Are you interested in cryptocurrencies? Perhaps you’ve just recently learned all about Bitcoin? Today, more and more people are learning about Bitcoin and how to use them to purchase things online. Naturally, the iGaming world would be the next step to accept this type of currency as a deposit and withdrawal method. This page looks at the best casino sites that accept Bitcoins and other mainstream Cryptocurrencies in the UK and the perks and drawbacks of using Bitcoin when gambling online.
What is Bitcoin?
This section is for those newer to Crypto and those who know nothing about it (which we find hard to believe if you are browsing this website). We’ve put together a very quick and brief explanation about Bitcoin. And when we say brief, we really do mean it. We could go on and on about how it works and get really technical, but we’ll keep it simple.
Bitcoin (BTC) is a newer cryptocurrency created in 2009 by an unknown person using the alias ‘Satoshi Nakamoto’. This unique online cryptocurrency means that transactions are made with no middlemen, or in plain terms: no banks. Because there are virtually no middlemen, there are almost no transaction fees you’d typically encounter as you would usually with, say, e-wallets or bank transfers. And this is one of the perks of using Bitcoin. Bitcoins are anonymous and used to make international payments quickly and cheaply. This is because they’re not tied to any country or subject to any regulation or institution.
A (Very) Brief Look At How Bitcoin Work
Bitcoin (BTC) are stored virtually in a digital wallet. These wallets exist either in the ‘cloud’ or on a computer. Many different kinds of these wallets are available; some of the most popular and well-known ones are Blockchain, Bitcoin Wallet, BitPay, Coinbase and Mycelium. It’s up to you which one you use.
As we said at the beginning of this article, you can use your Bitcoins to buy things or pay for stuff online. Think of Bitcoins as a digital wallet or a virtual bank account, which allows users to send or receive Bitcoin transactions. Just like a regular bank. How so, you ask? It has to do with the price of Bitcoin. Like any stocks or ‘legitimate’ currency in the world, the price of Bitcoins can rise but also fall, just like the Pound or the Euro. You can also save or store your Bitcoins as virtual money for investment purposes, which is what many people do.
Pros at Betting at UK Bitcoin Betting Sites & Casinos
Whether you’re entirely new to using Bitcoin or you’ve used them before, one thing is for sure; Bitcoin is allowing us to buy things easily online and is also creating investment opportunities for those who believe the price will only increase.
This is why gambling with Bitcoins is slowly becoming more popular in the UK. For a start – it’s virtually anonymous. Using Bitcoins at UK Casino and Gambling Sites is also fun because it’s different.
Also, look at it this way when it comes to value. Suppose you deposit and withdraw the winnings you made at an online casino in Bitcoin. You won a nice sum, and that sum is sitting nicely in your BTC Wallet. The following month, the price of Bitcoin could have increased, and your winnings are now worth even more! That can happen, but with any stocks, shares and trading markets, the price can go up or down, so there’s also the risk of losing value too. So, make sure you bear this in mind.
Another perk with Bitcoin casinos in the UK is that you can usually get better bonuses and even play games with a better house edge because Bitcoin gambling sites will have lower overheard thanks to Bitcoins. Remember what we said? Yep – there are no processing fees for the merchant. Little did you know that most online gambling sites must pay fees on every single payment transaction you do; sometimes casinos need to fork out up to 20% in fees when you deposit via Visa, MasterCard, Skrill and the rest.
So, Bitcoins actually help create better bonuses and promotions too, which is only a good thing! In large amounts, it can get quite expensive for gambling sites and only eat into margins, so this is another reason why many casinos prefer their players to use Crypto and Bitcoin.
If you are new to Bitcoin on any level, we recommend you do your research first. There are plenty of Bitcoin guides that are rich in information and tips to help you get started. Just spend a little time getting to grips with this whole new way of banking first.
Best Bitcoin Gambling Sites UK
UK law states that to allow bets from players in the United Kingdom, a gambling site must hold a valid UK Gambling Commission-issued license. We would only recommend Bitcoin casino sites with such licenses, as safety and honesty should be the top priority when it comes to gambling online.
Because of the grey areas surrounding Bitcoin, the fact that it’s new and largely unknown to the regular player and that Bitcoin is not as tied to any law or jurisdiction has made betting sites accepting Bitcoins in the UK a little slower on the uptake. We could recommend sites that accept your registration and Bitcoin that the UKGC doesn’t license – but we don’t want to do that. It’s wise to be serious about quality and safety when you gamble online, and can only recommend you steer clear of any casino sites that do not possess such licenses; it’s just not worth the risk.
With that said, here you can find some recommended Bitcoin casinos in the UK that the UK Gambling Commission licenses. All accept Bitcoins, offer some exciting Bitcoin casino or betting bonuses, and are legit and trusted -proven sites.