{"id":1062,"date":"2020-05-06T17:40:18","date_gmt":"2020-05-06T17:40:18","guid":{"rendered":"https:\/\/www.ukgamblingsites.com\/?page_id=1062"},"modified":"2023-03-07T15:56:28","modified_gmt":"2023-03-07T15:56:28","slug":"bitcoin","status":"publish","type":"page","link":"https:\/\/www.ukgamblingsites.com\/banking\/bitcoin\/","title":{"rendered":"Bitcoin Gambling Sites: Which Betting Sites & Casinos Accept Crypto?"},"content":{"rendered":"

Bitcoin is one of the greatest phenomena ever to hit the financial world, and this popular cryptocurrency has shot up in value this year from a few hundred to a few thousand pounds per coin.<\/p>\n

More recently, Bitcoin has become an accepted currency at a number of online betting sites (although the number accepting it is still slim); and in this post, we\u2019re going to break down the basics of what Bitcoin is, how to buy it, and how to fund\/withdraw from an online betting account using it.<\/p>\n

Gambling Sites That Accept Bitcoin<\/h2>\n

TBD<\/p>\n

What is Bitcoin?<\/strong><\/h2>\n

\"BitcoinThe general concept is quite hard to conceptualize, although once you understand the fundamentals it\u2019s not quite so hard to get your head around.<\/p>\n

A single Bitcoin is essentially the same as a British pound coin, except that Bitcoin is virtual currency; you can\u2019t physically get hold of one, it isn\u2019t tangible. They are created when computers solve complicated mathematical problems.<\/p>\n

The virtual coins are bought online and stored in what\u2019s known as a Bitcoin Wallet, which is also virtual. There is no physical aspect to Bitcoin at all, and everything is done over what\u2019s known as the Blockchains.<\/p>\n

Blockchains are decentralized systems, meaning they\u2019re nearly impenetrable to hackers, government agencies, and fraudsters; and different nodes help to run the blockchain. You could think of the blockchain like a bank vault; heavily secure, near-impossible to access, and responsible for keeping your cash safe.<\/p>\n

Note: Physical Bitcoin do exist, but they carry no value. They should be seen a nothing more than collectibles for cryptocurrency fans, so don’t be fooled if someone tries to sell you one.<\/p>\n

How Bitcoin is Created<\/strong><\/h3>\n

\"BitcoinIt\u2019s an incredibly complex methodology to get your head around, but essentially, Bitcoins are ‘mined’ by computers.<\/p>\n

When they were created, it was done in such a way so that no more than 21 million coins could ever be produced. Around 60% of these have been mined to date, with the remaining 40% expecting to take another 20 years to find.<\/p>\n

In order to mine the coins, computers are tasked with solving complex mathematical equations, and as more coins are mined, the harder these equations become. In the early days pretty much anyone could download mining software and begin mining Bitcoin, but it\u2019s no longer profitable for small-timers to do so, with mining rigs costing hundreds of thousands of pounds.<\/p>\n

Now, if you\u2019re wondering who created Bitcoins\u2026 well, no one knows exactly.<\/p>\n

Satoshi Nakamoto is the name given to the original developer, although no one knows whether this is an actual person or a group of developers or coders. The only certainty is that it is indeed a pseudonym, and only the U.S. Government is believed to know who Satoshi really is.<\/p>\n

What is a Bitcoin Wallet?<\/strong><\/h3>\n

As mentioned, you\u2019ll need a Bitcoin Wallet if you want to receive or send the cryptocurrency, and this works in much the same way as your day to day bank account.<\/p>\n

There are a few different types of wallet, with the most popular being an online wallet. This is a large website where you can store your Bitcoin, and which deals with the security and proper handling of your coins so that you don\u2019t have to do anything. Popular examples include Local Bitcoins and Coinbase.<\/p>\n

Once signed up you\u2019ll be given a Bitcoin address, which is a series of numbers and letters. To receive funds, you simply give out this address and as soon as funds have been sent to your wallet using this address, you\u2019ll see them credited to your account.<\/p>\n

Another form of wallet is what\u2019s known as cold storage, but these are better suited to the more technologically minded cryptocurrency owner, as they\u2019re a little more complicated to set up.<\/p>\n

Cold storage means you\u2019re basically looking after your bitcoins yourself rather than entrusting them to an online wallet. In order to do this, you need to download the entire blockchain to either your device or a removable media drive, and you can then store the coins there yourself. This is beneficial when you want added security over your virtual currency, as well as more privacy.<\/p>\n

How to Send\/Receive Bitcoin<\/strong><\/h2>\n

\"BuyingWhile we briefly covered how to receive Bitcoin, we\u2019ll offer a more in-depth insight into sending\/receiving in the following section. It can seem a bit daunting at first, but don’t let that put you off. While a lot of these terms may be new to you, once you are familiar with them you might really see the benefits of cryptocurrency’s.<\/p>\n

Sending Bitcoin<\/strong><\/h3>\n

In order to send Bitcoin, you\u2019ll need to open your \u2018Wallet\u2019 page – if using an online wallet – or open the \u2018Send Bitcoin\u2019 if using a local wallet, and then enter the amount you wish to send.<\/p>\n

You\u2019ll then be prompted to enter the receiving Bitcoin address, and this will look something like the example below:<\/p>\n

1BYRTSLRHtKNngkdXEeobR76b53KIPtpyT\u00a0<\/strong><\/p>\n

(not a real key!)<\/p>\n

Once you\u2019ve entered the receiving address and the Bitcoin address, you\u2019ll then get a chance to choose the fee level \u2013 although not all wallets offer this function.<\/p>\n

The fee is basically helping to determine the speed at which the transaction is processed, and there are typically three fee-levels: low, medium, or high. Betting sites will almost always show your coins as soon as you have sent them, but virtually every Bitcoin receiving website will require 3 confirmations before the funds are considered cleared.<\/p>\n

Confirmations can be seen as the blockchain checking that the transaction is legitimate.<\/p>\n

How to Receive Bitcoins<\/strong><\/h3>\n

In order to receive the currency, you need to give the person\/company that is sending you the coins your wallet address, which is found under the \u2018Receive\u2019 tab within your Bitcoin wallet; and as soon as they\u2019ve made the transaction, you\u2019ll see the funds available in your wallet. As when sending them however, you\u2019ll need to wait a full 3 confirmations before they\u2019re fully credited.<\/p>\n

You can track the confirmations by looking on the block explorer, which is basically an overview of the blockchain allowing you to see the progress of Bitcoins.<\/p>\n

Advantages and Disadvantages of Bitcoin<\/strong><\/h2>\n

The majority of experts agree that the cryptocurrency is far more viable then using physical cash, but there are a few downsides too, and below we\u2019ll cover some of the main advantages and disadvantages so you can be confident when deciding whether or not to get involved in crypto.<\/p>\n

Advantages of Using Bitcoin:<\/h3>\n
    \n
  • Anonymity: Although not 100% anonymous, they offer far more privacy than conventional payment methods, and this is largely due to the fact that you don\u2019t have to provide any personal information when buying or selling them. Of course, this has resulted in the currency becoming something of a haven for underworld types, although this reputation is quickly changing, and this is also something that\u2019s revered by everyday users -particularly those who don\u2019t want Big Brother or their bank monitoring their every move.<\/li>\n
  • Speed: While the confirmations can be a pain, generally, the coins are credited instantly to your account, and this is particularly advantageous when withdrawing; rather than having to wait 2-5 days as you would with card transactions, as soon as the withdrawal is processed you\u2019ll see the funds available in your wallet. No waiting, and quicker access to your cash.<\/li>\n
  • Safe: As the blockchain is both open source and decentralized, it\u2019s virtually impossible for hackers to penetrate, and Bitcoin itself has never been hacked. The only time users lose their money is when they use online wallet systems that aren\u2019t legitimate, so always ensure that you use a reliable and trusted online wallet.<\/li>\n<\/ul>\n

    Disadvantages of Using Bitcoin<\/h3>\n

    Disadvantages are scarce, with the only real downside being their complexity. This was a fairly significant problem when the currency originated, but as mentioned, thanks to online wallet systems and growing public understanding it\u2019s now easier than ever to use them.<\/p>\n

    The only other real down side is that selling Bitcoin can be time consuming, although for UK players this isn\u2019t really an issue as there are thousands of buyers and sellers in online market places, such as Local Bitcoins. To sell them, you can choose to meet someone in person and exchange them for cash, or you can opt to provide your bank details and have traders\/buyers transfer you the money.<\/p>\n

    Conclusion<\/strong><\/h2>\n

    \"BitcoinOn the whole, Bitcoin offers players a good way to deposit and withdraw from online betting sites, and it may well be the future.<\/p>\n

    The speed at which the transactions are processed has made them hugely popular with punters around the world, and while online betting websites have been fairly hesitant to accept them, a few sites are now beginning to integrate them into their online payment systems. Net Bet are one of the first to implement Bitcoin – although whether other sites will follow suite remains to be seen.<\/p>\n","protected":false},"excerpt":{"rendered":"

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