What Is Bitcoin?
As explained, Bitcoin is a digital cryptocurrency that doesn’t rely on a bank. It’s used by hundreds of people all over the world for various transactions. Since it’s completely virtual, Bitcoins are held in what’s called a digital wallet on a device such as your smartphone, tablet, or computer, and they can be sent to other people as transactions.
Unlike traditional currency, there are only three main ways to obtain Bitcoin. They include buying Bitcoins on an exchange, accepting them via transactions for services or products, or mining Bitcoins online, although this can be a time-consuming and confusing process for many users.
Bitcoins can be converted into ordinary cash by moving it to a bank account or selling it on cryptocurrency exchanges such as Kraken, Bitstamp, or Coinbase. However, you may have to pay fees for using these exchanges.
How Does Bitcoin Work?
As already mentioned, Bitcoins can be sent to other people as part of a transaction and every transaction made using Bitcoin is recorded publicly in a list called the Blockchain. This allows for the regulation of Bitcoin and can help prevent people from spending Bitcoins they do not have.
There are two ways of using Bitcoin; sending and accepting. To send Bitcoin, you’ll need a cryptocurrency wallet and will need to obtain Bitcoin through any of the methods previously listed. From there, you’ll simply need to find an online or real-life merchant that accepts the payment method. Once you do, you’ll need to either copy and paste the recipient’s Bitcoin address into your digital wallet or in-person scan the recipient’s QR code. You must then check which wallet you’d like to send the payment from, confirm the amount, and then click send – that’s it!
When it comes to receiving Bitcoin, you’ll need to select which digital wallet to use. Your cryptocurrency wallet will need to generate an address for the transaction via a QR code which you must share with the merchant or person sending Bitcoin.
Bitcoin Online Casinos: Everything You Need To Know
Although Bitcoin isn’t yet widely accepted, there are dozens of merchants and services that accept the cryptocurrency payment method. Even more surprisingly, some online casinos both in the UK and internationally accept Bitcoin as a valid payment option, even with its volatile value.
Making Deposits with Bitcoin at Online Casinos
Bitcoin at an online casino works in the same way it does with other merchants, you simply need to find an online casino that accepts the payment method and register with them. Once you’ve done that and have verified your account, you’ll need to open the casino’s cashier and select Bitcoin as a payment method.
After this, you’ll be provided with an address for the payment which you must enter into your digital wallet. You’ll then need to enter the amount you wish to send, confirm the transaction, and select the ‘Send’ button. The funds will be processed instantly and the deposit completed.
Making Withdrawals at Bitcoin Casinos
Withdrawing via Bitcoin is just as easy. All you need to do is open up the casino’s cashier, select Bitcoin as the payment method you want to use, and then enter the amount you want to withdraw. This will generate an address which you must enter into your digital wallet. You then confirm the payment and it should land in your digital wallet within a few hours. That’s it!
Fees, Safety, And Other Details
Unlike most other payment options, there usually are no fees for using Bitcoin or other cryptocurrencies since it isn’t tied to a bank! However, like always, this varies depending on the casino website and it’s important to check whether or not any fees are applied to your transactions.
When it comes to safety, Bitcoin is one of the best. No personal details are shared when sending or receiving money, and all transactions are encrypted too, which means they’re incredibly secure. What’s more and as already mentioned, all transactions are recorded and backed through Blockchain. Finally, Bitcoin is decentralised and has multiple servers all over the world which means that if someone goes wrong with one, another will continue working.
Bitcoin’s Volatile Value
A major drawback to using Bitcoin, however, is that its value is incredibly volatile. Since nothing is regulating the cryptocurrency, its worth is unstable and change quickly. It can have months of stability, but the fluctuating value can make for risky business if it plummets too low. On the other hand, this can work out in your favour if the value increases exponentially. So just remember to keep an eye on Bitcoin’s value.
Pros & Cons of Bitcoin Online Casinos
We’ve already mentioned some of the advantages and drawbacks above, but there are several reasons people enjoying using Bitcoin as a payment option and numerous reasons why people avoid cryptocurrencies at all costs. Take a look at below:
Pros
- Safe and secure
- Easy to use
- Offers fast payments
Cons
- Extremely volatile
- Not widely accepted
- Riskier than other payment options
Where Can I Find Bitcoin Casinos in the UK?
Although many online casinos now accept Bitcoin as a valid payment option, most of them are not licensed by the UK Gambling Commission, the United Kingdom’s regulatory body. In fact, most of the websites that accept Bitcoin are overseas websites which are unregulated.
There are some brands licensed in the UK that accept Bitcoin, just not on the UK-facing website. Some of the websites that do accept Bitcoin include the following:
- BitStarz
- Cloudbet
- BetChain
- King Billy Casino
- 1xBet
As already explained, most of the online casinos mentioned above, and the dozens of others that accept Bitcoin, are not licensed to operate in the UK. Although you may still be able to register, we suggest you avoid doing so since they’re unregulated.
This means you may run into problems when playing at this as the site, although many sites are still. Some of the most common concerns that crop when playing at an overseas online gambling website is the fairness of the site and its games since some sites, not those in the UK, may pirated copies of the games or may have skewed the fairness in their favour. Another concern is that many overseas websites have inadequate customer support or have no customer support at all, making it difficult to contact the casino team if you run into a problem. Finally, the biggest concern is that the overseas casino website may not honour withdrawals and either take a very long time to pay the money out or may attempt to never pay you at all.
The likelihood of this happening is slim as most online casinos are generally alright. However, the concern is there for a reason and it’s just much easier and less risky to play at a site that is regulated in the UK. So although you may not be able to use Bitcoin at UK online casinos, there are alternatives that offer just as fast and pain-free experience as Bitcoin, take a look below for more.
Online Casinos With Fast Payments
If you’re looking into using Bitcoin as a payment method simply for its fast processing times, there are countless other online casinos that will allow for almost-instant payments. Now, the first thing to note is that the processing time for payments at an online casino will vary depending on the payment method used and the online casino.
Generally speaking, e-Wallet payments via Skrill, Neteller, and PayPal are the fastest payment options available. Debit cards can be used, but they usually take slightly longer and bank transfers usually take the longest to complete.
It’s also important to explain that online casinos will process payments differently, with some being much faster than others. You can find recommendations for our top online casinos with the fastest payments above which includes popular sites such as PlayOJO Casino, which is widely regarded as one of the fairest casinos in the UK, as well as Sloty Casino, the space-themed Genesis Casino, and plenty of others. All of these websites offer a huge selection of game, provide customers with excellent customer support, accept a variety of payment options and process payments quickly. Unfortunately, you won’t find any Bitcoin payment options here.
Consider E-Wallets Over Bitcoin
We actually believe it’s better to consider using e-Wallets over Bitcoin since they’re widely available at UK regulated online casinos and are just as safe and quick to use as Bitcoin. Since e-Wallets are tied to ordinary currency and your bank accounts, there’s no risk when it comes to fluctuating value so there’s nothing to worry about.
However, it is important to note that there are disadvantages to using Bitcoin. For one, most online casinos prohibit customers from using it as a payment method for welcome bonuses which can be somewhat disappointing. What’s more, some online casinos may charge fees for using e-Wallets for making deposits and withdrawals but you will always be informed of this before confirming the transaction.
In short, we believe that e-Wallets are just as great as Bitcoin since payments are processed just as fast and are just as safe. They come with less risk and, although there are drawbacks to using the payment method, we believe they’re well worth utilising, particularly if you’re a customer in the UK without access to online casino Bitcoin payments. You can check out our guide to Skrill and our guide to Neteller to discover more information on using these e-Wallet methods.
Questions & Answers (FAQ)
Is it worth using Bitcoin?
That’s for you to decide but we at Casinostoplay.com believe that it’s much safer to use an alternative payment method, particularly since the online casinos that accept Bitcoin are usually unlicensed and unregulated.
Is Bitcoin easy to use?
Yes. Although Bitcoin can be rather complicated when it comes to setting up, it’s actually rather easy to use when you figure out how it works. If you’re unsure how to use it, read through our instructions and within no time you’ll be able to send and receive payments without a problem.
Can I claim bonuses with Bitcoin?
Yes! Online casinos that accept Bitcoin generally offer their own Bitcoin promotions and bonuses which you can claim. However, it’s important to remember that using Bitcoin can be risky.
Will I be charged fees for using Bitcoin?
Generally speaking, there are no fees for using Bitcoin but online casinos may charge fees depending on the website. It’s worth researching this before registering with an online casino that accepts the payment method.
Are online casino Bitcoin payments safe?
Yes, Bitcoin is actually one of the safest payment methods around since it’s so highly encrypted. What’s more, all transactions using Bitcoin are recorded in Blockchain. In short, there’s nothing to worry about when using Bitcoin aside from its volatile value.