Author:
Kyle Tremblay
Last Updated:
16/07/2022
Experiences:
Kyle is your go-to guy for all things related to betting!
Experiences:
Kyle is your go-to guy for all things related to betting!
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Table of Content
- Making a payment with the best Bitcoin casino
- Withdrawal and deposits with Bitcoin casino sites: average time scales
- The best Bitcoin casino – verification requirements
- The history of online Bitcoin casinos
- Bitcoin casinos compared to other providers
- Three essential facts about using Bitcoin casinos
- Conclusion to our guide for finding the best online Bitcoin casino
- The best Bitcoin casino FAQ
Making a payment with the best Bitcoin casino
Whether you are using a traditional Bitcoin casino or a Bitcoin live casino, there are going to be certain steps you need to follow in order to make a successful deposit into your betting account. All in all, the steps you need to follow on the best Bitcoin casino won’t be all that difficult to do, but you do need to do everything correctly. Let’s take a look at the process in a few simple steps:
- Find the best Bitcoin casino that is going to suit your preferences and that offers Bitcoin as a payment method.
- Create your account with the operator and activate your Bitcoin wallet by following a few authentication steps on the site.
- You will then need to verify your identification with the operator, which is usually done with a copy of your passport, driver’s licence or standard I.D. document.
- If you don’t currently own any Bitcoin, then you may need to visit a Bitcoin exchange platform to get your hands on some (skip this step if you already own enough Bitcoin to play with).
- Once you are good to go with your Bitcoin, you will then need to make your first deposit. Navigate to the payments page on the site and look for the Bitcoin option. From there, you will need to enter the address for payment into your Bitcoin wallet option. The last step is simply entering how much Bitcoin you would like to deposit into your casino gaming account.
Withdrawal and deposits with Bitcoin casino sites: average time scales
Processing times can be a bit of a pain when you are trying to get your casino gaming underway online. However, these processing times can vary both by the method you use, your bank or the operator themselves. When it comes to using Bitcoin as your main deposit method, we have found that the processing times remain fairly similar, irrespective of the casinos you decide to play with.
Average speeds:
The beautiful thing about using Bitcoin as your deposit method is that it does not require any verification on the part of the operator/casino you are using. Your deposits are verified by miners where the transaction is then entered into the blockchain. Now, your Bitcoin transaction times will vary. We found that these transactions can often be instantaneous but on the off chance that you have to wait, it can take up to an hour for the process to clear. Your deposit and withdrawal times will have very similar processing times as well.
When compared to other more conventional fiat currency deposits like a bank transfer, a Bitcoin deposit is far speedier. Whether the Bitcoin deposit speeds are as fast as we have seen with the best Ethereum online casinos is debatable but either way, efficiency is the name of the game with Bitcoin deposits and withdrawals.
The best Bitcoin casino – verification requirements
The process by which you will need to verify your Bitcoin profile is different from your average fiat currency. This isn’t the same as setting up a credit or debit card with your bank. Instead, you will first need to own some Bitcoin before you can start funding your casino gaming endeavours. So how do you go about doing that? Well, you need to start by finding a reliable crypto or Bitcoin exchange platform.
Upon finding an exchange platform that you want to use, you will then need to complete the sign-up process. Once you have completed all of the steps in the process and your account is set up, you will need to verify your identification before you can actually start buying Bitcoin on the platform. You will need to do the same even if you are trying to use the best Dogecoin online casinos. Verifying your identity on these platforms is actually quite straightforward as all you need to do is send the exchange a copy of your standard I.D., driver’s licence or your passport. Depending on the platform, you may also need to send a copy of a recent utility bill or bank statement to provide proof of address.
The exchange will then begin the process of verifying your documents. This usually only takes a few hours but it may take a day or two at most. Once your identity has been verified, you can then start buying Bitcoin on the exchange. It’s important to note here that you don’t need to keep your newly acquired Bitcoin on the exchange platform, as you can use a different hot or cold wallet of your choosing.
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The history of online Bitcoin casinos
At this point, it should be clear that Bitcoin is a digital currency that is unlike your typical fiat currencies. The concept of Bitcoin (and the first cryptocurrency) was outlined in a white paper that was released near the end of 2008 by a man named Satoshi Nakamoto (presumably a pseudonym). His white paper described a decentralized, digital currency that was free from any government or third-party involvement. A currency for the people and by the people (to paraphrase Abe).
Three months after the release of his white paper, Bitcoin came to life with the first block in the blockchain. The benefits of Bitcoin were rooted in the anonymity that it provided to users and the fact that no government has any influence on its rising or falling value. In 2010, Bitcoin became available to the public and shortly thereafter, the first purchase using Bitcoin was completed.
Since then, Bitcoin has gone through some extreme highs and lows. Granted, the digital currency took a while to gain any real traction but once people began to warm up to the idea, it began to truly take off in value. While some still consider it to be a bubble, there are others who truly believe in the utility of the currency. So much so that online casinos began adding it to their list of payment methods. The first addition of cryptocurrency as a payment option on a casino site can be traced back to 2011. Nowadays, you can find plenty of online casino platforms in Canada that offer Bitcoin and many other cryptos as a deposit and withdrawal option.
Bitcoin casinos compared to other providers
As you may know, there are plenty of other payment methods that you can choose from with the best online casinos in Canada. You might be wondering why you would opt to use Bitcoin as your main payment method over methods like bank transfers, ewallets and debit/credit cards. Well, let’s take a look at some of the key differences
- Bitcoin vs ewallets
When it comes to using ewallets, you won’t find too many issues. They are instant with their deposits and withdrawals and most of them can make fairly large maximum deposits and withdrawals. However, many of these ewallets will charge a fee with online casinos where Bitcoin will not. If you are looking to save on your average transaction costs, Bitcoin is the way forward. - Bitcoin vs bank transfers
Using a bank transfer as your preferred method of payment is completely fine, but there are certainly plenty of areas where Bitcoin is the better prospect. Firstly, bank transfers can take up to seven days to clear when you make a withdrawal, whereas Bitcoin is instant. Bank transfers will also charge fees for deposits and withdrawals at times, where Bitcoin won’t. - Bitcoin vs credits cards
Credit and debit cards are a staple option for online casino fans and rightly so. They are solid and safe to use. With that said, they can take up to two business days to clear when you request a withdrawal from your account. As we now know, Bitcoin doesn’t make you wait that long. Depending on the platform, you may be charged transaction fees with a credit card deposit as well.
As you can see, Bitcoin has an edge on most of its payment method competitors with its speedy transactions and free deposits and withdrawals. There is nothing wrong with using the other payment methods, but it’s worth considering why so many people are making the jump to Bitcoin as their preferred deposit method for casino gambling.
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Three essential facts about using Bitcoin casinos
There are plenty of things to keep in mind when using the best Bitcoin casino. Bitcoin can seem like quite a complex thing to someone who has never used the digital currency before. That is why we wanted to give you a few facts about the digital currency before you head off to use the best Bitcoin casino you can find.
Conclusion to our guide for finding the best online Bitcoin casino
And so we come to the end of our guide. It has taken some time for the average person to warm up to the idea of Bitcoin, but it has now become part and parcel of many online casinos in Canada. The digital currency is being used by more people every day for their casino gaming needs and rightly so. As a deposit option, Bitcoin provides a multitude of benefits to the user. From speedy deposits and withdrawals to completely anonymous transactions, there is no reason why more people shouldn’t be using Bitcoin as their go-to payment method.
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The best Bitcoin casino FAQ
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