UK Bitcoin Casinos - Enjoy the Fun with Crypto One

There are a lot of online casinos out there. All of them offer you a plethora of optional payment methods. These are debit cards, credit cards, digital wallets like PayPal as well as online banking. However, we live in an age where technology is advancing rather rapidly. Everyday, there is some new development or the other. One such development has also been observed in the gambling world and that is bitcoin gambling. More and more online casinos have started to facilitate bitcoin gambling. They are calling themselves a crypto casino. This is a big advancement and that is what we will be addressing here. Rather than browsing through tons of bitcoin casino reviews online, read on to know more about bitcoin gambling sites.

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Bitcoins & Casinos

What are Bitcoins?

Bitcoins are a form of cryptocurrency that was invented in the year of 2008. They were invented by an unknown entity using the alias of Satoshi Nakamoto. They are made through the practice of mining. In technical terms, they are an open-source digital currency. When you conduct a transaction with bitcoin, it gets recorded in a blockchain. Bitcoins are not regulated by any administrative authority whatsoever. They are decentralized in nature. More and more businesses as well as institutions are adapting to this. So, online casinos are no exception. Experts are predicting that bitcoin gambling will become very common in the future. As more online casinos are starting to embrace bitcoin gambling, the trend seems to continue thriving. A btc casino can give you great advantages. The btc gambling sites guarantee a smooth gaming experience.

Why are Casinos Using Bitcoins?

Since the technology of blockchain has been incorporated into bitcoins, they are relatively easier to track than conventional currencies. On top of this, bitcoins are not impacted by the same real-world variables that conventional currencies do, viz., government regulations, stock markets, economic conditions and so on. In fact, this was the actual intention behind the creation of bitcoins. It makes crypto gambling more convenient. The inventor attempted to create a medium of transaction which will be immune to adverse situations like the Great Recession. The financial crisis of 2008 was the real inspiration behind the invention of this cryptocurrency. Today, the market value of this cryptocurrency has exceeded $9000. Crypto gambling is attaining massive popularity. Btc gambling sites are popping up one after another.

How to Make a Deposit and how to Withdraw Money from a Casino Using Bitcoin?

The steps that you need to follow in order to make a deposit and a withdrawal at an online casino while cryptocurrency gambling are as follows:

Get a Bitcoin Wallet!

Before you indulge in any form of cryptocurrency gambling, you need a bitcoin wallet. So, you must install a bitcoin wallet on your device. There are many websites that you can find on the internet to get a bitcoin wallet from. The best bitcoin gambling sites have bitcoin wallets of their own. New bitcoin casinos are also following through.

Every Wallet has 2 Keys!

Every bitcoin wallet has 2 main components or, rather, addresses, viz., the sending key and the receiving key. The receiving key can be made public as it is the key with the help of which you receive money. However, the sending key is to be personally used by you alone. It is how you send money to the other wallets.

Exchange Real Currency with Cryptocurrency!

Prior to making a deposit, you must already have bitcoins in your wallet. There are many sites available on the internet where you can exchange real currency with cryptocurrency. Nevertheless, they may charge a commission for it.

Make the Transaction!

Keep in mind that when an online casino accepts bitcoins, it must have a bitcoin wallet of its own. When you must make a deposit, the best bitcoin gambling sites as well as the new bitcoin casinos will share the receiving key of their bitcoin wallet with you. Use that address to deposit the amount. For casino withdrawal bitcoin, share your receiving address with the casino.

Pros & Cons of Crypto Gambling

The advantages and disadvantages associated with how to gamble bitcoin are:

Pros

Absolute Anonymity

As it is built on the foundation of the technology of blockchain, it has end-to-end encryption. This helps in maintaining your privacy. If you make a payment via bitcoin, the payment cannot be traced to you until and unless you allow it to be. So, in bitcoin gambling, your right to privacy will be respected.

High Speed

Usually, when you use other modes of payment, the transaction takes at least a couple of working days to be processed. That does not apply when you gamble bitcoin online. Transactions facilitated with cryptocurrency take less than a day to be processed. You can make deposits and withdrawals as many times as you would like at the time of playing at an online casino as it is fast and easy. This ensures a smooth gaming experience. You can try your luck at whichever game you want without expecting any hassle.

Cons

No Regulation

Cryptocurrency is a medium of exchange that is very new. So, the legal framework of regulating it is yet to be consolidated. There is no regulatory body governing its use. So, if you are using bitcoin at an illegitimate casino, then you may not be able to hold anyone accountable in case of any discrepancy. However, this can be made up for if you choose the bit casino carefully. Make sure the site is licensed under an internationally recognized administrative authority and it operates within legal jurisdiction.

Market Fluctuation

The valuation of a cryptocurrency like bitcoin is vulnerable to market fluctuations. It is impacted by the forces of demand and supply. When the demand is higher compared to supply, the value increases. When the demand is less compared to supply, the value decreases. So, when you deposit cryptocurrency in your credit account, the value of the deposit may not remain the same the next day. This might create a lot of inconvenience as you would have to make repetitive adjustments.

How Do We Rate Bitcoin Gambling Sites?

The different attributes on the basis of which we rate the gambling sites that use bitcoin are as follows:

Good Software

We make sure that the gambling site is supported by the top developers of the online gaming industry. In most cases, it is observed that the best bitcoin casino has either Net Entertainment or Microgaming. At times, it is both. In fact, there are some casinos that are supported by 30 or so developers at a time.

Authentic License

We also make sure that the gambling site is licensed under a relevant regulatory body that has international recognition. Common examples of such licensing authorities include the Maltese Gaming Authority and the British Gambling Commission.

Special Encryption

Judging from bitcoin casino reviews, we prefer the btc gambling sites that have SSL encryption. “SSL” means “Secure Sockets Layer”, when a site has this encryption, you can be assured that whatever information you share with it will always remain confidential.

Gaming Options

As per our bitcoin casino reviews, the casino should have a plethora of gaming options including roulette, poker, blackjack, slots and so on. There are some btc gambling sites with more than 2000 such gaming options in their catalogue.

Bonus Offers

The casino should have a lucrative scheme of bonuses ready to be offered to you starting with the welcome bonus. There are various types of bonuses that the casino can offer including cashbacks, free spins, match bonuses and many more.

Similar Banking Options

Bitcoins are not the only method that you can use to settle payments at an online casino. MasterCard and VISA are accepted by almost every online casino out there when it comes to paying with credit cards and debit cards. However, if you want a processing time as short as you get in the case of bitcoins, digital wallets or e-wallets are the way to go. Many gambling sites tend to encourage their players to use digital wallets, especially the brand(s) they had partnered up with. The best digital wallets include PayPal, Skrill, Neteller, AstroPay and ecoPayz among others. There are some casinos that also accept electronic cheques or e-cheques. Electronic cheques are also gaining a lot of traction as they can be used with digital signature.

Ted

Author & Guarantor: Ted