Since 2008, bitcoin has grown to become one of the leading international, digital currencies, and it has spawned a new economy that runs parallel to the current currency-based economy. In 2017, bitcoin reached the peak market capitalization of $238B, although this figure has slightly dropped to $117.8B due to market volatility. And while bitcoin and cryptocurrency transactions have continued to gain massive popularity, they have also made inroads in the online gambling, gaming, and lotteries arena in the form of bitcoin casinos.
What Are Bitcoin Casinos?
Simply put, Bitcoin casinos are gambling or sports betting entities that accept Bitcoin as a payment method over the fiat currency. There are hybrid casinos that accept a mix of both payment methods, and they still qualify for the tag bitcoin casinos.
In recent years, the gambling industry in Canada has seen the emergence of large-scale Bitcoin casinos offering a wide variety of tailor-made games and services for players looking to transact using Bitcoin instead of the fiat currency.
Along with offering the traditional casino fairs such as roulette, these gambling entities also offer spread betting, online lotteries, and even sports-based betting.
How do Bitcoin Casinos Work?
Aside from the process of depositing or ‘cashing out’ your Bitcoins after winning or losing a bet, most Bitcoin casinos operate and function just like their traditional brick & mortar counterparts.
Before placing a bet, the players are required to register with an in-house wallet that is provided by the Bitcoin casinos. Once done with the registration, the next process is to transfer Bitcoins to the e-wallet.
Bets taken within an online bitcoin casino solely depend on the user’s e-wallet funds, they can either win or lose the sum depending on their success in a particular game.
Once a game is complete and the player has won, the casino deposits the profits to the user’s in-house wallet. From the e-wallet, the player can then transfer the bitcoins to their personal wallet as they wish. With that said, some casinos have a policy of limiting the withdrawals as a way of preventing everyone from cashing out at once.
For this reason, it is important to read the T&Cs before placing your bets on any bitcoin casino.
The legality of Online Bitcoin Gambling
Just like their other online peers, Bitcoin casinos operate in what is commonly referred to as a legal ‘gray zone’, with regulations differing from nation to nation. Worse still, Bitcoins aren’t facilitated by a central authority, plus the transactions cant be interrupted, which makes it hard for international regulators to supervise the industry.
Anyone with a genuine means of purchasing any digital coin can do it arbitrarily and spend them on any online casino that accepts them. Therefore, whether you are in the UK, US, or Canada, you can gamble using Bitcoin.
As for the legality of online bitcoin gambling, the question should be on the legality of online in the proposed jurisdiction. In Canada’s case, where online gambling is not expressly illegal, it means that bitcoin gambling falls into that monochromatic ‘grey area’ of the law—making it legal, too.
Pros and Cons of Bitcoin Gambling
Just like the traditional brick & mortar casinos, online bitcoin casinos have their advantages and downsides.
Let’s start with the advantages:
King Billy Bitcoin Casino Canada Review
King Billy is an award-winning online casino that allows players to enjoy the best online casino experience. The site made its first appearance in 2017, and it has weathered the storm for the few years it has been in operation, which speaks volumes about its mode of operation. But perhaps what makes King Billy one of the best bitcoin casinos in Canada is its hybrid model of fusing of bitcoin and FIAT currencies, which allows different players from different parts of the world to pay and play their way.
Players can choose from the 3500+ casino games from renowned providers like Endorphina, Bgaming, Booming Games, and many others.
There are also more than 2500 slot games, 900+ bitcoin games, and progressive jackpots on the casino, and players can pay using regular currencies or bitcoin.
Our top five bitcoin recommendations are:
The company behind King Billy Canada is Direx N.V, and it is licensed in Curacao and operates other cryptocurrency casinos around the world.
King Billy Casino Canada Features, Bonus, & Promotions
Although there many other casinos that accepts bitcoin in Canada, King Billy stands clear of the competition. It offers some of the best casino games, a swift 30-seconds registration process, and superfast cashouts.
Along with that, the generous promotions and bonuses ensure that your gambling experience is rewarded every step of the way.
Some of the bitcoin-related bonuses and promotions include.
200 Free Bitcoin Casino No Deposit Bonus Spins
For a period of 10 days, your account is credited with 20 Free Spins. The first batch of 20 Free Spins arrives after you have fulfilled the wagering requirements i.e 1x wager of deposit’s amount within 23 hours.
Bitcoin Deposit Bonuses
|Activated on:||Bonus Details||Casino Bonus Code|
|1st Deposit||151% up to 1.5 BTC + 200 Free spins.||No Bonus Code|
|2nd Deposit||50% up to 1 BTC||WELCOME2|
|3rd Deposit||25% up to 1.5 BTC||WELCOME3|
|4th Deposit||25% up to 1.5 BTC||WELCOME4|
King’s Miners Bonus for Cryptocurrencies
Available for cryptocurrencies only, the King’s Miners Bonus allows you to get 51% up to 51 mBTC. The bonus code is MINE.
Safe, Secure, and Super Fast
On the casino’s site, King Billy promises that safety and security is their number one priority and that your personal information, Bitcoin processes, and account details are all protected by SSL encryption.
We also know that King Billy isn’t interested in stnading on between you and your hard earned cash as our tests revealed that payouts are executed within 10 minutes.
Deposits and Withdrawals
King Billy Casino not only accepsts Bitcoin and BitcoinCash as the payment methods for bitcoin games. They also allow other cryptocurrency deposits including Ethereum, Dogecoin, and Dogecoin.
What is a bitcoin casino?
A: Bitcoin casinos are gambling or sports betting entities that accept Bitcoin as a payment method over the fiat currency. There are also hybrid casinos that accept a mix of both payment methods.
Is online bitcoin casino legal in Canada?
A: Yes bitcoin gambling is legal in Canada, and since bitcoin is a legal currency, you can use bitcoin to play online games.
How do I play bitcoin casino online?
A: Different casinos have different methods. However, to place a bet, you need to register with the casino’s in-house wallet and proceed to transfer Bitcoins to the e-wallet. Place your bet.
Once the game is complete and you have won, the casino will deposits the profits you in-house wallet, where you can then transfer to your personal wallet as you wish.