How to Deposit Online with Bitcoin
Making bitcoin casino deposits is slightly tricky if you’ve never worked with cryptos. Before we walk you through the steps, let’s talk about the transfer process. To send bitcoin (BTC) from one place to another you need two things: a crypto wallet and an address. The astute among you will see that first part of the process requires you to have somewhere to store your coins.
All the best bitcoin casinos in the UK and beyond will have wallets they recommend. However, some of the leading options on the market are:
- Coinbase (an exchange and bitcoin wallet)
- Trezor (a USB stick that allows you to store cryptocurrencies offline)
- Exodus (a desktop wallet)
Once you’ve got a wallet, you need to visit a cryptocurrency exchange such as Binance, Kraken or Coinbase in order to buy some coins. Depending on the exchange, you can do this using your debit/credit card, an eWallet or via bank transfers.
When you’ve bought some BTC, you’ll need to get the unique address linked to your wallet. From there, go into the transfer page inside the exchange, input the wallet address and the amount you want to transfer. Once confirmed, the transaction will be processed.
After the BTC credits land in your wallet, you can log in to your chosen bitcoin gambling site, go to the cashier and copy the operator’s wallet address. At this point, follow the same steps as above to make a deposit. Once the payment has been confirmed on the blockchain, the credits will appear in your account (this usually takes a few minutes).
The most important thing you need to note here is that all transactions are final. Because bitcoin payments are decentralised (not controlled by a central authority), they can’t be undone. This means the wallet address needs to be 100% accurate. If it’s not, your funds are basically irretrievable.
Why Should I Choose Bitcoin Casinos?
Using crypto casinos to play bitcoin slots, progressive jackpot games, roulette and more is all a matter of perspective. For some, the new technology may be slightly daunting and a reason to stick with traditional payment methods. However, for others, bitcoin betting sites open up new opportunities.
For example, Bitcoin is a universal product. In other words, it’s not tied to one country like a traditional currency. This means it’s available to everyone and, therefore, the best bitcoin casinos don’t hit you with currency conversion fees. Beyond that, all cryptos are pseudo-anonymous.
This means transfers are made using wallet addresses rather than card details, your name, address etc. Some people like this layer of anonymity, especially when it comes to online casino gaming. Because your profile it less visible, it arguably makes you less of a target for cybercriminals who may want to steal your bankroll.
Advantages and Disadvantages of Bitcoin Casinos
Naturally, bitcoin betting sites aren’t perfect. In fact, the technology itself still isn’t perfect. Of course, it is becoming a fantastic addition to the online and mobile casino industry. However, if we’re being fair, there are some positives and negatives you should consider before betting with BTC:
- Can I use Bitcoin at every online casino?
No. Although it’s becoming more common, you will have to use our recommended bitcoin casino sites to ensure payments are processed without any issues.
- Are Bitcoin Gambling Sites Safe?
Absolutely. As well as the security protocols inherent within Bitcoin, the sites themselves have to be licensed and regulated. This means they have the same safety and security standards as a traditional online casino.
- Are Bitcoin Casinos Legal?
Yes. As more national governments recognise the value of cryptocurrency technology, sites that process bitcoin payments are being made legal. The UK is just one country where you can now legally gamble with Bitcoin.