Bitcoin Gambling Legal, No UK Licenses Applied Yet
UK Gambling Commission gave operators the green light in August 2016 to start accepting bitcoins as a payment method. However, no Bitcoin casino has yet applied a license to operate in the UK market.
For this reason, UK players aren’t allowed to play in Bitcoin casinos. However, we realize some of our readers aren’t British. For a proper dive in the to Bitcoin casino world, you should use Gamble.io as a source for finding a safe and trustworthy Bitcoin casino.
Where Do I Buy Bitcoin?
You need to get some bitcoin first before you can put yourself in a position to gamble with the new currency. The easiest way is to open an account at Coinfloor.co.uk and buy bitcoin with GBP. You can transfer pounds directly with bank transfer.
If you’re working from other parts of the world, we suggest using Coinbase.com for fiat (= “old” money) transfers. Coinbase supports USD, EUR, and AUD, making it the most versatile Bitcoin exchange for fiat deposits out there. Currently, they don’t have GBP support, so you’re better off at Coinfloor if you are British.
Why Should I Look Forward to Gambling With Bitcoin?
Two things: Enhanced privacy and massive bonuses. And we mean: MASSIVE. Some operators shell out five-figure bonuses in pounds! That’s unheard of when talking about fiat casinos. Sure, we do get great bonuses too with casinos like LeoVegas, but bitcoin bonuses bring the whole bonus game to another level. In Gamble.io’s Bitcoin casino reviews you’ll find the best bonuses online for bitcoin casinos. You’ll realize they don’t mess about. Some casinos even give some no deposit bonuses, too.
Bitcoin also allows you better privacy. Some casinos only ask for email, and that’s it. You’re good to go. The transactions are safe and anonymous, allowing your complete anonymity – something fiat casinos aren’t in a position to give. They have their KYC, and you always have to prove your identity when withdrawing.
Sure, the transfers you make do get recorded on the blockchain. All bitcoin transfers are shown on the blockchain in public domain, but no one knows your BTC address unless you make it public yourself. In the blockchain, you can see the history of every bitcoin transferred, and this allows some level of bitcoin tracking. However, tracking bitcoins accurately needs a very advanced skill set.
Why Do Casinos Love Bitcoin?
It’s the transactions. The price and the quickness of Bitcoin transfers is a massive draw to the operators – and players, too. With normal payment methods such as Visa or bank transfer, someone always has to pay a fee. Either it’s the player or the casino, it represents a massive overhead in the grand scheme of things. Small percentages add up with time, as transactions are one of the largest expenditures for an online casino.
Also, time is an issue. With bank transfers, you may need to wait for days for the deposits and withdrawals to process. With bitcoins, you don’t have such problem, as the deposits and withdrawals move quickly in the blockchain. With the updates made to Bitcoin recently, the transactions times are only getting quicker.
Transactions and Anonymity The Key for Players
The quick transactions and the cheapness of them are naturally a huge benefit for players as well. Some casinos take care of the transaction fees when you deposit with Visa, PayPal or other “standard” payment methods, but others charge at least some of the fees to the players. With Bitcoin, there’s no such issue.
And as stated above, Bitcoin also allows you enhanced privacy. With some of the best Bitcoin casinos, you don’t have to give your private details. All they ask for is your nickname, email and your date of birth. That’s it. No hassle at all, and you get to keep your privacy.
Lately, however, the authorities have started to take notice. KYC (know your customer) is an important part of the regulations nowadays, and this is probably the reason why no Bitcoin casino is yet to apply for a British license. The essence of blockchain and Bitcoin is decentralization and anonymity, so a proper KYC goes against the grain with the fundamentals of Bitcoin.