Should I Use the Bitcoin Payment System in Online Casinos?
Players in UK casinos should first understand how Bitcoin works and how it can benefit them when making online casino payments:
Advantages of using Bitcoin
UK Bitcoin casino sites facilitate fast payments, whether you are making deposits or withdrawals. The transactions only take a few minutes as there are few internal processes involved in completing a transaction.
- Guaranteed security when making payments
Every Bitcoin transaction bears a unique code. It is therefore not possible to lose funds when making payments at your BTC casino UK.
- Free or Low fees on transactions
Most casino bitcoin sites do not charge any fees for making deposits. The few that charge for the deposits only apply low fees and still manage to be among the sites with the lowest fees on transactions.
Bitcoin gambling also involves the least number of banking institutions as it is a peer to peer mode of making payments. Consequently, there are few or no charges involved in making a deposit to your Bitcoin casino account.
You are not required to provide sensitive or personal details such as bank account or credit card details when transacting with Bitcoins. Your anonymity is therefore guaranteed as you only have to provide your Bitcoin wallet address to make a transaction.
- No limits on deposits and withdrawals
Unlike most payment methods that have limitations on the amount that you can transact, you can make limitless transactions using bitcoins. You can also transfer large amounts of cash without having to worry about maximum limits.
Disadvantages of using Bitcoins
- Not legally accepted in some countries
Some countries are yet to accept Bitcoin usage for making payments. On the other hand, its alternatives, such as Visa, PayPal, and MasterCard are globally accepted.
Just like other currencies, Bitcoins may sometimes rise in value. The reverse is that it may also fluctuate in value and could lead to a loss. However, players do not have much to worry about as the likelihood of its price fluctuating is minimal.
Unlike other payment options such as credit and debit cards that you can use in many online stores and points of sale, Bitcoin is still a new currency and hence not reliable for making payments. To use it you would have to identify online sites for goods and services that support Bitcoins.
What Are the Fees When Using Bitcoin as a Payment Method?
Most casinos do not levy any charges for making deposits. Casinos that accept Bitcoin are no different; they don’t charge you any fees when you fund your account using Bitcoins.
You should however note that some casinos may charge you a small fee for converting Bitcoin funds into a different currency. You should also be aware that any purchases you may make from your bitcoin gambling proceeds may be subject to the usual tax rates.
Can I Receive Casino Bonuses With Bitcoin?
Most UK casinos shower their new players with generous bonuses when they sign up to play at the sites. You can therefore get a welcome bonus and other reload bonuses when you deposit with Bitcoin.
The amount would however depend on the specific online casino. Additionally, the amount may only be indicated and available in a different currency such as British Pounds.
The best Bitcoin casinos also get you free spins and other prizes when you make deposits using Bitcoins.
Some UK Bitcoin casinos also go the extra mile and provide their players with no deposit bonus offers when they sign up and successfully create an account at the site. Players at Bitcoin casinos are also not exempt from VIP promotions and exclusive bonuses offered to players from time to time.
How to Get and Use Bitcoin
It is easy to get started on your Bitcoin casino gambling exercise. After identifying the ideal Bitcoin casino, you should obtain a Bitcoin wallet where you can purchase coins online from reputable Bitcoin vendors.
Some of the best bitcoin casino sites also provide you with a list of trustworthy Bitcoin vendors from where you can purchase your coins.
Alternatively, you can mine coins through trading using blockchain technology. This would not be the easiest option for a beginner as it requires some know-how and specialized software.
Once you have obtained some coins on your Bitcoin wallet, you can use them to make online transactions including funding your online casino account. You can also make withdrawals from the casino and channel it back to your Bitcoin wallet address.
How to Make a Deposit With Bitcoin in a Casino
- Sign up and log into one of the bitcoin casino sites
- Head to the cashier or payments page and choose to make a ‘deposit’
- Select Bitcoin as the deposit option and enter the amount you want to deposit in your preferred currency. This is automatically calculated into the corresponding Bitcoin amount.
- Enter your Bitcoin address and you will be redirected to your Bitcoin wallet to receive the Bitcoin Key
- Enter the Bitcoin Key in the required payment field to complete the transaction. The amount is instantly transferred to your casino account and you can start playing games at the site.
What Is the Maximum Amount I Can Deposit With Bitcoin?
High rollers and players who like to make large deposits are in luck as Bitcoin is among the deposit options that can enable them to transfer large amounts of cash.
Most online casinos have set payment policies with limits on the amounts that one can deposit in a single transaction as a causal player or VIP. Others may specify daily, weekly, and monthly deposit limits. The maximum amounts that you can deposit with Bitcoin would therefore depend on the online casino.
Can I Withdraw From Online Casinos Using Bitcoin?
Bitcoin is among the payment methods that you can use to make both deposits and withdrawals from online casinos. Players can make fast withdrawals from their casino accounts into their Bitcoin wallet.
This can be done within a reasonably fast duration as there are no middlemen involved in completing the transactions.