Find the Best Bitcoin Gambling Sites
Though Bitcoin seems like a very fringe method of conducting transactions, in truth, it’s been around for nearly a decade – dating back to 2009. It first boomed in the shadier part of the internet, perhaps, which is why some people might not make it their first choice. Nevertheless, as an ever-evolving and improving currency, we’d be amiss not to recognise the purchasing power and overall potential of Bitcoin. After all, its use is widespread and doesn’t involve an intermediary, meaning it boils down to being perhaps the most direct of transactions out there, save for cold hard cash.
While some may be sceptical about Bitcoin gambling sites, there are good reasons as to why it’s actually a solid choice in several respects, which we’ll address in detail on this page. We’ll also take a look at any restrictions, fees or other elements to consider, including the best resources in finding the right Bitcoin casino online.
What are Bitcoins and How to Buy Them?
Bitcoin is a digital currency that was created on the internet, for the internet. It’s not quite clear who created this cryptocurrency and whether it can be traced back to one person or perhaps an anonymous collective. It bypasses any banks or financial institutes, meaning buyers and sellers conduct transactions directly. To regulate the flow of Bitcoins online, encryption is used, and there’s also a cap on the number of coins that can be created. This decentralised nature of making transaction demands trust in those who verify transactions – the so-called miners.
- The Pros and Cons at a Glance:
- Exciting new virtual currency
- Potential for massive profits
- Decentralised, world-wide currency
- Uncertain future & could depreciate
You can buy Bitcoins both online and offline – there’s even special ATMs or kiosks which are directly connected to the internet and will accept your cash in exchange for the digital currency. A simple Google query will show you where to find the nearest one in the UK – there’s currently over 60, with 45 of those being in London. Purchasing Bitcoins online is another option, and by now there are measures in place to improve the transparency of these transactions and reduce the failure rate. You can use various online outlets, with many platforms offering a wide variety of payment methods, including credit, debit and e-wallets. So what’s the selling point? Well, unlike credit or debit cards, Bitcoin use is completely anonymous – in fact, virtually untraceable. So if staying on the down low is you priority, Bitcoin casino payments may be the right call. Security is another advantage, if you store your coins correctly, outside of online wallets and with strong passwords. Another big plus is the extremely fast processing, taking minutes to mere hours.
Playing at a Bitcoin Casino in the UK: Key Facts
This currency is still a relatively new form of payment, so finding the best Bitcoin gambling site in the UK might pose a bit of a challenge. This form of payment had previously been used primarily outside of mainstream internet, and has been very slowly making its way in, including to online casinos. The Bitcoin gambling site presented on this page is pretty much the pick of the litter, as far as reliable, safe and secure casinos are concerned. Nevertheless, it’s quite likely that more and more online gaming outlets will start accepting this payment method to keep up with online transaction trends and open avenues to new clientele.
As an ever-evolving currency, Bitcoin has undergone some drastic changes and growth in the last years, from having the value of a cup of coffee, to currently being worth around £1,000, depending on market fluctuations. Since there’s a cap on how many coins can be created, it’s likely the exchange rate will also change, giving current users more purchasing power in the years to come. The online creation and optimisation of this currency renders it very fitting for use in online casinos. It bypasses financial and payment processing institutes and makes transactions less cumbersome. Apart from Bitcoin casino sites, many other online merchants have started accepting this currency, for instance Subway, Microsoft, Tesla, numerous Etsy vendors, Bloomberg or Virgin Galactic.
How Safe is Bitcoin as a Payment Method
As pointed out before, with this currency you’re looking at an increased level of security if you use and store your currency in the right way. The trick here is not to store the coins in online wallets, where they might fall prey to hacking or phishing scams. The best thing to do is keep your coins in cold storage, which means storing them offline in a data storage unit of some sort. Another alternative is a hardware wallet, which stores your sensitive information in a hardware device, resistant to viruses and protected by a microcontroller. For use, you’ll need your private key and password. Unlike with e-wallets or card payments, hacking a gambling website or phishing for personal info through fake merchant scams are not an issue here, since you will never be asked for your wallet passwords and keys by merchants.
- Company:Open-Source/No Owner
- Founded In:2008
- Other Contact Forms:No
- General Payments:Free
- Payments: Free
- Handling Fees:N/A
One thing to consider here is that transactions typically cannot be reversed. This means you need to be 100% sure of the payment you’re about to authorise. And despite the touted anonymity, you can still track the currency balance to a specific Bitcoin address, so it’s advisable do use that address only once. Also always look out for a confirmation of your transaction, as unconfirmed ones are less secure, and be aware of the fact that this currency is still evolving further. Keeping abreast of the newest developments is always a good way to keep pace and avoid falling into a loophole.
If Bitcoin Is a Currency, Does the Price Fluctuate?
As is the case with many decentralised goods, the value of the coins is closely tied to the principal laws of supply and demand. If more people are confident with using this currency, the demand will increase and so will the value. Adversely, bad press, incidents of lagging security or transaction failure risks may discourage users, making the value decrease. That being said, many measures have been taken in the last years to improve transparency of transactions and reduce the risk of transaction failure and the subsequent loss of coins, so it’s quite likely for the value to stagnate or increase over a longer period of time. The volatility might certainly pose some risks, though. The best way to minimise the risk of your coins losing value is to exchange them into your local currency right away.
What Are the Withdrawal Limits at a Bitcoin Casino Online?
Since it’s such a niche currency, you’ll have to pay special attention to the casino-specific terms and conditions when it comes to deposits and withdrawals. In principle, deposits are possible, though currently at only one casino on the UK scene – although, the frontrunner hasn’t yet mastered the service of withdrawals. It’s worth noting that there are several other Bitcoin casinos in the UK market offering both deposits and withdrawals, but none are fully licensed. We’ll keep an eye on the situation, but for now we only recommend completely safe and properly regulated online casinos.
Conclusion: One of the Best Payment Methods
There are just a few flaws one would find with a payment method which is more secure, anonymous, speedy and more cost effective, all the while not being bogged down by a central financial institute. Does it sound too good to be true? Well, perhaps, but we should not forget to take the good with the bad and acknowledge that the fluctuations, volatility and still-evolving market render this cryptocurrency a somewhat shaky item, if you’re easily discouraged. However, if done right, it’s been shown that this cryptocurrency is extremely useful and reliable, especially provided the community-like oversight measures and the inherent trust generated through the omission of a middleman. If you’re keen to play with Bitcoin, check out our casino tip below. For those who’d like to stick to more traditional forms of payment, you’ll surely benefit from our roundup of other recommended casino deposit methods on the UK market.