Why Bitcoin Gaming is Growing in Canada
Bitcoin is gaining a ton of traction in Canada as of late. In fact, Canadian investing in Bitcoin is some of the best in the world, and that is all due to some recent changes made by the Ontario Securities Commission, or OSC as they prefer to be called (shorter, after all) and British Columbia Securities Commission (BCSC). Enter First Block Capital Inc.
First Block Capital Inc. is the first company in the country dealing with blockchain technology that is classed as a mutual fund trust. Without getting too complicated, this means that investors (only accredited ones thus far) can store their bitcoin funds in a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). This means that investors in Bitcoin will be able to enjoy tax free benefits that comes with these accounts.
Now, this is probably not going to mean a whole lot to you. Chances are that you are not an accredited investor. However, it is going to mean something going forward. This change has demonstrated that Canada, or at least some parts of Canada, has started to open up to the idea of being able to treat Bitcoin as a ‘real’ currency. Chances are that more mutual trusts are going to be opened in the future, and First Block is the first of many of them. This means that you will be able to make an investment in the future.
It is likely that you are going to have more to spend your bitcoin on in the future too. Unless you have been living under a rock, you will have heard that legal marijuana sales will soon be introduced in Canada. In the parts of the US where legal marijuana is sold, you will find that many of the dispensaries are geared up to accept bitcoin as a payment. In fact, many of the dispensaries actually have an ATM in place where you can withdraw your cash in bitcoin.
Not something that we can imagine will be coming to Canada right away, mostly because we are not 100% sure of the success of that scheme, but it is something which could end up happening.
Finally, before we start diving into all the casino news, there is a chance that we may actually see the price of Bitcoin rise a tiny bit in the near future. This is all down to Canada. Now, it is no secret that it takes a lot of power to mine bitcoin in a quantity which is actually worth mining. However, in southern Alberta, the largest cryptocurrency mining operator has been said to be consuming way too much power.
It causes issues with the residents, many of whom are concerned about the huge power consumption. It has been suggested that the bitcoin mining company will need to turn down their mining operations a bit, because they are consuming 10x as much energy as the town they are based in. Plus, it probably is not that brilliant for global warming.
The Rise of Bitcoin Gambling Sites in Canada
If you are gambling in Canada, then you will be pleased to know that Skrill (one of the most common payment processing companies in the world for gambling) will finally start to allow you to deposit money using bitcoin. As with most casino payment systems, you won’t be able to deposit in bitcoin directly with Skrill. Instead, they will buy your bitcoin off you at the current market price (well, there about, the company does need to make some profit, after all). There is a chance that this is something which could change in the near future, but for now, that is how it is going to be run.
7Bit and Bitstarz online casinos are brand new online casinos to launch and are perfect for Canadians too. There are a ton of games on the casino site and yes, you have guessed it, you will be able to deposit money into your account using Bitcoin and play with it! This is one of a few bitcon casinos in Canada which not only accepts Bitcoin but also has live table dealing in place, which means it is 100% worth checking out. You can see our full list of safe Bitcoin casinos here.
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