What is Bitcoin?
Before jumping into Bitcoin betting sites and all they have to offer, let’s go through a small summary of Bitcoin itself.
- Bitcoin is a cryptocurrency that was created in January 2009 by a group of people who go by the name Satoshi Nakamoto.
- The identity of the person or persons who created this technology remains a mystery to this day.
- Bitcoin is the world’s largest decentralized digital currency by market capitalization, it accounts for approximately 50% of the market.
- Bitcoin is created, distributed, traded and stored using a decentralized ledger system or blockchain.
- This top-ranked digital currency is not only widely used for online transactions across the world but also for online sports betting in Canada.
How Does Bitcoin Work?
To understand Bitcoin betting, you really need to understand how this cryptocurrency actually works. While the whole mechanism can be a bit difficult, we’ll break things down so you can easily understand.
Bitcoin is a part of the decentralized finance ecosystem. This means, there are no banks or central banking institutions meddling in this system.
To put it simply, a Bitcoin is a computer file stored in your digital wallet. Any device with a stable internet connection can store Bitcoins in a digital wallet and use it for online transactions. You can use these wallets on your smartphone or your PC. Users can both send and receive in this process. You can also send or receive fractions of a Bitcoin rather than a whole Bitcoin. This is mainly because the value of one single Bitcoin exceeds thousands of dollars. At the time of writing, 1 Bitcoin is worth over 52,000 CAD!
Note that every single transaction is recorded in a public ledger which is known as a blockchain. Due to this public ledger, you can trace the history of Bitcoins to ensure there are no fraudulent activities or scamming.
Bitcoin is known to be one of the safest means of money transfer and has become very popular among punters. Along with safety, there are also some other benefits of Bitcoin betting which we’ll get into later.
History of Bitcoin
The initial concept of Bitcoin was published in a white paper written by an unknown figure who went by the name Satoshi Nakamoto. As we mentioned above, to this day no one knows the true identity of the person or people behind this entity.
The white paper had outlined how Bitcoin would work. In 2008, Bitcoin was first introduced as a decentralized currency that functioned without the need of a bank or central financial institution. This currency could be sent between users via the Bitcoin network. This was a peer-to-peer network where transactions were authenticated and recorded in a blockchain.
The digital currency was first launched in January of 2009 and was released as open-source software. This is the time when Satoshi Nakamoto mined the starting block of the blockchain. This block is referred to as the Genesis Block and contained the first 50 Bitcoins ever made.
Bitcoin continued to be mined by other early contributors until 2010. In 2010, Laszlo Hanyecz, a programmer, made the first known commercial purchase with this digital currency!
Since then, Bitcoin has been traded millions of times for a number of purchases. While there have been some controversies around the currency, it remains one of the safest means of money transfer. Online portals like betting sites have thus made Bitcoin one of their accepted payment methods.
Bitcoin in Canada
Bitcoin has some legality issues across the world due to some past events. The issue of legality and usability is a common concern for punters across Canada. However, you’ll be happy to know that Bitcoin is legal in Canada and in Canadian betting sites!
The Canadian government even has an official page devoted to digital currencies, among which is Bitcoin. The page states that Canadians may use cryptocurrencies to purchase goods and services from retailers that accept them. Buying Bitcoins is also easy and accessible in Canada. There are a number of trading platforms that provide users with this cryptocurrency. You can check out platforms like Bitbuy, Coinbase and Binance to buy Bitcoin with low fees.
However, before you do all of this you will need to open an account on the platform. After that, you’ll need to make a deposit without fiat currency and then you can buy Bitcoin! To find out if your chosen sportsbook carries Bitcoin or not, simply go to their website. You can also choose from the list of best Bitcoin betting sites that we mentioned above!
Advantages of Bitcoin
Not only is this payment method extremely safe and secure, but it also offers punters a wide range of benefits. Let’s explore some of the advantages of Bitcoin betting below.
Fast Deposits and Withdrawals
Unlike other payment methods, Bitcoin betting can allow for almost instant deposits and withdrawals. While the loading times may vary depending on the load of the Bitcoin network, in general, you will see faster transactions taking place.
The security and safety of Bitcoin are unquestionable. Thanks to the blockchain technology that publically records and stores all transactions being made, there is a low chance of any security errors. While other payment methods might hold onto your personal information, Bitcoin uses no such system.
Now that you understand how the Bitcoin system works you already might have guessed that using this payment method safeguards your privacy. There is no personal information attached to your Bitcoin wallet and thus no need to disclose your identity.
Bitcoin charges minimal fees for transactions in most online sportsbooks. It’s also good to note that online Bitcoin betting does not come with any taxes as there are no central banking authorities. Thus, you can enjoy lower fees when betting online.
Bonuses and Rewards
Most online sportsbooks will give punters rewards and bonuses for making deposits with Bitcoin. These are crypto-specific rewards that are unique and exciting for punters. You might be eligible for the welcome bonus, first-time deposit bonus and more with Bitcoin betting. However, remember that these may vary depending on the sportsbook.
Ability to Gain Value
Bitcoin isn’t affected by inflation because it isn’t a fiat currency. In fact, the price of Bitcoin has been on the rise for quite some time now. This ability to gain value can mean that if you win big today it could be worth even more in the future! Now, who wouldn’t want that?
Bitcoin in Betting
Bitcoin has not only become popular across the world but also in Canada and more specifically in Canadian online betting. Bitcoin works in online betting just as it would anywhere else or in any other transaction.
It is, however, important to note that not all online sportsbooks will accept this payment method and you need to do some research beforehand. There won’t be a shortage of options that’s for sure. You can also check out our list of best Bitcoin betting sites mentioned above to save yourself some time.
For online betting, all you would need to do is select Bitcoin as a payment method when you go for either a deposit or withdrawal. To do this, all you need to do is go to the Banker/Cashier section of the betting site and navigate to the Deposit or Withdrawal section.
Note that you will also need to make deposits in your Bitcoin wallet before being able to use this payment method in online sportsbooks. We’ll go through each of the steps in detail so don’t worry about how to get started!
How to Deposit and Withdraw in Bitcoin Betting?
Making deposits and withdrawals in Bitcoin betting is very easy and simple. We’ve broken down the whole process into some simple steps for your ease.
How to Make Deposits?
Let’s start off with making a deposit with Bitcoin. Follow the steps mentioned below to make your first deposit in Bitcoin betting sites!
- Log into your online sportsbook account and click on the Banker/Cashier option.
- Click on the Deposit option and from the list provided, click on Bitcoin.
- Enter the amount you want to deposit and click on Deposit.
- A screen with a unique transaction ID will appear along with the amount you want to deposit, the exchange rate, a Bitcoin address and a QR code.
- Either scan the code or copy and paste the address in your Bitcoin wallet.
- Enter the same amount you wanted to deposit into your Bitcoin wallet and click on Send.
- After the sportsbook verifies and accepts the transaction, your deposit will appear in your betting account!
The whole process shouldn’t take more than 5 minutes. There are no steps of verification other than the QR code.
How to Make Withdrawals?
Now let’s talk about how to make withdrawals in Bitcoin betting sites. The withdrawal process is a lot like the deposit process with just a few small changes.
- Log into your online sportsbook account and click on the Banker/Cashier option.
- Click on the Withdrawals option and from the list provided, click on Bitcoin.
- Enter the amount you want to withdraw and click on Withdraw.
- A screen with a unique transaction ID will appear along with the amount you want to withdraw, the exchange rate, a Bitcoin address and a blank box to input your Bitcoin address.
- Enter your Bitcoin wallet client and copy and paste the address when you want the funds to appear.
- Once you confirm the transaction, a new page will show up to inform you that the withdrawal is taking place.
- It should take around maximum of 2 days for your withdrawal to show up.
Remember that with both depositing and withdrawing, there may be certain fees attached. Also, the amount you enter should be in the currency you’re betting in because there will be a conversion. The timing for deposits and withdrawals will vary from betting site to betting site so keep it in mind.
Security of Bitcoin
As we mentioned above, Bitcoin provides one of the safest means of funds transfer. You can have completely anonymous transactions with Bitcoin betting. These transactions will not ask for any personal information or data.
The blockchain technology that Bitcoin functions on is made to ensure that no scamming and fraudulent activities are done. Once something is stored and sealed in a blockchain, no one can alter it or change anything within it. This makes sure that all information within the technology is unchangeable.
Bitcoin wallets let you conduct purchases and make payments without disclosing any information to third parties. This is a problem users commonly face with other types of payment methods. Even so, bear in mind that your security is not only in the hands of Bitcoin. You also need to make sure that you bet in an online sportsbook that has good security features for itself. This includes having licenses from authorities as well as SSL encryptions.
There are many dodgy gambling sites out there that will take your personal information and expose it to third parties. So, steer clear of these sites and only play in the best Bitcoin betting sites in Canada.
How to Open a Bitcoin Wallet?
The first step to Bitcoin betting is opening a Bitcoin wallet. This is the place where you’ll store your Bitcoins. Let’s see some of the steps for opening a Bitcoin wallet.
- Visit the Bitcoin website and click on Choose your Wallet.
- From the options given, choose a wallet that is suitable for you. There are mobile wallets, desktop wallets, hardware wallets and web wallets.
- For example, you can choose Electrum, a popular cryptocurrency wallet.
- Once you download the app or the desktop version, whichever you find suitable, open the app.
- Complete the Sign-up process and use a very strong password.
- You can then use your bank account or credit/debit card to load up your Bitcoin wallet to make deposits and withdrawals at online sportsbooks.
Fees of Bitcoin
There are many fees associated with other types of banking methods. There may be transfer fees, taxes and many more fees for making transactions. The bright side of Bitcoin betting is that you don’t have to worry about these third-party fees.
There may be some fees for making deposits and withdrawals in Bitcoin betting sites but it is very uncommon. In most cases, online bookmakers will give punters bonuses and promotions for making Bitcoin deposits!
Alternatives to Bitcoin Betting
Bitcoin betting is definitely a good option for punters all over Canada. In the off chance that you are sceptical about this payment method, you can consider looking at alternatives. For your ease, we’ve rounded up some of the best alternatives for Bitcoin betting.
PayPal is a trusted name in the world of electronic finance. It is an e-wallet that lets you store your finances and use them in electronic transactions. PayPal is widely accepted in both online and offline POS locations. Still, remember that using PayPal can mean dealing with their sluggish customer support.
Visa is a card issuer and provider and is a commonly accepted method of payment at online sportsbooks. They are known to be a very reliable mode of payment and have been in operation since the 1950s. However, note that using Visa could result in you paying significant fees and charges when betting online.
If you want to use credit cards in your betting adventures then American Express may be for you. This method of payment allows users to make purchases and transactions with the help of credit cards, prepaid debit cards or gift vouchers. Even so, keep in mind that many regions and online sportsbooks do not accept credit cards as a means of payment.
If security and anonymity are your number one concern, then Paysafecard is for you. This voucher-based payment system allows you to make deposits in online sportsbooks without disclosing any personal data. However, this payment method only allows for deposits and not withdrawals.
FAQs of Bitcoin Betting
Yes, it is completely safe and secure to use Bitcoin betting. The Bitcoin wallet will not ask for any personal information and thus will protect you from information breaches. You can easily make safe transactions with Bitcoin.
With Bitcoin betting, you make both deposits and withdrawals in just a matter of minutes. The process is mostly the same for both deposits and withdrawals, with just a few minor changes. Be sure to check out the easy steps we’ve mentioned above to know more.
When making deposits and withdrawals in Bitcoin betting, you will need to verify that you have the same Bitcoin wallet addresses. Other than that you may need to verify some account details when you top-up your Bitcoin wallet with your bank or debit/credit card.
There may be some fees set for deposits and withdrawals although this is very uncommon in betting sites. Consider checking out the terms and conditions of the online sportsbook of your choice to find the specific information.
In case your payment is declined, consider contacting the Bitcoin customer support team. You can do so by checking out their official website. You can also contact the e-wallet provider and the online sportsbook if the problem persists.
Deposits made with Bitcoin betting will usually occur instantly. However, this timing will also depend on the online sportsbook you choose to bet at.
Withdrawals are the same as deposits and can take place very immediately. However, in some cases it can take more than 1 day to process a withdrawal. The timing will once again depend on the online sportsbook you choose to bet at.
We’ve highlighted some tips that you can keep in mind when doing Bitcoin betting. By following these tips you can have both an enjoyable and safe online betting experience.
Take Your Time
Remember to take your time when you choose a payment method. The security of your data and your overall betting experience depends on how good your payment method is. Thus, try to understand what is important for you and choose a suitable payment method accordingly.
Seek Out Any Fees
You never know where an unexpected fee or charge may be hiding. Thus, before embarking on your Bitcoin adventure, check the betting site thoroughly for fees. There may also be fees associated with deposits and withdrawals made by Bitcoin.
Before you open your Bitcoin wallet and start making your first deposit, verify that the online sportsbook actually accepts Bitcoin. While Bitcoin is very popular in Canadian sportsbooks, it is not guaranteed that the payment method will be accepted everywhere.
There will definitely be some transaction limits set by the online betting site when using Bitcoin. These are usually clearly stated on the website. So, check out the website of your chosen sportsbook and see all the related transaction limits.
Summary: Bitcoin Betting Sites
Bitcoin betting is all the rage in Canada and understandably so. This payment method gives users higher security and a chance to get bonuses, rewards and so much more. We definitely recommend using this payment method and availing all the benefits today!
Make sure you also do your own research when it comes to Bitcoin betting and be informed before placing your bet!