Last year, the UK government announced it views cryptocurrencies as taxable assets. It also clarified that Bitcoin was not money. This year, the government banned Binance, the world’s largest crypto trading site by volume.
Does that mean the UK is close to banning crypto? The short answer is no. The government allows people to invest and trade digital currencies. In fact, there’s a growing trend of using BTC for regular payments, including paying at the best bitcoin casino like bestbitcoincasino.com.
What are Bitcoin Casinos?
Bitcoin casinos are gambling sites that support the digital currency for deposits and withdrawals. Although the UK believes Bitcoin isn’t money, it acts as a form of currency. You can send from $10 to billions of pounds using crypto.
However, BTC casinos tend to have payment limits. New players have smaller limits, which can be increased with time. That being said, the beauty of Bitcoin is that it doesn’t require a middleman.
When you initiate a payment, you transact from your wallet to a casino. This helps lower transaction fees and increase speeds. By comparison, wire transfer, e-wallets and credit card payments go through an intermediary, which leads to slower payments and high fees.
Are Bitcoin Casinos Popular in the UK?
Bitcoin came out in 2009. Over time, it faced opposition left, right and center—but not from online casinos. Gambling companies embraced the crypto industry in its early days. Sure enough, not every casino in the UK supported BTC in 2010.
But lately, the best bitcoin casinos in the UK allow you to deposit and withdraw money through Bitcoin. For clarity, these casinos are safe and licensed by the Gambling Commission. They’re trustworthy and reputable.
But to be clear, many they support multiple payment options. Crypto is just one of the choices: You can also use PayPal, Visa, MasterCard, bank transfer and e-checks.
What’s Unique About Bitcoin Casinos?
Bitcoin casinos are growing popular in the UK. But why would you choose these casinos over sites that accept e-wallets and credit cards?
- Generous Bonuses
If you’re like many casino players, you love bonuses. Casino freebies increase your bankroll to help you enjoy your favorite games longer. What’s more, they can help increase your profits and lower your losses.
Crypto gaming sites not only give you bonuses but they’re pretty generous at it. Looking for a Bitcoin casino no deposit bonus? Some sites, and you can find them at bestbitcoincasino.com, give you up to $100 worth of BTC bonuses for creating a free account.
If you make a deposit, some sites match your crypto for a maximum of five bitcoins. Think about it. Bitcoin costs $60,000 at the time of writing. Five BTC amounts to $300,000 in gambling bonuses.
And that’s not all. The best crypto casinos have an array of loyalty rewards for you, from VIP points to cashback programs.
- Bitcoin Games
Bitcoin is so successful because of the platform it’s built on—the blockchain. This decentralized network not only supports peer to peer payments, but it also allows developers to create decentralized applications and games.
Essentially, you can build slots, blackjack and roulette games on the blockchain. The games are provably fair—meaning you can verify how you won or lost in a game. They’re exciting to play and come in a wide variety.
The only problem with Bitcoin games is that they lack some of the features found in regular casino games. Truth be told, there are not as many BTC games as fiat-based slots and card games.
- Enhances Privacy
Bitcoin’s creator, Satoshi Nakamoto, designed the cryptocurrency to be a more secure, privacy-oriented payment system. Over time, people realized Bitcoin wasn’t entirely private, and so they created alternative coins meant to keep your identity completely anonymous.
Today, Bitcoin is deemed pseudo anonymous. It can help you gamble online without necessarily revealing your name and address. But if your goal is to be completely private, then you should consider using ZCash or Monero.
Note: Licensed casinos in the UK must follow Known Your Customer (KYC) rules. This means you can’t hide your identity at UK casinos even when using Bitcoin for payments.
- Bitcoin Appreciates in Value
When you think about it, the majority of Bitcoin owners buy the cryptocurrency as a speculative investment. BTC has returned over 10,000% to people who bought it in the early 2010s.
And it’s projected to grow past $100,000 in the near future. So, even though some people buy crypto to play casino games or to spend at eCommerce sites, most people own it because they can generate profits in the long term.
As a gambler, playing slots through crypto means there’s a risk of losing it. But if you win and hold your BTC for a while, there’s a chance it can grow and be worth a lot more than the money you won.
- You Can Covert to Cash
Many of the misconceptions people had about Bitcoin five years ago have been cleared. For example, there was a notion that converting crypto to cash and vise versa was difficult. Nowadays, moving your crypto assets into cash is seamlessly.
All you need is an account at a Bitcoin trading website. Then you can sell your coins for pound sterling and later send it to your bank account. On the flip side, you can trade your fiat money for crypto and send it to a personal wallet or to a crypto site.
- Suitable for High Rollers
As we mentioned earlier, you can send thousands, millions or billions of dollars using crypto stress-free. The only problem is that every casino has its limits. If a site supports a maximum of $100,000 for deposits, then you can’t deposit more money. The same rule applies to withdrawals. That being said, the Bitcoin casino has higher limits than regular operators.
Summary
Bitcoin is no longer a payment method for nerds and geeks. It’s a mainstream payment network. And due to that, it’s available at ecommerce sites, schools, video games and casino sites all over the UK.
Should you join a Bitcoin casino? If you want bigger bonuses, improved privacy, higher limits and more convenience, try out a BTC casino.
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