Bitcoin continues its journey and tremendous rise since its 2009 launch. Yet it also gains and quickly loses value. The good news is that it is not subject to inflation. People employ it to shop online, pay college tuition, save it as an investment, or deposit money at online casinos.
No clear laws exist in Canada to regulate these things. What about iGaming? There are gray areas and the Federal Government does not license online casinos. Nor does it allow or prohibit online gaming. While we wait, players turn to offshore and foreign venues.
It is the purview of the provinces to regulate gambling. The laws are therefore regional.
For example, British Columbia, Alberta and Quebec all allow slots and card games. However, Saskatchewan and Maritime Provinces only permit lottery games.
So what about bitcoin in all this? It is a currency like any other that could someday replace the dollar, the sterling pound or the yuan. Meanwhile, it is treated as a commodity. It is banned in some countries as a threat to the legal tender.
In Canada, as a commodity, its use does not break any laws.
The pros of bitcoin casinos
Given this state of affairs, several bitcoin casinos exist in Canada. They offer bonuses through BTC. For example, BitStarz, for example, matches your deposit 100% for a maximum of 5 BTC. In fact, you could get up to $120,000 worth of crypto on a day when BTC is trading at $30,000.
Bitcoin has it unique benefits and explains its appeal for casino payments. One of them is anonymity. It is no longer thought to be relegated to illegal purchases and transactions on the dark web. Now that it has gone straight, anonymity is a value. No one can assure you that it is perfect, but it is there.
Of note, with the help of Virtual Private Networks, Bitcoin mixers and secure browsers like Tor, you can increase this anonymity.
Another plus are fast payments for depositing and withdrawing money from online casino. It is certainly speedier than Paypal or credit cards. Fast payments c name the difference between employing your winnings wisely and frittering them away.
Bonuses in bitcoin are welcome. Are they worth it? They add value and you will you want them to win more crypto.
Another positive is that bitcoin doesn’t have fees as it was created to eliminate third parties like banks and credit card processors. There are some excepts as seen in the small fees for miners.