For those unfamiliar with cryptocurrencies, like Bitcoin, it may be hard for them to believe that digital currencies have circulated online for over a decade. Bitcoin was first mined in 2009. Yet, most Canadians and those living worldwide either haven’t heard of it or don’t understand how it works.
Regardless, blockchain crypto payments are becoming a popular payment method for online gambling. But are they legal to use in Canada for online gambling? The short answer is yes.
Since digital currencies are not backed or controlled by the federal government, they can’t be classified as legal or illegal under any jurisdiction. This means Bitcoin and any other form of crypto payments are valid to be purchased and used for online gambling transactions. Also, the simple fact that online gambling is not expressly illegal in Canada allows it to fall under the “grey area” of the law. The Federal Government of Canada is not responsible for licensing online casinos. Which, in turn, makes Bitcoin legal to use on any gambling platform that accepts crypto payments.
With this in mind, Canadian provinces have been making moves to add more regulations to online gambling at a regional level. Many provinces, like Quebec, British Columbia, and Alberta already have provincial laws regulating online gambling. They have also created websites that allow residents of those provinces to play slots and card games online. When it comes to taxes, Canada views Bitcoin as a commodity. Therefore, Canada can buy and sell Bitcoin without breaking any local laws either.
Is Bitcoin gambling safe?
Many cryptocurrency enthusiasts will agree, Bitcoin’s value can be a volatile and frightening thing. Keep in mind that when it first hit the market, it had no value at all. Yet, over the past decade, it’s seen a steady rise and fall in the market.
Various Bitcoin casinos in Canada will reward you with bonuses just for depositing money through BTC. For example, 22bet.com will match 100% of your Bitcoin deposit up to a maximum of C$300. Not to mention, Bitcoin also markets the unique benefits of using their cryptocurrency for online gambling payments.
Bitcoin casinos are not that different from traditional online casinos. In comparison, they both offer the same types of games found on any online gambling site. Bitcoin casinos, however, only accept crypto payments. Most online gamblers want to know their online payments are safe, secure, and private. That’s why many people fall into the habit of providing fake information about themselves online. That often leads to their accounts becoming suspended, which can be very annoying. However, Bitcoin removes the need for additional security protocols, like customer verification. Since it’s not connected to any of your personal information, users with a Bitcoin wallet ID are free to deposit, play and withdraw funds without ever needing to provide any personal or financial details.
When it comes to gambling online with Bitcoin, it continues to be in and out of favour among experts and financial analysts. As people continue opting to use Bitcoin for their personal transactions, including online gambling, businesses and casinos will start to jump on the bandwagon to keep up with the changing economic trends. As the years go on, we will likely continue to see more online casinos moving towards offering crypto payment options.