Bitcoin is a digital currency or cryptocurrency that allows online transactions worldwide in seconds; that’s why more and more new online casinos are starting to accept Bitcoin as a payment option nowadays.
It is safe to use and extremely fast once you set it up. Keep reading to find out how to use it, and check out the latest casinos in one place.
As this novel currency makes its way into our lives, most new online casinos in the UK and other parts of the world are now offering it as an alternative to traditional methods; on top of that, Bitcoin casinos offer players an extra layer of anonymity.
Take a look at a full list of the latest Bitcoin casinos below:
The first thing you need to do before you can start playing at any new Bitcoin casino is to create your own wallet, either a blockchain (stored in the cloud), software (stored on a computer), or hardware (kept on a USB drive).
The latter is a popular option, as you can keep it stored in a safe pocket on you at all times, yet cloud storage is accessible from anywhere with an internet connection.
You can buy Bitcoins from a number of online sites, and once these are added to your wallet, you’re good to go. This is a faster alternative to mining them instead or can be used in combination with that.
Bitcoin is used as a standard deposit & withdrawal option at online casinos. You can use it to place bets of varying amounts and claim winnings much as you have before.
The selection of new Bitcoin casinos is growing by the day but is still somewhat limited when compared to more traditional methods.
Be sure to take the time to explore the range of options available rather than just registering for the first new Bitcoin casino you stumble upon.
Playing at a Bitcoin casino comes with it many advantages when directly compared to traditional payment methods.
Because of the clever use of blockchain technology and the radically different approach to the concept of currency, it provides the following plus points:
- Fast transactions
- No transaction fees
- Super anonymous payments
- Decentralised currency system
- Potential bit-currency gains
Using Bitcoin as a payment method will give you fast transactions when directly compared with some of the longer-established payment methods. Exactly how fast depends on the online casino side of things. You can normally get your money into your bankroll within the same day.
Sometimes it can be pretty instantaneous but check with the casino first to see how quickly they can transfer a payment. This lets you avoid the lengthy wait times associated with other methods and get straight to the gaming action.
Typically Zero Transaction Fees
As the currency itself comes with no fees attached, you won’t get any charges from that side as if you were using a debit or credit card. Depending on which online casino you are depositing to or withdrawing from there may be a fee from their side. You can just ignore these casinos.
Be aware that Bitcoin exchanges and wallets might charge you for using their services, so that’s something to factor into the total costs of opting for this payment method.
If you are someone who doesn’t like giving all your details to payment providers, using this cryptocurrency could navigate around that. The blockchain system behind the currency means that transactions cannot be traced back to an individual.
There’s no requirement for an account name or further details so, all transactions using Bitcoins remain anonymous forever. The chances are you’ll still need to provide some proof of ID to the casino itself but at least there are no credit card companies tracking your every move.
Unlike other global forms of payment, the currency itself has no central bank or government behind it. By its very design, Bitcoin is built to be used online wherever and whenever and not tied to any single entity.
Potential Currency Gains
There is a finite amount of Bitcoins that will ever be made (21 million). This scarcity is a part of what gives the currency its real-world value and drives increases in value.
The value per coin can leap up by hundreds, sometimes thousands of dollars overnight as the currency reacts to global events. This offers the potential for your casino winnings to increase in value rapidly without you even touching them.
It’s worth saying that as with anything this volatile, things can easily go the other way and big losses can be incurred at the same rate. Always know the risks before diving into the world of cryptocurrencies!
Despite the tempting advantages above, there are some major risks when using this pioneering cryptocurrency.
- Risk of attacks
- Extremely volatile currency
- Illegal associations
- Limited acceptance
Hackers, world governments, shady exchanges, everyone is out to get Bitcoins. Despite the blockchain creating a secure system for the currency itself, it’s the ecosystem around it which has many flaws.
People have lost millions overnight from crypto exchange hacks, never to be seen again and impossible to recoup. It’s can be a high-risk way to store your finances. There was even a case of a man losing a hard drive with Bitcoins worth millions of Euros.
Extremely Volatile Currency
Bitcoin has a reputation for being extremely volatile in terms of its market value. The price per coin has been on a rollercoaster ride since it started to hit the headlines in mid-2017.
One coin is now typically valued in the thousands of dollars, so they are divisible into smaller units known as Satoshis – each Satoshi is worth 0.00000001 Bitcoin. It’s a constant risk as your winnings could halve in value overnight or worse if the currency runs into any issues.
The currency has been used to fund black market drug sites, and due to this association, is outlawed by powerful institutions like the Chinese government.
Regulations and restrictions are being considered and implemented by key governments and institutions around the world. This all helps to create a very uncertain environment for the future of Bitcoins as a mainstream currency.
Despite the number of online casinos that accept Bitcoin is increasing, it is not as widely used as other more established payment methods. Check our list of recommended casinos above to ensure that the cryptocurrency is accepted where you want to play.
The exact method of paying with Bitcoin will vary from casino to casino. It is best to contact the casino’s customer support team before going ahead with a deposit to ensure you know the full procedure and any attached fees.
- Select Bitcoin as a payment option.
- Use the online casino wallet address to send the funds.
- Pay attention to the identity code provided by the casino.
- Enter the amount and confirm the transaction.
It can take anywhere from moments to days for the money to arrive in your casino account. The funds will transfer instantly, but the online casino still needs to process them and that is where the hold-up is as mentioned in the disadvantages section.
You might want to contact the online casino’s customer service before making your first withdrawal. Don’t forget to ask about any fees and timings to see how quickly you can get your funds back into your wallet.
- Inform your crypto wallet address.
- The casino will then send the money.
- Confirm the amount received and check for fees.
There are a few things you’ll need to put in place before you can start using this cryptocurrency at any UK casino. They are:
You need coins to spend.
Ability to convert your coins into any currency.
You need a way to safely store your coins.
Crypto ATM or bank feature
Withdraw your coins in cash.
As mentioned, the coins themselves are sometimes worth tens of thousands of dollars each, so it’s unlikely that you’ll own several whole coins. They are divided up into Satoshi, with each one being worth 0.00000001 or a Bitcoin.
You’ll need some in your crypto wallet to get started, and they can be purchased at a coin exchange using traditional currencies. Exchange rates, fees, and trust vary as with any currency, so do your homework before spending your cash on coins.
To keep your coins safe, you’ll need a crypto wallet for virtual currency storage. There are countless providers of these with many different approaches and setups.
Do your research and be sure that you’re keeping your virtual currency somewhere which is compatible with online casinos. You don’t want to find that you’re not able to easily transfer funds to your bankroll when you’re all set to spin your favourite online slots.
You’ll also need to be set up at a coin exchange so you can buy and sell your cryptocurrency when you want to. Some exchanges might require you to verify your account with some basic ID before you can start swapping any sterling for virtual coinage. Again, research is key to finding a good exchange that you’re happy with. There’s a lot to consider beyond what this basic guide can tell you.
Bitcoin is a digital currency created by a mysterious internet user known as Satoshi Nakamoto – who has yet to be identified successfully. Since it was launched in 2009, Bitcoin has become a transformative mode of online money management for a growing user base. It employs decentralised technology to power secure transactions and money storage without any banks or even any need to give your name.
Bitcoin’s more flexible, anonymous service holds considerable appeal at a time when the public trusts banks less and less. When it was first announced in an email circular, it was described as a method to liberate money, just as the internet had delivered free information to the world.
Bitcoin operates on the blockchain, a decentralised public log that keeps users’ wallet IDs (preventing their real names from being revealed). Buyers and sellers can conduct their business without creating a trail, as they would with traditional payment systems, and Bitcoins are kept in a user’s digital wallet; this is stored on a hard drive or cloud storage.
Bitcoins are ‘mined’ (or generated) as computers solve incredibly complicated math problems, and winners receive fractions of a coin. Spending Bitcoins online allows you to make payments to businesses around the world without fees or extortionate charges, as they aren’t tied to any one country or under any governmental regulations.
There are many reasons to use Bitcoin as a payment method, most outlined above. The main reason could be anonymity, followed by the speed of transactions.
In most cases, it can be extremely safe, provided that you do not share more information than necessary for the transaction. The same goes with other payment methods, if you take precautions, you’ll be safe.
No, you shouldn’t pay any fees on most casinos for depositing but as a rule of thumb, make sure to confirm if your chosen casino charges any fees, especially for withdrawals.
Yes, we haven’t seen any Bitcoin casino that does not accept cards, vouchers or other cryptocurrencies.
Some casinos allow you to change the withdrawal method, but it is better to confirm that before you request a withdrawal. Also, check fees for withdrawing low amounts.