Nearly every online casino today operates with traditional forms of currency in mind. This isn’t a bad thing by any means, but it does present a few drawbacks: you have to deal with exchange rates between currencies, inflation, and the prospect of theft for starters. Some did not like the idea of people seeing people’s information so easily, and so decided to go with a far safer form of alternative currency, and turned the spotlight on bitcoin. Bitcoin casinos are rapidly increasing in popularity owing to bitcoin’s anonymity and security when compared to traditional currencies.
Not a lot of people know about bitcoin casinos, so we at Freespins.uk.com are more than happy to fill you in on all the details that you need to know!
If you still don’t know, bitcoin is a digital cryptocurrency. Simply put, it’s a form of money that cannot be tracked or traced like conventional currency, making it ideal for people who are concerned about their privacy. Because bitcoin is not regulated by any single entity, its value is purely dictated by supply and demand – inflation is never a concern, although the value of the currency can be subject to significant change over time.
Can you gamble using bitcoins?
Yes you can, as at a dedicated bitcoin casino, every single game can be played with bitcoins, and we firmly believe that these sites are ahead of the curve on the currency front. Bitcoins are safer and more reliable, and their digital nature makes them perfectly suited for integration into the fabric of online casinos. Bitcoin is versatile, as it can be used at both bitcoin-only casinos, as well as certain traditional casinos.
Bitcoin’s increasing popularity has not gone unnoticed by some of the larger e-wallet and online banking services. Neteller has begun offering bitcoin as one of its supported currencies. NetBet made its name by being the UK’s first casino to accept bitcoin as a form of payment, but this is fast changing in 2017 as bitcoin becomes increasingly recognised as a legitimate form of currency around the world.
How do you buy bitcoins?
Mining bitcoins may have been viable when they were still relatively new, but nowadays you’re better off buying them directly. You’ll need an e-wallet that has bitcoin-providing software to do this. You’ll then be given the option of choosing either a trade market or an exchange to use your e-wallet through.
After you sign up you can then begin funding your account with bitcoin. Bitcoins vary in price, so make sure to check what the market price is before you buy. Supply and demand dictates what the price will be (there is a limited supply of bitcoins available after all). Once you make your purchase your account is immediately credited with bitcoin, where you can then proceed to use them in any way you’d like.
Can you get free bitcoins?
Some bitcoin casinos do offer free bitcoin (Freespins.uk.com tends to highlight such promotions), but qualifying can be a very tedious and drawn-out process. The only other way is to mine bitcoins, but you have to use a Block Chain and specialised software for the task, as well as account for the electricity consumption and processing power required to do so.
Bitcoin mining is technically free, but as more and more bitcoins are unlocked there are fewer to go around, and competition for these coins is extremely fierce. The amount of processing power required to unlock just one, statistically speaking, demands more electricity than the value of the bitcoin itself. This is not a task that the average person can undertake, so if you want to give it a shot you should be prepared to go all the way.
What are bitcoin’s deposit/withdrawal options?
Bitcoin is stored via specialised software. You can have it stored on the cloud or directly on your computer. Whichever method you prefer works equally well when depositing or withdrawing funds.
Two of the most popular kinds of cloud software are Green Address and Block Chain. These store your funds much like PayPal or Neteller, and the benefit from these forms of software is that you can manage your funds anywhere, anytime. For greater security at the expense of portability, Electrum and Darkwallet let you store your bitcoins directly on your hard drive. Nobody else can access it while it’s there, and this extra layer of security is why most bitcoin gamblers prefer this method of storage.
Does bitcoin come with transaction costs?
Nope, through the casino brands we highlight, Freespins.uk.com will not attempt to take advantage of you by gouging you with fees and charges. All transfers are done peer-to-peer, meaning that there is no middleman to extract a cut of your hard-earned winnings. Most online casinos charge you to withdraw your own funds, but bitcoin is completely fee-free.
Is bitcoin gambling safe to do?
The answers to this question will largely be contingent upon who you ask. Some people insist that the anonymous nature of bitcoin transactions means that you are completely safe. Some people believe that banks offer sufficient amounts of security, while others still believe that just using PayPal is good enough.
While banks and PayPal aren’t terrible options, they do carry the risk of mistakes and hackers. Sometimes a system goes down, or data is lost. Worse case scenario, hackers may steal your information. Because bitcoins cannot be traced, this renders you effectively immune to cyberthieves and people looking to accrue your personal information.
Is bitcoin-based gambling legal?
Gambling with bitcoin is indeed legal in many places, but make sure that your online casino is permitted to do so under its jurisdiction before you make that step. Not all parts of the world properly regulate the use of cryptocurrencies in regards to gambling, and sites that aren’t licensed could potentially be a scam. Casinos in the UK can be licensed as of November 2014, so make sure to check before you bet.
In the UK, legitimate bitcoin casinos will typically possess the Gambling Commission logo somewhere on their site. They will often provide evidence that third-party groups like eCOGRA and ELI have vetted the site’s algorithms to ensure that they are completely fair.
Freespins.uk.com brings players the very best of bitcoin!
There you have it, everything you wanted to know about bitcoin gambling explained. Now that you see what all the hype is about, go and check out some bitcoin today so you can start getting in on the fun!