Everyone is talking about Bitcoin – it’s the cryptocurrency that might just revolutionise the financial world. And of course, in online gambling, Bitcoin is on everyone’s lips too. Bitcoin Casinos are now growing in popularity and more are set to launch in the coming months.
For many though, dipping into the bitcoin gambling world is an intimidating experience. Trying to understand what it all means, and what value all those coins have, can be confusing. That’s why we’ve put together this guide to help you to understand how Bitcoin works and to help you decide if you want to play at a Bitcoin casino.
You can learn more about Bitcoin casinos and where to play on our Cryptocurrency pages.
1. How Do I Get Hold of Bitcoins?
To start playing at an online casino that accepts Bitcoins as its main currency you will first need to purchase some. You can do this with any Bitcoin exchange service. There are many available, including Cubits and Kraken. You can usually purchase using bank transfer or debit or credit card. At Cubits you can also purchase using Neteller or Skrill.
2. Are There Transaction Fees for Bitcoin Players?
You don’t need to have a credit or debit card to start playing with Bitcoins. However, there is a small processing fee to use Bitcoins at casinos. It is very small – usually less than just a few pennies.
3. Are Bitcoin Casinos Fair and Safe?
As with all casinos, it’s very important to ensure that the casino you are playing at is properly licensed. This ensures that it complies with rules, regulations and codes of practice set out in the terms of that license. You can find the licensing details of any casino you want to play at in the footer of the site, on every page. Most Bitcoin casinons in the UK are licensed outside the territory in areas like Curacao.
4. Will I Get a Bonus When I Sign Up With a Bitcoin Casino?
Yes – just like a normal casino where you grab a match bonus or free spins with your first deposit, when you buy chips with your bitcoins, you get freebies to play with. You must usually wager these on slot games, and just like a normal bonus they will come with a wagering requirement, so always check the terms and conditions for details.
5. Is Bitcoin Gambling Legal?
Just like gambling with all GBP in the UK, gambling with Bitcoins is perfectly legal. It is not a regulated currency in the UK, which is why many casinos don’t yet accept it as a form of payment. However, it is growing in popularity, and its profile has increased in the media in the last 12 months. Expect things to change and it may well be in the next 2 to 3 years we see a proliferation of bitcoin casinos on the UK market.
6. Are Bitcoin Casinos Secure? Are my Details, and My Money Safe?
7. Do I have to Download Software?
Most Bitcoin casinos are non-download so that means that you can get straight into the action – just register and purchase chips are you’re ready to go. You can play all the usual games from your favourite software suppliers as well. It’s just like a normal casino.
8. Can I Gamble On Sports With Bitcoin?
Yes, there are Bitcoin Betting sites out there as well. Just like casinos, they are not as popular as traditional sites that accepts bets in UK pounds. However, they are expected to grow in popularity over the next few years as the profile of the currency, and the confidence in it, increases in the UK.