The trend toward cryptocurrencies was set by Bitcoin which established itself as the most successful as well as most popular to date. Several new cryptocurrencies became available since peer-to-peer currency trading became an established financial institution in 2009, yet Bitcoin remains the most valuable and widely used due to its extremely high level of security. What appeals most to online casino players comes in the form of the inherent anonymity offered by Bitcoin, yet it remains easy to use at UK live casino sites and payouts reflect instantaneously. However, in this article we will provide you the benefits of using bitcoin payment option for online casinos;
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Easy of Bitcoin Use at UK Online Casinos
Bitcoin enjoyed massive growth as a trustworthy payment method, resulting in its acceptance as a highly- secured payment option by over 100,000 merchants in 2015. Its success continues to increase as hundreds of online casinos currently accept deposits and withdrawals via the cryptocurrency.
Since 2009, several online wallets became available for storage of the unregulated and decentralised cryptocurrency allowing Bitcoin users to spend and trade in more than 30 countries. The UK Gambling Commission gave Bitcoin the green light in August 2016 which spurred its acceptance as an alternative payment option at a wide variety of top UK online casinos.
Opening a Bitcoin wallet proves an easy process and requires standard information including contact details while the verification process occurs entirely via email or SMS. The wallet needs a few items of additional verification once the wallet receives first time funding via credit card or personal bank account. All personal and sensitive information enjoy strict privacy guarantees and remain completely secure via its inherent encryption technology which makes it a completely anonymous payment method for players from the UK that enjoy online casino games.
Advantages of Bitcoin Use at UK Online Casinos
There are many reasons why Bitcoin became what is currently one of the most preferred payment solutions to online casino players. The cryptocurrency managed to offer online players a 100% secure platform, which took online privacy, safety and security to completely new and unheard-of levels.
The advantages of using the Bitcoin cryptocurrency include deposit and payout speeds, it is easy to use on mobile, despite expected fluctuations the currency’s value continues to increase, online players pay lower fees and because it’s not regulated it remains tax-free.
One of the main benefits of Bitcoin is its decentralized nature, meaning the currency operates between users only and no third-party, bank, or central government institution becomes involved. The virtual currency not owned or managed by any country and therefore it remains tax-free.
Online casino mobile players can use Bitcoin with ease since various apps provide added verification to ensure the highest level of security in all transactions.
Disadvantages of Bitcoin Use at Online & Mobile Casinos
While Bitcoin enjoys massive popularity, there are a few disadvantages online casino players need to take into consideration. The first disadvantage is that the cryptocurrency is not yet accepted at all online casinos, although more and more operators continue adding it to their list of accepted monetary denominations.
For many the Bitcoin fluctuating values proves problematic since there is no guaranteed minimum value. The cryptocurrency is not an acceptable payment option at physical stores and remains a purely online payment option, which is a cause of concern to many individuals.
Bitcoin proved itself to be a highly popular payment method available to online players residing in the UK, causing the cryptocurrency to become valid tender at most top UK casinos with both deposits and withdrawals occurring instantaneously. As Bitcoin’s popularity increases within the online casino industry users enjoy a wide variety of Bitcoin exclusive promotions and bonuses. The main benefit for UK online casino players is winnings become available immediately and whether you’re home or on the go, funding your casino account proves hassle-free via desktop, smartphone or tablet.