By themselves, cryptocurrency and online gambling represent two of the world’s largest growth markets, and it should come as no surprise that the lines between them have blurred in recent times.
As a result of this, a growing number of online casinos now accept major crypto tokens such as Bitcoin, which despite appearing to have lost some of its bullish momentum of late, continues to increase its standing and market cap over time.
But how exactly do you use Bitcoin at an online casino? In this post, we’ll build on the research carried out by ukcasino.org.uk and explore this issue in further detail.
Why Use Bitcoin to Wager at Online Casinos?
Before we get started, it’s important to understand the case for wagering using Bitcoin in the first place.
The reason for this is simple; as digital tokens like Bitcoin have yet to fully win over the consumer mainstream, so you may need to be incentivised before using this as your primary gambling method.
To begin with, Bitcoin transactions are considered to be amongst the safest and most secure in the UK. This is because nobody can see your wallet’s balance or any history of previous transactions associated with your Bitcoin address, so there’s no viable way that cyber-criminals can hack into a linked bank account or credit card and steal your hard-earned cash.
This also highlights the anonymity of Bitcoin and similar cryptocurrencies, as while these assets record all transactions on a decentralised and immutable ledger, such logs don’t include any personal information such as your name, physical address or telephone number.
Once again, it also doesn’t boast a direct link to your bank, e-wallet or credit card account, so no iGaming transactions will show on your individual statements.
The immutable nature of cryptocurrency (and more specifically, Bitcoin) also offers advantages from the perspective of transparency, as the subsequent ledger of transactions cannot be retrospectively changed or altered by a central authority.
This can help to build trust between players and online casinos alike, potentially creating a wider audience of players over time.
Beyond this, it’s also interesting to note that there are currently no fees for payments made at Bitcoin casinos. This enables you to retain as much of your bankroll and winnings as possible, which is a huge boon for both casual and serious gamblers.
On a final note, Bitcoin and similar digital tokens also underpin seamless and almost instantaneous transactions.
This means that you can bank your winning quickly and efficiently, without compromising on your security or anonymity as a player.
How to Wager with Bitcoin at Your Favourite Online Casino
If there’s a potential downside to wagering with Bitcoin, it’s a relative lack of accessibility.
More specifically, there are only a limited number of Bitcoin tokens available across the globe, while this payment method also involves a number of processes that may be complex to those who aren’t familiar with them.
But how exactly can you wager with Bitcoins when playing at an online casino? To begin with, you’ll need to install a viable Bitcoin wallet on your device, whether this is a desktop device (or laptop) or your smartphone.
This will provide you with a secure and unique Bitcoin address that you can use just one per individual transaction, at which point you can use your token to fund your iGaming activity.
From here, the process will vary slightly depending on your chosen casino, but there are a couple of general rules to keep in mind.
Firstly, the process is kick-started by selecting Bitcoin as your preferred method of crediting your account, at which stage you can choose the desired amount of cash that you want to deposit.
This cash sum is then calculated into the precise number of Bitcoins required to deliver the necessary funds into your account, depending on the real-time exchange rate of Bitcoin tokens to pounds.
Then, you’ll open the NetellerGo platform for payments, through which you can see an overview of your transaction. If you’re happy, you can then launch either your Bitcoin or associated Bitcoin Cash wallet, depending on the options provided and allowed for at your online casino of choice.
In terms of best practice, it’s probably wise to browse the range of available Bitcoin casinos before making an informed choice, based on your understanding of tokens and your preferred method of payment (such as using a single token or cash wallet).
You can check out the available range of casinos through our website, while browsing the full range of payment methods that they make available to players