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If you're among the over 16.55% of Canadians that's purchased cryptocurrency online, you likely know all about the cryptocurrency.
However, for the rest of you, it likely is a pretty blurry concept. You've likely wondered whether or not bitcoin is a good payment method for playing blackjack or other casino games. You're probably curious as to whether it's even legal. In fact, you may not even know what bitcoin is!
There's no shame in not knowing- bitcoin is a fairly new concept. Here, we're going to answer all your cyber-currency-related questions and determine the state of bitcoin in Canada. Read on to learn about the history, legalities, and practicalities of this global cryptocurrency.
Bitcoin (₿) is a form of digital currency that can be used globally. In most developed countries, you can use bitcoin on various websites that sell goods and services. This is the case in Canada, the US, Japan, and most countries in Europe including the UK.
Bitcoin is appealing to consumers and investors for many different reasons. The first is that it doesn't require the money to go through an administrator or a centralized bank.
Bitcoin completely eliminates the middle man and sends money directly from point A to point B, recording transactions in an online blockchain that ensures everyone gets the currency that they are owed. This is popular because the transaction is direct and there are fewer opportunities for information to be breached or compromised.
Another reason that bitcoin is popular is that it's 100% anonymous and untraceable. Sellers can't even track the IP addresses of users. This means that users don't need to enter their personal and banking information into potentially untrustworthy websites when they make transactions.
A single bitcoin is currently equal to 15,721.07 Canadian dollars at the time of writing this.
In 2008, bitcoin was invented by a person (or assembly of people) that went by the name Satoshi Nakamoto. However, the true name of this entity is an unsolved mystery that looks as though it will remain unsolved for years to come. On 21 October 2008, Nakamoto published a paper that pitched and outlined the idea of bitcoin. It was called Bitcoin: A Peer-to-Peer Electronic Cash System.
Since its realization in 2009, the use of bitcoin has grown all around the world. You can check out our article about bitcoin in America for more information on this history. What you're probably more interested in now, though, is what history bitcoin has specifically in Canada, so that's what we're going to talk about!
Canada actually has a rich history when it comes to cryptocurrency. This is because the nation contributed to the bitcoin industry in 2013 by opening the world's first bitcoin ATM.
At a coffee shop in Vancouver, these ATMs were released by the cryptocurrency companies Robocin and Bitcoiniacs. During its opening day alone, the kiosk facilitated 81 bitcoin transactions.
Since then, people in Canada as well as those around the world have looked back on this day as a significant evolution in cryptocurrency. It was an easy and safe way to draw new people into using bitcoin. In fact, about 33% of the kiosk's users were new bitcoin enthusiasts that were getting their initial brush with what the cryptocurrency was all about!
Once cryptocurrency became more accepted, it wasn't long before bitcoin gambling sites emerged. This meant bitcoin users could play games like blackjack with the currency. Also, people started realizing that blockchain was good for more than just currency. New decentralized casinos emerged. These new casinos actually put casino games on the blockchain.
As of now, bitcoin is completely legal to own and use in Canada. As long as you aren't buying any illegal goods (drugs, guns, etc.) you can use cryptocurrency. This makes it viable for any online transaction that involves non-criminal goods and services. We've written about the legality of playing online Blackjack in Canada on our live dealer page .
Legal uses of bitcoin include:
Payments (the exchange of bitcoin for goods and services)
Trade (bartering cryptocurrencies for other goods and services- this is similar to payments)
Mining (exchanging bitcoin for Canadian tender as a business venture or as a hobby)
However, it's important to make a distinction between the legal use of cryptocurrencies and their status as legal tender. While people are legally allowed to purchase goods and services online and from bitcoin-accepting stores, cryptocurrency isn't considered to be legal tender in the same way that banknotes are. Instead, they're treated by Canadian law as a piece of property or commodity that you own.
Transactions involving bitcoin are considered as bartering transactions by the Canadian government. This is critical to note because bitcoin will be treated as a commodity for taxation purposes.
Although Blackjack Pal has researched this info to a high standard, we are not qualified legal experts. You should seek advice from a legal professional about your specific situation if you are unsure. See Blackjack Pal Terms of Service for our full legal disclaimer.
There are a few ways that you can purchase bitcoin in Canada. In fact, it's one of the best nations for trading in cryptocurrency!
The first is, of course, using the bitcoin ATMs that we talked about earlier. Since their conception in 2013, bitcoin ATMs have spread to be included in many coffee shops and other facilities across the Great White North. Finding and using one of these kiosks is incredibly easy. You can make an immediate Canadian tender --> bitcoin exchange in only a couple of minutes!
Because Canada is a place that it's so easy to obtain bitcoin, there are also drugstores and other shops that you can perform over-the-counter transactions in. You can purchase global cryptocurrency at these in-person venues. Many brick-and-mortar retail locations have this option.
You also can perform online exchanges to get bitcoin. This is a good idea if you like a little more anonymity in your transactions. This is generally the most popular way that people buy and sell bitcoin, which makes sense when you consider that the internet is the primary venue where cyber-currency transactions take place.
Before you go up against the bitcoin blackjack dealer, let's now look more specifically at the benefits of gambling with bitcoin at one of the many reputable online casinos out there.
You get to keep your bank details secure, when depositing and withdrawing from your player account. Sure, the online casino might have a good reputation but what if a cyber attack gets your credit card details. In this regard, bitcoin is a safer option and we wrote about this extensively in our past news article are bitcoin blackjack games rigged .
Bodog is a popular casino in Canada who accepts Bitcoin and Bitcoin Cash deposits and withdrawals without fees. Wire transfers and check by courier on the other hand both cost $50 for every installment you make.
Bodog processes crypto deposits in up to 15 minutes. Wire transfers can take up to 15 days which is substantially longer.
Remeber that there is a small fee paid from your bitcoin wallet when sending your coins. This fee goes towards securing the blockchain network.
Online casinos like Bodog like cryptocurrency. This is because there are a number of benefits for the online casino too like preventing transaction deposit reversals from credit card fraud. As they like crypto, they offer bigger welcome bonuses. For example their real cash bonus might be 100% matched but their bitcoin bonus is 125% matched.
Always check the terms of the bonuses before depositing. There may be wagering requirements like deposit turnovers that you must meet before withdrawing. Also make sure you know what type of bonus you're getting. Bonus types include deposit bonuses, cash back bonuses and no-depoist bonuse to name a few.
Remember to always gamble responsible and stay in control. If you think you're in trouble, get help. Check out our Blackjack Pal Responsible Gambling page for some online resources.
While there are a lot of ways that you can pay for goods and services on Canadian websites, bitcoin is steadily rising in the ranks of popularity. It's secure, and 100% legal.
Now that you know all about bitcoin in Canada, it's time to learn more about this form of cryptocurrency. Check out the rest of our site for more about bitcoin and blackjack.