Bitcoin is a digital currency that has taken the internet by storm over the last decade. It’s completely decentralized and operates through a ‘public ledger’ which is overseen by numerous accredited individuals. Each transaction is encrypted and added to this database. The actual transactions are anonymous and secure. It must be remembered that the currency is fully virtual. The use of Bitcoin as a payment option has become widespread and widely accepted as a credible source, including on betting sites in the UK. Over the last 3-4 years, more operators have begun accepting Bitcoin as a payment option. Due to its autonomous nature and complex algorithms, Bitcoin possesses the innate ability for faster, more secure transactions.
Here's a quick look at why Bitcoin betting is so popular:
Opening an account and buying Bitcoin might seem like a daunting process. Fortunately, there are so many guides available that will walk you through the process one step at a time. Below, you’ll find a brief explanation of how to open an account with Bitcoin, verify your account and successfully deposit funds from your Bitcoin Wallet into your chosen betting operator’s account.
Download a Bitcoin wallet: Firstly, you’ll need to download a Bitcoin wallet. Just like any other e-wallet, this will allow you to exchange Bitcoin and store it. There are plenty of different kinds of Bitcoin wallets out there, but try and do a bit of research to make sure that your chosen wallet comes from a reputable provider. Downloading the app is straightforward and you should be able to install the app on your iOS or Android mobile device in less than a minute.
Visit a Bitcoin exchange: Once you have the app, you’re able to buy Bitcoin or use a Bitcoin exchange to buy Bitcoin using your bank account. Once again it's essential to do your homework into these Bitcoin exchanges. Given the nature of cryptocurrencies, there are a handful of disreputable Bitcoin exchanges out there. So if there's anything about a Bitcoin exchange that you don't like out, give it a miss and find another exchange - after all, there's plenty of choice out there. To read up about other deposit methods, check out our credit card guide.
Verify your identity: If you’re required to verify yourself, you will need to provide a copy of an identification document and a utility bill. It might be annoying to have to verify your identity, but ultimately you should see it as a good thing. After all, the Bitcoin exchange wouldn't be asking for identity verification if it wasn't treating the transaction seriously. The whole process will be verified by the Bitcoin platform in a matter of hours and then you should find that the cryptocurrency should be in your account..
Sign up to a Bitcoin bookie: You can now look for the best betting site with Bitcoin UK. We've got a great selection of Bitcoin bookies for you to choose from. All of these Bitcoin betting sites have been found to be licensed and regulated. This essentially means that they are bound by the current UK gambling laws. As such, you shouldn't get ripped off by the betting site and you'll stand to be paid whatever wins you make.
Make your Bitcoin deposits and bet: Once you've picked your Bitcoin bookie, you can just go ahead and log on to your profile. From here you just have to find the ‘deposit’ option in the Cashier section. Here's where you’ll find there is a Bitcoin payment option. This will feature a Bitcoin address and you will just have to enter it into your Bitcoin wallet send option. Then you'll just have to enter in how much you wish to deposit and click on 'send'. This should see the deposit landing in your account almost instantly. If the Bitcoin deposit hasn't shown up after 10 minutes, then get in contact with the brand's customer support team. Here's a reminder of what you have to do:
One of the most pressing questions for any punter is knowing how long deposits take to clear in their online betting account. It’s common practice for the more conventional deposit methods to take anywhere from being instantaneous to a couple of days. Banks have the ability to slow down or even block transactions with gambling sites. These transfers must be processed and guaranteed by a third-party. When looking at Bitcoin, the entire process works differently.
There is no need for verification by any outside party. The transaction is verified online through an encrypted mathematical formula and entered into the blockchain. No need for external scrutiny. This means that your deposits and payout withdrawals are almost always instant. On average these transactions will take 3-5 minutes. When looking at all the best betting sites with Bitcoin in UK, the longest waiting period was a mere 45 minutes. Greatly more efficient than any other transactional time.
The process whereby one verifies their account on a Bitcoin platform is no different to any other. Bitcoin is synonymous with anonymity and you might be surprised to hear there are certain requirements in terms of identification handling. Once you’ve decided on a particular platform (there are many different exchange platforms to choose from), you’ll need to access the site and begin the sign-up process. Firstly, you need to provide a valid number.
You’ll receive a code which you can enter on the site, thus linking your cell number to your profile. Once this is complete and you actually wish to start buying the cryptocurrency which is Bitcoin, you are required to verify your identification. In most cases, a copy of your driver’s license or ID should be sufficient. You might need to provide a utility bill as this will state your most recent address. Your documents will be verified – usually a couple of hours. It has been said it’s possible it can take quite a few days. However, these are rare cases. Once verified, you can buy Bitcoin and begin funding any online bookmaker with Bitcoin.
As you already know, or would have picked up by reading the above information, is that Bitcoin is a cryptocurrency. A completely virtual currency unlike the fiat currencies we’ve all become so accustomed too. Non-tangible, decentralized, and completely free form third-party manipulation. How did Bitcoin come to be? The entire idea was put forward near the end of 2008 through the publication of a paper outlining and detailing this electronic cash system. 3 months later and it materialized in the form of the first block of the block-chain. The true identity of the creator of Bitcoin is still unknown to this day. Some might find this difficult to reconcile when buying into Bitcoin. Too many grey areas.
However, this emphasis on anonymity has persevered and become rather popular. The code for mining these blocks (which ultimately are made up of different transactions) became open to the public. Bitcoin started to trade and in 2010, the first item was bought using Bitcoin (which incidentally was a pizza!). There’s been no looking back since then, and Bitcoin has continued to spread. By 2014, Bitcoin had emerged in the online gambling world. The industry of cryptocurrency gambling and specifically the best betting sites with Bitcoin in UK and sports betting sites with Bitcoin have increased tenfold since then. The ability to separate your Bitcoin exchanges from traditional bank accounts is an attractive option for many punters.
If you’re looking for a more generalized overview, you can visit our deposit methods guide but below we've made a quick comparison to some other popular payment methods.
Bitcoin compared to bank transfers: The fact of the matter is that Bitcoin is superior in most ways when looking at these two methods. It has been proven through and through that Bitcoin deposits and withdrawals are much faster than other methods of depositing. These transactions occur instantly. In most cases, it’ll take longer deciding on an online bookmaker with Bitcoin, then actually depositing funds. Seamless transactions are a big plus. If you feel more comfortable with bank transfers, take a look at our bank transfer guide.
Bitcoin compared to e-wallets: There are usually higher limits with bookmakers with Bitcoin than when depositing with e-wallets. There are also special bonuses that many of the best betting sites with Bitcoin in UK offer. Be sure to look out for them and capitalize. If you’re looking to read up about e-wallet options take a look at our PayPal deposit guide or ecoPayz deposit guide.
Overall, Bitcoin has become a great alternative source of funding for online gambling. Punters are beginning to find that it’s not always easy depositing and withdrawing conventional currency from these sites. Various internal issues or third-party processing hiccups cause delays or outright cancellation of transactions. Bookmakers with Bitcoin do not seem to have this issue. If you’ve become more accustomed to more mainstream deposit methods, consider reading our Skrill deposit guide and our Neteller deposit guide. Here are some of the most popular payment options found at betting sites in the UK:
A main source of concern is the fact that using an online bookmaker with Bitcoin might lead to fraudulent behaviour. On the other hand, you might be worried about internal hacks and losing your Bitcoin. From a Bitcoin perspective, there are very secure measures in place which limit the possibility of a hack occurring. In the past, there have been a few instances of Bitcoin being hacked. The chances of this have greatly been reduced. From a licensing point of view, the best betting sites with Bitcoin in UK are fully licensed to accept Bitcoin as a payment option. These sites have been subjected to an external audit. Testing agencies ensure that an Online Bookmaker with Bitcoin is capable and allowed to oversee transaction of this sort. As an individual, you will not be held liable for funding your account with Bitcoin.
One of the very attractive qualities of Bitcoin is the fact that users who enter into transactions remain anonymous. If you are concerned about your privacy when gambling online, you can rest assured it won’t be a problem.
Yes, many Online Bookmakers with Bitcoin offer lucrative bonuses that are only applicable if you are using Bitcoin to fund your account. This is set to rise in coming years, as cryptocurrencies become a mainstay of digital banking methods.
Due to the fact that you are not requiring the services of a central regulatory authority or any third-party member, most of the time you will not incur additional fees. Bitcoin in itself will not attach transactional fees to your deposits into betting accounts or withdrawals back into your bitcoin account. However, make sure what the policy is with regards to the online bookmaker with Bitcoin that you are using. It has been noted that certain bookmakers with Bitcoin will charge you an additional fee for using Bitcoin.
No, there are many different cryptocurrencies that you are able to purchase and use to fund your account. You can find a full list on the internet. However, Bitcoin is obviously the most well-known and widely accepted form of digital currency – especially true for online betting sites.
Betting sites will only keep enough Bitcoin on their server to meet the normal demand of withdrawals. However, you shouldn’t experience any difficulty. The rest is kept offline to protect their stock.
It must be remembered that there is only a certain amount of Bitcoin that can be mined. Due to its finite nature, Bitcoin is a limited commodity. Scarce commodities tend to be unstable in terms of price. When there is a very high demand for Bitcoin, the price will skyrocket. If you own some at this point in time, you might find your Bitcoin worth jump significantly higher. That’s great! The problem arises when there is a mass sell-off of Bitcoin. This can happen when people are uncertain about its value or future viability.
You’ll see that the price can drop significantly. All these factors tend to lead to quite an unstable environment where your worth in terms of Bitcoin can change on a daily, even hourly, scale. This makes it difficult to bet when you’re never entirely sure of the dollar worth. Bitcoin is not underpinned by a recognized central bank and thus there are also fears that it could crash at some point bringing the entire market into disrepute and leaving Bitcoin as redundant.
Although Bitcoin is great for digital transactions, you might find it difficult to pay using your Bitcoin at a local supermarket or shopping center. There is a massive scale for Bitcoin to be adopted as a deposit method on a daily basis and this is slowly happening, but don’t be surprised if you can’t use your Bitcoin winnings to buy a steak at the local pub. Furthermore, many of the online betting sites in the UK don’t necessarily allow you to actually bet with Bitcoin. Your bitcoin deposit will be converted into your local currency (pound sterling) and then used to place bets. Once you’ve acquired a hefty payout, you can convert back to Bitcoin and then withdraw into your Bitcoin wallet.
When dealing with Bitcoin it is important to remember that once you’ve decided on completing a transaction, it cannot be undone. Deposits to a bookmaker, once successfully processed on the blockchain, cannot be reversed. Most people are accustomed to dealing with banks and you’ll think it would be the same as reversing a charge on your debit card. Not quite. Transactions are entered into the blockchain and cannot be accessed again by Bitcoin for reversal. The only option you’ll have in a situation like this is to approach the beneficiary of your payment (a bookmaker in this case). If you request a refund, it’ll have to be directed to them. This is another reason to make sure you are using operators that are fully licensed and have a good track-record of honesty and integrity. If you decide to use Bitcoin to bet on lesser-known sites, you could find yourself losing out tremendously. You must be adamant before you transfer funds.
In the UK, you will find that all types of betting sites accept Bitcoin nowadays. If you are a sports fanatic and enjoy betting on the weekly football games, then you’ll be able to do so using Bitcoin. 888Sport, NetBet, and Energybet all accept deposits in the form of Bitcoin. This is great for live betting as Bitcoin transactions will clear almost immediately.
If you enjoy the casino, then you’re in luck too. There are many Bitcoin Casinos that are registered in the UK which will happily accept Bitcoin as a form of payment. Great incentives for newcomers with sign-up bonuses are available. Established punters can also take their pick from different weekly bonuses.
If poker is your cup of tea, then you won’t be missing out either. Betcoin, William Hill, BetOnline Poker, and Infiniti Poker are a few sites that will allow you to buy in and enter tables with Bitcoin.
Bitcoin and cryptocurrencies in general, continue to grow in popularity, particularly so now that the best betting sites with credit card are no longer accessible to UK punters since changes to UK laws in April 2020. Bitcoin's expansion into more conventional markets as an accepted form of payment will also likely increase even further. This payment option provides you with an alternative to fiat currency which is ultimately regulated and manipulated by state entities whereas Bitcoin is transparent and anonymous.
If you’re a punter who prefers to separate your normal financial on goings from your betting activities, Bitcoin could be the answer for you. On top of the anonymity and meteoric rise in popularity, Bitcoin offers an extremely effective and efficient way of depositing and withdrawing funds. You won’t be excluded from sign-up bonuses and will not incur higher fees on transactions. All in all, Bitcoin as a form of payment gets the green light from us.