What Are Bitcoins?
Bitcoin is one of the world’s most popular digital currencies, also called a cryptocurrency. As a cryptocurrency, this one has a lot of potential for future use in online casinos in particular.
Every one of the Bitcoins, or a piece of one, is stored in a digital wallet that only one person has access to at a time. From there, they can be sent to other individuals or businesses for normal purchases, and every transaction is publicly recorded on a list called the Blockchain, making theft or duplication impossible. This makes the payment method highly beneficial for Bitcoin Live casinos since it is a very secure means of conducting business.
How to Deposit & Withdraw with Bitcoin Online Casinos
After finding a trustworthy Bitcoin casino, you’ll definitely want to make a deposit to start playing. The depositing process is just as simple as buying from any other reputable seller.
First, you identify yourself to the casino via your virtual wallet, and then you deposit the amount that you wish. It’s a simple process that happens almost immediately in most cases but takes up to 30 minutes on some systems.
Withdrawing is very similar and simple. For the most part, you’ll go to your withdrawal tab, enter the address of your digital wallet, and then select how much you would like to withdraw. This is very similar to any other payment method with the exception being that it tends to happen faster since it is a secure payment option.
Advantages and Disadvantages of Bitcoins in the UK
As with any payment method, there are some advantages and disadvantages to discuss when it comes to using cryptocurrencies in the UK casinos. In terms of the benefits, you can count on Bitcoin being a highly discreet and safe form of payment.
While the public record is on the Blockchain for purchases made with a cryptocurrency, there is nothing linking it to a specific person, which makes it great for people that want to gamble in peace.
The only downside of using Bitcoin UK is that there is the potential that you could lose the password to your virtual wallet and lose your currency. However, that risk is no different than any other currency out there.
Bitcoin Casino FAQs
- Do all casinos accept Bitcoin?
One of the most oft-asked questions is whether or not cryptocurrency is available in all casinos. Presently, it is not accepted in every casino because they either don’t have e-wallets, are unaware of the benefits of this payment method, or are presently in the process of setting up for it. That being said, there are a lot of casinos that accept this payment method.
- Is Bitcoin safe to use in an online casino?
Actually, it is one of the safest payment methods to use in an online casino for many reasons. First off, it’s completely anonymous. Secondly, it is secured via a complex digital system that prevents and deters theft or duplication. Thirdly, the casinos that do accept this cryptocurrency tend to be technologically superior to those that do not, increasing your overall safety.
- What is the minimum/maximum amount I can deposit via Bitcoin?
The minimum deposit is usually decided by the individual casino, but the smallest amount that someone can send is equivalent to the smallest unit of this cryptocurrency: the Satoshi. That is one hundred millionth of a single Bitcoin.
However, depending on the rate of exchange in the UK, it’d be best to deposit an amount equal to £1. The maximum is also determined by the casino, and it depends on the size of the casino and the amount of money they’re willing to carry on the site. In other words, this cryptocurrency will provide people with a means to deposit money that matches their smallest desires and biggest endeavors.
- Are there any fees charged for using it?
There are usually fees for withdrawals and deposits with any currency, and crypto isn’t any different. The only thing that varies is the amount that is charged for transferring the cryptocurrency.
In many cases, casinos only charge the bare minimum of 0.5% per transaction. Part of this is due to the lack of hassle with transfers and the other part is typically the casino wanting to encourage its use. In most cases, it’s better to use cryptocurrency as a payment method than any other type.
- Can I use Bitcoin in a mobile casino?
Just like with regular casinos, there are plenty of Bitcoin online casinos that give you mobile action. Since it is a digital currency, it is easy to use as a method of depositing, playing, and withdrawing with mobile casinos. Anyone can start a cryptocurrency wallet, populate it with money, and start gambling with ease.
- How to find a good online casino that accepts Bitcoin?
Last but not least, it’s important to find a good online casino that utilizes cryptocurrencies as part of their payments. Doing so is simple, but it requires a little research. Generally speaking, there are a lot of casinos in the UK that accept Bitcoin.
However, it’s best to make sure a casino site has its licenses and is up to date with their security as well. Often, this information can be found by going to their “about us” page on the home site.
Search the web with a browser, find a resource that has a good review reputation, do a little research on the site, and then you should feel comfortable with making your first deposit with cryptocurrency. It’s that simple!