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.
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.
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.
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.
Our world, and in particular its digital part, is rapidly developing. Crypto casinos no longer seem like a phenomenon as they are available everywhere. By choosing any gaming platform in the UK, you will most likely find that it supports cryptocurrency. However, the truth is that there are many blockchain coins on the market that you can use for your payments.
Bitcoin
CoinMarketCap claims that BTC remains the largest and, at the same time, the most accessible cryptocurrency in the world. Finding Bitcoin casinos is not difficult, but keep in mind that such deposits can be a little slower than some alternatives discussed below.
Ethereum
This is the second-largest blockchain coin, also featured in numerous establishments. Such payments will be processed in a matter of minutes, wherever you are.
Dogecoin
This blockchain currency is extremely useful when it comes to deposits and withdrawals in British casinos. It's fast, convenient, and secure.
Litecoin
LTC is similar to Bitcoin, but these two have different mining processes. Because of this, Litecoin transactions are processed in less than three minutes.
Bitcoin Cash
Those who want to buy cryptocurrencies can also opt for BCH, an upgraded version of the Bitcoin blockchain, for faster and more hidden transactions.
The best crypto casinos feature popular and reliable coins. When depositing and withdrawing, you can choose anything from traditional Bitcoin to LTC and BCH.
The deals and promotions are the criteria that differ at all the casinos. Some of them are exclusively for newcomers, and others exist for loyal customers. However, there are many types of incentives and bonuses. The most common ones at the best Bitcoin casinos are described below.
Deposit Match Bonus
This is an attractive reward, meaning you make a deposit to get 50-200% of it to the bonus account. For example, by depositing 1 BTC with a 100% booster, you will receive the same amount for free. So, you will start playing with 2 BTC, which greatly increases the chances of success. In some cases, such bonuses involve several deposits. In this case, you will be rewarded every time you make a consecutive deposit.
Free Spins
Thanks to this reward, you will test the most popular slots, the reels of which will rotate without your bet at the Bitcoin casino. In other words, you will be wagering real money without your investment. Free spins can come as a separate bonus or complement the previous one. Thus, the welcome package will include a cash benefit and a certain number of spins to use in the hottest video slots.
No Deposit Bonus
This is accurately what its name says – a reward that is activated without an initial deposit. Because it's like “free money”, these rewards are rare on sites, but you can still find them. Having visited such a crypto casino, you only need to create and activate a new account by passing KYC verification. You will be then rewarded with some money or a set of free spins.
No matter how attractive the bonus is, keep in mind its limits of stakes, wagering, and expiration date. Make sure all requirements are met before cashing out your winnings.
It is also important to consider how it behaves on mobile phones when picking the best Bitcoin casino. Almost every such establishment has a mobile version of the website, while the more advanced ones develop applications. This means enthusiasts who want to stay connected 24/7 can do so through their Android and iOS devices with pre-installed software.
You will often find the app when visiting the best crypto casino site. Install it in a few taps and start your favourite slots and table games. In addition to the portfolio, you can also access payments, bonuses, and all other services.
When it comes to the crypto casino, the question of where to buy digital coins does not seem strange. If you have no idea where to start, we want to reassure you. This is easy to do, primarily because of the popularity of cryptocurrency. There are many brokers and exchanges that will help you buy coins even in exchange for fiat currencies (pounds sterling). However, it is better to trust popular and reputable services that guarantee honesty and security.
EToro is currently one of the top-rated digital brokers, with over 20 million members in the UK and far beyond. What's more, it's regulated by the British FCA, so it's completely safe and legal. All you need to do is visit eToro’s site and register. Then top up your account (no less than $10/£8.40) and decide which coin you want to buy. The platform offers nearly 80 options, including BTC, ETH, and DOGE.
However, keep in mind the fixed 1% commission on every purchase and the bid/ask spread. If you wish to have 24/7 access, download the eToro Crypto Wallet on your Android or iOS device. In addition to hundreds of cryptocurrency options, it supports DDoS protection, guaranteeing a secure experience. Now you have to go to the Bitcoin casino to register and place your first bet.
This kind of currency for sure has a great future in the iGaming industry. This is the fastest and most secure way to move funds from your bank account to the gaming platform and back. The best crypto casino features multiple solutions, including BTC and LTC. You only need to purchase these coins through an online broker and create a new gaming account. And remember to grab a welcome pack with money/free spins.
Gambling at Bitcoin casinos provides players with plenty of advantages.
- Anonymity. All casinos are entirely anonymous. Players are not required to indicate any private data.
- Security. Owing to blockchain technology, all financial transactions in the BTC networks are entirely secured.
- Bonuses. BTC casinos offer players higher bonuses for crypto deposits. For example, a 100% bonusin USD/GBP/EUR and a 200% bonus for BTC deposits.
- Provably Fair games. You can always check whether a game result is random owing to special cryptographic algorithms that display the fairness of each game.
- Swift transactions. Compared to fiat money casinos, all deposits and withdrawals in BTC casinos are instant.
- Lower fees. All processing fees in the BTC network are minimal. So, it is beneficial for both a casino and a gambler.
Playing at Bitcoin casinosalso has some disadvantages:
- No chargeback. If you make a deposit at a casino using a Visa card, you may require the casino to return it to you. However, it is impossible to do it with Bitcoin deposits.
- High volatility. Bitcoin's price changes every minute. So, it can directly influence your winning sum.
- Limited use. It is still not a very popular means of payment. So, it may be a problem using BTC in some casinos.
Technical problems. Cryptocurrency transactions often experience technical glitches. It causes some severe delays in deposits, withdrawals, or game plays.
