What are Bitcoins?
Bitcoin is simply a decentralized crypto currency, coined decentralized owning to the fact that it is not controlled by any financial institution, government or even backed by any bank. This purely digital currency thus have no notes or coins that can be used exclusively in online transactions. In this monetary system encryption is used to secure transactions and keep your transactions anonymous.
Is it legal for Canadian players to use Bitcoins at online casinos?
Lately Bitcoin has emerged as one of the most secure payment methods and now is easily available at online casinos as one of the payment options for Canadian players besides the most popular e-wallets as well as debit/credit cards.
Bitcoin is legal to buy and transact in Canada and is regulated by anti-money laundering legislation and counter-terrorist financing legislation. Given its popularity, it’s not surprising that Bitcoin got under Canada Revenue Agency’s radars. If you buy, hold and sell virtual currency, and make a profit in the process, you must claim that profit as capital gains.
Not reporting capital gain income is considered illegal. Interestingly, if you use Bitcoin as part of your personal business expenses, your deduction for the expense would be the Canadian Dollar equivalent amount, based on the exchange rate at the time.
Not only is Bitcoin legal to own and trade in Canada, the Canadian government and central bank are making significant steps to understand the merits of the blockchain, the technology powering Bitcoin and 800+ other digital currencies. As recently, it was reported that Ottawa was exploring the feasibility of Canada becoming a global hub for the blockchain “revolution”. Senior government officials discussed the opportunity in a meeting with bankers, corporate executives, regulators, and experts in the Tech industry. The premise is to position Canada at the forefront of blockchain innovation and create a foundation for the Canadian economy to grow as industries undergo structural shifts.
So that means you can use Bitcoins at online casino to play real money slots but you need to report your winnings to the CRA for tax as tax rules apply to digital currency transactions, including those made with cryptocurrencies. So using digital currency does not exempt consumers from Canadian tax obligations. This means digital currencies are subject to the Income Tax Act.
Where to get Bitcoins from and how to store them?
To play at BTC casinos you obviously need Bitcoins and the easiest way to get them is through a bitcoin exchange. So how that works is:
- Create a wallet at the bitcoin exchange: All you need is a verifiable email address to get started.
- Once you’ve selected and signed up for an exchange, you can begin buying or transferring money to your exchange bank account.
- Once money is deposited, you can choose to ‘Buy’ or ‘Trade’ the bitcoins,. The pricing will always vary depending on supply and demand.
- Once the BTC are purchased, you can transfer your bitcoins from the bitcoin exchange to your wallets.
There are different methods through which you can purchase bitcoin. Also, there are many currencies you can use to buy bitcoin from different exchanges. After buying bitcoins you will be allowed to use them anywhere you want and enjoy anonymity and safety. Another thing is that you can exchange your bitcoin into fiat currency through any of your selected bitcoin exchanges online.
You can buy BTC in CAD dollars here or get the best prices to buy BTC by clicking here
Also visit where Canadians exchange Bitcoin into CAD dollars
Also there are Bitcoin ATMs at various places like at Alberta, British Columbia, Manitoba Nova Scotia, Ontario and at other various places.
How to play with Bitcoins at online casinos?
Whether they are slots, table games or live dealer games at Bitcoins casinos, they can be played with Bitcoins without any effort. Like you generally play casino games at Canadian friendly online or iPhone casinos in same way you play with BTC. All you need to get to Bitcoin casinos or casinos that have BTC as currency of deposit listed in their banking page. When playing real money slots simply choose BTC as your mode of payment at Bitcoin casinos. The Bitcoin casinos will convert your bitcoin into their base currency that is CAD and the exchange rate will be boldly displayed in the bank interface on the site.
Although you can’t use a bank account, credit card or cheque, avoiding the conventional banking system means transactions are faster. Using conventional currency, cashouts can take days, and cheque deposits up to a week. Bitcoin transactions are usually complete within minutes. Bitcoin casinos have no transaction costs. All transfers are peer-to-peer, so there are no middlemen to pay. Multi-currency casinos often make charges to deposit or withdraw using a credit card, and the providers themselves may have fees. The same can be true for e-Wallets and banks.
Finding the best Bitcoin casino
Before signing up at BTC casinos you should check the following:
- BTC casinos should be licensed and regulated by authentic gambling commission.
- The casino should have a provably fair system, and/or uses games from reputable traditional casinos. A provably fair system uses cryptographic techniques to determine the authenticity of a roll and ensure that neither the game, nor the player knows the outcome of a roll prior to the bet.
- Bitcoin casinos should offer great promotional offers and BTC bonuses.
- The game play and interface should be user-friendly and can be played with various devices like iPhone and tablet.
Playing at Bitcoin casinos gives much joy as you can make can deposit and withdraw anonymously without the need for any third parties or middle men. Also you can play with high or low credit according to your budget in a fast deposit and withdrawal environment. Moreover, when making cashouts, there is no need for any ID proof and with loads of BTC bonuses at Bitcoin casinos greater chance to make some wins when playing slot games. With 24.7 help support Bitcoin casinos are now much on demand and are appreciated by Canadian players to play slots at iPhone casinos.