Bitcoin is the most popular digital currency in the world. It is what is known as a cryptocurrency. Unlike £ or $, no central bank controls the value of bitcoin. The market sets the value of the currency. The more in demand Bitcoin is, the more it is worth. You probably have news items where people have become millionaires on the back of Bitcoin simply because they invested a couple of hundred pounds on it a few years back. We are not going to go into the technical stuff related to Bitcoin.
Since you have landed on this page about Bitcoin casinos, we have no doubt you know that already. Instead, you want to know what Bitcoin casinos bring to the table. We are going to assume that you already have a digital wallet. If you have no idea what we are talking about, go and research the basics behind Bitcoin and come back.
Crypto casino sites are betting sites that allow you to deposit and withdraw money from your account in bitcoin. In most cases, the online gambling site will operate solely in bitcoin. They will rarely offer other deposit methods. You may be able to withdraw in a different currency, but you generally can’t deposit and play with that currency. Some bitcoin gambling sites are multi-currency, but most at the moment tend to go down one route or the other. This will likely change in the future.
To get started with Bitcoin gambling sites in the UK, you need some bitcoins. Thankfully, this should be very easy to buy. You can ‘mine’ it (look it up if you don't know what we are talking about), but the most straightforward option is to buy it. Once you have some bitcoin in a digital wallet, you can deposit it into your casino/betting account.
The most significant benefit of bitcoin casinos and betting sites is that they are somewhat anonymous. When you open an account, it is unlikely that you will be asked for that much in the details.
Since you will be depositing cash from a digital wallet instead of your bank account or debit card, you will not have to supply that information. Some people enjoy this anonymity. It is unlikely that there will be any transaction fees related to depositing or withdrawing the money from your account either. When it comes to UK gambling sites, there are very few, if any, transaction fees involved anyway.
You have to remember that the price of bitcoin can be very volatile. There have been some events that have sent the value of bitcoin plummeting in mere hours. It is one of the downsides of it being a decentralised currency. The currency's value will likely recover, but you need to be aware that the value of the money sitting in your account may change. Remember, the value may go up too! This means that you could make some money. Well, you will make some money if you sell Bitcoin.
Finding a Bitcoin casino or betting site is the same as finding a traditional one. You want to choose somewhere that has a good range of games available. You want to find somewhere that makes it easy to deposit and withdraw money from your account. If they have mobile gambling options, that will be even better. We have put together a few guides to choosing a quality Bitcoin casino elsewhere on this site.
The thing that you need to think about, however, is the fact that because Bitcoin is so easy to deal with and so easy to ‘steal’, there are a few less-than-reputable operations out there. When searching for a Bitcoin casino, we suggest you only work with those registered with a reputable gambling commission. If they are not, you won’t be able to trust them fully. Finding quality Bitcoin casinos is hard.
This is because not a lot of casinos have embraced the currency yet. This is mainly due to the inherent volatility of the bitcoin currency. The value of a bitcoin could, feasibly, lose hundreds of dollars overnight. Casinos do not like losing money! Thankfully, there are a few quality bitcoin casino options around. Check out the list the team here at All Gambling Sites has put together for you above.