Since the global Bitcoin market exploded in 2017, you’ll be hard-pressed to find someone who doesn’t know about the benefits of this revolutionary crypto-currency. Thanks to its decentralised setup, Bitcoin is free from the influences of governments or organisations. This means that its value stays the same for everyone no matter where you are in the world, while also keeping your identity completely hidden. Want to know more? Then you’ve come to the right place.
Bitcoin in a Nutshell
The cryptocurrency, based on blockchain technology and created by the mysterious Satoshi Nakamoto, has gone from strength to strength since the first block was mined and traded in 2009. More people around the world are aware of the benefits of the cryptocurrency following its exponential boom a few years ago and, as such, more and more industries have invested heavily in it. One such industry that has taken a keen interest in it is the online casino industry, with more and more sites accepting it as a valid form of payment. It may not be as widely accepted as other more established methods, but its popularity amongst people from all walks of life cannot be denied.
Pros
- Your identity will never be shared when you pay for your casino play
- The universal Bitcoin currency means there are no expensive exchange rates
- You can deposit or withdraw your funds wherever you are using your mobile Bitcoin wallet
Cons
- The decentralised nature of the cryptocurrency means that the value of Bitcoin can fluctuate wildly
- There often isn't any formal customer support incase something does go wrong
Advantages of Using Bitcoin
Bitcoin is used the world over in a variety of different industries. But what does it offer to the modern casino player? Let’s have a look.
Private Payments
A huge advantage to Bitcoin is that your identity is always hidden. Each transaction is verified when you log on to your wallet, and can even be verified a second time through two-factor authentication. What this ultimately means is that your personal information is never shared throughout the transaction process. Even while each user of the cryptocurrency has an individual Bitcoin address, that cannot be used to reveal your identity.
Universal Currency
Perhaps the biggest selling point to using Bitcoin is that its value remains the same for everyone, no matter where you are in the world. With no central government or organisation controlling the currency, the inconvenience and added expenditure of differing exchange rates are now a thing of the past.
Pay and Play on Mobile
What with the rapid development of mobile casino apps in recent years, you’ll be pleased to hear that a whole range of Bitcoin wallets can be used via your mobile phone. As such, you will be able to manage your Bitcoin balance, access all the other positives that come with the crypto-currency and enjoy some of the best online casino games right from the palm of your hand.
Disadvantages of Using Bitcoin
While the positives of Bitcoin are big and well known, it is worth knowing that there are still some downsides to the cryptocurrency. For starters, you won’t find the cryptocurrency offered at online casinos as widely as other payment methods like e-wallets or debit cards. As such, your choice of casino will be more limited if you’ve got your heart set on using Bitcoin. Secondly, the price of Bitcoin can change drastically at a moment’s notice. The lack of centralisation may be good for anonymity and a universal currency, but it is not good for maintaining a consistent price. Finally, should you run into any issues with Bitcoin, you are unlikely to be able to access any customer support from the cryptocurrency. This is again a downside of it being so decentralised, but you may find some joy by contacting your Bitcoin wallet provider.
Depositing and Withdrawing
Your Guide on How to Deposit and Withdraw with Bitcoin
While getting started with a new and unregulated currency may sound daunting, the process of setting yourself up with Bitcoin and trading with the cryptocurrency is in fact relatively easy.
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Find the Bitcoin wallet provider for you
Before you start depositing and withdrawing using Bitcoin, you’re going to need to find the Bitcoin wallet that works best for you. There are a lot of choices available nowadays, with providers like Exodus, Electrum and Coinbase offering their users a whole host of different positives.
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Sign up to your chosen wallet
Once you’ve made your choice, you’re now going to want to register with the wallet provider. This should take no more than a few minutes using your email address but, before you do that, make sure you’ve read the terms and conditions.
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Create your Bitcoin address
This is how you will be visible when you want to trade Bitcoins. It should be very easy to set up via your chosen wallet and will clearly be signposted once you’ve signed up. And, don’t worry, it will not be possible for anyone to identify you from just this address.
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Buy your currency
Now you’ve chosen your wallet provider, signed up to it and created your address, the only thing left to do is buy some Bitcoins. This will have to be done using fiat currency, a form of non-digital currency such as the pound or the dollar. But once your Bitcoins are deposited in your wallet, you’ll be able to deposit and withdraw at some of the best Bitcoin casinos the world over!
Boost Your Bankroll
For some players, the welcome bonus on offer at a particular site can often define the experience. That’s why it’s always best to know what sort of bonuses are out there and what you’re signing up for when you’ve found one you like.
Matched Deposits
You’ll find these bonuses at a lot of online casinos and they can often be great value for money. When you make your first deposit at a site, the casino will match that amount up to a certain percentage, which will often look something like ‘100% match up to £100.’ These bonus funds available will be limited to a certain amount, however, will come with wagering requirements attached to them, so you should keep an eye out for them.
Free Spins
If slots are your game, then free spins are the bonus for you. These are another common bonus and will often come bundled together with other bonuses, like a matched deposit. Just like other promotions, they will come with a set of wagering requirements to fulfil, but they can also prove to be a great earner.
No Wagering Bonuses
Yup, you’ve guessed it, these are bonuses that come with no wagering requirements to fulfil in order for you to access your funds. These can often be great value and you make a decent profit off them, but they will often come with other conditions like strict time limits or very specific game restrictions that need to be adhered to. Either way, they are a great way for you to get to grips with a new site or selection of games.
Bitcoin on the Go
Playing at your favourite Bitcoin casino on your mobile is now easier than it has ever been before. The best online casinos will have native apps that will give you the foremost mobile gambling experience, giving you faster loading times and allowing you to customise the app itself. Casinos without a native app, however, will at least have a fully optimised mobile site which should give you access to most of the features and benefits of the desktop site.
Give a New Casino a Try
New casinos nowadays pack a lot more punch than you might think. Established sites may be the most obvious choice, but sites fresh on the scene will have a lot to offer. From player-friendly bonuses to some pretty unique features, new casino sites do a multitude of things in order to stand out from the crowd and attract new players and you certainly wouldn’t be wrong to try our list of the best new casinos out there right now.
Alternatives to Bitcoin
While Bitcoin does have a lot to offer, there are other payment methods out there that serve a selection of different purposes.
PayPal
PayPal is one of the most popular and widely trusted e-wallets available today. Chances are you’ve used PayPal before and with good reason. Payments are processed in up to 48 hours, which is far quicker than debit cards, while two-factor authentication will keep your transactions completely safe.
Skrill
Skrill is an e-wallet that has been at the forefront of the industry, having started operating way back in 2001. Transactions are protected by industry-standard encryption software and are processed within a matter of hours. And what’s more, you can even claim a prepaid Skrill Mastercard. You will find, however, that some casinos will exclude Skrill from their bonuses, meaning you will have to use an alternative payment method should you want to get your hands on a lucrative welcome bonus.
Neteller
Neteller is another e-wallet that has a lot to offer players. Quick transaction times and industry-standard encryption are the key benefits to this hugely popular e-wallet, while the ability to keep your personal financial information separate from your chosen casino is another. You may find that some bonuses exclude Neteller as a valid payment method, so we highly recommend you check out the terms and conditions before you choose a bonus.
Paysafecard
If it’s security you’re after, then you’ve come to the right place with Paysafecard. A Paysafecard is a prepaid card that you can buy via the internet or over the counter. You can even buy one with cash, meaning there’s no need to share your bank details with anyone. It’s a very widely accepted deposit method at online casinos, but unfortunately, you won’t be able to withdraw any money with it. As such, you will have to use an alternative payment method if you want to get your hands on your funds.
Phone Bill
A payment method that is fast growing in popularity is paying by phone. Services like Boku allow you to pay for your casino play by sticking the cost of your various deposits on the end of your phone bill. There’s no need to share your financial information either, with each transaction confirmed by you upon the receipt of a text code. Much like the Paysafecard, however, you will not be able to withdraw any funds using services like Boku. What’s more, particular casinos will limit that withdrawal method to bank transfers only.
How to Stay Safe Using Bitcoin
Playing at a UKGC licensed casino is one of the best ways you can guarantee your safety when you play at an online casino. Their regular vetting of casino sites and gaming software ensure that you will always be secure. But, because Bitcoin is decentralised by its very nature and acts with no oversight from a governing body, there are extra steps you can take to keep you and your financial information safe.
Use Two-Factor Authentication
You should be able to manage your Bitcoin balance via a Bitcoin wallet. And when you use a Bitcoin wallet, you should always use two-factor authentication, or 2FA for short. Enabling 2FA means that you will have to prove your identity with every transaction you make using your Bitcoin wallet. But this is not as arduous as it sounds. It’s usually done via single-use PIN or by your phone scanning your finger or face.
Beware of Phishing
Another great safety tip when using Bitcoin online is to stay on your guard against any act of Phishing. Phishing is when a third party claims to be someone they’re not via email or text in an attempt to gain access to your personal information. As such, if you receive any form of communication from someone claiming to be from your Bitcoin wallet provider, you should never open any links they send nor share any personal login information. What’s more, any suspicious activity should be reported to said Bitcoin wallet provider.
Ready to Play?
So that’s it. You now know the story of Bitcoin, how it works and why it’s become such a popular payment method around the world. The only thing left to do is go through our list of top Bitcoin casinos, choose the one for you and start playing today!
At Compare.bet we would never recommend a site if they weren’t first properly licensed and regulated. Every casino in the UK must hold a license from the UK Gambling Commission which means that every transaction it processes is secure and every game the site hosts is fair.
Absolutely. All you need to do is head to the cashier section of your chosen casino and select Bitcoin as your preferred withdrawal method. You will need to share your Bitcoin wallet number in order for the transaction to go through, but once you’ve done, your money should be with you in a matter of hours.
While Bitcoin is not a centrally regulated currency, there are several things you can do to keep your money safe. One option is to enable two-factor authentication on your BItcoin wallet, which will require you to provide a passcode every time you make a transaction using the payment method. You can also be extra vigilant against attempts of phishing by never clicking on any links in messages from people claiming to be your Bitcoin wallet provider.
Sure. You’re not limited to just Bitcoin when you play at online casinos. You can deposit your funds using the cryptocurrency, but withdraw them using any other payment method, such as debit cards or e-wallets like PayPal, Skrill or Neteller.
Absolutely. The majority of online casinos will allow you to use Bitcoin to claim your welcome bonus using the cryptocurrency. E-wallets like Skrill and Neteller are usually the payment methods that are excluded from certain welcome bonuses, but it’s still worth checking out the terms and conditions of your chosen casino just in case.
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