Bitcoin Bookmakers
Bitcoin (BTC) is a decentralized form of digital cash. Bitcoin first launched in 2009. It’s powered by a peer-to-peer technology that removes the need for traditional financial institutions. The price of Bitcoin is often spoken about, and it’s commonly used as a trading instrument. The real purpose of BTC is digital payments. As a digital payment method, BTC sees more and more traction. In Canada today, there are plenty of Bitcoin Bookmakers to choose from. On this page, you can learn more about Bitcoin and using BTCs while betting on sports.
The best Bitcoin bookmakers in Canada
There are no transaction fees when using Bitcoin. BTC has removed the middlemen such as banks and other transaction authorities like Visa and MasterCard. Another perk with BTC is that it’s lightning-fast – instant transactions to and from the Bitcoin bookmaker.
Bitcoin review
No single institution controls the Bitcoin payment network. Instead, it’s managed through a massive digital network, known as blockchain, which is basically a shared public ledger. The word “crypto” in cryptocurrency comes from cryptography. The “crypt” means “hidden”, and the “suffix” graph means “writing.” The only persons who can read the passing information in a transaction are the sender and the receiver. When we use a Visa card, we trust that the brand and the financial institution will make sure that everything is handled as it should. With Bitcoin, instead of trust, there is the cryptographic proof of a transaction taking place between two willing parties. A transaction allows the initiation of a transaction and digitally sign a transaction that functions as proof of authorization for both parts.
Why use Bitcoin?
There are a couple of advantages, namely; freedom, security, instant transactions and no fees (except in some cases where bookmakers may charge a small fee).
With most traditional financial instruments, there are bank holidays, international borders and bureaucracy. The decentralized structure of Bitcoin removes all this friction. It works anywhere at any time. Due to the way the blockchain works, Bitcoin is extremely safe. Your financial information remains anonymous. Both deposits and withdrawals are instant. Keep in mind that bookmaker typically has its processing time for all payment methods, usually up to 24h. As soon as the bookmaker accepts it, though, your money is transferred instantly. Most Bitcoin bookmakers won’t charge you a fee. For those that do, the cost is minimal.
How to make a deposit using Bitcoin
- Create a free account with a Bitcoin wallet
- Purchase Bitcoin in your wallet provider
- Go to the payment or wallet section of your Bitcoin bookmakers
- Choose Bitcoin as a payment method
- Enter the amount you wish to deposit
- You will be asked for your Bitcoin wallet code
- Input any additional information that may be required and confirm payment
- The money will arrive instantly in your Bitcoin bookmaker account
How to withdraw using Bitcoin
Withdraw money from Bitcoin bookmakers very much the same way as you deposited. Choose to withdraw from the payment section, enter the sum you wish to withdraw along with your wallet code. The money will be credited to your Bitcoin wallet instantly.
FAQ Bitcoin as a payment method
Summary
Bitcoins and cryptocurrency can be a confusing concept to get your head around. But if you think about it, phones and the internet are equally difficult to wrap your head around technically. It just works, and there’s no need to understand all the technical details. As the price volatility of Bitcoin has quieted down, more and more Bitcoin bookmakers are becoming available. We think it’s perfectly safe and an excellent option to use when sports betting online.