Bitcoing betting for Canadian Players
Bitcoin has been trending for some time now. What has become of this innovation from a Bitcoin betting perspective? Is betting with Bitcoin finally possible in Canada?
- Advantages / disadvantages
- Are online bets with BTC safe?
- How do you get BTC?
- Deadlines, fees and limits
- Bet on the best Bitcoin betting sites
We will answer this question in the next lines. We will find that Bitcoin is much less present than expected, it has managed to secure a small place in our daily use yet.
Advantages / disadvantages
BTC is a revolutionary currency that represents the future of value exchange. But it has many critics because of the anonymity of transactions and the difficulty of traceability.
Today, it is still pretty useful in everyday life, even if there are many innovations. In Canada, no bets can be legally made in BTC. Some cards and banks support cryptocurrencies particularly well. Here is a brief summary of the strengths and weaknesses of paying with Bitcoin:
- It is not possible yet to find a betting site that offers Bitcoin and is fully legal in Canada.
- BTC betting sites do not exist yet. You can find many Bitcoin casino, but they are not licensed in Canada.
- It's hard to find a Bitcoin betting site that is licensed in Canada.
- It's hard to say how illegal these sites are, but depositing too much into your bank account could put you in an irregular situation in the eyes of the tax authorities, as these winnings are difficult to declare.
Are online bets with BTC safe?
BTC and the blockchain are often presented as perfect solutions in terms of security. Is this really the case? The main argument is the security of the database.
To make a long story short: Blockchain is a technology that stores transaction data on many virtual storage locations, rather than just one, such as a bank's servers. It is harder to corrupt thousands of devices than a single server.
Bitcoin betting is just as secure as traditional betting, so the same security measures need to be taken upfront.
Now there's the Bitcoin betting bookmaker's user page, which is similar for all payment methods anyway. If someone steals your crypto wallet credentials, then it has the same consequences as stealing card details. Banks, on the other hand, now always have a double authentication system where the credentials for your cryptocurrency service are optional.
In other words, always make sure the information you are responsible for is completely secure before dealing with the bank or blockchain site, because attacks most often come from a compromised user.
How do you get BTC?
Bitcoins, or rather it fragments, can be obtained through many exchanges on the internet.
A commission is charged on the amount you want to invest, so you won't get as good an exchange rate as the exact value of the BTC, so it's not advisable to exchange your currency or any others just to bet. However, if you want to receive BTC through other activities and use it on the internet, then a simple wallet management service will suffice, with the ability to spend and withdraw.
A Bitcoin sports betting site will explain how to credit your balance and how to withdraw it. This is all done via encrypted addresses.
Deadlines, fees and limits
The first Bitcoin betting site that pops up will likely offer instant payment, as is the case with 90% of payment methods today. This is indeed an advantage of the blockchain, transactions are happening instantly. There are also no limits, although we can imagine a threshold that might be higher than for bank cards because it is a less popular payment method.
For the costs, on the other hand, they can be set quite high, as these are mainly used to remunerate an exchange service.
We do not have a concrete fee comparison here, as there are no Bitcoin betting sites yet.
Bet on the best Bitcoin betting sites
Now there are not so many Bitcoin betting sites. However, they must be accompanied by a change in legislation on the subject, otherwise there is a risk that the offer will arrive without the payout in BTC.
Once properly set up, we can expect instant payments that are more secure than credit cards thanks to the blockchain, if you at least use a service with double authentication.
How much does Bitcoin cost?
Because BTC is a cryptocurrency, the price fluctuates constantly and it would be misleading to give a fixed value here. There are many services that take into account the live price.
How is payment made with BTC?
Nobody owns Bitcoin, but if you use a wallet service, it pays for itself via fees, in addition to the transaction fees paid to BTC betting miners.
What are the Bitcoin betting wallet services?
There are many of them and more knowledgeable sites offer a comparison of these solutions for you to choose from. Check which ones are accepted by your bookmaker
Can I withdraw my Bitcoin betting winnings?
Canadian laws only allow withdrawals through bank accounts to avoid money laundering. So it would take an additional change in the law to allow Bitcoin withdrawals as well as funding.
How does supporting a Bitcoin bet payment work?
If you use an exchange service, contact them, otherwise the support of the free bitcoin betting site is sufficient.