Of all the various options that can be used to pay into an online casino account, Bitcoin is by far the newest and most unusual. The other options, such as e-wallets, paying by mobile and credit and debit cards, are basically different platforms for dealing with conventional currencies, whereas Bitcoin is actually a brand new currency in itself. Having been around since 2009, Bitcoin is a ’crypto currency’, which means that it is an electronic currency that doesn’t have a central bank but just operates from person to person.
The number of businesses, both online and brick and mortar, which accept Bitcoin has risen massively in the past few years, and the security, anonymity and convenience of Bitcoin mean that it’s really no surprise to see the rise of the Bitcoin casino. This review will explain how to play an online casino with Bitcoin, where to find the best Bitcoin casino online and how to make withdrawals and deposits.
The relatively new arrival of the Bitcoin casino means that there aren’t as many online casinos to choose from that allow Bitcoin deposits. At the moment, there are just eight Bitcoin casino sites in the UK, and they include names such as Netbet and Slots Magic casino. As with other casino deposit options, when you play with Bitcoin, you can take advantage of the welcome bonuses and other offers provided by Bitcoin casinos. As is always the case, you have to be careful to note any minimum deposit needed for a bonus, the maximum bonus payout and the wagering requirements Bitcoin casino sites impose.
The process of making a Bitcoin casino minimum deposit is complicated slightly by the fact that you first have to create a Bitcoin wallet. This will then be the wallet you use when transferring funds to a Bitcoin casino. To create the wallet, you’ll have to visit the Bitcoin website and choose between a web wallet and a desktop wallet. If you want to enjoy more convenient access to Bitcoin casino sites, the best option is probably a web wallet, as this doesn’t require having to download and install software onto your computer. If you value security more than convenience when making a Bitcoin casino minimum deposit, then a desktop wallet might appeal more, as it doesn’t have to go through third party online software.
Once you’ve set your Bitcoin wallet up with a chosen address and a password, it will act in the same way as an e-wallet like Skrill, with the major difference being that you won’t have to give an address or any other personal information.
Once you’ve opened your account and chosen your wallet, you need to buy some Bitcoins to fill it, and to use at a Bitcoin casino. You can do this by buying Bitcoins through your Bitcoin wallet, trading Bitcoins for another currency, buying Bitcoins from other users and using Bitcoin ATMs, which are located in many cities across the UK.
Once you’ve found the best Bitcoin casino online for the kind of gaming you enjoy, you need to create an account there and then select the Bitcoin option on the payment page. The process of making a Bitcoin deposit doesn’t involve entering details such as an email address or the number on a debit card or bank account, which is why some people prefer it as a deposit option. Instead, you simply have to enter your own Bitcoin address—which is usually a selection of 27 to 38 characters—and the address of the Bitcoin casino. Once you’ve done this and clicked on ‘Send Money’, the Bitcoin funds will be transferred.
Withdrawing funds from Bitcoin casino sites is simple, which will come as very good news if you’re lucky enough to build up a decent amount of winnings. Once you’ve logged onto the payment page of your Bitcoin casino, you just have to fill in the field asking for your Bitcoin address. Once you’ve done this, the funds will be transferred to your Bitcoin account.
The fact that crypto currencies are a fairly new phenomenon means that many people worry that opting to play online casino with Bitcoin might represent something of a risk. The truth of the matter, however, is that Bitcoin is one of the safest payment platforms available, as it involves no third parties and no need to disclose personal or financial information, as you’ll have to when using an e-wallet or credit card. In addition to this, the Bitcoin casino that you use is likely to have highly effective security systems of its own.
Any transfer between your Bitcoin wallet and a Bitcoin casino will show up on the casino site within 10 or 15 minutes. Although it will reach the site this quickly, there may then still be a 1 to 3 hour wait until the payment has finally been ‘confirmed’.
A slight downside of using a Bitcoin casino is that the withdrawal process takes a little longer. If you hit a winning streak at the roulette table or make a killing on the slots, it will take 24 hours for the funds to make their way from the Bitcoin casino to your Bitcoin wallet.
up to 7 days
up to 11 days
Security – Almost every other form of payment platform involves a third party of some kind, whether it’s an e-wallet, a credit card account or your mobile phone company. The main advantage of Bitcoin is that it cuts these middlemen out altogether, reducing the danger of your funds or your data going astray or being misused.
No fees – Many e-wallets charge a small fee for transferring funds in and out of your casino account. Even though this may be a small amount each time, it will build to a substantial amount over a longer period, particularly if you’re an extremely keen gambler. The fact that Bitcoin is a peer-to-peer system that doesn’t need any outside input means that there are no fees, and you get to keep every penny—or rather Bitcoin—of your own money. It should be noted that some Bitcoin casinos may charge a fee of their own for Bitcoin transactions, so it’s worth reading the terms and conditions very carefully to see if this is the case.
Lack of choice – To date there are relatively few online Bitcoin casinos operating in the UK. This reduces the options open to you and makes it less likely that you’ll be able to find an online casino that offers exactly the kind of gaming experience you’re looking for. This situation should change as Bitcoins become more mainstream, however, and many users feel that the limited choice is a price worth paying for the other advantages offered by the crypto currency.
Fluctuation – The value of the Bitcoins you’ve purchased could go up or down over time as it is still a relatively new currency. The risk of a drop in value may be enough to discourage you from investing too much of your money in Bitcoins until it has settled to an established exchange rate.