Bitcoin Gambling Online – Full Review
Bitcoin remains one of the best crypto-currencies in the world. The fact that its value is not hinged on the value of any single currency provides an extra layer of security. The private nature of Bitcoin has led to the emergence of Bitcoin gambling and the creation of virtual casinos. These virtual casinos which only allow the use of Bitcoin, offer gamblers all the regular features and benefits of the more traditional Internet gaming but with an extra layer of security.
What You Need to Know About UK Bitcoin Gambling
Just as it is with every innovation, you need to acquaint yourself with certain bits of information before you sign up to a Bitcoin gambling platform. The information with which you are armed will act as your guide particularly as the biggest casinos are becoming increasingly open to digital currency and Bitcoin gambling websites get more competitive by the day. Switching from the more traditional virtual gambling which accepts every currency to Bitcoin gambling isn’t so cut and dry, but it promises to be quite profitable.
What are Bitcoins?
Moving away from the era of coins and notes, Bitcoin is the future. They are a cryptocurrency or virtual money whose value is not tied to the fluctuations attached to the value of the currency of any one country. At any given time, the amount of Bitcoin that can exist is limited to 21 million Bitcoin, these are sold or purchased on Bitcoin exchanges after they must have been “Mined” and used to play on Bitcoin gambling websites.
Yes, you can gamble with Bitcoin
The security and the non-bulky nature of Bitcoin make them ideal for gambling. It has become very popular very quickly because of the ease and security it offers by its more digital nature. At the moment, it is not just limited to Bitcoin gambling websites but can be used in most online casinos as well.
Partnerships with e-wallets such as NETELLER has enabled non-Bitcoin gambling casinos to offer players the option of depositing crypto-currencies. The first UK-based casino to allow the use of Bitcoin was NetBet who achieved the feat with the use of Bitcoin and the e-wallet, Neteller. The landscape looks more auspicious as experts project that more casinos will soon toe the same line as NetBet.
How to purchase Bitcoin
The two methods of Bitcoin acquisition are buying or mining. Of the two, the easiest method of acquisition is purchase as opposed to mining. The first step is to create a Bitcoin wallet address, which can be done with any of the popular e-wallet software. Once this is done, the buyer goes ahead to choose the best Bitcoin exchange or market to use.
Having chosen market or exchange, you can proceed to transfer a certain amount of money to your chosen exchange/market’s bank account, this deposit allows you to either buy or trade an equivalent amount of Bitcoin. There will exist a variation in prices occasioned by supply and demand. You can move your Bitcoin into your wallet once the purchase is done.
Can Bitcoin be acquired for Free?
While it is possible to acquire a certain amount of Bitcoin for free, it remains a difficult undertaking. A tasking but possible avenue to gather some Bitcoin is to mine it. Mining means gathering Bitcoin with a combination of both the computing power of your software and the use of blockchain.
Since no sum is overtly spent in the mining of Bitcoin, it can be considered a free acquisition, yet, it is a daunting undertaking that may sometimes fail. Mining for Bitcoin is as competitive as the mining of gold several years ago with several skilled miners existing across the web.
Bitcoin Deposits and Cash-out options.
You can either store Bitcoin using cloud software or download software for it. The two major deposit options branch out into a multitude of options, some of which are dedicated to gaming, thus, offering gamers the freedom of selecting from a myriad of good options.
Cloud software like Blockchain and GreenAddress store Bitcoin in the cloud in the same way Paypal stores other currencies hence they are considered to be the most popular storage option for Bitcoin. Electrum and Darkwallet can only be downloaded onto your computer, storing the coins in the hard drive of your computer.
Which is faster, Bitcoin, or funds transfer?
Bitcoin transactions often take a single minute to go through making them faster than bank transactions which can take long hours. Cashouts with cheques, credit cards, etcetera can all be very slow while Bitcoin does not require any of the red tapes of conventional banking.
What are the costs Attached to Bitcoin gambling transactions?
Because Bitcoin transactions are peer-to-peer, with no middleman to pay, Bitcoin transactions demand extra transaction costs. Small fees may be required by multi-currency casinos who may charge for deposits or credit card withdrawals while the providers may also charge a small fee. Banks and e-wallets may also charge a small fee.
What Causes Fluctuations in Bitcoin prices?
Major events may affect the price of Bitcoin but the devaluation of a single currency does not affect it. Something akin to the collapse of the large trading firm Mt Gox can affect the value of bitcoin. It is important to note that some casinos who still allow the use of hard currencies and Bitcoin simultaneously allow deposits and withdrawals to be made in certain currencies while rejecting others to reduce the cost of conversion.
Is it safe to gamble with Bitcoin?
Several people agree that it is safe to engage in bitcoin gambling. Despite the advanced security measures associated with traditional banking systems, insurance, and trustworthy middlemen like Paypal, Bitcoin gambling websites argue that the anonymous and peer-to-peer system of Bitcoin transactions makes it more secure. Every Bitcoin transaction requires a security certificate between the parties involved, a certificate that is generated, and confirmed by virtual software. Funds can be stolen by hacking credit card details or forms containing personal details that expose a vulnerability.
In the end, certain gamers having appraised the risk involved in both systems prefer the more familiar conventional banking system while others prefer the anonymity offered by Crypto-currency.
How is Bitcoin gambling regulated?
It is imperative to understand the regulations regarding Bitcoin gambling in your area. Whether you choose to go with a multi-currency casino or one that accepts Bitcoin only, you need to ensure that the casino is licensed to offer such services in your locale. This certification to function has been required in the UK since 2014.
A few things to help you make sure: licensed casinos display the logo of the Gambling Commission, they also commission testing and confirmation of the fairness of the random number generators in their games and an assessment of their return to player percentages. Most of the top casinos hire independent companies like eCOGRA or GLI for these random testing. If the Gambling website you use has these little things in place, they can be considered legitimate.
Bitcoin gambling websites are most often accessible to everyone everywhere because of their virtual nature and their often common gambling jurisdiction, but it helps to make sure before you begin to avoid running afoul of one law or another.