Bitcoin is an up and coming payment method at many online casinos. Both casinos that base their entire operation on the currency and those that accept it side by side with other payment methods exist by now.
Bitcoin was originally devised in 2008, and it became largely available to the public in 2011. What makes Bitcoin so special is that it is a cryptocurrency, a completely digital form of payment. At the same time it’s traded without the influence of a central or local bank, simply peer to peer.
It offers some unprecedented freedoms that particularly gamblers want to take note of, but with every freedom there are downsides. We’ve got everything you need to know – the best Bitcoin casinos, advantages, disadvantages and how to use it.
Using Bitcoin as deposit method
To make a deposit using Bitcoin, you first need a Bitcoin Wallet and of course Bitcoin. Since not everyone is familiar with the process of acquiring Bitcoin in the first place, we will cover this step as well.
To open a Bitcoin Wallet, all you have to do is make an account on the official Bitcoin website bitcoin.org. there you can find a number of wallets, which all come with different features, including wallets that have corresponding mobile apps. You can install wallet software to your computer, use an app or a website the way you would with eWallet such as PayPal. On the site you can also read up on steps to secure your wallet, as Bitcoin can be vulnerable to hacking attempts.
To set up a wallet, you need your address and a password. In exchange you will receive a Bitcoin address, which stays anonymous until a transaction is made. Because of this you’re encouraged to regularly change your virtual Bitcoin address.
The actual currency can be acquired in a number of different ways:
- You can buy Bitcoin directly through your eWallet, which means agreeing to the wallet provider‘s price.
- You can trade Bitcoin at various Bitcoin exchange websites.
- Since Bitcoin is mainly a peer to peer currency, it‘s possible to directly buy it from other Bitcoin users.
- You can earn Bitcoin through mining – solving math problems to improve the safety of the cryptocurrency network.
Bitcoin deposit step by step
The actual deposit process at your online casino should work the same way you deposit any other currency into your casino account. Simply select the amount you would like to deposit, then finish the actual depositing process in your online wallet. Take care to note the worth of Bitcoin and how your online casino weighs it so you know how much money you have to play with.
Using Bitcoin as a withdrawal method
Withdrawals with Bitcoin are still rather rare, due to the strong fluctuation in value and the additional safety measures required by online casinos.
Where available, they work just as well as withdrawals to any other online wallet, meaning you profit from withdrawal speed and very low to non-existent transaction fees.
How fast are Bitcoin withdrawals?
Where available, Bitcoin withdrawals are near-instant. They will immediately appear in your wallet, if not, it will only take a few hours. This makes Bitcoin a great alternative to traditionally long-winded payment methods such as bank withdrawals.
Even better, there are no maximum withdrawals in Bitcoin due to their changing value.
Bitcoin withdrawal step by step
To withdraw Bitcoin, you:
- Navigate to your casino account
- Select the withdrawal option
- Select the amount you would like to withdraw
- Select Bitcoin
- You may have to reconfirm the transaction in your Bitcoin wallet through a separate window in your browser
Pros and cons of using Bitcoin
As an experimental currency, there are certain downsides to Bitcoin that can make it a risky endeavour. For those who tire of the restrictions of traditional systems however, Bitcoin can be a worthwhile endeavour.
- Fast transactions
- No involvement of third parties such as banks
- More anonymous than other payment methods
- No fees
- Not widely available at trustworthy online casinos
- Strong fluctuations in currency value
Bitcoin payments for UK gamblers
Good news for UK gamblers. UK Bitcoin casinos are regulated by the United Kingdom Gambling Commission, which recognises Bitcoin as a payment method for its licensed casinos. This means that online casinos that bear the UKGC logo and accept Bitcoin are definitely safe and trustworthy. They have to adhere to strict safety regulations both in regard to payments and the general user experience.
Here at Slotsia, we have a list of recommended Bitcoin casinos with great bonuses for you.
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Bitcoin isn’t as safe as you might think. You certainly have to divulge less personal information than for other payment methods, both at signup as well as during use, but you’re not completely anonymous. It is definitely possible to trace a Bitcoin address back to a person, which is why you need to take measures to make sure to change it regularly.
The high interest in Bitcoin has attracted hackers. Encryptions that keep your Bitcoin safe are generally well-regarded, but just the fact you own Bitcoin can make you a target.
Bitcoin vs. Zimpler for online players
While Bitcoin wallets work like regular eWallets, the safety concerns may make a prepaid solution such as Zimpler a better option for you. Zimpler payments work with a unique code. As such, there is no need to make an account, give up your address and so forth. Instead, Zimpler works through your phone. When making a deposit, you select the amount and enter your phone number. Zimpler will then message you a one-time transaction code to use Of course you still have to trust Zimpler with your phone number and bank data, but as a regulated institution, it’s responsible for any possible losses.
Bitcoin, on the other hand, works peer to peer, this means there is no way to stop or reverse a transaction unless the other party agrees and starts the process.
Alternative payment methods to Bitcoin
EWallets such as Skrill and PayPal are more general alternatives to Bitcoin. Especially Skrill and Neteller are known for their quick transaction speed and tools specifically made for gamblers such as ways to manage your budget and limit your spending. You can also request a Skrill or Neteller credit card which earns you bonus points with each transaction. PayPal is even more secure, but withdrawals take longer. It’s also not available at as many casinos. On the other hand, neither PayPal or Bitcoin suffers from one of the biggest drawbacks of Skrill and Neteller – the frequent inability to make use of welcome bonuses.