Canada Initiates Steps To Accept Bitcoins

The number of bitcoin casinos is increasing. Some players have taken to this digital currency, but many are wary. The biggest hurdle is that the national banks of most countries have not adopted the technology, known as blockchain, which is required to handle the trading of bitcoins in a secure and transparent manner. The good news for Canadian players is that the Bank of Canada has taken the first steps towards adopting blockchain technology. It will be evaluating how this technology can be used for interbank payments. The road ahead will be long and testing so quick results should not be expected.

Simply stated, blockchain technology uses cryptography to create a distributed ledger system to hold and spend money. This is more open, transparent, and flexible compared to the traditional banking system. The Bank of Canada is moving slowly. It has initiated a proof concept experiment with a number of companies such as the New York-based start-up R3 CEV, Payments Canada and several Canadian commercial banks. Speaking to the Wall Street Journal, the Senior Deputy Governor of Bank of Canada, Carolyn Wilkins, indicated that this could be the first of a number of experiments involving digital currency technologies. The Bank would investigate other frameworks. Wilkins also pointed out that many hurdles would need to be cleared before blockchain technology and bitcoins become a reality in Canada.

There are a few licensed and regulated bitcoin casinos for Canadian players. They use bitcoin casino software like Soft Swiss or UltraPlay. Canadian players at these online casinos can enjoy welcome bonuses in Canadian dollars or in bitcoins. One of the big advantages for bitcoin players is that there are no maximum or minimum deposit limits. Once Canada introduces bitcoins into its banking systems, players will feel more comfortable and bitcoin casinos will proliferate.

For Canadian players that are not familiar with bitcoin digital currency, a brief summary is provided. Bitcoin is also known as virtual currency and cryptocurrency because, unlike regular national currencies, it does not exist in physical form. There is no central repository for bitcoins. The bitcoin payment system was created by Satoshi Nakamoto in 2008. It was released as open source software in 2009. You can buy, sell and transfer bitcoins directly, without any intermediary. The price of one bitcoin is about CA$875. There are 15.68 million bitcoins in circulation. This number will increase as more and more nations adapt their systems to handle bitcoins.

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