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Bitcoin deposits are fast becoming popular as one of the payment modes at online casinos to play real money casino games. It is not paper money that you use for any of your financial transactions but is a digital currency known as cryptocurrency. It is created and held electronically and no one controls it and Bitcoins or BTC are produced by people, increasingly businesses, running computers all around the world, using software that solves mathematical problems.
Bitcoin was first introduced to the online casino world in 2012, but it has taken a few years for it to really catch on. Now, you will find that most reputable online casinos are beginning to facilitate both withdrawals and deposits via bitcoins. When you opt to play at Bitcoin casinos you want to know exactly what is bitcoin, how it came into existence, how it works, and does UK allow Bitcoins or is it safe or not and many such related questions.
Legal status of Bitcoins in UK casinos
As far as the legal status of Bitcoin is concerned, the cryptocurrency is largely unregulated. In March 2015, the UK government announced that payments via Bitcoins should be regulated, so the money laundering schemes are curbed and players are protected.
As the cryptocurrencies are finding their niche in the online gambling sector due to the low fees and the faster transactions, there were speculations that Bitcoin is actually increasing its size on the UK market. The truth is that the UK Bitcoin casinos are still few, but it seems Bitcoin’s popularity is actually increasing. Expectations are Bitcoin to become prevalent within the market, but that’s going to be a long and slow process.
If you are based in the UK and you want to make BTC deposit/ withdrawal methods, you should know that currently, the number of online casinos accepting Bitcoin is pretty limited. RTG powered casinos that hold their licence with Curacao gambling authorities are allowing players to use Bitcoins as one of the deposit options. They offer a nice selection of gaming titles as well as attractive bonuses for new and existing players. The UK Gambling Commission authorities have made it clear that online casinos that offer Bitcoin as a payment method need to comply with the existing gambling laws.
Buying Bitcoins for casinos games to play
Buying BTC is considered the easiest way to procure the valued crytocurrency as opposed to mining it yourself. First players must create a ‘wallet address’ with most popular bitcoin softwares offering the service. Once you’ve located your ‘bitcoin address’, players must choose a bitcoin exchange or bitcoin trade market to use.
Once you’ve selected and signed up for an exchange, you can begin transferring money to your exchange bank account. Once money is deposited, players can choose to ‘Buy’ or ‘Trade’ the bitcoins, depending on what they are looking to do. The pricing will always vary depending on supply and demand. Once the bitcoins are purchased, players can transfer your bitcoins from the bitcoin exchange to their wallets.
Note that you get bitcoins of free to use at online casinos but, unfortunately, getting a hold of these “free” bitcoins can be a bit daunting. Bitcoins can not only be bought and sold like traditional currencies, they can also be “mined.” Mining for bitcoins means gathering bitcoins using a combination of your own software computing power and the Block Chain.
Bitcoin Deposit and Cashout Options
Bitcoins can be stored in two ways: software using a cloud or software you download. Among these two forms of storage exist a wealth of services dedicated to depositing and withdrawing bitcoins, specifically to and from online casinos. So those hoping to use bitcoin won’t be limited to just one deposit or cashout option.
Software like BlockChain or GreenAddress store them in a cloud, in a similar way to PayPal or Neteller and are considered the most popular forms of BTC storage. Software like Electrum or Darkwallet is downloaded onto your computer, and the coins are stored on your hard drive. This software tends to be more secure.
Advantages of using Bitcoins
- Bitcoin transactions are faster. Although you can’t use a bank account, credit card or cheque, avoiding the conventional banking system means transactions are faster. Using conventional currency, cashouts can take days, and cheque deposits up to a week. BTC transactions are usually complete within minutes.
- Bitcoin transaction have no costs involved and are free. All transfers are peer-to-peer, so there are no middlemen to pay. Multi-currency casinos often make charges to deposit or withdraw using a credit card, and the providers themselves may have fees. The same can be true for e-Wallets and banks.
- You have full security and anonymity at online casinos when making a deposit with BTC. Each account is identified by an automatically generated unique access URL, which can be further secured by a password and a 2-factor authentication app. Withdrawals can also be locked to a fixed withdrawal address meaning that even if a player did allow their account to be compromised, funds could only be withdrawn to their address of choice.
- There is no need to provide any personal data, and the platform does not collect any info which could be used to identify players, such as IP addresses. The only connection between your unique URL identifier and yourself is the wallet which you use to deposit funds to your account.
- Another important advantage of Bitcoin casinos is the fairness with which it treats its players. Some of the lowest house edges on the market, ranging from 0.2% to 1%, depending on the game. You can enjoy online slots be it 3- reel classics, Multi-line , Bonus feature, Video or Progressive jackpots games. You can also enjoy live dealer games at Bitcoin casinos like Blackjack, Roulette, Live Bitcoin baccarat or Live Bitcoin casino Hold’em. If interested in sportsbook, sports racing or poker tournaments that too are there for you at BTC casinos. So you see betting with bitcoins is a great source of entertainment and excitement as it covers a wide spectrum of ways to enjoy the digital currency. With full access to games, without any delays, with no document requests and being quick in anything you wish what else you need to sign up and make a deposit with BTC currency.
Disadvantages of Bitcoin
- Bitcoin prices are volatile as some BTC casinos claim they are immune to economic turmoil because they are a virtual currency, but it is true that their value can fluctuate following major events. It should be noted that some multi-currency online casinos only accept deposits and withdrawals in selected currencies, which can make exchange rates and conversion fees a costly additional consideration.
- You need to check that bitcoin deposit is legal and regulated and that it is licensed in the jurisdiction you’re playing from, which has been required since November 2014 in the UK. Ensuring the validity of a bitcoin gambling site’s regulation is vital.
- Licensed websites in the UK usually display the Gambling Commission logo on their footer. Most gambling websites also regularly commission independent testing companies like eCOGRA or GLI to confirm that the random number generators in their games are fair, and to assess their return to player percentages. So ensure that the bitcoin casino you choose carries these tests out.
- Bitcoin operates from anywhere in the world so it’s not always immediately obvious where they are based. Some bitcoin casinos can be licensed outside of the UK, which may be at odds with your local laws, so it pays to check.
To make a deposit at the online casino with BTC, you need to get a Bitcoin wallet. You can choose to register an account with many such wallets like:
Web Wallets: BTC wallets that are web based are the easiest and most convenient to use, but they are less secure compared to the other type of BTC wallets. Blockchain, Xapo and Coinbase are popular web wallets where you can easily sign up with your e-mail and follow the step by step the instructions to register a wallet and use it to store BTC coins.
Software Wallets: To get a software Bitcoin wallet you have to download a program on your computer and run it from here. They are more secure than the web wallets because you have complete control and you don’t depend on a third party service. Popular software wallets are Armory, Bitcoin Core and Multibit.
Once you own a wallet, you will be able to receive payments using the address provided by your wallet supplier. However, in case you want to make payments at online casinos, then you’ll have to top up your Bitcoin wallet first.
Get coins on your Bitcoin wallet
Buying BTC can be done in several different ways. The easiest and simplest one is to visit a Bitcoin exchange where you can enter the amount of cash you’re willing to spend on coins, type in your wallet address and select a payment method. Within minutes you’ll receive the funds on the provided address and they’ll be ready to use. Also if you have a wallet and know its unique address, you can also have a friend send you coins. The best online BTC casinos will also allow you to ‘break up’ your Bitcoins in smaller allowances if you don’t want to wager a whole coin. After loading up a Bitcoin wallet with some coins, payments are processed through a private network of computers linked through a shared program. Each transaction is simultaneously recorded in a blockchain on each computer that updates and informs all accounts.
After each transaction has been verified then the Bitcoins are sent to Bitcoin casinos where you opt to play and the process is complete.
Play with Bitcoins at online casinos
After you register a Bitcoin wallet and load it with Bitcoins, you can sign up with a reputable and trustworthy online Bitcoin casino or any online casino that offers Bitcoin as deposit mode and make Bitcoin transactions. The transactions are usually processed instantly and players can start playing games right away. However, sometimes they can take up to 30 minutes to arrive. To send Bitcoins to your online casino account grab the recipient address from the online casino site or from the wallet you want to transfer Bitcoins to and click on the send button.