Cryptocurrencies have only recently come into the mainstream but the number of online Casinos that are accepting cryptocurrencies as a payment and withdrawal method are growing each and every day.
There are now well over 1000 cryptocurrencies in circulation and because of this, more and more cryptocurrency casinos are popping up in order to supply the demand.
Cryptocurrencies in the current climate are extremely volatile so choosing which cryptocurrency to bet with can be a tricky decision. Fortunately, Casino Guide UK is here to help you decide.
Crypto currencies are digital assets designed to work as a medium of exchange that use cryptography to secure transactions. They’re digital currencies which, unlike banks, use a decentralised control system.
Cryptocurrencies offer an alternative to the bank distributed fiat currency model. Unlike fiat currency, cryptocurrencies are not susceptible to exchange rates, interest rates, inflation or transaction charges.
The centrally controlled systems of banks can and do create money out of thin air whereas most crypto currencies abide by a blockchain and are designed to gradually decrease production of currency. Mimicking precious metals, a total cap will be placed on the amount of currency in circulation at any one time.
Like all online casino payment options, cryptocurrencies have advantages and disadvantages. Fortunately, when it comes to playing on cryptocurrency casinos, the pros outweigh the cons.
Check out the table below to find out whether depositing at a crypto casino is right for you.
Less Fees - You should not be charged any transaction fees when playing at an online cryptocurrency casino.
Safe - Your cryptocurrency can be used at international level without experiencing any problems regarding exchange rates. Your cryptocurrency is safe and secure.
Control - You have ultimate control over your money. With cryptocurrencies, you own the private key and corresponding public key. If you have all your money in a bank account or a PayPal account, for example, your assets can be permanently frozen and seized at any time by law enforcement officers. Your cryptocurrency, however, cannot be seized.
Protected – with no central point of failure, and thanks to being secured using cryptography, cryptocurrencies are well protected against any threats.
Conversion - Many online retailers do not accept cryptocurrencies, so if you win big at a crypto casino and want to go on a lavish spending spree you will most likely have to convert your cryptocurrency winnings into fiat currency.
Investment - Cryptocurrencies are currently seen as more of an asset - as opportunities for investment. Most cryptocurrency is not yet widely accepted.
Regulation - No cryptocurrency is backed or regulated by any type of bank or government. Unlike most banks which insure their customers’ money of up to £100,000, neither banks nor governments insure cryptocurrency. So make sure you store your cryptocurrency safely.
As of 2020, there are over 1000 cryptocurrencies in circulation so in theory choosing which ones to buy may sound complicated. However, many crypto currencies are still in their early stages and are not yet accepted by online casinos. Over the past few years, the cryptocurrency Bitcoin has come to the forefront of news headlines, investment discussions and word of mouth.
Recently however, other cryptocurrencies have made their ways into the public's vocabulary. Although this is a good thing for the cryptocurrency market, it can be confusing for casino players who are wanting to both invest in a cryptocurrency and win money. Fortunately, Casino Guide UK is here to guide you through our own list of the best cryptocurrencies to use for when playing on online casinos.
Unsurprisingly, we have chosen to begin with the cryptocurrency which started the whole crypto craze - Bitcoin.
The king of crypto, Bitcoin is the cryptocurrency that forced the world to stand up and take notice. The past few years have seen Bitcoin thrust into the media spotlight due to its momentous jump in price from £100 per bitcoin in 2013 to its all-time high of over £9000 in 2017.
A variety of different online crypto casinos accept deposits and withdrawals by Bitcoin. It is no coincidence that many of the crypto casinos that have sprung up in the past few years have been based around Bitcoin due to its mainstream press coverage. If you want to play at a Bitcoin casino, then head to our list of recommended Bitcoin casinos that you can sign up to and play on today.
Ethereum casinos are becoming more and more popular due to the relative stability of the currency compared to other cryptocurrencies. Ethereum is probably the most stable out of all the cryptocurrencies and that’s saying something given their usual volatile standards. Its value tends to stay reasonably consistent against the pound – give or take 5%.
Ethereum uses a token known as Ether which fuels the network. Ether is a tradeable currency and can also be used to pay for services on the Ethereum network.
Players can also be armed with the knowledge that Ethereum can peacefully sit in your casino wallet with its value unlikely to drop overnight. The stability of this currency ensures that Ethereum casinos are a standout choice of crypto casino to use when gambling online.
Much cheaper than Bitcoin and relatively stable. Litecoin is much more suited to online gambling given its cheap price. Litecoin is the second oldest crypto behind Bitcoin - the silver to Bitcoins gold. Litecoin casinos are becoming more and more popular thanks to their price.
Many Litecoin casino players are also anticipating that the value of the cryptocurrency will someday match that of Bitcoin. With this in mind, some players are storing their Litecoin winnings in their casino wallets in the hope that the price will rise against the pound.
Playing with Litecoin at a cryptocurrency casino is a great choice if you want to have a chance of winning a coin that could skyrocket in price overnight. At the same time, this choice of cryptocurrency is stable enough for you to play with on a long term basis – in our opinion Litecoin is one of the optimal coins for your crypto casino online gambling experience.
Ripple has been named by some critics as the banks fight back against Bitcoin. Ripple is essentially trying to provide for its user’s global transactions of any size, in a quick and secure way with very little fees for the transactions. It is attempting to solve the age old banking problem of slow international transfers.
The Ripple network is a digital transaction system. It is a distributed, real-time payment protocol for anything of value. There is a transaction fee to use the Ripple network and it must be paid in XRP. XRP is Ripples asset and native token.
Unlike Bitcoin and other cryptocurrencies which have no central authority that control the currency, Ripple Inc is a company which builds and controls the Ripple network. There have been accusations that Ripple is centralised. Unlike Bitcoin there are a lot of opportunities for financial and private institutions to have control. It could be said that Ripple Inc controls the currency’ own-made blockchain system.
The video below gives a fantastic explanation as to what Ripple is and how the cryptocurrencies XRP token is used.
Ripple is the 4th largest cryptocurrency in terms of market cap behind Bitcoin, Ethereum and Litecoin. Ripple casinos are on the up thanks to its large boost in price which occurred in December 2017.
There are basically three ways in which to purchase cryptocurrencies. You can buy them from an exchange – Coinbase is currently the most well-known and trusted exchange. You can purchase them from individuals who are looking to sell, or you can mine them yourself – although this requires a fairly large amount of expertise.
The value of the more well-known cryptocurrencies constantly fluctuates so do ensure that you keep an eye on the price and try to purchase your desired crypto for as cheap as possible. Having said that, some cryptocurrencies are much more stable than others – the Ethereum Ether and the Ripple XRP, especially, are both very cheap.
It is also acceptable to buy percentages of a cryptocurrency. Not everybody can afford to buy a full Bitcoin for example, therefore cryptocurrency exchanges offer the buyer the option of buying anything from 0.1% of a Bitcoin to 0.00000001% of a Bitcoin – also known as a Satoshi, named after Bitcoins creator. See table below.
Value if 1BTC = £10,000
(one tenth of a Bitcoin)
(one hundredth of a Bitcoin)
(one thousandth of a Bitcoin)
(one millionth of a Bitcoin)
(one hundred millionth of a Bitcoin)
|0.00000001||Less than £0.01|
Do not make the mistake of buying a cryptocurrency which is not accepted at a cryptocurrency casino. Although online casinos are thought to be planning to add more and more cryptocurrencies to their deposit choices, you do not want to invest in a coin only to find out that you cannot use it for gambling with whilst playing online.
Some are, some are not. As with any large industry, nothing is fool-proof. Not all cryptocurrency casinos are regulated so you have to be careful where you deposit your money, however the casinos we offer at the top of this page certainly are regulated and are safe to play with.
We only recommend casinos which are regulated by the UK Gambling Commission – the highest authority in the UK when it comes to online gambling. The cryptocurrency casinos that we recommend are safe and secure. They are also fair – fair odds are ensured and are of course the cornerstone of every casino gambling experience.
The majority of cryptocurrency casinos do have a minimum deposit bonus; this is usually equivalent to £5. As the value of cryptocurrencies can vary dramatically, crypto casinos will accept a percentage of a cryptocurrency.
For example, if you wish to play at a Bitcoin casino the majority of payments you make will be in units of Bitcoins instead of whole Bitcoins.
Mobile phone cryptocurrency casinos offer great flexibility as they give you the opportunity to gamble and win money on the go. With your mobile phone you can play your favourite online slots games from work or you can play online blackjack whilst waiting for your bus.
All of our recommended cryptocurrency casinos allow players to play on their phones via their browsers, so you don't even have to download an app. Although if you prefer, many of our recommended casinos do have their own apps for players to download straight onto their mobile phones.
The advantages of playing on a crypto casino via your mobile phone mean that you’ll be able to load up and play whichever casino games you like, whenever and wherever you like. the beauty of online casino games are that you can win big in a matter of a few minutes. Casino games are not like poker where a player needs endless hours of patience and cunning in order to be victorious. All it takes is a lucky spin of the wheel or a swift jackpot on the slots and you could be winning thousands of pounds all thanks to your mobile phone casino.
Do not miss your seat on the gravy trains which are cryptocurrency casinos. Despite the continued amount of publicity surrounding cryptocurrencies driving their prices up, there is still a big opportunity for cryptocurrency investment and casino wallets are a nice place to store these investments.
Additionally, the inherent security and anonymity surrounding cryptocurrencies makes them the ideal casino payment method.
Simply take your pick from our recommended cryptocurrency casinos listed above and receive your bonus just for signing up today!