Every year the Bitcoin is becoming more and more popular payment method in online casinos. It easily replaces fiat money. At the same time Bitcoin is constantly becoming more and more expensive. So the purchase of Bitcoin can be quite profitable.
Given the relevance of this issue for Canadian players, let’s talk in more detail where and how to buy Bitcoin.
Before buying Bitcoin
Before you buy Bitcoin, you need to create a wallet to store the cryptocurrency.
In order to create a wallet, you do not need to scan your documents, since all calculations with bitcoin are anonymous. It will be enough to specify the active email address and come up with a complicated password.
Note that the address of the bitcoin wallet consists of 34 characters (letters and digits). So be sure to copy it and take care not to lose it.
First you need to go to the official Bitcoin site https://bitcoin.org and to choose the desired type of wallet.
The easiest way to create a wallet is by signing up to a bitcoin wallet services. The most popular are Coinbase or Blockchain.info, which you can use on your PC or mobile. Visit the web site of the wallet provider and sign up. Do not forget to use two-factor authentication to protect your account.
Wallets offer users a tool to restore access through a secret phrase – 12 randomly generated words that need to be written on paper and stored in a secure place.
Also you can use hardware wallet. The most popular are Trezor or Ledger USB Bitcoin Wallet.
How to buy Bitcoin
You have completed creating the wallet. So you are ready to buy Bitcoin.
There are several ways to buy it.
The most popular and cheapest way to buy Bitcoins in Canada is via Interac Online on QuadrigaCX. The fee is only 1.5%.
Besides QuadrigaCX, one of the most and largest exchanges is CoinBase exchange. This exchange offers an application that acts as an exchange and a wallet.
One more reliable cryptocurrency exchange, which we can recommend Canadians is Kraken.
After you complete the registration and verification process, visit Buy section. Select the amount of bitcoin you want to purchase. You do not have to buy one bitcoin. You can buy 0.5 Bitcoin or even 0.002 Bitcoin, or any amount which suits your budget.
Some exchanges allow users to buy Bitcoin with debit/credit cards, some exchanges like Kraken offers only bank transfer option.
Canadians can buy Bitcoins directly at one of the many Bitcoin ATMs in Toronto. There is start up Coinberry, which has two ATMs, one at Riverdale Trading Company in Riverside and the other next to Cold Tea in Kensington Market in Toronto.
Purchasing Bitcoin from ATMs is the easiest way than online but it is more expensive because of transaction fee.
In order to buy Bitcoin from ATM you need to deposit cash. After that you have options to store Bitcoin in your wallet or at Coinberry.
LocalBitcoins is a service which allows users to avoid huge transaction fees, which they can pay buying Bitcoin at cryptocurrency exchanges or from ATMs.
Users publish advertisements on the website https://localbitcoins.com/. They specify exchange rates and payment methods for buying or selling Bitcoins. Other users respond to these advertisements and make agreements to meet the person to buy bitcoins with cash or pay via online banking or other methods.
After creating a wallet and becoming a lucky Bitcoin holder, you are ready for a big game! You can visit Oshi Casino and simply try out your luck using huge Bitcoin bonuses.