Bitcoin has skyrocketed in value, but it is entirely an online currency. When starting out using bitcoin on a casino site, it is important to understand and distinguish between the different types of bitcoin wallets. Online wallets are recommended for beginners using bitcoin as a casino payment method.
By doing this, your bitcoins will be stored by the third party online and backed up on cloud-based storage. For those more knowledgeable about bitcoin, using software wallets is suggested as you can store these entirely on your computer. Hardware wallets are advised for more advanced players. They are the most secure method and require specific software.
When it comes to signing up using bitcoin as a casino banking method, the setup process can vary depending on which wallet you choose.
In most cases, you can set up a bitcoin wallet following these steps:
Playing using bitcoin at an online casino will vary from one site to another and you need to ensure you understand if there are any fees attached. Depositing bitcoin at a UK online casino will normally go like this:
Before withdrawing using bitcoin at an online casino, you may want to contact the online casino’s customer service and talk to them about making a withdrawal. Once you have done that, here is the process for withdrawing funds:
Bitcoin as a casino banking method is a relatively rare payment option in the UK, however, the internet will have details of online casinos that are fully licensed and regulated by governing bodies such as the UKGC (UK Gambling Commission).
While using bitcoin at an online casino is still relatively scarce in the UK, it is important to choose the right casino for you. They will be fairly easy to spot online as they will be licensed. The licence number and governing body’s logo will be contained on the site. The UK’s best bitcoin casinos will be sure to have a significant games library and there will also be player-friendly terms, which you will need to read before you commit to a particular casino.
| Advantages | Disadvantages |
|---|---|
| 👍Decentralisation. Bitcoin is a decentralised virtual currency that isn't controlled by one single entity or institution. | 👎 Not widely available. Only a select number of casinos accept bitcoin as it is a relatively newbanking option and so you are more limited compared to if you were making deposits with a debit card |
| 👍 Universal currency. You don't have to worry about losing your money when converting currency when you pay with bitcoins. Bitcoin is a universal currency meaning it holds the same value when making international payments. | 👎 Highly volatile. Bitcoin currently isn't a regulated currency and has experienced serious fluctuations, meaning payments could decrease in value by the time you withdraw casino winnings. |
| 👍 Playing on mobile. Bitcoin casinos are mobile-friendly websites and you can make deposits and withdrawals on your phone. | 👎 Lack of customer support. There are no third parties involved when making bitcoin deposits and withdrawals. |
The best way to stay safe when using bitcoin at an online casino is to use a licensed casino site. Cryptocurrencies are more prone to attacks as the lack of central control means it is easier for hackers to target.
There are fees involved with using bitcoin as a casino payment method. While there are cheaper options, the fees remain fair.
Players using bitcoin at an online casino are granted a degree of anonymity. It is safe to gamble using bitcoin at online casinos providing the casino holds a valid gambling license.
Problems can arise when playing using bitcoin at an online casino. The best bitcoin sites offer round the clock support and are contactable via UK telephone numbers, email or live chat. Others will offer a more limited service.
Yes. Crypto regulation in the UK is rather fragmented, but most Britons can buy or sell bitcoin with ease. As with other developed countries, the main focus has been on trying to stop crypto from being used to finance terrorism or launder money.