Bitcoin is gradually but steadily finding a niche in the online casino gambling industry, and UK players especially seem to be taking well to it. The digital currency was first introduced in 2008, and after a period of relative inactivity, it took off in 2012 and has been increasingly common on gambling sites. Cryptocurrencies guarantee low fees and faster transactions, which are two aspects that every avid gamer places as top priorities. Bitcoin gambling sites offer the newest slots, table games, card games, bingo, video poker, keno, and many more. Operators see the need to meet up to the versatile and ever-evolving iGaming industry, and Bitcoin gambling may just be the future of online casino sites.
Fiat-based gambling remains predominant, and this is majorly due to consumer awareness. Players are used to the standard casino model and are not overly keen to change. For all intents and purposes, Bitcoin casinos are no different from conventional online casinos, and the digital nature of cryptocurrency allows for a smooth transition to Bitcoin gambling.
There are pros and cons to be considered when signing up for a Bitcoin casino. For the most part, the same requirements as the traditional online casino are in play.
A Bitcoin casino is basically an online casino that accepts this cryptocurrency as a payment option, either in preference or alongside other currencies. Some casinos are Bitcoin-only, while others are multi-currency sites that have included Bitcoin among their payment methods. Bitcoin is the most sought-after cryptocurrency among casino operators. Cryptocurrency is decentralized, so it is not controlled by a single authority like its fiat counterparts. Its worth depends on how the market values it- a demand and supply factor. Even though Bitcoin casino sites are still a minority in the UK, their popularity has soared in recent times, and you will easily find quite a few of them.
On many Bitcoin casinos, you will often encounter mBTC. This simply refers to one-thousandth of a Bitcoin, 0.001BTC.
Some operators opt to acquire a license and be protected by legislation, while others prefer to keep the casino completely crypto and avoid the hassle of obtaining a license. From the sign-up deposit bonus to mobile compatibility and fair play, finding a Bitcoin casino that ticks all the right boxes is a bit complicated. However, our expert review will point you in the right direction, giving you the necessary insight into choosing the best Bitcoin casino.
Both gambling and the Bitcoin space have come a long way in the past decade. Technology has seen exponential improvements, and users have more than doubled. Most Bitcoin online casinos disclose how their software algorithms work to establish trust. Every BTC casino UK is different, but they share general features in common, including:
Pure Bitcoin online casinos design their own games and work entirely on blockchain technology. They run an in-house developed gaming software, and your Bitcoin address is tied to your player account. When placing a bet, you draw funds directly from your wallet, and in the same way, any winnings are credited straight to the address.
Multi-currency Bitcoin online casinos are regular casinos that also offer the exclusive benefits of a pure Bitcoin casino, except that they are hindered by geographical location. They are regulated and comply with all the laws of their jurisdiction. They use third-party payment providers to process Bitcoin transactions because the cryptocurrency is not integrated into their casino platform. The most renowned Bitcoin service providers include Cubits, BitPay, GoCoin, and Coinspaid.
Being a regulated jurisdiction for online casinos, the UK has a robust presence in the online gambling industry. All casinos in the UK are required to be under the oversight of the UKGC, and Bitcoin operators need to meet the anti-money laundering requirements of the Gambling Commission. Having said that, the question still remains, can you play with Bitcoin at UK online casinos? The short answer is Yes. However, it would appear that they have not yet met the authorities' demands, as is evident in the lack of proliferation of Bitcoin gambling. For the time being, cryptocurrency remains largely unregulated.
Using Bitcoin cuts out the middlemen, so besides speeding up the process, Bitcoin online casinos offer a unique level of protection. Your personal and financial details cannot be disclosed because you do not need to provide such data when opening a Bitcoin wallet. The Bitcoin network functions as a sophisticated dual authentication system with a public and private key. The private key is a secret code that manages transactions to and from your wallet, while the public key refers to your bitcoin address and changes for every transaction.
Pure Bitcoin casinos that are hosted on the Blockchain provide total security. All transactions are replicated and stored on the ledger and the blockchain database. This prevents hacking and manipulation because an alteration in any of the copies will be flagged. Another important aspect is that there is proof of solvency with these casinos. It is almost impossible to know if a regular casino is capable of paying customers or meeting the jackpot prizes that they offer. Having a wallet signed to a Bitcoin casino will let you see the amount of money available in their wallet balance. With this, you have a way of assuring yourself that the casino can afford to pay any eventual winnings.
Buying Bitcoin in the UK may have been tricky a few years back, but nowadays, it is a relatively straightforward process. The first step would be to open a Bitcoin wallet, similar to opening any other e-wallet. Your wallet address is what you need to make all Bitcoin transactions. There are two ways to buy Bitcoin - either by "mining" it or through Bitcoin exchange. Mining is a mechanism used to introduce and confirm Bitcoins in Blockchain's virtual ledger. It is resource-intensive and requires a certain level of prowess with software handling. That is why we would leave that to the experts and focus on the second and more common method.
Bitcoin exchange is a service that allows you to trade Bitcoin for fiat money or other assets. It works just like any regular exchange. There are many such businesses, so we suggest you compare your options to get the best price. Once you sign up for an exchange, you can deposit money to your exchange account and begin buying. Finally, you can transfer the Bitcoins to your wallet.
Bitcoin allows incoming and outgoing transactions, so it offers a complete solution.
Bitcoin is not limited by geographical location and can be transferred among users across the globe. Besides online transactions, it can be used for any kind of payment over the internet. The versatility of this cryptocurrency has opened up a world of online casinos and banking options to players who did not have access to either of them. The value of 1 Bitcoin at any UK online casino is equal to the current market value worldwide.
Bitcoin casinos do not pose any restrictions on the amount you can withdraw in a day or in a single transaction. Some online casinos may allow you to cash out all your Bitcoin balances instantly, while others may require authorization for larger amounts. Nonetheless, there are no maximum or minimum limits with Bitcoin.
Transaction fees are a burden to players when using e-wallets or credit cards, and bank transfers impose even higher taxes. Bitcoin transactions are peer-to-peer, so unlike fiat currency e-wallets and banks, Bitcoin does not charge any fees. Some operators use third party payment providers, and even then, charges are much lower than conventional standards.
The reduction in payment processor costs dramatically cuts down on operating expenses, creating a ripple effect that translates to higher winnings for customers. Bitcoin casino games hold much lower house edges than regular casinos. Where a fiat money operator may charge as high as 5% -10%, Bitcoin casinos will stand at about 1% - 2%.
Many casino enthusiasts cannot enjoy the excitement of gaming because of country restrictions. Even if you live in a region where it is legal, you may prefer to hide such information because it could hurt your credit history. With a credit card, fiat currency e-wallets, or other services, your bank statement will reflect that you have been gambling online. On the other hand, Bitcoin casinos require minimum user information – no location check, no age verification, no card details, and pseudo names are often used. That is why tracking and identifying users is not very easy, and Bitcoin players often remain anonymous. You can join reputable offshore casinos and play the newest and most thrilling games while maintaining your privacy.
Withdrawals are the bane of UK Bitcoin gambling. Traditional online casinos are all too eager to process deposits, but when it's time for a payout, you will have quite a bit of waiting to do. With Bitcoin, transfers are carried out as quickly as the Bitcoin network allows. It is usually instant and takes only a few minutes at the longest.
Cryptocurrencies are volatile assets. This means that they experience high fluctuations, which are not always positive. Casino gambling has always been a topic of debate on ethical grounds. With the presence of cryptocurrency in the already controversial online casino, it was inevitable that Bitcoin casinos would be faced with challenges. Despite this, the advantages of the crypto industry (Bitcoin especially) are too many to be overlooked. The security and transparency of Bitcoin as a payment method is the innovation that could change the face of online gambling. The rise of bitcoin casinos is bringing about a parallel economy that could dominate the web in the coming years.