Bitcoin betting is increasingly becoming popular in Canada. If you’ve been under the rock for the past few years and not sure what Bitcoin is, keep on reading. Bitcoin is a cryptocurrency that has been around for less than a decade but has managed to establish itself as one of the best payment methods. Bitcoin is 100% digital meaning it is not linked to any economy or nation-state. With that said, BTC offers online bettors complete anonymity. Hence, the best Canadian sportsbook accepts Bitcoin as a payment method. Below you will find the best Bitcoin sports betting sites and everything you need to know about Bitcoin gambling.
Bitcoin betting is a new secure way of betting online. Usually, the sportsbook will accept the Bitcoin currency and then convert it to the currency on your online betting account, then back to Bitcoin again when you withdraw. More so, the best Bitcoin gambling sites also offer Canadian punters sign-up bonuses and free bets on their favourite sports.
BTC sportsbooks offer players higher privacy. To deposit and cash out at Bitcoin betting websites, you will only need to provide your email address. This is unlike at classic sports betting where you have to provide verification documents. Bitcoin online sports betting sites offer security, speed and low fees.
WHY BET USING BITCOIN? – BITCOIN ADVANTAGES
There are many advantages associated with Bitcoin online betting. Here is why you should use Bitcoin as a deposit method.
Anonymity/Privacy – as already mentioned, Bitcoin offers higher privacy. There is no personal information attached to your Bitcoin wallet.
Tax-Free – online bets using Bitcoin are not taxes as no central authority regulates the cryptocurrency. No one can freeze your account.
Time Efficient – Bitcoin betting transactions are faster compared to other methods.
Less Expensive – Bitcoin charges minimal fees for transactions.
Not Affected By Inflation – Unlike fiat currencies, the number of Bitcoins is limited to 21 million.
Bitcoin also has a few drawbacks. Below are some of the cons associated with gambling using Bitcoin:
It’s Relatively New – Many people don’t know much about the cryptocurrency, while others simply don’t trust it. But we’ve got you here don’t we?!
Hacking Risk – In order to protect your bitcoins, you need to take additional measures. So, you need to treat Bitcoin like you would with any other physical wallet. To secure your wallet, you can add more layers of security such as setting long, complex passwords and making sure withdrawals require a password.
Irreversible Transactions – Unlike credit cards, Bitcoin transactions cannot be reversed. The only way to get your money back after you’ve made a payment is to request a refund from the recipient. However, if you’re doing so at a licenced Bitcoin sportsbook, this should never be an issue.
HOW TO BET ONLINE USING BITCOIN
Betting online using Bitcoin is easy. To get started you will need to follow these three simple steps.
GET A BITCOIN WALLET
Your first step is to get a BTC wallet from trusted providers if you don’t have one yet. A wallet simply stores digital credentials that are needed for punters to access their bitcoins from a public record known as a blockchain. There are lots of Bitcoin wallets available to Canadian players such as the following:
Software Wallets – these types of BTC wallets are downloaded and installed on a PC. Only on that specific computer, you will be able to access your Bitcoin wallet. These are regarded as the safest option.
Online Wallets – an online wallet runs on the cloud and punters can access them from any computer from any location. Online wallets are easily accessible. But the downside is that they are controlled by a third party which makes them more vulnerable to theft and hacking attacks.
Hardware Wallets – Can be stored on devices such as a USB. Although they are stored offline, hardware wallets transactions are made online. They are compatible with numerous web interfaces and the great news is that they support different currencies including the Canadian dollar.
Mobile Bitcoin Wallets – easily accessible on an app on your phone. Mobile wallets are convenient in such that you can use them anywhere including retail stores. Usually they are much smaller and simpler than PC software wallets as they have limited space.
There are literally thousands of providers where you can buy Bitcoins. It’s all up to you which provider you wish to buy bitcoins from. As you would when buying any other currency, you will look at which is the best Bitcoin betting exchange for your buying currency.
MAKE A BITCOIN DEPOSIT
Once you’ve bought your Bitcoins and ready to bet on your favourite sports online your next step is to then fund your Bitcoin betting website. To pay your online bookie, all you need is their address. After selecting Bitcoin as your preferred deposit option and entering the amount you wish to fund your account with, the bookie will send you an address for you to send the money to. The final step is to copy the address and confirm the payment. Then viola! Start playing Bitcoin betting games, or rather Crypto games as others prefer to call it.
CRYPTO GAMES AT CANADIAN BETTING SITES
Our highly recommended Bitcoin sportsbooks offer a range of Bitcoin betting markets to Canadian players. From Bitcoin live betting on sports or simple Bitcoin online betting sports games. Below are some of the Crypto games you can bet on.
BITCOIN BETTING ODDS
At the best Bitcoin betting platform, you can expect the best bet odds. The odds for betting with bitcoin are way better and can be set to fixed or interchangeable. This is because Bitcoin betting websites do not have the void of fees and other regulations which are imposed with fiat currencies.