It’s not surprising that Bitcoin Casinos are increasing in numbers. With the growing popularity of cryptocurrency, it was only a matter of time before the likes of Bitcoin, Litecoin, and Ethereum would make their way to online casinos. After all, the digital currency seems like one of the perfect payment options for online gambling. It’s already online. And it has real value – just like traditional currencies.
So don’t think that you can’t convert this into real money. It has an actual value that rises and falls like foreign currency. If you understand how every Bitcoin transaction works, you can make it grow so when you convert it to real cash, it’ll have a higher value than when you deposited it.
Apart from that, it’s also very secure. This is why more and more online players are including it in their list of payment methods.
But before you join them, you might want to know more about Bitcoin as a cryptocurrency. That way, you can make an informed decision about whether or not this will be your chosen payment method.
What is Bitcoin?
Let’s start by defining what Bitcoin is. Also referred to as BTC, this can be considered as the most prominent representation of the future of monetary transactions. Satoshi Nakamoto is to thank for this. They’re the pseudonymous person who authored the Bitcoin white paper.
How does Bitcoin work?
It’s made possible by blockchain technology. A blockchain is basically a database that is able to store encrypted data. These data are in blocks. Once a block is filled with data, it’s closed and chained to a new block that is then filled with new data. Each block is chained to another in chronological order – thus the blockchain reference.
This is a database that’s completely open – anyone can access it – but they can’t alter what’s in it. This makes the data stored safe and secure. And since the database is not stored in any central location, it’s not vulnerable to hackers. That means the transfer of data, including cryptocurrency like Bitcoin, is very secure.
That’s what makes Bitcoin an ideal option for online players.
How do you use Bitcoin for depositing and other transactions?
It’s really just like a typical currency. You can make actual purchases online by using Bitcoin payment in exchange for items and services. A lot of online businesses now accept Bitcoin as payment. That includes online casinos.
You can even sell or purchase Bitcoin so you can trade it. Just like any other currency, it fluctuates in value – depending on how it’s being used.
Since it’s decentralised, cryptocurrency isn’t tied to any bank, corporation, or country. It’s commonly used for peer-to-peer transactions.
How do you fill your Bitcoin wallet?
The simplest method to fill your Bitcoin wallet is to purchase coins from online vendors. You can use any currency to make a purchase. You can also accept Bitcoin by accepting them in exchange for goods and services.
Finally, you can also “mine” it through blockchain technology. Mining is the term used for discovering new Bitcoins. Think of it like finding rare minerals like gold. But in reality, you’re verifying the transactions that you make through this cryptocurrency.
About legal Bitcoin casinos
Now that you know more about this particular cryptocurrency, it’s time to explore Bitcoin casinos.
First and foremost, you have to know that these Bitcoin casino sites are legal in the UK. After all, the use of cryptocurrencies in general, not just Bitcoin, is legally accepted. As long as what you’re buying, whether it’s goods or services, are legal, then you are free to use Bitcoin or any cryptocurrency for it.
Since it’s legal, it also follows that UK Bitcoin will be treated like any other currency. For instance, it will be taxed when you earn from it. However, online casino players won’t have to worry about this when they use it to bet at Bitcoin gambling sites. The online casino winnings of UK players will be considered tax-free.
But take note. Any amount that you gain from the rising value of this cryptocurrency will be taxed. So you should know the difference and file it accordingly to avoid issues.
Finding top Bitcoin casinos
If you want to use Bitcoin to play casino games, you have to look for crypto casino sites. Not all online casinos accept cryptocurrency. But it shouldn’t be long before all will include it in their payment options.
So how do you find the best Bitcoin casinos to play games on? The criteria will be like any other online casino.
First is the game selections. You’re playing at online casinos for the games. Make sure the online casino offers a wide range of options when it comes to games. It’s not just about having the slot games that you prefer. It’s also about having enough options even for progressive jackpot games, video poker, table games like blackjack and roulette, live casinos, etc. The site should also introduce new games every now and then.
Another thing that you have to look into is the casino bonuses and free spins. It’s rare for online casinos to offer a welcome bonus for Bitcoin deposits specifically. It does happen, but don’t let it deter you in case the online casino you’re looking at doesn’t offer it. Even if Bitcoin isn’t mentioned specifically, it’s usually part of the payment methods that can qualify for the casino bonus – as long as you qualify. Make sure that the online casino has other bonus offers like cashback rewards or no deposit bonus packages. It shouldn’t just be for new players. The loyal ones should also enjoy freebies and rewards.
An online casino should offer variety when it comes to payment options. Obviously, you prefer Bitcoin but in case something happens, you want to have the option to use another for your bank transfer. These include VISA, MasterCard, Neteller, PayPal, Skrill, etc.
Beyond the options, the process should also be simple. You don’t want to go through a lot of steps when depositing or withdrawing your Bitcoin. So the more simple it is, the better. If the processing is also free, then it’s also good for you.
Even the best online casinos will experience problems and issues. This is why one of the things you should check in a BTC casino is how they deal with complaints and issues. What are the different ways you can get in touch with customer support? Are they available 24/7? You’ll know a lot about an online casino just by getting to know how their customer support responds to online players.
Security measures in a Bitcoin casino
Security is an important part of any online casino. You should never take it for granted. This is why discussing security has to be highlighted separately.
Fortunately, Bitcoin is generally a secure cryptocurrency. That’s just the way cryptocurrencies are thanks to blockchain technology. Using it makes things easier to secure the money you have in your bank account. After all, there’s no need to reveal your banking information when you open an online casino account. That means it won’t be in danger of being hacked.
Of course, this means you have to be very careful with your Bitcoin key. This is the encryption code that will allow you to access your eWallet. If you lose this, it’ll be very hard to get access to your BTC.
But even so, you still need to examine the Bitcoin casino that you’ll choose to play in.
Secure online casinos
If the online casino isn’t secure, you might lose your winnings. Someone else might gain access to your casino account and get to your BTC. When that happens, you might find it hard to get it back. After all, blockchain technology is irreversible. Once it’s chained and another block is created after, it can’t be undone.
This is why it’s important to check the online casino. Ensure they have the latest encryption technology in place. The security measures and licenses that they have should be visible on their page.
You should also check if the online casino has proper license and accreditation from the UKGC or UK Gambling Commission. If they do, you can be sure that the site made efforts to comply with strict security standards.
They should also be transparent with their efforts to maintain fair gameplay (e.g. Random Number Generator, etc). This includes revealing who does their regular audits and even having a seal or icon on their page as proof.
Pros and cons of using Bitcoin
Of all the payment methods that you can use to fund your online casino account, why should you choose Bitcoin? There are several benefits to using this cryptocurrency. But let’s be fair and look at all sides.
Here are the advantages and disadvantages of using Bitcoin to play online casino games.
Advantages of using Bitcoin
There are several reasons why Bitcoin is a popular option among casino players.
- Fast withdrawals. Online players usually want to get their payouts as quickly as possible. Bitcoin transactions can give you exactly that. As long as all your details are correct, you’ll enjoy instant deposits and withdrawals.
- Low fees. Depositing and withdrawing Bitcoin involves really low fees. Most casinos actually don’t charge any fee at all. Why? Because the cryptocurrency doesn’t charge processing fees anyway. While Bitcoin will charge for trading BTC in the marketplace, this does not include online casino transactions. So you can make deposits or withdraw payouts without additional fees.
- Very private. If you are concerned about sharing information on online casino sites, you don’t have to worry anymore. Bitcoin transactions are anonymous. Of course, the online casino will typically ask for your personal information. But if you use Bitcoin, you don’t have to share your bank account details.
- Grows in value. This is like a double whammy. You don’t just win from making bets. You also win if your BTC rises in value. As you keep using Bitcoin, you’ll enjoy how it rises in value. Of course, there’s a chance that it’ll also go down. But as long as more people choose to trade it, you’ll find that its value will continue to rise.
- Extremely secure. This is probably one of the most secure payment methods out there. Not only is blockchain technology hard to hack, but it also uses encryption in all transactions. You can’t get any more secure than that.
Disadvantages of using Bitcoin
Like everything in this world, there are reasons why you should be careful when you use Bitcoin.
- No official protection. While the “decentralisation” of Bitcoin makes it hard to hack, it also means there’s no government or organisation that regulates it. So if something goes wrong, like your Bitcoin wallet is compromised, you can’t just go to the police or file a complaint somewhere. The same is true if you lose your Bitcoin key. You wouldn’t know who to ask to recover it.
- Not everyone accepts it. While there’s a growing number of online casinos that accept Bitcoin, the fact remains that it’s still not as popular as other payment options. Make sure you check this out before you open a new casino account.
- Loses value. Just like any currency being traded, there’s a chance that BTC can lose its value. It all depends on how the market moves or how people use it. So make sure you keep an eye out for this.
Bitcoin casino transactions
If you’ve decided to use Bitcoin to fund your online casino transactions, it’s time to get to know how you can go about it. You want to make sure that you’ll be doing it correctly to avoid compromising your BTC in the process.
How to make a Bitcoin deposit
To use Bitcoin in playing online casino games, you have to make a deposit first. Now the details will depend on the online casino that you’ll choose. But the general rules to make your first deposit should be similar.
Here are the steps you need to follow.
- Log in to your chosen online casino and open your account.
- Look for the link or icon that’ll take you to your account “wallet.” This may also be referred to as the Cashier or Bank.
- Click the option to “Deposit.”
- Find the list of payment options and choose Bitcoin as your payment method.
- Enter the amount that you want to deposit. Check the minimum deposit requirement to ensure you’re complying. You should also choose the same currency you indicated when you registered your online casino account.
- Open your Bitcoin wallet to get your Bitcoin key.
- Type the key in the payment field to confirm your deposit transaction. The transfer should be instantaneous.
- Start playing and making bets.
How to withdraw winnings through Bitcoin
When it comes to withdrawing your winnings to your Bitcoin account, the same applies. The details will depend on the online casino that you’re transacting with.
But this time, it’ll probably be more strict. Like, if you haven’t completed the verification process after you opened your online casino account, you won’t be allowed to withdraw your winnings. It doesn’t matter what your payment method will be. This verification process will help the online casino ensure that you are who you say you are. It’s for your own protection after all.
Another thing you have to consider is the wagering requirements and terms and conditions associated with bonus offers. If you are withdrawing winnings you got from bonus offers and free spins, you have to make sure you complied with any conditions and requirements first. Only then can you withdraw your winnings.
If everything checks out, here are the steps you need to follow to withdraw into your Bitcoin wallet.
- Log into your account.
- Go to the online casino’s wallet, cashier, or bank.
- Choose the option to “Withdraw.”
- Find the word “Bitcoin” and click on it.
- Enter the amount that you want to withdraw. Make sure that it’s within the withdrawal limits of the online casino. It should also be below the amount that’s in your account.
- Follow the instructions to complete the withdrawal request. You may have to input information about your Bitcoin – like your key for instance. In case you decide to withdraw a huge amount, you may be asked to provide additional verification – all of which are for your own safety.
- Once you’ve provided all the details, click submit and wait until the processing period is done.
In most cases, the withdrawal should be instantaneous. But if you don’t see your withdrawal in your Bitcoin wallet, get in touch with customer support immediately.
Bitcoin mobile casino
The BTC casino should also offer the option to play through desktop and mobile devices. If you have this freedom, you can have a great gaming experience no matter where you are. The best online casinos offer everything that a desktop has in the mobile version. Whether it’s live casino games, slots, table games, etc. Even the payment options and customer support should be just as good no matter what device is used.
A mobile casino should be accessible to both iOS and Android devices – at the very least. There are other operating systems like that or Microsoft, etc.
When it comes to opening an online casino site, there are usually two options. You can access your account through the mobile browser of your device. Just enter the URL and type in your login details.
There are also online casinos that create specific mobile apps that you can download. Usually, these apps give you the option to play your games even if you’re offline. Just check the details if you decide to download through the iTunes Store or Google Play.
Bitcoin live casinos
Who doesn’t like to play online casino and still feel like you’re in a real mortar and brick one? This is why the Bitcoin casino that you should look for must offer a live casino. It’s a good thing that modern technology has made this possible. If it can come up with something as ingenious as Bitcoin as a cryptocurrency, then this shouldn’t be a huge surprise.
There’s really nothing like having a real live dealer with you as you play. You get the immersive feel even if you’re actually in the comforts of your own home.
Make sure you understand the rules of playing and betting in live casino games. Get to know how you can quickly make a deposit. That way if you run out of funds, you can quickly add to your stash and catch up with the deals. Most online casinos allow you to make deposits anyway while in the middle of a game – even if you’re using Bitcoin as your payment method.
What’s next for Bitcoin casinos
With the way Bitcoin is gaining popularity nowadays, don’t be surprised if a lot of things will change in a short amount of time. Whatever that change may be, you can be certain that Bitcoin users will be given adequate information about it. You just have to make sure that you know where to look for information and updates.
One thing is for sure, this cryptocurrency has a lot of potential to make your online casino gaming experience truly amazing. Especially as more people and online casinos decide to use and accept it.