Playing online casinos with bitcoin has become a popular thing in the 2020s. In this guide to Bitcoin casinos, we will be dicking a little deeper into the payment method. What you can expect from it, how it works, and more closely: h0w it’s related to the best quality online casino.
Table of Contents
What is BITCOIN?
To put it simply Bitcoin is a decentralized virtual currency that allows you to do everything you could with tangible paper currency. But it’s digital there are no actual coins, only rows of transactions in the ledgers.
And these ledgers are called blockchains they basically keep a track of every bitcoin ever spent. And are easily accessible to everyone, unlike bank records.
Bitcoin gives you complete control over your money, unlike other assets that can be affected by inflation.
Let us now discuss bitcoin casinos and their role in online gambling
Bitcoin and Online Gambling:
Since its introduction in 2009 Bitcoin has gained popularity really fast. In a decade’s time, It has seen both – high praises as well as acute criticisms. Yet one thing has remained the same people can’t stop talking about it. I am sure you have also heard or read about it somewhere.
And that’s because today millions of people are using Bitcoin around the world. Because of fast transactions, lesser charges, and most important – anonymity.
Which has also made it a favorable payment option for many online gamblers! Right now there is a large number of online casinos that offer Bitcoin. And let me tell you, players love nothing more than a smooth secure and a fuss-free payment option.
And figures back it up as well according to a recent report Bitcoin gamblers have wagered more than six billion USD since 2014. And with the increasing popularity of both bitcoin and online casinos, these numbers will only go up in the coming years.
How Bitcoin casinos work:
In order to understand how a casino deals in cryptocurrency. There are a couple of things to look into. First of all how Bitcoin Transactions work. This is not like any other digital payment method like Paypal, that’s also a popular digital casino payment method.
how bitcoin transactions work:
A bitcoin can be either earned or exchanged for traditional currency like[ $,£, €], etc. You have an option to buy them from someone( mostly a trader) or you can create them by a process called mining.
Once you have bitcoins you can now purchase goods and services online, pay an individual in bitcoin using your ‘wallet ‘ Or even wager on your favorite casino games. There are a number of casinos on the market that only operate on cryptocurrency and some offer bitcoin as an additional method for deposits.
Before talking about deposits and withdrawals you must know.
How to get set up for using Bitcoin.
Visit bitcoin.org and register after which you can download the free wallet for keeping your bitcoins.
Like I said before you can either buy them from a trader or someone you know. Or Earn them via mining. Usually Buying is much cheaper and easier.
That’s it now uses the bitcoins to wager on your favorite casino game.
Now that you are all set up let me show you step by step process for transferring funds in your casino account using bitcoin.
Once you are set up choose an online casino that offers bitcoin as a payment option.
Now go to the cashier section and select bitcoin.
After that go to your bitcoin wallet and type the casino’s address in the tab on the top right.
Enter the amount and wait for the transfer to take place it should only take a few minutes.
Deposit – win – withdraw – repeat.!
That’s it you are done.
DEPOSITS USING BITCOIN:
SELECT A CASINO: Choose your favorite UK bitcoin casino online and decide the amount.
CHOOSE BITCOIN: no brainer right! Go to the cashier /deposit section on the selected Bitcoin casino website and select bitcoin as a preferred payment option.
ENTER THE AMOUNT: open your bitcoin wallet and type the address or URL to which you want to send money and then enter the amount you wish to send.
WAIT FOR TRANSACTION TO COMPLETE This should not take more than few minutes and Voila! You have successfully made your first deposit using bitcoin.
Deposit – win – withdraw – repeat. Deposit is sorted winning is sorted now let’s discuss withdrawals.
WITHDRAWALS USING BITCOIN:
Firstly select Bitcoin as a payment option for cashing out on your winnings. Just go to cashier section of the casino with bitcoin.
Now request your Bitcoin address by simply going to your wallet. And enter that address on the casino website.
It’s very important to make sure due Verifications and wagering requirements are complete.
You are now just one click away from your winnings. Click withdraw and your winnings will reflect in your wallet in few minutes.
Is Bitcoin safe?
All the praise and promises aside. If a payment method is not safe enough it is of no use period.
So here I am underlining how your funds are absolutely safe while using a bitcoin casino.
To start with there is no personal information linked to your bitcoin transfers like your bank account number, your name or your card no. Etc.
This means bitcoin is pseudo-anonymous. Everything is open transparent and trackable, but you still can’t tell who is sending what to whom.
Then there are high levels of encryption in this digital currency transactions. Hence no threat of theft or exploitation.
Did you know bitcoin isn’t taxable? Yep if you convert your real money to bitcoin you can’t be taxed on that amount. Because there is no central administrative body regulating this currency. Just saying.
Bitcoin FAQ :
Below you will find some of the most frequently asked questions related to Bitcoin casinos online. We are finishing of with our take on Bitcoin casinos in the UK – And at the bottom, you can get access to the best UK casino bonus in 2021.
What are the transaction charges for using bitcoin?
Generally, bitcoin transaction fees are very low which makes it a favorable option. Ranging from a free transactions that take a longer time to transfer to on an average 1.63$ per transfer. That’s still cheaper than most other payment methods.
What are some alternatives to BITCOIN?
Here is a list of some alternatives to bitcoin we found if you don’t want to use it :
What are Best UK Bitcoin Casinos?
In my opinion, these are the best online casinos offering Bitcoin.
Fortune jack casinos
Cloud bet casino
7 Bit casino
There is no doubt that bitcoin as a concept alone is both revolutionary and courageous. It is redefining the traditional economic functioning.
But how good are UK bitcoin casinos ? – in our last review of mobile payment methods, I had pointed out that everything works for it except the fact that withdrawals are not available.
For me it’s that simple I would say that bitcoin goes a step ahead of every other payment method on the market with anonymity, faster transactions, and economical charges in its bag all it needs now is the trust of players.
Which will definitely take time. And I feel setting up a bitcoin casino account could be even simpler.
What's the best casino bonus in 2021?
Spin the MEGA WHEEL - deposit £10 and get 500 free spins
**UK only. Win up to 500 spins from Mega Wheel on 1st deposit. 24-hour expiry. Max bet £2.50, Max Spins win £8 per 10 spins, Max Bonus win £150, selected games & 65x wagering on winnings. Min deposit £10. No Neteller/Skrill. Full T&Cs apply.
50 free spins on Starburst + 200 £50 mathed first deposit bonus
Win up to 500 spins from Mega Wheel on 1st deposit. 24-hour expiry. Max bet £2.50, Max Spins win £8 per 10 spins, Max Bonus win £150, selected games & 65x wagering on winnings. Min deposit £10. No Neteller/Skrill. Full T&Cs apply