Having been established back in 2009, Bitcoin is a form of cryptocurrency that has made a major impact upon the way in which online payments are processed. On top of this, a number of casino sites now accept Bitcoin as a method of payment, leading to a number of players taking advantage of it. With an estimated 6 million Bitcoin users worldwide, it perhaps comes as little surprise that an increasing number of online casinos have taken such steps, with the ease and security involved with payments attracting new users on a regular basis. This page will outline all of the key points surrounding the use of Bitcoin on casino sites, including its pros and cons. However, let’s start by listing some of the best casino sites catering for players wishing to bank using Bitcoin. Are you looking for Bitcoin Casinos UK 2020?
Best UK Bitcoin Casino Sites
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What is Bitcoin?
Bitcoin is a unique method of payment that is likely to be new to many. Taking this into account, the following are some of the most important things surrounding Bitcoin, along with some key points in their history:
- Bitcoin was initially founded in January 2009
- Bitcoin is regarded as a decentralised digital currency, with no central bank or single administrator.
- Payments can be made user to user on the peer-to-peer Bitcoin network.
- Bitcoin can be exchanged for other currencies, products, and services.
- Bitcoin has made a significant impression on the world of iGaming over recent years too, with a number of casino sites in the UK now accepting it.
Bitcoin in the UK
Bitcoin is now widely used by those living in the UK, however the cryptocurrency remains unregulated by banks or the government. While Bitcoin is therefore not legal tender, the fact that there are no specific cryptocurrency laws means that it can still be used online. It is believed that more clear-cut regulations surrounding the use of Bitcoin could well come into play soon, however at present, casino players can use it without any chance of legal repercussions. However, it is always worthwhile using a licensed Bitcoin casino, who have a good reputation when it comes to operating in the UK.
Pros and Cons of Using Bitcoin as a Payment Method
Upon testing Bitcoin as a payment method on casino sites, our experts uncovered an array of benefits, along with a small number of drawbacks. All in all, the following are the main pros and cons when it comes to banking using Bitcoin:
- Speed – Payments made using Bitcoin are almost instant, thanks in part to the fact that no verification or authorisation is required from a bank.
- Security – Those using Bitcoin on casino sites will not have to enter their bank details, adding another layer of security as a result.
- Fees – While deposits using Bitcoin are likely to be processed free of charge, withdrawals are likely to come with a small fee, which is somewhere between 0-2% of the total amount.
- Casinos – While the number of casino sites which accept Bitcoin is rising all of the time, there are still some platforms which do not favour this form of banking.
- Time Consuming – For those who are unfamiliar with the cryptocurrency, Bitcoin can take some time to get used to, time which could be spent playing casino games.
New Bitcoin Casino Sites
With Bitcoin still being a relatively new form of online payment, the majority of casino sites accepting it have done so in the last few years. Be sure to check out our casino site reviews for more information on just which sites accept Bitcoin today.
How Does Bitcoin Work?
Using Bitcoin on a casino site works in a similar way to more traditional methods of payment, however the only difference is that instead of a standard currency, the cryptocurrency is used. Bitcoin is stored digitally in a wallet, with no intermediaries, such as banks, being used. Those depositing funds on casino sites do so with no third parties.
Bitcoin Casino Fees
There are not usually any fees involved when depositing Bitcoin on casino sites, due to the fact that they can be bought and sent peer-to-peer through the internet. However, individual casino sites may charge a small fee for processing such payments, making it well worthwhile looking into this before registering. Meanwhile, withdrawals can come with a fee up to 2% when using Bitcoin.
Bitcoin Account Registration
Before any transactions can be made using Bitcoin, players must first register an account, which can be done by completing the following steps:
1. Head to Bitcoin.org and download the free client in order to start storing Bitcoins.
2. Buy your first Bitcoins from licensed outlets.
3. Log in to your casino site account in order to select Bitcoin as your preferred method of payment.
Bitcoin Casino Alternatives
For those who are not convinced by what they have read concerning Bitcoin so far, there are undoubtedly some appealing alternatives when banking on casino sites. The following are just a sample of the other payment methods available to casino players in the UK today:
Skrill – In a similar way to PayPal, Skrill facilitates online payments on an international basis, with the Paysafe Group-owned company also being regulated by the Financial Conduct Authority in the UK. Skrill supports over 40 different currencies, while users can also purchase pre-paid cards, which are linked to individual accounts.
Credit/Debit Card – Those looking for a more traditional form of payment may well choose to simply use a credit or debit card, which are issued by banks and other outlets across the country. Deposits made using this method are instant on casino sites, while withdrawals will likely take up to 5 working days to process.
Bitcoin Casino Bonus
One of the major selling points surrounding online casinos today is the welcome bonuses in which they offer new customers, with a handful being available to those depositing using Bitcoin. While some sites state in their terms and conditions that only opening deposits made using credit/debit cards and selected ewallets qualify, it is worth searching for platforms which accept Bitcoin when it comes to promotions. Whether it be matched deposit bonuses or free spin offers, such bonuses are also likely to come with wagering requirements, which must be met before withdrawals can be made.
Bitcoin Casino Tips and Tricks
When using Bitcoin, there are a number of tips and tricks that can be utilised in order to make the most out of the payment method. Some of these points including the following:
- Before depositing on casino sites, learn exactly how Bitcoin works when it comes to buying and selling online.
- Be sure to choose a suitable Bitcoin wallet, which means that it is both convenient and secure.
- Only deposit using Bitcoin on casino sites which are licensed in the UK.
- Follow the value of Bitcoin, as this will provide a better understanding of exactly how much you are gambling with.
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Bitcoin Casino – FAQ[/bluebox]
The following are answers to some of the most commonly asked questions surrounding the use of Bitcoin on casino sites.
Deposits made using Bitcoin can only be processed on casino sites that accept this form of payment, with players then having to choose this as their preferred method of banking.
Players can rest assured that all of the casino sites listed and discussed on this page are both reliable and accept Bitcoin.
Bitcoin deposits are often processed within just 10 minutes, while withdrawals can take significantly longer, with the exact amount of time ranging between casino sites.
There are currently no specific laws surrounding the use of Bitcoin, meaning that those doing so are under no threat.
Absolutely! There are a number of ways to purchase Bitcoin on mobile devices.
Final Words on Bitcoin Casinos
Despite still being relatively unknown to some, Bitcoin is becoming increasingly popular when it comes to processing payments online, including on casino sites. The speed and convenience of such transactions have helped to attract a large number of players, however users must be aware of the work that is required when using the cryptocurrency.
