New Bitcoin Casinos
Bitcoin is the world’s first ‘cryptocurrency’, stored and exchanged securely on the internet through a digital ledger known as a blockchain.
The currency only exists online and operates via a completely decentralised structure, with no bank nor country responsible for controlling the currency/payment system.
This makes paying with Bitcoin at online casinos completely anonymous and very quick, sometimes instant, and potentially free of pesky fees.
We’ll go into all the positives and negatives below plus take a look at how to deposit and withdraw using Bitcoin at UK casinos.
Sadly, there are very few UK casinos where Bitcoin is accepted. You will find all below.
Newest Bitcoin Casinos in the UK
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| Company Name: Bitcoin|
Company Name in the UK: –
Supervised by: Bitcoins are decentralized, and they are not regulated
Transaction Time: Instant – 5 days
Min Transaction: Usually 0, but it can be set by the casino
Deposit Fee: 0 – 10 GBP
| Established: 2009|
Established in the UK: –
Phone Number: –
Other Payment Methods:
Security: Varies depending on the wallet used
Max Transaction: No limit, but the casino might set one
Withdrawal Fee: 0 GBP some casinos charge fees
Benefits of Using Bitcoin Casinos
Bitcoin carries with it many advantages when directly compared to traditional payment methods.
Because of the clever use of blockchain technology and the radically different approach to the concept of currency, it provides the following plus points:
- Fast transactions
- No transaction fees
- Super anonymous payments
- Decentralised currency system
- Potential bit-currency gains
Now let’s take a closer look at these key advantages for this cryptocurrency in some more detail:
Using Bitcoin as a payment method will give you fast transactions when directly compared with some of the longer-established payment methods.
Exactly how fast depends on the online casino side of things. You can normally get your money into your bankroll within the same day. Sometimes it can be pretty instantaneous but check with the casino first to see how quickly they can transfer a payment.
This lets you avoid the lengthy wait times associated with other methods and get straight to the gaming action.
Typically Zero Transaction Fees
As the currency itself comes with no fees attached, you won’t get any charges from that side as if you were using a debit or credit card.
Depending on which online casino you are depositing to or withdrawing from there may be a fee from their side. You can just ignore these casinos.
Be aware that Bitcoin exchanges and wallets might charge you for using their services, so that’s something to factor into the total costs of opting for this payment method.
If you are someone who doesn’t like giving all your details to payment providers, using this cryptocurrency could navigate around that.
The blockchain system behind the currency means that transactions cannot be traced back to an individual. There’s no requirement for an account name or further details so, all transactions using Bitcoins remain anonymous forever.
The chances are you’ll still need to provide some proof of ID to the casino itself but at least there are no credit card companies tracking your every move.
Unlike other global forms of payment, the currency itself has no central bank or government behind it. By its very design, Bitcoin is built to be used online wherever and whenever and not tied to any single entity.
Potential Currency Gains
There is a finite amount of Bitcoins that will ever be made (21 million). This scarcity is a part of what gives the currency its real-world value and drives increases in value.
The value per coin can leap up by hundreds, sometimes thousands of dollars overnight as the currency reacts to global events. This offers the potential for your casino winnings to increase in value rapidly without you even touching them.
It’s worth saying that as with anything this volatile, things can easily go the other way and big losses can be incurred at the same rate. Always know the risks before diving into the world of cryptocurrencies!
Negatives of Using Bitcoin Casinos
Despite the tempting advantages above, there are some major risks when using this pioneering cryptocurrency.
The key negatives are:
- Risk of attack
- Extremely volatile currency
- Illegal associations
- Limited acceptance
Let’s take a look through these in more detail now:
Hackers, world governments, shady exchanges, everyone is out to get Bitcoins. Despite the blockchain creating a secure system for the currency itself, it’s the ecosystem around it which has many flaws.
People have lost millions overnight from crypto exchange hacks, never to be seen again and impossible to recoup. It’s can be a high-risk way to store your finances.
Extremely Volatile Currency
Bitcoin has a reputation for being extremely volatile in terms of its market value. The price per coin has been on a rollercoaster ride since it started to hit the headlines in mid 2017.
One coin is now typically valued in the thousands of dollars so they are divisible into smaller units known as Satoshis – each Satoshi is worth 0.00000001 Bitcoin.
It’s a constant risk as your winnings could halve in value overnight or worse if the currency runs into any issues.
The currency has been used to fund black market drug sites, and due to this association is outlawed by powerful institutions like the Chinese government.
Regulations and restrictions are being considered and implemented by key governments and institutions around the world. This all helps to create a very uncertain environment for the future of Bitcoins as a mainstream currency.
Despite the number of online UK casinos which accept Bitcoin are “increasing”, it is not as widely used as other more established payment methods.
Check our list of recommended UK casinos above to ensure that the cryptocurrency is accepted where you want to play.
How To Deposit at a Bitcoin Casino in the UK
The exact method of paying with Bitcoin will vary from casino to casino. It is best to get in contact with their customer service team before going ahead with a deposit to ensure you know the full procedure and any attached fees.
Depositing Bitcoin at a UK casino will usually go like this:
Step 1 – Select Currency
At the payments page, select Bitcoin as your chosen method. This could be listed as an entirely separate payment type or hidden in a dropdown menu.
Step 2 – Wallet Address
You will be given the online casino’s wallet address in the deposit section, and you will use that to send them money from your wallet.
Step 3 – Reference Code
There is often a reference given by the casino to identify it’s your deposit. The online casino won’t be able to tell that the transaction was from you otherwise.
Step 4 – Confirm Amount and Deposit
Enter how much you want to deposit and confirm the transaction to pay with Bitcoin. Always be aware of any minimum or maximum limits set by the casino. These could be per day or per deposit.
It can take anywhere from moments to days for the money to arrive in your bankroll. The funds will transfer instantly, but the online casino still needs to process them and that is where the hold-up is as mentioned in the negatives section.
How to Make a Withdrawal With Bitcoin
Again, you will want to contact the online casino’s customer service and talk to them about making a withdrawal.
Don’t forget to ask about any fees and timings to see how quickly you can get your funds back into your wallet.
Here is the likely method of withdrawing your funds at a UK Bitcoin casino:
Step 1 – Wallet Details
The casino will ask for your crypto wallet details so they know where to deposit the funds.
Step 2 – Funds Deposited
The casino will send the money directly to your wallet. It is difficult to say how long this will take. The online casino will likely have to do this manually, so it really depends.
Step 3 – Check Fees
There are sometimes fees charged for making Bitcoin withdrawals at UK casinos. The exact nature of these fees (i.e. a flat fee or a percentage) varies from one casino to the next.
This information should be clearly displayed. If you have any question you can, of course, always contact the customer service team. They will clear up any confusion and give you a clear idea of what you’re dealing with, before proceeding with a withdrawal.
Requirements of Using Bitcoin
There are a few things you’ll need to put in place before you can start using this cryptocurrency at any UK casinos. They are:
- Actual coin currency
- A crypto wallet
- Coin exchange
- A Crypto ATM
Let’s take a look at those in a bit more detail now:
As mentioned, the coins themselves are sometimes worth tens of thousands of dollars each, so it’s unlikely that you’ll own several whole coins. They are divided up into Satoshi, with each one being worth 0.00000001 or a Bitcoin.
You’ll need some in your crypto wallet to get started and they can be purchased at a coin exchange using traditional currencies.
Exchange rates, fees and trust vary as with any currency so do your homework before spending your cash on coins.
To keep your coins safe, you’ll need a crypto wallet for virtual currency storage. There are countless providers of these with many different approaches and setups.
Do your research and be sure that you’re keeping your virtual currency somewhere which is compatible with online casinos. You don’t want to find that you’re not able to easily transfer funds to your bankroll when you’re all set to spin your favourite slots.
You’ll also need to be set up at a coin exchange so you can buy and sell your cryptocurrency when you want to.
Some exchanges might require you to verify your account with some basic ID before you can start swapping any sterling for virtual coinage.
Again, research is key to finding a good exchange that you’re happy with. There’s a lot to consider beyond what this basic guide can tell you.
If you want to turn your physical cash into Bitcoin then seek out a crypto ATM. These nifty machines can accept folding money or sometimes card payments which are then deposited into your virtual wallet.
Always check out the fees when using said machines as these kinds of services can charge a hefty sum for any crypto wallet deposits or withdrawals.
There are endless online resources that will help you on this journey, and they can tell you more than we ever could here.