UK Bitcoin Casinos 2017

What is Bitcoin?

Bitcoin is a Cryptocurrency, or virtual currency. It is the leading player in the crypto sector since its release in 2010. It is growing in stature. Unlike conventional currencies, Bitcoin is not owned by any central government, but is rather supported by a peer to peer network in which ‘miners’ – essentially computers that add transaction records to the system – maintain a digital ledger of every single previous transaction.

The advantages of this system are that bitcoin is de-centralized, meaning that third parties like banks and other financial institutions, are not involved in the transactions. This cuts costs because there are no transaction fees involved.

The flip side of this is that bitcoin is very hard to regulate and as a result the currency can increase and decrease in value rapidly with no official body to intervene and stablise it.

In most territories, trading bitcoin and using it in transactions for goods and services is perfectly legal. With regard to UK casinos, any site operating in the UK and offering bitcoin as a cashier option must hold a UK Gambling Commission License.

How Does Bitcoin Work?

Block chain technology is fundamental to the way that this currency works. The block chain acts as a digital ledger, recording every single transaction that occurs. For transactions to happen, advanced mathematical proofs are required and these are generated by the mining process carried out by computers across the globe. Those with mining hardware receive currency in exchange for their proofs.

To use bitcoin, you need to have a bitcoin wallet in which you can store private keys that enable transactions. Once you have chosen your Bitcoin wallet, you must visit a Bitcoin exchange to add or remove funds.

If you choose to use a bitcoin casino, then one of the great advantages will be that you will be able to make your transactions in or out of your account in seconds, and with no fees.

When you come to make your deposit it may feel somewhat like an eWallet solution, like Paypal for example. To complete the transaction you will need to enter a hexadecimal address key instead or an email address or username.

Whilst not all online casinos in the UK are ready for the bitcoin revolution quite yet, and there are still some uncertainties around the future of the currency, it seems that it is gaining traction as a payment option.

Here at Offersville we recommend you try one of our listed casinos to enjoy your first bitcoin casino experience. Good luck!