Bitcoin Casinos are UK casino sites that allow you to fund your account using the cryptocurrency. Although the use of bitcoin is not currently widespread, it is becoming more popular. Recent reports about its leap in value have helped raise its profile and could lead to more bitcoin casinos.
All new casino sites offer multiple ways to deposit funds, with the most popular being debit and credit cards or eWallets such as Skrill and Neteller. Despite Paypal being the most popular eWallet in international online shopping, only a few UK casino sites accept it as a payment method. Take a look at the Paypal Casinos page for more information.
There are also relatively few bitcoin casinos on the market, but if you use it, you do have options. Keep reading to find out which casinos accept bitcoin, and how to use it for casino deposits and withdrawals.
What is Bitcoin?
It seems sensible to start by looking into what bitcoin is before looking at bitcoin casinos.
Bitcoin is an online currency, created in 2009. It bypasses the need for banks and is used for worldwide transactions. In addition, you can use it anonymously (unlike any method where you have to divulge your bank details), and you do not have to work within the varying regulations of different countries, as no nation owns bitcoin.
How Do You Get Bitcoins?
You can use an exchange to buy bitcoins from someone else. The value compared with the pound fluctuates on a daily basis, meaning you can make (and lose) a lot of money in a short space of time. In 2017, the value of bitcoin rocketed, making early adopters very rich. However, many people who bought bitcoins from exchanges at the top of the market have found that they are now worth a lot less.
You can also transfer them digitally between devices and even mine them. The latter method involves using computers to solve complicated sums in competition with others. The winner receives a stack of bitcoins.
Best Bitcoin Casinos
Although the currency is still quite young, a number of UK casino sites accept them as payments. If you play at Casino.com, Winner365 or Ridika, you may fund your casino account with bitcoin. Take a look at SpinCazino’s reviews of these bitcoin casinos and click the links to visit and play.
How to Deposit at a Bitcoin Casino
In order to deposit bitcoin at an online casino, you need a bitcoin wallet. This can either be a web wallet or a software wallet. As you might expect, a web wallet is kept in the cloud, whilst a software bitcoin wallet is downloaded onto your computer or mobile device.
When you decide on the bitcoin casino at which you would like to play, you need to sign up. This doesn’t take very long; simply fill in your details and verify your account. One that process is complete, you can fund your player account.
Head to the deposits section and select ‘Bitcoin’ when it asks for your preferred payment method. Input the amount you would like to deposit, point to site towards your bitcoin wallet and confirm the transaction. This should complete instantly, but sometimes there is a small lag of a few minutes.
You can now head into the lobby and play your favourite casino games.
How to Withdraw at a Bitcoin Casino
Most casinos expect you to use the same method for withdrawal as you used to fund your account. It is very unlikely a bitcoin casino would allow you to withdraw in bitcoin if you deposited in pounds through a debit card, for instance.
If you deposited using bitcoin and wish to withdraw, the process is simple.
Sign into your casino account and head to the withdrawals section. Enter the amount you wish to withdraw and the method (in this case, bitcoin). Simply enter your bitcoin wallet address and the casino will transfer the amount once it has verified it.
Why Use Bitcoin Casinos?
Bitcoins are a great way of funding your play at UK casino sites. The transactions usually go through quickly, whereas some debit card withdrawals can take up to five working dates on top of a casino’s pending period for verification.
The process is anonymous, which works well for players who are concerned about their personal data. All of the casinos featured on SpinCazino hold full licences with the UK Gambling Commission and at least one other authority. This ensures they provide safe places to play. However, there are some unregulated online casinos on the market. It is not recommended that you play at these sites, but it you do, using an anonymous payment method may make it slightly less dangerous.
There are not usually fees for using bitcoins at casinos, either. This is a major bonus of bitcoin casinos. But it is still worth checking the terms and conditions of a site, as some do throw in processing fees for all withdrawals, no matter what the payment method.
Why Aren’t There More Bitcoin Casinos?
The reason there aren’t more bitcoin casinos on the market is entirely related to the youth of the currency. Unlike Paypal, which is less common because of strict rules over casino regulations, not many casinos accept bitcoin because it is not yet that popular.
However, the cryptocurrency is gaining more traction all the time and you should see plenty more bitcoin casinos in the months and years to come.