Casino Payments – Bitcoin
What is Bitcoin?
Bitcoin is an innovative digital currency that allows people to send and receive value without needing a third party. It took the world by storm in December 2017, where one Bitcoin was worth almost $20,000 on the open marketplace.
The underlying protocol is supported by blockchain technology, meaning that transactions are not only safe and secure, but also transparent. Moreover, when you send and receive funds via the Bitcoin network, there is no requirement to link your name to the transaction and thus, allows you to operate in a somewhat anonymous manner.
If you are looking to bet with Bitcoin, here we take a look at some useful information, including any advantages and/or disadvantages with respect to the deposit and withdrawal process.
In the first part of our ‘Bitcoin Gambling UK’ guide, we’ll look at how the digital currency works.
How Does Bitcoin Work?
Although Bitcoin was first created in 2009, it is still an emerging technology and as such, can be appear quite complex at first glance. In order to get started, you need to purchase Bitcoin using real-world cash. To do this, you need to use a third party exchange. There are dozens of exchanges that now allow you to purchase Bitcoin using traditional payment methods such as a debit or credit card, and fees are usually around the 4% mark.
Once you have done this, you will need to obtain a wallet. A Bitcoin wallet is similar to a private bank account, insofar that you, and only you, have access to it. Instead of using a password, you gain access by utilising a private key.
When you send someone funds, it takes 10 minutes for the transaction to go through. The great thing about it is that each and every transaction is posted to the blockchain, which is accessible by all.
In terms of transaction fees, sending Bitcoin is very cheap. Whilst there is no fixed amount, as it depends on how busy the network is, this very rarely exceeds $1-2, no matter how much is being sent.
So now that you know how Bitcoin works, in the next part of our ‘Bitcoin Gambling UK’ guide we are going to look at the deposit process.
How can I deposit with Bitcoin?
Once you have obtained Bitcoin and have it stored in your personal wallet, you are now ready to bet with Bitcoin. In terms of Bitcoin casinos themselves, although the amount of operators offering this particular payment method is quite thin, more and more platforms are beginning to support it.
When going through the bet with Bitcoin deposit process, you will need to go through the usual deposit steps with your operator of choice. Within your account, it will let you know the exact Bitcoin address that you need to send the funds to. Bitcoin gambling UK operators will give you a unique Bitcoin address for your account, meaning that it can be easily traced.
Copy the bet with Bitcoin address to your clipboard and head over to your personal Bitcoin wallet. Choose the amount of Bitcoin you want to deposit in to your Bitcoin casinos account, paste the address and then confirm the transaction.
Whilst some Bitcoin casinos process this instantly, some may require 1 confirmation from the network, which is 10 minutes. There are no bet with Bitcoin operators that we know of that charge any deposit fees for this particular process.
In the next part of our ‘Bitcoin Gambling UK’ guide, let’s look at the withdrawal process.
How do I withdraw via Bitcoin?
When it comes to cashing out from Bitcoin casinos, this is potentially the greatest selling point. The reason for this is that many Bitcoin gambling UK operators process the withdrawal request instantly, meaning that you could have your funds back in to your personal wallet within 10 minutes.
The key reason for this is that Bitcoin casinos do not need to worry about banking delays when processing withdrawal requests. The system runs 24/7 and at the click of a Button, funds can be sent around the clock.
In most cases, Bitcoin casinos will send your winnings back to the very same Bitcoin address that you used to deposit. In terms of fees, all you will pay is the Bitcoin blockchain network fee, which again, will rarely amount to anything more than $1-2 dollars.
So now that we’ve covered the deposit and withdrawal process, in the next part of our ‘Bitcoin Gambling UK’ guide we are going to quickly re-cap on its pros and cons.
Bitcoin Gambling UK – Pros and Cons
- Ultra-fast deposits and withdrawals – 10 minute transaction times
- Low fees to use the network
- Gambling transactions do not appear on bank statements
- No need to enter sensitive debit/credit card information
- Have to factor in the initial Bitcoin purchase, which can average 4% in fees
- Although very small, some transactional fees apply
- Bitcoin is very volatile. During the time you have deposited funds and gambled, it may have lost value on the open marketplace
Best Bitcoin Casinos Promotions and Offers
So now that we’ve covered the ins and outs of what it takes to bet with Bitcoin, in the final part of our ‘Bitcoin Gambling UK’ guide we are going to explore some of the most notable Bitcoin casinos, along with any offers they have for new players.
Recognizing the potentialities of Bitcoin back in 2016, NetBet became the first UK-licensed online casino to accept it as a means to deposit and withdraw funds. Bitcoin casinos such as NetBet have an extensive casino section, which includes a full range of table games, jackpots and slots. They also have a fully-fledged sportsbook.
By opening an account for the very first time, NetBet offer a ‘Deposit £50, Play with £100’ offer, along with 10 free spins. Just remember, if using NetBet to bet with Bitcoin, you can only use the payment method to deposit. As they do not support Bitcoin withdrawals, you will need to use a bank wire.
FortuneJack are a crypto-centric casino, meaning that they have no relationship with traditional money or payment methods. However, if you want to bet with Bitcoin, then it might be worth checking them out. Established in 2014, Bitcoin casinos such as FortuneJack allow players to bet with Bitcoin on virtually every casino product – whether that’s table games, slots, live dealers or virtual games.
It is important to note that whilst FortuneJack do allow players from the UK, they do not currently have a license from the UK Gambling Commission. Instead, they are regulated by the Curacao Gaming Control Board.
The operator has an excellent reputation in the industry and they are well known for instant deposits and withdrawals, as well as a highly competitive gaming suite. If you do decide to choose FortuneJack to bet with Bitcoin, you can get a 110% matched bonus of up to 1.5 BTC, plus 250 free spins.