblers can already take advantage of the unique advantages of this system.
3. Not the Most Common Method Bitcoin is yet to become a go-to payment method for gamblers. However, given the rate of global adoption, casinos can expect this to happen soon.
4. Untraceable Transactions The downside of anonymity is that shady Bitcoin transactions may not be traced. Casinos need advanced monitoring tools to spot suspicious activity. Gamblers should learn as much as possible about the necessary precautions, too. They must understand how to use and store their coins safely.
Are Bitcoin Casinos Safe?
Any casino that is registered, licensed and regulated, whether it accepts Bitcoin or not, is safe to gamble at. To obtain a license, operators must comply with strict requirements in terms of user experience and protection, encryption and fair play. For example, the random number generator (RNG) must be audited regularly by testing agencies, such as eCOGRA. Honest vendors are open about their practices and share the certificates of the latest audits. Before registering at a Bitcoin casino, a gambler should do some research. Aside from licensing, they should check professional casino reviews and user feedback from multiple sources. Our rating is based on all of these sources.
How Do I Deposit at Bitcoin Casinos?
The procedures are similar to other payment methods. After creating an account, you should visit the banking or cashier section of the site and choose Bitcoin as your deposit option. Then, follow the instructions to complete the necessary steps. To transfer the funds, you need to link your Bitcoin wallet to the website, specify the deposit amount and confirm the transaction. The money should arrive in your account in a few minutes (usually, up to 15).
Summary
To choose the best Bitcoin casino Canada, we have compared the legal status, reputation, gaming libraries, bonuses, and support on dozens of popular websites. Not every crypto gambling platform can be trusted, and players must be aware of any legal restrictions in their location. The absence of a universal legal framework is the biggest difficulty for the industry today. However, as our analysis shows, operators can provide these services legally in many parts of the world.