Best Bitcoin Casinos

A brief history of Bitcoin

What is Bitcoin?

Bitcoin is the most well-known and established type of cryptocurrency. Unlike fiat currencies like CAD, USD or EUR, cryptocurrencies are 100% virtual and intangible. Most importantly – there will only ever be 21 million bitcoin in circulation. They can’t be printed and can’t be stored in your physical wallet.

Instead, cryptocurrencies are virtually secured and available via blockchain technology. At any point in time, tons of computers are connected to the blockchain network, verifying hundreds of thousands of Bitcoin transactions.

The computers verifying these transactions don’t belong to any government, authority or regulatory body – the computer power is obtained from Bitcoin miners. Anyone can become a Bitcoin miner, as long as you have the necessary mining software and hardware. Due to its limit and scarcity, Bitcoin has often been referred to as “digital gold”.

Where did Bitcoin come from?

Bitcoin and the blockchain infrastructure it needs to run was created in 2008 by Satoshi Nakomoto, a pseudonym for the creator or creators of the cryptocurrency. They established the official website for Bitcoin, where they explain how Bitcoin is a:

“Peer-to-peer technology to operate with no central authority or banks … Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.”

Indeed, Bitcoin’s unique features make all transactions:

• Virtually anonymous
• Decentralized – which means they can’t be tracked or directly regulated by governments, regulators or authorities

These features are in stark contrast to the fiat currencies we are familiar with and use without a second thought.

The future of Bitcoin

Despite or because of the fact that Bitcoin is radically different from CAD and other fiat currencies, BTC and other cryptocurrencies that use blockchain technology are becoming widely adopted.

For example, the El Salvadorian government has bought up large swaths of Bitcoin to set itself ahead should Bitcoin become more formally used in the future. Large investors and firms are also considering cryptocurrencies like Bitcoin as genuine, albeit volatile, investments. Additionally, large corporations and providers like PayPal, Microsoft, Starbucks, and Tesla have already started accepting Bitcoin payments in a key step forward for cryptocurrencies. And it’s safe to say that BTC will continue being frequently used by online players as the number of Bitcoin casinos continues to swell!

How do Bitcoin casinos work?

Bitcoin casinos work like any regular online casinos, except that instead of depositing and winning in fiat currency like CAD, players can also do so in Bitcoin or other cryptocurrencies. It’s that simple.

Before you gamble using Bitcoin though, you’ll need to own some Bitcoin, the same way you’d need to have CAD in your bank account before you can deposit using card or Interac. To buy Bitcoin, you’ll need to do so:

• Via the casino’s third-party payment providers that let you buy Bitcoin using a credit card (keep in mind you’re likely to have a commission fee attached to this option).
• Via a crypto exchange like Binance, Coinbase, or Crypto.com. You’ll need to create and verify an account with one of these crypto exchange sites and then buy Bitcoin. Once you’ve bought Bitcoin, you’ll need to transfer it to an e-wallet that accepts Bitcoin. Think of your e-wallet as your digital bank account. Once you hold Bitcoin in an e-wallet, you can then deposit Bitcoin to any Bitcoin casino.

This may all sound a tad complicated, but in reality, it’s no different to depositing cash into your bank account and then entering your credit card details to purchase items or deposit funds!

When it’s time to cash out, the reverse process applies. You’d be able to withdraw your winnings as Bitcoin to your e-wallet, send those winnings to crypto exchange and either keep them in your e-wallet to pay for services and products using crypto, or you can transfer them back to the exchange and then into CAD.

How we choose the best Bitcoin online casinos

As with all online casinos, there are a couple of details you need to look out for when checking out a Bitcoin online casino for the first time. We’ve reviewed our fair share of online and crypto casinos and recommend you look out for the following features:

Registration and licensing

Any online casino you play at should be operated by a legitimate company in a specific jurisdiction. The casino should also be licensed by a regulator, such as the Curaçao Gambling Commission.

Site security

The site you’re on should be encrypted using the latest SSL technology. You can easily verify this by checking whether there’s a closed lock symbol next to the address bar. If there is, this means the site is secure and your data, including financial transaction information, is safe.

Bonuses and terms

Once you’ve established the site is legitimate and secure, you can start looking at the promotions on offer! For example, does the casino offer a generous Welcome Offer? Or does it have a rewarding loyalty program and promotions calendar that would make it worth your while if you become a loyal player? Check this out as well as the bonus terms fine print – including maximum winnings you can obtain using bonus funds and wagering requirements. Some crypto casinos even offer no-deposit bonuses – more on that below.

Game library

A Bitcoin casino’s game library should contain all the familiar game genres you’d find at a regular online casino. We generally recommend casinos that have at least a couple hundred games available with new releases available and a wide variety of reputable studio providers.

Customer service

Ideally, the casino offers 24/7 live chat service to all players to resolve any issues quickly and efficiently. The second-best option would be an email contact form.

Payment details

The best Bitcoin casinos offer minimal or zero transaction fees to deposit Bitcoin funds into your account. Depending on your preferences, you might also want to find a casino that accepts other cryptocurrencies like Ethereum, Tether, Litecoin, and many others.

So, which Bitcoin casinos meet these criteria? On our list, we’ve got:

Top 10 Best Bitcoin Casinos

• CloudBet Casino
• BigSpin Casino
• Game Casino
• Fortune Jack Casino
• Casitsu Casino
• 7Bit Casino
• Golden Crown Casino
• BitDice Casino
• BitStarz Casino

Other casinos which accept Bitcoin include: Stake Casino and Cobra Casino.

How to gamble with Bitcoin

There are a couple of things to keep in mind when gambling with Bitcoin. For example, Bitcoin is known to be extremely volatile in price and known to be a high risk – high reward financial instrument as well as a type of currency.

This means that Bitcoin can go through extreme losses or gains in a very short amount of time. For example, Bitcoin reached an all-time high of above $68,000 in November 2021, only to fall to nearly half the amount, to $38,000 in January 2022, just two months later.

What does all this have to do with gambling with Bitcoin? For starters, you need to be comfortable holding Bitcoin casino funds and remember that a big win might rapidly lose its value if you leave it in Bitcoin. Of course, it might also go in the other direction and gain a lot in value.

So if you’re fine with this level of risk, gambling with Bitcoin is very straightforward. Simply deposit Bitcoin funds to your casino account as explained above and bet as you normally would! Just remember to keep track of the Bitcoin price on the day so you know exactly what amounts you’re betting when exchanged to fiat currency.

Bitcoin casinos with no-deposit bonuses

No deposit bonuses are a benefit provided by generous casinos to new or loyal players where they gift bonuses, usually in the form of bonus funds or free games, without the need to deposit first.

This means players can try out the casino with free funds, without committing any real money to get started. At the time of writing, these casinos offer such bonuses:

• Fortune Jack Casino – Register and verify your account to get 100 free spins
• BitDice Casino – Get 100 free spins on the house when you join
• BitStarz Casino – Get 20 free spins once you register for free

Are Bitcoin casinos legit?

Yes – they most certainly are! However, as with all online casinos, there are also scam casinos so you’ll have to do your research well. Use our checklist as explained above to determine if a bitcoin casino is legit, so check that:

• The casino operator is genuine
• The casino site is licensed
• The site is secure
• The terms and conditions and the fees are transparent
• Customer service is available

What games can you find at Bitcoin online casinos?

Players will find all the usual game genres found in land-based and fiat currency online casinos, like:

• Slots
• Jackpot games
• Live casino
• Game shows
• Table games
• Video poker

However, Bitcoin casinos also offer some unique games that are generally exclusive to the casino itself and powered by blockchain technology. The format of these games is similar to table games and includes Bitcoin roulette, blackjack, and poker.

Math aficionados can also try their hand at several dice probability games that give players the chance to set their probabilities to manage the risk of winning versus losing.

The great thing about these games is that their fairness can be independently verified.

How old do you have to be to play at casinos with Bitcoin?

As with all other casinos, whether land-based or online, Canadians can gamble as long as they’re older than the legal gambling age set in their province or territory. This varies between 18 and 19 years of age, depending on the province.

Canadian legislation has come a long way in terms of gambling laws and policies. Up until 1892, all gambling activities in Canada were unregulated, which meant that people gambled without any form of authority and regulation. However, this changed once the Criminal Code was introduced in the late 19^th century, which outlawed gambling and made it illegal.

Over the next 100 years or so, Canada gradually allowed more and more types of gambling activities to take place. In 1985, the Criminal Code was amended, and gambling became legal and an activity to be regulated by the governing body of each separate Canadian province. This is why different provinces have different rules for players and different regulating bodies and casino licenses.

Today, Canada has a very open-minded approach to gambling. It regulates both land-based and online casinos in a strict manner, but local entities make sure that the profits gained from casino establishments are used to improve the community they’re in through charity donations and investments. Best of all, Canada doesn’t require players to pay tax on any winnings they obtain from gambling!

How many casinos accept Bitcoin?

It’s tough to find an exact number, but hundreds of online casinos accept Bitcoin and other types of cryptocurrencies. And that number is increasing by the day.

Why don’t all online casinos accept Bitcoin?

Cryptocurrency is still not subject to clear regulatory policy in Canada, or anywhere else in the world for that matter. This means online casinos are simply unable to accept Bitcoin as a form of payment, or would simply rather not.

Plus, before casinos can accept Bitcoin, they need to establish the right financial infrastructure to support Bitcoin and other forms of crypto, including the right payment partnerships and technology services to receive and manage crypto payments.

For some casinos, particularly ones run by smaller operators with not much cash reserves, the volatility of Bitcoin might not make it a viable currency to do business with.

Is Bitcoin gambling legal in Canada?

The main gambling law passed by the Government of Canada gave each territory and province in the country full reign over the implementation of gaming laws. However, two main rules apply. Players can only play on:

• A gaming platform run by the Canadian province the player is located in.
• An online casino that is offshore and located outside of Canada and thus, outside of the Canadian province the player is located in.

Regardless of which online casino you play at, Canadians will need to meet the gambling age requirement for their province or territory.

Since there currently aren’t any Bitcoin-specific casinos licensed in Canadian territories, players can opt for one of the hundreds of Bitcoin casinos operating in foreign jurisdictions.

References

• Who Is Bitcoin Creator Satoshi Nakamoto? What We Know—and Don’t Know
• Can Bitcoin’s Hard Cap of 21 Million Be Changed?
• Why is Bitcoin so volatile?