Bitcoin started with a white paper released in October 2008. In the paper, Satoshi Nakamoto described Bitcoin as a decentralized peer-to-peer money system that didn’t need banks to operate.

The digital currency took a while to capture people’s attention. But when it did, it exploded in price and popularity. In 2013, the first Bitcoin casino opened. It supported Bitcoin only. In the next five years, dozens of crypto casinos launched in Canada.

That means there’s a huge demand for these casinos. What do they provide that makes them so popular? What makes Bitcoin a great payment option for casino gaming?

Bitcoin Provides Payment Freedom

Satoshi Nakamoto created Bitcoin to provide an alternative financial system to banks. Crypto does not need an intermediary, meaning you can use your funds without asking for anyone’s approval.

Bitcoin is also borderless. You can use it to send money to any part of the world. This also means you can use Bitcoin to deposit money at online casinos even if you live in a place where you can’t access traditional banks.

Another reason Canadians love Bitcoin is that it lets you own your funds. With the Canadian dollar, you don’t really own the money in your bank. Your bank can invest your money. And if you ask to withdraw it, your bank may say no.

With crypto, no one can use your funds without your approval. You hold the private keys required to authorize a transaction.

Fast and Reliable

When you think about it, many casino players look at two things in a payment company. Speed and reliability. Speed means you can deposit money now and play your favourite slots immediately.

Reliability covers all other aspects. A reliable payment method is safe. It guarantees that the recipient will receive their money. Additionally, a reliable company has many use cases.

Bitcoin processes transactions within 20 minutes. It’s faster than banks but slower than e-wallets. That’s alright, though. Bitcoin has competing cryptocurrencies that are much faster: Ethereum, Litecoin, Solana, USDT, and Cardano, to name a few.

Most of these coins also tend to have lower payment fees. The only problem is that casinos don’t always support these coins. It’s easier to find a good Bitcoin casino Canada compared to a site that accepts Dogecoin or Pepe coin.

Bitcoin Gains Value

Although Satoshi created Bitcoin to provide competition to banks, that’s not why many people buy it. Most Canadians buy Bitcoin because it’s a store of value.

Picture this. In 2010, Bitcoin was worth less than a dollar. In fact, a man spent 10,000 BTC to buy two pizzas. A decade later, Bitcoin costs over $30,000. At one time in 2021, it was worth $65,000.

In other words, Bitcoin is an excellent investment. This is especially true if you buy while its price is low. Because it’s a good store of value, it shouldn’t come as a surprise that so many Canadians use it to play games of chance.

You can spend 1BTC on slots and end up winning 10BTC. And if you hold your profits for a while, they could gain a 20% or 100% value. Bitcoin fluctuates more often than most currencies. It’s one of the reasons people love it. Sometimes it can double its value overnight. Sometimes it can crash within hours.

Lots of Businesses are Accepting Bitcoin

In the early days of Bitcoin, genuine businesses avoided Bitcoin for several reasons. They didn’t understand it. Secondly, it was popular with criminals. With time, it became clear that crypto was a genuine payment method.

Shopping retailer Overstock added Bitcoin as a supported payment method in 2014. Microsoft followed a few months later. Over time, restaurants, banks, and schools embraced Bitcoin.

Of course, support by major brands legitimized Bitcoin. People realized it was a genuine currency—just like the US dollar, euro, or Canadian dollar. Today, casinos accept crypto because they understand how it works better.

Also, supporting Bitcoin exposes their brands to a new target group. You see, many crypto owners would love to use their Bitcoin. But they can only use their funds at sites that accept crypto.

Bitcoin Bonuses

If you own Bitcoin and like to play casino games, you should consider claiming crypto casino bonuses. They tend to be huge. Imagine receiving 5BTC as a welcome gesture. That’s more than $150,000 at the time of writing.

For clarity, Bitcoin casinos match your deposit amount. You receive 5BTC only if you deposit 5BTC. If you have a small $20 budget, expect a $20 bonus. The only exception is when you join a site with a 200% or 500% bonus.

A 200% bonus gives you twice what you deposit as a bonus. A 500% bonus multiplies your deposit amount five times. Although Bitcoin bonuses tend to be generous, keep in mind that a bonus is only as great as its terms and conditions.

Most bonuses have terms like wager requirements, validity time, withdrawal limits, and game weighting. If these terms are great, then you should accept a bonus. If the terms are harsh, look for a better deal.

With that said, join casinos with loyalty bonuses. The welcome bonus lasts one month at best. After that, you’ll need reload bonuses, cashback rewards, and loyalty points.

Fear of Missing Out (FOMO)

Another reason Canadians use Bitcoin for casino payments has everything to do with social media. Everyone seems to be buying Bitcoin. From celebrities like Elon Musk to governments like Venezuela, crypto is all the rage.

Naturally, no one wants to feel left out where a cool trend is involved. Most people, as stated, buy Bitcoin to make money from it. But some also want to experience using their coins.

Gambling with Bitcoin sounds fun. You can bet $100 on black and double it if you’re lucky. Then you can tell all your friends how you doubled your Bitcoin. Truth be told, gambling is risky. So, play slots and table games with money you can afford. If you have to use crypto, spend a small portion of your portfolio. Hold the rest to sell it when Bitcoin’s value grows.