When Bitcoin first emerged in 2008, it was the only cryptocurrency around. That's no longer the case, but it is still considered one of the best and is also the only one that can be used for gaming online. As one of the safest mobile casino payment mechanisms available in Canada today, we knew we needed to tell you about it.

How Cryptocurrency Works

Once you've downloaded the Bitcoin software, its sophisticated algorithms use your hardware to generate prime numbers, or perform certain equations. Once this work is complete it is checked in the worldwide ledger, and the first individual or system to have done it correctly and legitimately gets a whole or a part of a coin.

A record of this is kept in the ledger, which is called the Blockchain. This is the process known as mining. Mining for the currency was pretty easy at first, but because there are only a finite number of Bitcoin (that's why they are so valuable) they became rarer, and the process became harder. Now, only massive computers or networks have enough power to do it.

You can still mine, with a lot more difficulty, but these days you can also buy the coins as you would any commodity. And you can trade it in the same way too, or use it as a currency. Many retailers and service providers accept it, and it's a great option as a mobile casino payment mechanism in Canada.

Bitcoin at Online Casinos

To use these coins for any transaction, you'll need to open a dedicated wallet. You can do this using several different websites, and can choose from 3 wallet formats; cloud storage services, software on your computer, or removable hardware like a USB drive.

The coins that you mine or buy will be put into your wallet, and from there you can transfer them to your casino account or anywhere else. To move the currency in and out, the wallet has its own virtual address. This is the only information you need to share with the cashier interface. You remain totally anonymous, which is one of the reasons this is considered among the safest mobile casino payment mechanisms.

All you need to do is make your way to the banking page, select the Deposit option, and follow the simple prompts. You'll need to enter your wallet address, and the amount that you want to put into your account.

Your Bitcoin wallet software will also open, and you'll need to enter the casino's receipt address. The coins may be kept as virtual currency, or converted into what the site prefers to use. To make a withdrawal, you simply need to reverse the process, down to your cashout being converted back to the cryptocoins. That's all there is to it; by now it should be easy to see why so many people choose this mobile casino payment mechanism in Canada.

Advantages and Disadvantages

This is not only a contender for the safest mobile casino payment mechanism around, but also the most economical and profitable. No bank charges are incurred, and no taxes have to be paid since the coins are not regulated.

This does mean you need to choose a reputable site, but if you stick with our recommendations this shouldn't be a problem. Deposits and withdrawals are also easier to verify than with other systems, thanks to the Blockchain, so they are reflected faster.

The only drawback to Bitcoin that we could see, is that it is not available everywhere. Other than that, it is among the cheapest, fastest and, as long as you choose from our listed sites, you’ll be safe and secure at all times. Jump into the 21st century and use these coins to play today!