Always at the Cutting Edge of Innovation
Always at the cutting edge of innovation, the online casino has been one of the very first online services to accept the bitcoin payment method. Many players at Canadian online casinos have heard in passing of the bitcoin payment method but have yet to understand how it works and few players have yet to embrace it as a legitimate and one of the most useful Canadian payment options.
When it comes to Canadian banking methods the most important functions for players is that the method should ensure fast and safe payment with little hassle and players should not have to detail their personal or financial details with every payment made. Players are also looking for equally hassle free methods to withdraw any winnings they have made at the casino.
Introduction to Bitcoins
Bitcoin is an innovative online payment system. What makes Bitcoin so innovative is that payments are made and recorded in a public ledger with no single administrator in charge of the accounts. This payment system has often been described as a decentralized cryptocurrency.
To buy bitcoins, customers must go to a site that deals in bitcoins and open an account – this will be your bitcoin wallet. Once you have opened an account, you can ‘mine’ coins from servers or you can make your way to an online exchange at a site such as Coinbase. Bitcoins can also be bought and sold with many different currencies from both other individuals, as well as from other companies. There are frequent buy and sell bids where bitcoin transactions take place. Your bitcoin wallet will have a unique ID that only you will know. Once you own bitcoins, the transactions you will use them for are instant.
The value of the bitcoin fluctuates in line with supply and demand. Since 2013 some mainstream websites have begun accepting bitcoin as a virtual currency. The popularity of bitcoins has meant that many financial institutions have decided to accept it as a real currency.
Bitcoin for Canadians at the Online Casino
The bitcoin payment method is still in its very early stages and although it is becoming more accepted among many online traders and companies, it is still not accepted at all online casinos and gaming institutions.
The use of bitcon is however on the increase as many online casinos are being won over by its convenience and ease of use. The bitcoin is a particularly useful payment method for players at the online casino as it is anonymous for both the sender as well as the receiver.
To use bitcoins for playing at the online casino you need to open a bitcoin wallet and purchase some bitcoins. As soon as you have some in your wallet you are ready to begin playing. Withdrawals can also be made directly back to your bitcoin wallet.
One of the down sides of using bitcoin as a payment solution at the online casino is that the value of the bitcoin changes frequently and players will have to check their value frequently so that they know how much they are playing with.
Advantages of Using Bitcoins at the Online Casino
As mentioned above, perhaps the greatest advantage of using bitcoins is the anonymous nature of this payment method. Bitcoins are also not regulated by any authorities and can therefore be purchased by players from all over the world who wish to play at the online casino.
The increasing acceptance of bitcoins as a legitimate payment method has meant that more and more online casinos are now allowing their players to play using this very convenient payment method.
Using bitcoin, funds are transferred immediately and there is no need to wait for funds to clear as is the case with many of the other banking methods available at the online casino. The payment for processing fees as a result is much smaller than it is with some of the other payment methods available.
Major online casinos such as WinPoker has made the use of bitcoins even more user friendly by converting all bitcoin deposits into the players own currency at the current market rate with no additional currency conversion costs. Withdrawn funds are returned to the players wallet in the same fashion and players do not incur any currency conversion fees at all.
As with all other online casino developments and initiatives, Canadian players continue to be at the forefront of this fascinating innovation.