Bitcoin FAQ

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Bitcoin FAQ

Bitcoin is a type of digital currency that's created and held electronically. Unlike physical currencies such as pounds and dollars, bitcoins are not tangible, printed money, but exist exclusively in the digital space. Currently, Bitcoin is the most well-known form of 'cryptocurrency': the name given to digital currencies in which encryption techniques are used to verify transactions and regulate the generation of units.

What Can You Do With Bitcoin?

You have three options:

  1. You can can use it to pay for goods or services online. Both small merchants and large businesses are now accepting bitcoin payments, including online casinos.
  2. You can trade it, either trading bitcoin for fiat currencies (GBP, USD, etc.) or other cryptocurrencies.
  3. You can hold onto it and hope that its value will continue to rise long-term, so you can sell for a profit at a later date.

For online casinos, it is a new and interesting deposit option. You can also use it to fund e-wallets. Some casinos accept bitcoin directly, others do not but do accept e-wallets, so you have 2 ways to convert bitcoin to an online casino account balance.

How Can You Gamble Using Bitcoin?

The online gambling industry has also embraced Bitcoin. BTC is a natural fit for online casinos, poker rooms, bookies, and other gambling platforms. It is digital, fast and is compatible with technology-driven platforms. It may also be the future of online payments so casinos with vision are adopting it. Bitcoin is unsurprisingly becoming a popular currency for online gambling – and more gambling sites are introducing Bitcoin as a payment option as a result. The current market leaders are and FlutterClub.

There are also plenty of Bitcoin bookmakers on the market. You can bet on a lot of mainstream sport with Bitcoin these days. Many online casinos have implemented Bitcoin recently, letting you can play the games of some of the most popular developers like Microgaming and NetEnt. There are also completely unique BTC-only casinos that have their own games. In this case, BTC is the only deposit option. Poker is another popular online game where you can use bitcoin. You’ll find hybrid poker rooms that work with both mainstream payment options and BTC. Others are crypto-exclusive.

Why Bitcoin Is a Good Fit for Gambling

It was only a few years ago that just a handful of people knew much about Bitcoin (BTC). Now, a lot more are interested, and the online gambling industry is embracing it. The cryptocurrency has many advantages for both the players and the operators and here are some reasons why Bitcoin is considered a natural match for online gambling:

  • Speed: BTC transactions and withdrawals, are faster than traditional payment options like credit/debit cards and wire transfers. You won’t have to wait days to get your money, this is a big plus.
  • Low fees: Fees are lower than other deposit methods and crypto-exclusive platforms have lower costs when it comes to developing a cashier section, so this gives them more space to provide generous bonus deals.
  • Bonus Offers: Some of the biggest casino, poker, and sportsbook bonuses online are available to BTC users
  • Safe: If you take steps to protect your Bitcoin wallet properly, you can enjoy secure, private transactions. You don’t exchange any personal or financial information with bitcoin.

Where Do You Get Bitcoin From?

Acquiring Bitcoins isn't all that difficult. Bitcoins can be bought either from exchanges or from other Bitcoin holders via marketplaces. They can be paid for in a number of ways, including wire transfers, debit or credit cards, cash, or even other cryptocurrencies. In order to acquire Bitcoin, you need to have a Bitcoin 'wallet': the loose equivalent of a bank account. Bitcoin wallets can be stored in a number of locations, including the hard drive on your computer.

How to Find a Bitcoin Casino

You have two options here. You could look for a service that is exclusively working with cryptocurrencies or pick a normal online casino and check their deposit page to see if they accept BTC. There are a couple of other factors you should always consider. Check they are legal and fully licensed and then see what they have to offer. Some Bitcoin platforms cover various products like sports betting, poker, and casino. Or you can opt for an operator that specializes in the one you like the most. Also, look at customer support, the user interface and the mobile version of the site.

How is Bitcoin Regulated?

With its growing mainstream appeal, Bitcoin is naturally of interest to tax authorities, law enforcement agencies and legal regulators. Currently, due to the decentralised nature of the currency, Bitcoin regulation varies from country to country. Many countries have yet to introduce regulation related to Bitcoin. However, it's worth noting that casino operators accepting Bitcoin must still comply with the gambling legislation set down in their countries of operation – so, for example, any Bitcoin casinos operating in Britain must obtain the appropriate licence from the UK Gambling Commission.