Cryptocurrency has been in existence for a few years now. Although most people are a bit sceptical about it, it is here to stay (maybe not forever). It has changed the way we pay for goods and services online. One of the disrupted industries is UK online casinos.
It is now possible to play using Bitcoins and altcoins (other coins apart from Bitcoin) in various online casinos Cryptocurrency . So if you have Cryptocurrency you don’t have to use it only for exchanging with other coins or fiat currency, you can bet, play casino games, poker, lotteries, cards, dice, roulette, slots, etcetera using cryptocurrencies.
What cryptocurrencies can you use to gamble online?
There are 3,000+ cryptocurrencies available as of today. Some casino sites have various Cryptocurrency options that users can play with while others are dedicated to only one crypto. In fact, as from 2013, Cryptocurrency online casinos have been established to attract Cryptocurrency gambling. Let’s look at some of the common cryptos that gamblers can use in online casinos uk.
The king and queen of them all is Bitcoin whose value has skyrocketed over the years. The highest value of Bitcoin was $19,783 towards the end of 2017, and within two months the currency was at $7,178. A difference of more than $12,000 for one Bitcoin just wiped off in a few weeks. The drop was in early Feb when countries started issuing statements on the regulation of cryptocurrencies. This shows that Bitcoin is too volatile and its value is also too high to be used in betting. It, therefore, might not be the best option for anyone gambling in online casinos.
However, as the king and queen of crypto, Bitcoin is accepted by many Cryptocurrency online casinos. Several UK online casinos are purely dedicated to Bitcoin casinos. That is, they only gamble and bet with Bitcoin.
Compared to Bitcoin, Litecoin is faster regarding confirmation time for a transaction. Bitcoin takes an average of 25 minutes while Litecoin takes an average of 10 minutes only. Its concept is the same as that of Bitcoin, so you don’t have to worry about the name. Some of the games that you can play using Litecoin are Blackjack, roulette, slots, sports, poker, dice, minesweeper just to name a few.
Previously known as XCoin then later on Darkcoin, DASH has been on the market since 2014. Due to its instantSend and PrivateSend features, the Cryptocurrency offers more anonymity to online gamblers. Players can compete in DASH live, dice, fortune jack, sports, poker, roulette, jackpots and baccarat. These games depend on the online platform you are using.
As of today, Ethereum has been in the market for about four years. It is not as widely accepted by online casinos as Bitcoin and Litecoin. But there are a few out there that recognise Ethereum. One distinct feature is that its transaction time is much faster (about 15 seconds) as compared to other cryptocurrencies. Some Cryptocurrency online casinos do not require you to register when playing games with Ethereum. So the games will be limited to such sites. But if you find UK online casinos that accept Bitcoins and Ethereum on the same platform, then you will have more games to choose from.
Important factors to consider with Cryptocurrency online casinos
To get cryptocurrencies, you will need to spend money to buy them. Just like regular currencies such as the pound or the Euro you can lose your cryptos through scam sites and lack of knowledge. Here are some important factors to consider when using cryptos in UK online casinos.
Security of your coins
Cryptocurrencies have two keys; public key and private key. The public key enables other users to identify you while the private key allows you to carry out transactions. You will need a secure wallet to store your private keys because if anybody accesses your private keys, they can typically do anything with your coins. You can opt for digital (desktop, mobile or online), hardware, or paper wallet to store your private keys. The most recommended one is hardware wallets as it is a physical product and some come with the ability to lock with a pin.
Encryption in online casinos
The online casino games that you choose to play with should be encrypted to protect you from malware, identity theft and even hacking. You can lose your earnings in seconds if the software on the site is vulnerable to attacks.
If you are hoping to play online games that are supported on both your mobile phones and desktop, then do your research or ask the support team if such options are available. Another concern is whether the Cryptocurrency casino games are available on your device–Android or iOS.
If more countries could follow the route of Isle of Man and Malta in supporting Cryptocurrency in trading and gambling, then the coins will remain stable. Such changes will create more jobs and even increase awareness about the world of cryptocurrencies.