Bitcoin vs Traditional Payments at online casinos in Canada 2019

When it comes to online gambling in Canada, one of the key decisions players have to make is whether to use traditional payment methods or to opt for the more modern option of Bitcoin. Both options have their pros and cons, and it’s essential for players to understand the differences between them before making a choice.

Mechanic Behind the Scenes

The main difference between Bitcoin and traditional payment methods at online casinos in Canada lies in the mechanics behind the scenes. Traditional payment methods involve banks and financial institutions, which can sometimes lead to delays in processing transactions. Bitcoin, on the other hand, operates on a decentralized network, which means that transactions are processed much faster.

RTP & Volatility

When it comes to RTP (Return to Player) and volatility, Bitcoin casinos tend to offer higher RTP rates and lower volatility compared to traditional casinos. This means that players have a better chance of winning when using Bitcoin as their payment method.

Bankroll Management

Bankroll management is crucial for any gambler, regardless of the payment method they choose. With Bitcoin, players have the added advantage of being able to control their funds more securely and anonymously, thanks to the blockchain technology that underpins the cryptocurrency.

Bonus & Wagering

When it comes to bonuses and wagering requirements, Bitcoin casinos in Canada often offer more generous bonuses and lower wagering requirements compared to traditional casinos. This is because Bitcoin transactions are cheaper for the casino, allowing them to pass on these savings to the players.

Local Licensing

In Canada, all online casinos must be licensed by the Kahnawake Gaming Commission in order to operate legally. Players should always check for this license before signing up to a casino, regardless of whether they use Bitcoin or traditional payment methods.

KYC vs No-KYC

KYC (Know Your Customer) procedures are standard at most online casinos, regardless of the payment method used. However, some Bitcoin casinos in Canada offer a no-KYC option, allowing players to gamble anonymously. This may appeal to players who value their privacy.

Local Payments with Speeds/Fees

When it comes to local payments, traditional methods such as credit cards and bank transfers can be slow and come with high fees. Bitcoin, on the other hand, offers near-instant transactions and lower fees, making it a more attractive option for Canadian players.

Player Mistakes

One common mistake that players make when using Bitcoin at online casinos in Canada is not understanding how to properly secure their funds. It’s essential for players to educate themselves on best practices for storing and using Bitcoin safely.

Tax on Winnings

In Canada, gambling winnings are not subject to tax, regardless of whether they are won using Bitcoin or traditional payment methods. However, players should always check their own local tax laws to ensure compliance.

Mobile vs Desktop

Both Bitcoin and traditional payment methods can be used on both mobile and desktop platforms at online casinos in Canada. Players should choose the platform that best suits their needs and preferences.

Responsible Gambling Tools

Online casinos in Canada offer a range of responsible gambling tools to help players stay in control of their gaming habits. These tools are available to both Bitcoin and traditional payment method users.

Expert Tips

When it comes to choosing between Bitcoin and traditional gaming casino payment methods at online casinos in Canada, it’s essential for players to weigh up the pros and cons of each option. Ultimately, the best choice will depend on the individual player’s preferences and needs.