Bitcoin Gambling Sites October 2020
Bitcoin gambling sites have now started to spring up like there is no tomorrow. We figured that it was high time to put together a guide to this ‘craze’. We want to walk you through what bitcoin sites are, how they work, and more about Bitcoin gambling. Let’s jump in, shall we?
What is Bitcoin (BTC)?
Not something that we are going to dwell on too long, mainly because if you are on this page then you probably already have an inkling about what bitcoin is. If you do not, then all you need to know is that bitcoin is a cryptocurrency. This means that it only exists in digital form and there is no central organisation controlling bitcoin value (i.e. no Bank of England playing about with interest rates). It is ‘mined’ through complicated computer systems.
Bitcoin originally gained popularity because it works as an ‘anonymous currency’. However, you should probably be aware that you are not going to be anonymous when you use it to gamble online, mainly due to ‘anti-money laundering’ laws.
You will need to give your name to the online casino, although dependent on how their system is set up, they probably will not know whether you are using bitcoin or not.
How can you gamble with bitcoin online?
Obviously, you are going to need to have some bitcoin to hand. It is worth noting that you will not be gambling with your bitcoin directly. In most cases, certainly on the most popular websites, you will be using a payment system.
This payment system will give you money for your bitcoin. Basically, you will get money in your local currency and you will gamble with this. The value of the bitcoin will likely be similar to the ‘current market value’ of the bitcoin, although there will be a small buffer built in to give the company some profit, while at the same time ensuring that they are protected against wild fluctuations in the currency.
Of course, since you will not be playing with bitcoin, you will not be withdrawing any winnings in bitcoin either. Essentially, if you gamble online at bitcoin gambling sites then assume that you will not be seeing the bitcoin again.
The only way is to buy more bitcoin with your winnings! This can be a downside to some people, it was not for us because in many cases, we have LOST at the online casino and still ended up with more money than when we started (in theory) due to the falling value of the bitcoin.
Choosing an Online Gambling Site Which Accepts Bitcoin
This is much the same way as choosing any old gambling site although, of course, you will likely want to check whether they accept bitcoin first. Here are a couple of tips on making sure that you choose a quality website, although you can also skip to the end of this page (which is about 300 words away) and you can see a couple of our favourite places to play.
- Check that the site is registered with the UK Gambling Commission. If they are not, then it is not safe to play at that place.
- Make sure that there is a good selection of games in place. Obviously, all of us want to play something specific, but it is always nice to have something ‘extra’ on top of that. Maybe if you love slots, then a good selection of table games, or maybe even some sport betting.
- You should ensure that both withdrawals and deposits into your account are nice and snappy.
- Customer service needs to sublime. They do not need to be available 24/7, but they certainly should be able to answer any questions that you may have quickly.
- If the site is not working properly on a mobile device, then give it a skip. It is not worth the aggravation to play about on a site which does not function correctly like this since most people gamble ‘on the go’ nowadays.
Want to check out some fantastic bitcoin gambling sites?
Our team have been working incredibly hard to go through some of the best bitcoin gambling sites around. In fact, we have gone through dozens and dozens of the things. The sites that we list below are among the best in the industry, so we recommend that you check them out as they are going to be worth your while to play there!