While playing real money poker at offshore sites is fully legal for players, Canadian banks nevertheless reject deposits on occasion. Fortunately, there is a highly dependable answer in the form of Bitcoin. Here we will go through the different Bitcoin Poker sites and how you can use it across the different online poker sites.
Which Online Poker Sites Accept Bitcoin Payments?
Bitcoin was formerly considered the domain of technological “geeks”. However, it has now become relatively mainstream. Anyone may quickly and easily create a Bitcoin wallet, fund it, and deposit at online poker venues.
In this article we will go through the following things:
- Why has Bitcoin become a popular financial option for players in Canada?
- How to use Bitcoin to deposit, withdraw, and access payments at poker sites
Which Canadian poker sites take Bitcoin for a low fee and quickly? Information on how to start playing with Bitcoin for poker in Canada. The majority of them are based in the Caribbean or Central America. To obtain money on-board in the past, you had to utilize an international credit card purchase (or money transfer) — now you can use Bitcoin on all of the major networks.
Best Bitcoin Poker Sites
- Ignition Poker is the largest Bitcoin poker site in the world. Their software allows for anonymous gambling and limits multi-tabling, which keeps grinders at bay and keeps the games simple. This poker site includes a full explanatory video that demonstrates how to utilize Bitcoin to deposit funds. More Bitcoin poker, games, and tournaments are available here than at any other Canada-friendly poker site.
- Bovada Poker is a popular online poker site. Their weekly schedule is jam-packed with low-to-mid stakes events, many of which include guaranteed prize pools and the use of Bitcoin poker. Look for ‘Online Super Series’ tournament events, which frequently include a tournament with a $1,000,000 guarantee.
- BetOnline Poker is another popular legal poker site in the United States that accepts Bitcoin. This is a long-standing sports betting company established in Panama. On the Chico Poker Network, BetOnline is a popular site (another US site on this network is Sportsbook Poker). There are several cash games available, as well as a lot of action generated by the sports betting crowd.
- Black Chip Poker is a terrific choice. Bitcoin, according to Black Chip Poker, is the fastest option to deposit, with limitless deposits and one Bitcoin withdrawal each day.
Because there are so many other legal poker deposit alternatives, fewer multinational brands are adopting Bitcoin. NetBet, a UK-licensed sportsbook and casino, has begun accepting Bitcoin, and we anticipate that more poker rooms will follow suit soon.
Both the Winning Poker Network (America’s Cardroom) and the Chico Poker Network welcome non-US players (BetOnline.ag)
What exactly is Bitcoin?
Bitcoin is the most popular cryptocurrency in the world, and it was the coin that kicked off the cryptocurrency revolution. Peer-to-peer money transfers are possible with Bitcoin, and they are recorded in a digital ledger, similar to an accounting transaction. Bitcoin isn’t a coin or a real object; it’s just code that reflects a value in fiat currency.
Getting into Bitcoin terminology may get rather complicated, so just think of it as a digital payment method that bypasses banks, payment providers, and the government’s prying eyes.
Bitcoin was originally released in 2009, following the publication of a white paper that explained the basics of the new technology. The cryptocurrency was created by an anonymous inventor named Satoshi Nakamoto, whose true identity is still unknown.
Bitcoin may now be purchased through exchanges and wallet services such as Coinbase and Bitpay. These are perhaps the simplest option for those who are new to buying or selling bitcoin for fiat, as they provide both access to the bitcoin market and a digital wallet service for storing and trading with bitcoin.
Make a note of your private key and treat it as if it were cash or something else really valuable; if you lose it, you’ll most likely lose your money. So, if you’re going to store your bitcoin in a software wallet, make sure you don’t misplace the door’s digital keys.
Getting a Bitcoin Wallet to Download
Check out Coinbase if you don’t want to download and manage a wallet and just want the simplest way to buy, store, and spend bitcoin. Otherwise, you can get started with your own bitcoin wallet by following the easy steps outlined below.
Bitcoin.com has a wallet app for both bitcoin core (BTC) and bitcoin cash (BCH) that can be downloaded easily and securely to your smartphone (BCH).
- Go to the app store on your device.
- Type ‘bitcoin.com wallet’ into the search box.
- Locate your bitcoin.com wallet.
- To begin the downloading procedure, either ‘Get’ or ‘Install.’
- Launch the app to see your new wallets, one for BTC and the other for BCH.
Below your primary wallet balances, you’ll discover send and receive tabs that will walk you through the process of dealing with bitcoin.
If you purchase from a platform such as Coinbase, you may then send your funds to your wallet using the unique address generated under the receive tab.
How to Purchase Bitcoin
Bitcoin can be purchased through exchange services or brokers, depending on your needs. We’ve already mentioned Coinbase, which is the industry leader, but there are others, such as BitPay and Blockchain.info, that you may use as well. You can also buy bitcoin from anyone — it is, after all, a peer-to-peer market.
To play Bitcoin poker and other games, follow these simple steps to purchase your first bitcoin.
- Get a bitcoin wallet and set it up – you’ll need your wallet address to store the bitcoin you’re about to acquire.
- Select a cryptocurrency exchange, such as Coinbase or Kraken.
- Register with the exchange — you’ll probably be required to verify your identity before you can start buying bitcoin.
- Go to the exchange’s ‘Buy’ area and type in the amount you wish to buy in BTC or your local currency.
- A price for your transaction will be given to you. The transaction will be finalized once you accept this, and your bitcoin will appear in your exchange account.
- Send bitcoin to your external wallet address from your exchange account.
What are the Most Important Advantages of Using Bitcoin?
Since its inception, bitcoin has grown in popularity to the point that an increasing number of online shops now accept bitcoin as payment. Many of these advantages apply if you use Bitcoin playing poker.
- No third parties are necessary because it is peer-to-peer.
- Transactions that are not traceable (kind of)
- Payments that are safe
- Holdings can improve in value over time.
- Transaction costs are low.
- There is a little chance of counterfeiting or fraud.
What are the Disadvantages of Using Bitcoin?
Of course, there are certain drawbacks to using bitcoin that you should consider.
- It’s not completely anonymous.
- There are a lot of hackers and scammers out there; it’s up to you to keep your money safe.
- BTC processing times can be lengthy (BCH is quicker)
- Investments have a variable value, which means they can go up as well as down!
- Limits on Bitcoin Deposits and Withdrawals
Bitcoin Deposit and Withdrawal Limits
Each Bitcoin-accepting poker establishment has different deposit and withdrawal limitations, as well as different processing timeframes. All poker site’s deposit and withdrawal limits may be seen here. Each location has a different minimum deposit. With Bitcoin, Ignition and Bovada both accept deposits as low as $10, Sportsbetting and Betonline take deposits as low as $20, and America’s Cardroom requires a $50 deposit.
- Deposit up to $5,000 and withdraw as much as you like at Bovada Poker. Withdrawals usually take a day or two.
- Ignition Poker offers a $5,000 deposit bonus and unlimited withdrawals. Withdrawals usually take one day or less.
- Deposits are limited to $25,000, while withdrawals are limited to $10,000 at Americas Cardroom. One withdrawal each day, with a maximum of five per week.
- Deposits are limited to $25,000, and withdrawals are limited to $10,000 at BetOnline Poker. Withdrawals might take up to 48 hours.
- Sportsbetting Poker allows a maximum deposit of $25,000 and a maximum withdrawal of $10,000. Withdrawals can take up to 24 hours.
Bitcoin wallets are the digital version of your physical wallet. You’ll send and receive funds from this wallet using your unique wallet address and private key, which secures your bitcoin. Do not misplace any of this information; if you lose track of your wallet or private key, you risk being locked out of your money.
There are a variety of wallet services available. While services like Coinbase combine all of your needs into one, downloading a wallet and buying/selling bitcoin yourself is still the most cost-effective solution.
The Benefits and Drawbacks of Using Online and Offline Bitcoin Wallets
Online and offline cryptocurrency wallets are the two most common varieties. Online wallets are undoubtedly the most user-friendly. You log in, perform your work, and then log out. Your coins will remain in your wallet as a result. However, convenience comes at a cost: security.
Because bitcoin is housed online, these are referred to as “hot” wallets. As a result, you’re always more vulnerable to hacks and thefts than if you kept your money in a hardware wallet. If you’re only sending a few dollars here and there, it might not be worth it to invest in a hardware setup. However, if you plan to use bitcoin on a regular basis or send and receive greater sums, this could be a wise investment in your bitcoin security. And we understand that you want to keep your Bitcoin safe when playing at poker sites.
Hot and Cold Wallets
Coinbase: The premier online wallet and trading provider, Coinbase is a terrific place to start if you’re new to Bitcoin. It’s simple to use, safe, and possibly the most dependable name in crypto. However, it is pricey in comparison to other services, and some users are naturally wary about keeping huge sums of money in any online wallet.
Electrum is a ‘cold’ wallet that maintains private keys on a computer rather than in the cloud. This is the option for those who are concerned about security, as it protects your cash from the hazards of hacking that come with so-called “hot wallet” funds. Not as user-friendly as Coinbase, for example.
BitPay is a simple programme that takes care of everything for you. In terms of fees and exchange rates, this, like Coinbase, can be a more expensive option. It is, nevertheless, easy to use and well recognised as a reliable bitcoin wallet and payment provider. Safely and securely play Bitcoin poker and other games.
Send, receive, and trade with a Blockchain.info wallet, which has some of the lowest fees in the industry. Although it is still an internet service and hence not as secure as the hardware choices, Blockchain.info is trusted by over 29 million users to manage their crypto transactions and keep their money safely.
Ledger is a hardware wallet that allows you to keep your cryptocurrencies completely offline, making it the safest solution for securing your assets. Although not for the casual user, and there is a hardware cost associated with purchasing a Ledger wallet, the security benefits outweigh the costs for people who use bitcoin frequently or send larger transactions.
Bonuses for Bitcoin users
There are numerous opportunities to play crypto poker and crypto poker online. Generous bonuses are one of them. For using Bitcoin to play Bitcoin poker and other games, a lot of online casinos that offer online gambling have large welcome bonuses and deposit bonuses. It is almost entirely free to use bitcoin! Here are some current bonus offers for Bitcoin poker and games.
- Ignition- Ignition is offering a 200 percent Bitcoin match bonus up to $2,000 for new customers. You will receive an additional 100% bonus up to 100% if you make your initial deposit with Bitcoin. It’s a fantastic Bitcoin poker site.
- Bovada – Bovada has a wide range of Bitcoin promos to suit your demands. Bovada offers a 50% match bonus up to $500 on sports bets. They provide a 150 percent match bonus up to $1,500 in casino games (redeemable 3X). Bovada is a good place to play Bitcoin poker.
- BetOnline – With a maximum deposit of $1,000, they provide a 100% first-time cryptocurrency bonus. Reloads are also eligible for a 35 percent crypto bonus. Use bonuses to play sports, poker, and other games! There are only a few places where you may play Bitcoin poker.
How to Use Bitcoin to Cashout from a Poker Site
So you cashed out from the poker site with a Bitcoin poker balance and now you want it in cold, hard local currency. Simply put, this is a ‘sell’ transaction, thus you’ll be going through the purchase procedure backwards.
- Find your exchange wallet address by logging onto your exchange account. The specific procedure varies depending on the platform you’re using, but it’s usually not difficult to figure out. The ‘Help’ section of your exchange will have platform-specific instructions.
- You’ll want to transmit the amount you want to withdraw to your exchange wallet from the wallet where your bitcoin is now held, so your money are primed and ready to go. Alternatively, if your funds are already in an exchange-linked wallet, you can simply sell them for market value.
- Go to the exchange’s “sell” area and type in the amount you want to sell in BTC or the local currency equivalent.
- Wait for funds to show in your exchange account once you confirm the transaction. You can use your confirmed exchange account to withdraw to your bank account from here.
Bitcoin Poker Frequently Asked Questions
Here are the most common questions we get about Bitcoin Poker sites and other related topics.
Is it Safe to Use Bitcoin Poker Sites?
Bitcoin for poker is completely secure, as long as you are cautious about where you transmit your funds. It’s a totally secure transaction if you use an exchange like Coinbase and double-check that you’re transferring to a verified, reputable bitcoin address. However, there are scammers out there who will try to trick you into giving up bitcoin, your private keys, or other sensitive information, so proceed with caution, at least until you understand what you’re doing.
Is Bitcoin a legal currency?
In most places across the world, you can use Bitcoin for poker, while certain countries, like Russia and China, are more restrictive. Bitcoin is not illegal in and of itself, just as any other form of payment is not prohibited. Even if some governments have yet to recognise Bitcoin as legal cash, it is just another currency, albeit one in digital form. However, if a site allows Bitcoin, you can play poker with it without fear.
Is it possible to use Bitcoin on a mobile device?
When playing on a mobile-friendly site or using a casino-specific app, you can use Bitcoin using your mobile device and a Bitcoin wallet (details above). You can find the best Bitcoin poker action on mobile devices.
Is Bitcoin Truly Private?
To some extent, Bitcoin is anonymous. Although nothing in the distributed ledger bears your identity, all transactions are permanently recorded, and it may be able to trace transactions that started from the same accounts. As a result, in the vast majority of circumstances, it remains anonymous. However, if you’re doing something unlawful, you should be aware that it could be traced back to you, thanks to the indications you leave on the bitcoin ledger with each transaction.
Is it possible to deposit and withdraw money from poker sites using Bitcoin?
Yes! A rising number of real money poker sites now accept Bitcoin. Check out Bovada Poker, Ignition Poker, or Americas Card Room for fantastic Bitcoin poker sites that allow you to deposit and cashout in Bitcoin.
Which Bitcoin poker sites are the quickest to process withdrawals?
Bovada and Ignition Poker are the quickest to process withdrawals, taking less than a day to receive your funds.
New Crypto Users Should Be Aware of the Following Terms
Cryptocurrency: Any digitally purchased and sold virtual currency, such as bitcoin or ethereum.
Bitcoin address: Your bitcoin wallet’s unique address, which is a string of letters and digits. Send and receive money to this address, which functions similarly to an email address. If you wish to utilise Bitcoin on any poker site, you’ll need one.
You will need this private key to send transactions from your bitcoin wallet address, and it’s the most important security feature. It’s the equivalent of your PIN number, so protect it with your life.
Bitcoin Wallet: Your bitcoin address identifies a digital wallet that stores your bitcoin and, for example, your Bitcoin poker winnings. If you’re going to play poker using Bitcoin, this is a must-have.