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Bitcoin Gambling Uk How Does the United Kingdom View and Approach Bitcoin? VideoThe Rise of Crypto Gambling
Bitcoin gambling has its perks. Players can experience games that are provably fair. They can also experience Bitcoin legal gambling while staying anonymous.
Your personal data stays safe while you have fun. There are also players who want to play, but country restrictions make it difficult.
Bitcoin players enjoy instant deposits and quick withdrawal times. With this, they never have to wait long for a cashout to clear, or a deposit to push through.
It is our job to sniff out the fakes and fraudsters from legitimate establishments. Where a casino is licensed goes a long way to tell you how legitimate they are.
Some of the more established licensing commissions include; The Isle of Man, Costa Rica Gambling commission, Curacao eGaming, and the Malta Gambling Authority.
There are thousands of Bitcoin exchanges online where you can buy the cryptocurrency. It can be traded for a value of pretty much any other currency you fancy.
Some BTC exchange sites include:. The last two are P2P exchange sites, which means you buy from a seller directly. Others allow buying via specific marketplace platforms.
The BTC you buy is stored in your selected online wallet. The process is usually instant too. The process of buying the cryptocurrency depends on the particular site.
Below we've outlined how to buy Bitcoin at two of the most popular Bitcoin exchange sites; Coinbase and LocalBitcoins. So, you should track the course of exchange against your own currency to determine the best time to buy.
At first, using these exchange sites might seem lengthy. However, if you ever use it again, the process will be much shorter and easier.
After all, Coinbase is an exchange site first and foremost. Thus, your money will be safer if you transfer them to your wallet after buying.
This may seem like a bit more difficult process. However, with no middleman in control, you have more freedom to trade as you like, as well as more responsibility.
So, now you have a wallet full of bitcoins and are ready to win even more of them. Like all online gambling sites, casinos accepting bitcoin will ask for your personal details and contact information.
No one can hack you that way. You might also consider using paper wallets. Then you add gambling to the mix, which is volatile in its own right.
Combining the two is like making a Molotov cocktail with your wallet. You might have fees from that, for one thing. The solution to this is to obviously only gamble what you can afford to lose.
You can also try to time the market a little to see if you can maximize the amount of Bitcoin you get from your cash-out.
However, that comes with a severe downside or three. For example, say you accidently entered the wrong address before you shipped a payment.
Of course, it needs to be an address that actually exists. Shoddy sites do it all the time to players using fiat currency. This is one of the most crucial downsides to consider prior to using Bitcoin to gamble online.
The downside here should be obvious. You have no one to complain to. You have no way of getting your money back. And the easiest way to do that is to join one of the sites we recommend at the top of this page.
You can find a site on your own. The last thing we want to talk about is how we go about choosing a UK-friendly gambling site that accepts Bitcoin.
This is easier to accomplish for UK gamblers, as sites are held to higher standards compared to other countries. Not after reading the downsides in the previous section.
Trust us on this. So, we want to take a few minutes to explain exactly what we look for and why it matters.
No arcade style slots or other games from third party developers, every games at BC. Game is their own original design and work. Rocket is a crypto platform for players who are looking for rare and entertaining Provably Fair games.
Crypto-Games is an online gambling site where you can bet bitcoins and different altcoins on lottery, dice, slots, blackjack and roulette games.
Stake is a fair and transparent bitcoin casino. They provide a truly fair gambling experience. It is important to note that there are cryptocurrencies out there that have higher levels of privacy than Bitcoin.
Monero is thought by many to be the most private cryptocurrency around, while Zcash, Dash, Verge and Horizen are also known for their privacy.
However, none of the aforementioned cryptocurrencies are as widely accepted as Bitcoin. Bitcoin transactions are fast.
Bitcoin uses encryption to protect all transactions. This is because Bitcoin is backed up by something called blockchain, which makes Bitcoin incredibly difficult to be hacked.
You can learn more about blockchain by reading this fantastic article by IBM. Instead, you can just feel secure in knowing that Bitcoin is one of the safest ways to make transactions online.
As always, we want to bring you the complete overview of a topic, and this means that we also have to mention the disadvantages to using Bitcoin at online casinos.
There are three main reasons why some shy away from using this cryptocurrency, and you can read about them below…. This is perhaps the biggest concern many people have about Bitcoin: there is no official protection if anything goes wrong.
If you have your bank account hacked, you can go to the police and also often get your money reimbursed by your bank.
We mentioned earlier that Bitcoin can increase in value, however you also have to look at the flipside of this equation, as it could also drop in value too.
Essentially, buying Bitcoin is like any other investment, so do some research before buying any of this cryptocurrency, or any other cryptocurrency out there.
Payment methods like VISA and MasterCard are accepted at the majority of online casinos, however finding a site accepting Bitcoin is trickier.
This means that those who want to deposit and withdraw using Bitcoin will have a smaller selection of casinos to choose from. Bitcoin was the first major cryptocurrency to spring up, however there are now also many others to choose from.
None are as popular as Bitcoin, however you will still be given the chance to use some of them at online casinos. You can find out about some of the other popular cryptocurrencies that can be used at online casinos below….
Ethereum is the second largest cryptocurrency, after Bitcoin.