There are many methods and ways to pay for goods and services on the internet. One alternative that is becoming increasingly popular is the payment with Bitcoins. More and more online casinos are also offering payment processing with Bitcoins, for example, you can find an excellent choice of bitcoin casinos for Canada here. Bitcoins are an anonymous, decentralized means of payment and there are some aspects to consider when using them.
What is a Bitcoin casino and what types are there?
Online casinos are platforms on the internet that offer various games of chance with money stakes on the internet, similar to the machines in arcades or bars. In the context of Bitcoin payments and exchange or trade, so-called Bitcoin casinos are becoming increasingly popular.
With Bitcoins as a payment method, you can choose from the same offer as any other option. More and more providers are enabling this service.
Due to the predominant anonymity, the low transaction fees, and the international usability, Bitcoin is perfectly suited for payment processing in online casinos.
In online casinos with Bitcoin payment, there are various gaming and betting offers, which can be divided into three categories:
- Slots: You can find them at the international providers mostly under the English term slots. The manufacturers have developed thousands of these video slot games. You can even find a Bitcoin Casino with Book of Ra, the best-known slot machine in pubs and arcades.
- Live Casino: Live casinos allow you to participate via video in streamed live dealer games from large providers. It doesn’t matter whether you bet on red or black in roulette or take a seat at a blackjack, poker, or baccarat table.
- Other games of chance: Online casinos with Bitcoin payment also offer you the opportunity to participate in other games of chance. Examples include sports betting and scratch cards, but also international lotteries.
How to choose the right Bitcoin casino
Sign-up bonuses
Bitcoin casinos offer users various bonuses, mostly for registration, verification, or a deposit. Either you get a fixed number of free spins for free or fiat and cryptocurrencies paid out. Several hundred free spins or up to 5 BTC are not uncommon. There is also a Bitcoin casino without deposit, where a fixed amount is made available for free. However, the bonuses are often linked to very high conditions, which you should definitely read through in advance. At reputable online casinos, the conditions are listed under the bonus or in the FAQs.
Deposit
Not all online casinos allow deposits by Bitcoin. If you click on deposit in an online casino, you can first select the desired method. Even if it is a casino with a Bitcoin deposit, all other classic payment methods such as credit cards, Paypal, or bank transfers are usually available.
Keep in mind that most online casinos require you to cash out with the same payment method you used to make your deposit. This is mainly due to player protection and money laundering laws. Therefore, it is important to make sure that you can make a Bitcoin withdrawal at your casino. Some casinos have a minimum deposit requirement of 0.0001 Bitcoin or a certain amount of money.
Withdrawal
The first withdrawal in any casino must first go through the so-called “know your customer” (KYC) procedure. Only when your identity has been clearly proven by a copy of your identity card can you make any payments. The verification process rarely takes longer than one day.
Most providers have both minimum and maximum payout amounts or tie the payout to other conditions. These can be related to stakes or odds to be met and vary from provider to provider. Here, too, you should read the information carefully and then choose the Bitcoin casino that suits you best.
Fees
As a rule, online Bitcoin casinos do not charge fees for deposits or withdrawals in virtual currency. Receiving Bitcoins on the PC is also free of charge. Some wallets charge fees, but these are significantly lower than those charged by any conventional e-payment service provider. Thus, deposits and withdrawals of casino stakes and winnings via Bitcoin are not only among the fastest but also among the cheapest payment processing methods existing.