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Bitcoin is something that’s growing in the casino industry. Created in 2009, this so-called cryptocurrency (also known as virtual currency or digital currency) has become very popular. And it’s now made its way to some online casinos. Bitcoin casinos are start\ing to become more and more popular.
On this page, we are going to be talking about Bitcoin casinos and the benefits of using bitcoins and cryptocurrencies when depositing at online casinos. Furthermore, you can find a list of non-UK casinos here that allow you to use bitcoins.
Bitcoin Casinos – How to play with Bitcoins
In order to be able to play with bitcoins at bitcoin casinos, you have to have your own bitcoins. Buying them can be easily done at LocalBitcoins.com. So, if you do not yet have your own Bitcoin wallet, you can get one free of charge. This process is very similar to signing up at sites with any of the modern e-wallets – like Neteller, Skrill, and PayPal.
After you have a Bitcoin wallet, it is time to find yourself a casino that accepts bitcoins. Obviously, here is where our list of Bitcoin casinos will come handy. Just pick a casino that has a casino bonus of your liking and you’re off to the races!
Bitcoin casinos – Benefits of playing with Bitcoins
Of course, we should address this important question as well. Why would anyone want to play with Bitcoins instead of your traditional currency? Well, in this day and age, why would anyone want to use snail mail to say hi to their friends, when you have things like email, text messages and even instant messaging available?
Bitcoin is still rather new, so it is of course understandable that some people are still a bit sceptical towards this so-called crypto currency. After all, when it was first created, Bitcoin was nothing more than a monetary system that was completely made up. Then again, all of the world’s economy revolves around money that is either numbers on the screen or made of paper, and has no intrinsic value whatsoever. Bitcoin is actually not too far from this, when you think about it.
Bitcoin solves quite a few issues from a players’ perspective. Next, we’ll take a look at some of the most important benefits of using Bitcoin.
Bitcoin is fast
One of the best things about bitcoins is that using them is relatively fast compared to traditional methods. No need to wait for days or even weeks for the transfer process. While casinos, especially good ones, are fast in accepting the withdrawal, the transaction itself may take days.
Therefore using bitcoin tends to be much faster compared to traditional bank transfers between two countries. Of course, transfer using an eWallet is another fast option to transfer money. However, an increasing number of casinos has chosen not to offer bonuses, if the deposit is made either Neteller or Skrill.
Some casino sites that are promoting themselves as a bitcoin casino, offer quite hefty welcome bonuses for new players. Take a look at the examples above to claim one yourself.
The withdrawal costs with bitcoins tend to be a lot less compared to those of actual cash. However, like bitcoin’s value, this is quite volatile and depends on how many transactions are currently made with bitcoin. Most of the time you are paying a smaller percentage for every transaction compared to traditional money, but sometimes the fees spike and you end up paying more.
With bitcoins, people have better control over everything that they hold. So, if push comes to shove and the casino you’re playing at has to file for bankruptcy (not likely, but could happen), you will still get to keep your bitcoins.
All of us aren’t necessarily too eager on having gambling related transactions on our bank card. With bitcoin this can be avoided as there isn’t any paper trail left after the transactions to different authorities.
Bitcoin Casinos – Is it safe to play with Bitcoins?
When playing any games based on luck, you are basically placing your trust in the organizing party of the said game of chance. This means that if they actually chose to just fool you, you probably would not even guess it as they can always say that you only had tough luck.
The Bitcoin community has come up with a system called “provably fair”. Long story short, they have developed a way that allows you to verify whether the results of these so-called games of luck were actually random or not.
Of course, when an online casino has a gaming license from a trustworthy licensor such as the Malta Gaming Authority or the UK Gambling Commission, you can be pretty sure that the random-number generators are tested at regular intervals and should indeed provide a random result every time. All sites on Casino Professor have such a license.
Bitcoin Casinos UK
It’s true that Bitcoin casinos UK are legally possible in the UK. However, no casino with Bitcoins has yet managed to launch in the UK.
Any online casino that wants to legally operate in the UK must have a licence from the UK Gambling Commission (UKGC). One of the requirements of this licence is the obligation to meet anti-money laundering requirements, as confirmed by the UK Gambling Commission.
This is where accepting Bitcoin (and any other crypto) becomes virtually impossible at a UK online casino.
That’s because every site must have the capability to check a player’s source of funds. This can be done via bank statements, payslips, savings accounts, and more.
Of course, the main feature of Bitcoins (and other crypto) is that the payment is anonymous. So UK online casinos are not able to confirm the exact source of funds when a player uses Bitcoin. So no site can satisfy the UKGC’s demands – so they cannot offer it as a payment method.
Will a Bitcoin Casino UK become available in future?
It’s very unlikely that UK casinos that accept Bitcoin will become ever become available. That’s because one of two things would have to happen:
- UK Gambling Commission changes anti-money laundering policies: The UKGC would have to soften their approach to anti-money laundering and fraud. This is almost certainly not going to happen. It’s more likely to get stricter over time.
- Bitcoin (and other crypto) changes payments from anonymous: The maintainers of Bitcoin (and other crypto) would have to remove anonymity for payments so the source of funds could be verified. Considering this is a staple feature of cryptos, it’s also almost certainly not going to happen.
So what’s left is a complete stalemate with no obvious workaround.
Bitcoin casino UK alternatives
Although cryptocurrencies are not currently available at UK online casinos, there are plenty of casino payment methods you can use as an alternative.
Here are some of the most popular alternatives to the Bitcoin casino in UK:
Of course, these payment methods will keep a record of transactions. And you may be asked to provide documents that prove your source of funds and other financial information. But this is something that you must agree to when joining a casino online in the UK – as they sometimes need it to comply with their licence requirements.
We have now gone through some of the most important aspects of Bitcoin. As you can see, using Bitcoins provides you a new way of playing at non-UK online casinos. So, if you’re not onboard with Bitcoin just yet, why not go to Local Bitcoin and try it for yourself?