The rise of online casinos has also helped promote the rise of virtual currency. With bitcoins being the most popular form of virtual currency, it is natural that many Canadians wonder if they can gamble with it. From obtaining a bitcoin casino bonus to piling up winnings using secure currency, the question remains if such currency can be used when playing at online casinos in Canada?
The answer is yes, you can play with virtual currency at any online casino that accepts it. This is because cryptocurrency such as bitcoins are not regulated by any government. This means that they are not legal or illegal to use in any country.
Furthermore, Canada does not allow for ownership of online casinos within the country unless it is controlled by the government. However, Canadians can play at any online casino that they want. This means that if the online casino accepts bitcoins or any form of cryptocurrency, then it is legal in Canada simply because there are no laws to prevent it.
Using virtual currency at online casinos offers several positives along with a few concerns, but no more so compared to standard legal tender. Understanding the benefits and possible downsides will help you make the best-informed decision.
Worldwide Acceptance: Bitcoins and other forms of cryptocurrency have universal appeal with most online casinos. There are good reasons for this, but because the currency itself is not backed or founded by a government, it means that it can be used at online casinos no matter their location on the planet.
Separation: By keeping your government currency separate from your online gambling activities, you can protect the money you have to pay the bills. Of course, you can always purchase or convert your money to cryptocurrency, but for many it is an easier way to keep a gambling habit from becoming a financial concern.
Of course, not everything is rosy with bitcoins and cryptocurrency in general.
Value: This is the one downside that you might face with using bitcoins and other types of cryptocurrency. Because it is not backed by a government or banking institution, it can vary in value wildly even over a short timeframe. This means that what you win today may increase or get reduced in value considerably tomorrow. What might be worth CA $1,000 may rise or drop by hundreds of dollars before conversion.
This means that you will need to be careful when acquiring large sums of cryptocurrency and knowing when to cash out for maximum value or to avoid a large plummet.
You can enjoy a bitcoin casino bonus when you play at online gaming site that allow for cryptocurrency. It is a great way to separate your legal tender from what you use for gambling purposes. Bitcoins are quite secure and can be used at many different online casino sites. Just remember that most cryptocurrency fluctuates in value considerably because it is not backed by any government or banking institution.