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5 Things You Should Know About Bitcoin

How to Use Bitcoin to Deposit at Online Casinos

Usually, there is no universal way to deposit at online casinos using a particular method, so we can only give you general directions.

Bitcoin Casino Safety - Is Depositing With Bitcoin Secure?

Sadly, many Bitcoin casinos also have developed a reputation for being rather shady. Many unlicensed Bitcoin casinos will offer you a grand deposit bonus, lots of free spins, and a wide variety of casino games. And then won't pay a cent of your winnings, and there's nothing you can do about it. While there are ways to get your money back should you pay with payment methods like PayPal or Neteller, Bitcoin cash is essentially the Wild West. You must ensure that the casino has provably fair games and is licensed when you deposit.

Luckily, it's easy to check for a licence - check the page's footer and ensure that the casino has been certified by the Gambling Commission. Our expert team reviews and adds only casinos that are provably fair and certified, and depositing there - whether with Bitcoin cash or another method - is always safe and reliable.

How to Open a Bitcoin Wallet

Opening a Bitcoin wallet can be intimidating even to those experienced with online payments. After all, major corporations like PayPal, Visa and MasterCard are provably fair and with hundreds of thousands of guides on how to open an account, but most Bitcoin wallet services are significantly smaller than that, and there are not nearly enough resources.

1. Choose a provably fair Bitcoin wallet service.
2. Access your wallet service's website or download their mobile app.
3. Register for an account by filling out the necessary information.
4. Make sure to select a very strong password.
5. Write down your recovery phrase. This is distinct from your password and is needed to access your Bitcoin online wallet.
6. Make sure to keep a backup of your data and recovery phrase in a secure location (like LastPass).
7. After a brief verification, your Bitcoin wallet will be open!

Bitcoin & Taxes - Do Players Need to Pay Taxes for Bitcoin Deposits?

Taxes are a weird thing, always cropping up when you least expect them - and unfortunately, that applies to Bitcoin just as much as it does to traditional payment methods. Sadly, income tax doesn't change just because you've made income using a different currency. In the last few years, the UK government has started paying close attention to bitcoin gambling (and all other related transactions) specifically to ensure it's not being cheated out of its rightfully owned taxes.

The good news is that you don't need to pay any taxes for simply purchasing Bitcoin, nor for simply keeping them in your wallet. The only times you will be taxed are when you use them to make a payment (for example, a deposit) or, naturally, when you sell. So if you hit the jackpot and win 5 Bitcoin (or about £150,000), you won't be taxed just for winning it, but selling them and turning a profit from that sale (as opposed to the jackpot, which is tax-less) will certainly be taxed.

Fees & Taxes for Making a Casino Deposit with Bitcoin

Sadly, it's impossible to give an exact estimate for what taxes you may need to pay, as that doesn't depend on the cryptocurrency casinos own - instead, it's your Bitcoin wallet that sets the fees. Unlike other payment methods, where there's just one company responsible (like Skrill/Neteller), several companies are willing to sell you Bitcoin cash and maintain your online wallet.

Some of these will charge you a fee only when you buy/sell bitcoin, as that's where their profits lie. Others will charge you every time you issue a payment as a processing fee. Always do your research before signing up for a wallet!

But what about on the casino side? We're happy to report that the best Bitcoin casino sites will not charge you a penny for a Bitcoin deposit! Unlike something like PayPal, making a Bitcoin transaction from one wallet to another is generally free, so gambling sites have no real reason to charge you more than you've paid. So if you see a match deposit bonus as a Bitcoin casino site's welcome bonus, that's all you need to pay - no taxes and fees involved!

How to Withdraw Your Casino Winnings Using Bitcoin

As always, withdrawing your casino winnings is different for all Bitcoin casinos - at least the provably fair ones which will let you withdraw in the first place! As such, while we'd love to help you commemorate your victory over some tough casino games, we can't provide you with an exact 1:1 guide, but rather just the outline needed to withdraw your winnings from Bitcoin casinos best crypto casino, in general.

1. Log in to your Bitcoin casino account.
2. Go to Bank and select "Withdraw."
3. Specify the amount of winnings you wish to withdraw (it's not recommended that you withdraw everything).
4. Enter the number of your Bitcoin wallet.
5. The withdrawal should process within a few minutes, there won't be a need to input any password.

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History of Bitcoin - How Bitcoin Came to Be

It's hard to talk about the history of Bitcoin with 100% accuracy, given its mysterious origins and legacy. Despite several clues, some of which turned out to be legitimate while others were not, nobody knows the truth behind Satoshi Nakamoto with any degree of certainty or whether he's even one man or a group with a pseudonym (such as Anonymous). It's worth noting that cryptocurrency isn't new, with the first ones (like b-money and BitGold) appearing back in the 90s. While a link to Bitcoin has yet to be established, it's hard to deny the possibility.

We know that in 2008, a paper by Nakamoto titled "Bitcoin: A Peer-to-Peer Electronic Cash System" began spreading through cryptography circles detailing the concept. Only a few months later, in early 2009, the first open-source Bitcoin client was released, allowing users to farm and trade Bitcoin with each other. For a few years, the Bitcoin scene was modest and mostly reserved for technology enthusiasts who saw it as little more than an interesting experiment.

Its growth, however, was undeniable, even if mostly concealed by the public. Coinbase, a popular payment processor which allowed the purchase and sale of Bitcoin, reported making over $1 million a month from their distribution. A year later, companies like Zynga (creators of the popular Farmville series) started accepting Bitcoin payments. Then, in 2017, Japan and Russia officially legalized payments issued with Bitcoin following a massive surge in popularity - and the rest, as they say, is history.

Bitcoin vs. PayPal - Which to Use?

Regarding online casino games, it's important to remember that different establishments accept different payment methods. Crypto casinos will naturally accept Bitcoin without any real issues. After all, online Bitcoin casinos and sites pride themselves on being progressive and affording players the chance to deposit using the payment method they like most.

With that said, it's important to remember that provably fair Bitcoin casinos are few and far between, making this question moot for the most part. While international casino sites are happy to take your bitcoin cash, in the UK, progress has been slow, and PayPal is the clear favourite among the two.

With that said, however, let's pretend that we live in a futuristic utopia where every casino accepts both Bitcoin and PayPal - which one should you choose? Well, they both have their advantages and disadvantages. PayPal, for example, charges deposit fees from both the player and the casino (unlike other payment methods, which only charge from the seller, meaning that if you want to get a deposit bonus of £20, then £20 is all you'd need to pay). On the other hand, while Bitcoin has no fees, it's a highly volatile currency requiring you always to ensure its value hasn't shifted too much.