Any Canadian resident with an interest in online gambling and a number of Bitcoins stashed away may be wondering how easy it is to find a Bitcasino in Canada.
In fact, how popular is Bitcoin – and cryptocurrency in general – in the country?
While El Salvador made global headlines by making Bitcoin legal tender, other nations have been slower to hop on the Bitcoin bandwagon. Is Canada one of them? Read on to find out.
Slowly gaining ground
While Canada may not be as eager to embrace the crypto world as the likes of El Salvador, a number of Canadians have been buying into Bitcoin and other cryptocurrencies over the course of the last decade.
In 2019, data revealed that 3.2% of Canadians owned cryptocurrency, amounting to 1.2 million people. Of these, the majority were millennials, and the statistics revealed that more men than women had bought into crypto. Bitcoin was the most popular of the digital currencies being purchased.
Is Bitcoin blossoming in Canada?
As of the beginning of 2022, despite not being considered an official currency, Bitcoin was continuing to grow in popularity in Canada.
A survey carried out by Capterra revealed that 81% of cryptocurrency users in the country used Bitcoin as their digital coinage of choice, followed by Ethereum at 48% and Dogecoin at 28%. These percentages reveal a profound preference for Bitcoin among crypto-aficionados in Canada, indicating that the currency has set down roots.
How things stand in the wake of the crypto winter
Despite the increasing prevalence of Bitcoin use in Canada, when the crypto winter of early 2022 set in, things swiftly began to turn sour – not just in Canada but all over the world. The value of Bitcoin plummeted during the first months of 2022, a crisis brought about by both internal and external factors, including rising global inflation and Russia’s invasion of Ukraine.
Matters have also been made more complicated by the Canadian government, which has introduced new regulations that restrict how much cryptocurrency can be purchased. While these restrictions don’t apply to all provinces, nor to all cryptocurrencies – the four major ones, including Bitcoin, are exempt – the new rules caused a public outcry and may even have dissuaded some Canadians from getting involved in crypto.
Buying Bitcoin
Despite the challenges that Bitcoin has faced, in Canada and around the world, the cryptocurrency has managed to claw its way up from its lowest point, which it reached in mid-2022.
As the winter perhaps shows signs of thawing, the Canadian interest in Bitcoin remains, and there are several avenues for would-be investors. These consist of several well-established crypto exchanges in Canada, where people can invest. Among them are well-known names such as Coinbase and Netcoins, as well as Binance Canada.
Canadians who are interested in buying Bitcoin can do so quite easily by creating an account at their chosen platform, depositing some funds, and making their Bitcoin order.
They will also need to create a wallet to store their cryptocurrency. There are a few options to choose from; for instance, Bitcoin investors can make their own wallets or elect to store their Bitcoins in a wallet provided for them by their exchange.
These Bitcoins can then be used for various purposes, including making deposits at Canadian Bitcasinos.
