Bitcoin Casinos

Bitcoin Casinos

Despite the fact that bitcoin did not immediately become so popular and in demand, its history began long ago. In 2008. An anonymous developer Satoshi Nakamoto (it is usually believed that it is not one person, but a whole group of developers – the identity has not yet been established) publishes screenshots of his developments in the payment system, which is based on mathematical calculations.

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People were very interested in this currency at first – it all looked very strange and unclear. But now, 14 years later, we have a bitcoin worth 25,000 Canadian dollars and more than 22 million “dug up” coins in total.

Despite the fact that the newfangled cryptocurrency had a rather difficult fate. For example, in 2010, cybercriminals discovered a vulnerability that allowed them to generate almost 200 million bitcoins to their accounts.

Cryptocurrency has been a leader for a very long time, and it is not about to give up one bit. In the last decade alone, altcoins have taken up at least 9% of the global currency market.

Here, just to clarify, the ratio of all actual cryptocurrencies:

Bitcoin about 60%
Ethereum about 12%
Tether about 4%
Ripple about 3%
Bitcoin Cash about 1.4%
Binance Coin about 1.2%

 

There are also plenty of other altcoins with a rate less than one percent. For example: Litecoin, Bitcoin SV, Cardano, etc.

We want to dive into another interesting crypto-related phenomenon – Bitcoin Casinos. There are quite a few of them in Canada, and they are pretty different.

Coming out of nowhere

When Satoshi Nakamoto released the first version of coin mining program, a lot of curious people showed up at once. For example, American programmer Harold Thomas II offered his candidacy as the first “miner” of coins.

“Bitcoiners” took this rather risky step – they gave him the opportunity to be the first and “dig out” 10 coins. Out of the original 70.

Of course, neither Satoshi nor Harold, have confirmed that they are the original developers of the newfangled currency. What’s more, Nakamoto went off the grid shortly after. Many people since have been credited as original developers of the bitcoin, world’s largest crypto. Even Elon Musk has got under the hammer.

Actually, no one still knows for sure who is really behind all these stuffs.

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Buying things IRL with crypto

Back in 2010, many shops were accepting bitcoin. The first crypto deal was connected with… Pizza. In fact, there was a man who spent a total of 100,000 BTC, all of which went on small things like food, knick-knacks and so on. Today, with one bitcoin worth over CAD 25,000 he lost about 250,000,0000 CAD. Impressive, isn’t it?

Cryptocurrency, due to its maximum anonymity, was very popular among fraudsters and sellers of illegal goods. The Silk Road website, founded in 2011, was selling drugs – until 2013, when the site’s founder, William Ross Ulbricht, was arrested.

Striking the BTC

Many hegemonic companies have tried to fight the enormous influence that the newfangled cryptocurrency has; such organizations as Google or Facebook.

Facebook has decided to block BTC advertisements. Although it is clear that the owners of the social network simply did not want to see unwanted traffic, they told users that the blocking was done for their safety. To protect from scams. Block mainly affected ICO-type of investments. It encourages people to pre-order a cryptocurrency before its official launch, which often results in a fraud.

No Bitcoin Casinos in Canada really use ICO-system. They do believe that this is a bad and unsafety thing.

Google didn’t fall behind Facebook. They decided to block some search results directly or indirectly related to bitcoin. They explained their decision by the fact that the crypto is a very unstable and “unrealistic” currency, and investing in it can harm many users.

YouTube, a Google-controlled service, has also decided not to stay away. They remove almost all cryptocurrency-related videos, giving “strikes” to users. This happened for the first time in 2019. Back then YouTube brushed it off and said that it was “just a mistake”. But a year later, in 2020, it became abundantly clear that it wasn’t a mistake when a second wave of mass blocking happened.

Features of BTC Casinos

Let’s highlight some features of Bitcoin Casinos in Canada to make it clear what is worth mentioning and what is actually not so:

  • Licensing – usually issued by the MGA, in some cases a license is given by Kanawake Gaming Commission (Quebec’s official gambling regulator)
  • Deposit methods – the player may use BTC or any other altcoin available (the list may be found on the official website of the casino)
  • Withdrawal methods – user can withdrawal their BTC and any other coins that are available on the service
  • Transaction processing – in most cases Instantaneous.
  • KYC process – typically way much shorter in comparison with no-BTC analogues.

Most bitcoin casinos in Canada offer their customers in-house developed games, but some give preference to known (rented or bought) games. The casino management adds certain gameplay elements to them, which is what makes them unique.

The main advantage of crypto-transactions is that they are almost instantaneous. Nevertheless, there is also a “but”: money receipt can be delayed by the admins of the gaming site. It’s like in classic casinos, where the cash is used – admins back there prefer to do all transactions manually. It’s safer and more reliable that way.

Most of the Bitcoin Casinos in Canada do not charge transaction fees. This is definitely an advantage. However, some services do have both a fee and a withdrawal limit. The problem is that players usually look towards these very sites because they believe it is an indicator of reliability.

The bitcoin exchange rate plays a huge role in payments. The fact is that it is constantly changing.

Here is a little explanation: one minute BTC worth X amount of CAD, and the next minute it’s worth a lot more (or a lot less). If a player deposits with crypto, there is a chance that he will not get the same amount he put before.

What about KYS

The main advantage of casinos that use BTCs to operate is, of course, the supreme degree of anonymity they offer the user. And despite this fact, many gambling sites now ask the user to provide the necessary information about themselves, which usually includes:

  • address;
  • phone number;
  • e-mail;
  • some passport details.

But what is fascinating is that many betting sites don’t even require registration.

If you worried about security and safety of the personal data, there is no need to overthink there. It will be much worse if you play in places where the administration won’t even ask you to provide data. The risk of being scammed will increase dramatically. Maybe threefold.

Any normal BTC casino will ask user for the above personal information. This required to avoid potential problems with the law. To confirm the actual age of a player, for example. Also, having real client information will help admins to quickly restore the account in case of hack.

How to minimize the risks

Although most casinos are licensed to operate, it is easy to fall for a scam. There is one 100% working method to check a site for “lousiness”. If you see official software on it (such as games from famous and well-known developers), there’s not much to worry about. But their absence should alert you.

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The question of legality: how safe it is to play

In fact, quite a controversial question since Bitcoin Casinos are not controlled by the government in any way. There are no regulations or laws concerning them in Canada, so we can say that such casinos exist as if in a grey area. Nothing prevents to play in them, but all the responsibility will be on the player himself.

How to choose a gaming place

Players need to pay attention to several factors when choosing a place to play:

  • License – licensed gambling establishments provide the greatest reliability, and give the best gaming experience. Such services can be trusted entirely, because getting a permission is a complicated and complex procedure. Your preference should always be given to casinos with a license than without one.
  • The presence of licensed software on the site – industry giants always prefer to work with reliable partners. The presence of games from reputable developers indicates that the resource can be trusted;
  • Withdrawal time – recall that on some sites players wait up to 5 days for their money. It is better to look out for those casinos that make payments instantly (or at least quickly).
  • Bonuses and loyalty programs – some online casinos in Canada have their own bonuses for regular and new players.

What kind of games are available

Gaming is what people go to the Casino for. The most important factor. It is much more likely that the player will be a guest of a casino that offers a wide variety of different games from popular developers. The preferences of the average player are usually as follows:

  1. slot machines;
  2. roulette;
  3. blackjack;
  4. bingo;
  5. poker and its video version.

Bitcoin Casinos has all the same games as in regular, money-based gambling houses. There are only two exceptions:

  1. Bitcoin Dice
  2. Bitcoin Crash.

Well, they are actually alternatives to regular Dice and Crash, except used currency. Forget about chips or CAD, it’s bitcoin time. Just in case, let us remind rules of these two games:

Bitcoin Crash is a game with fairly easy rules, but still, not everyone is good at it. The interface is simple enough – in the room you can see (usually) chat, where the players communicate, game logs and a large screen that shows the schedule. The higher this graph reaches, the more money the player will get as a result. The winnings are multiplied. Any number on the graph equals multipliers: x2, x3, x4 and so on.

As for Bitcoin Dice – player just needs to select any number. Usually from 1 to 100. You can either bet that number picked by you will be greater or lower, or on a color (each digit has a color – usually they are divided into black, red and green, where green is the rarest and most multiplying), or on a specific number.

It is possible to win the jackpot if the number you bet comes out.

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To sum up

Even playing in the most reliable Bitcoin Casinos still involves certain risks. It has disadvantages. For example, even though all crypto-transactions are free, many services still charge the user an intra-site fee. It’s also worth mentioning that sometimes it takes a very long time to withdraw money – up to 5 days.

Bitcoin’s volatility is also important. Due to this thing, a player can lose money while depositing them into an account. Or if he withdraws the money he won, and then it turns out that bitcoin dropped significantly in value. The player will be paid exactly what the cryptocurrency was worth at the time of withdrawal, so it is pretty easy to lose a lot of money.

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