Online casinos have risen in popularity in Australia and all over the globe in recent years. With recent world events leading to more people staying at home for extended periods of time, online casinos make even more sense. The events of the last two years are probably going to drastically change the way we approach many things, including gambling, and as a result, online casinos are going to become more popular in 2022 and beyond. In this post, we will take a look at the future and talk about the possibilities of using Bitcoin for online casinos. Let’s get started.
Why You Should Be Using Bitcoin To Fund Your Casino Wallet in Australia:
How has Bitcoin grown in popularity and relevance over time?
Let’s give you a brief historical introduction to this cryptocurrency. It is difficult to summarize the main stages in a few lines. This cryptocurrency made its first appearance in 2009, when a computer expert, still unknown today but known to most people under the pseudonym of Satoshi Sakamoto, decided to publish the Bitcoin protocol on the network, and then spread the management software the following year. In 2010 he left the company entrusting it to a certain Gavi Andersen.
Overall these years the value of this virtual currency has grown dramatically, albeit with alternating phases. 2017 was the crucial year, as the Chicago stock exchange began to offer the possibility of investing in future Bitcoin stocks. The value of the coin soared until it reached $20,000 (just think that in 2012 a single Bitcoin was worth twelve dollars), and then closed the year with a price of $14,600.
Obviously, this coin is not exempt from criticality. You have certainly already heard of its volatility and fluctuations related to its exchange rate. We’ll quickly explain what it is. Volatility refers to the change in the value of a certain currency over a certain period of time. The higher this parameter, the riskier is the investment with the coin in question. And in fact, Bitcoin is characterized by a volatility rate of 4.60%, higher by 4 percentage points compared to traditional currencies.
How to use Bitcoins for online casinos?
Before proceeding with the guide to Australian casinos where you can use Bitcoin, we want to take a step back and briefly explain how to start using the cryptocurrency flagship of today. After all, we are talking about a financial transaction system that is still new and unknown to many users. Here are the main steps:
- Choose your Bitcoin management wallet.
- You can opt for an online “software” wallet, such as Bitpanda or Bitquick.
- If you prefer, you can opt for a “hardware” wallet, a special USB key.
- Buy cryptocurrency via a peer-2-peer platform or online converter or at an ATM.
- Manage deposits and withdrawals to your gaming accounts through Neteller.
How to deposit on Bitcoin online casinos
Before any technical explanation on what Bitcoins are, let’s discuss how to use this cryptocurrency when we want to make incoming transactions on our gaming account. Here’s how you can make Bitcoin deposits in online casinos:
- Open an account at an online casino that accepts Bitcoin.
- Use a Bitcoin wallet like Neteller as an intermediary.
- Convert the Bitcoin to Australian Dollars.
- Deposit via the same intermediary.
- You are now ready to play the games offered by the online casino.
How to withdraw from Bitcoin online casinos?
At this point, let’s also see how to proceed with the opposite operation, the withdrawal, hoping that it is a procedure that you can do often because it would mean that you are making winnings. The important thing to know here is that even for outgoing transactions we have to rely on an intermediary. Here’s what you need to do:
- Log in to the personal area of your game account on the Bitcoin casino.
- In the Payments section, request a withdrawal by selecting “Bitcoin” as the methodology
- Enter the amount you wish to withdraw.
- Again, the transaction will take place via Neteller.
- Receive the sum in Australian Dollars and convert it into Bitcoin via an intermediary.
- Deposit the withdrawn amount into your Bitcoin management wallet
- Or, pay the sum in Australia Dollars into your current account
What are the online casino games you can play with Bitcoin?
Most online casinos offer almost all the games you can play in an actual physical casino. Here are some of the casino games you can play with Bitcoin:
- Half past seven
- Slot machine
- Live casino
- Video Poker
What are the advantages of using Bitcoin in online casinos?
Using virtual currency in a virtual casino seems like a match made in heaven and it’s something that makes a lot of sense. Now, we will take a look at some of the great advantages of using Bitcoin in online casinos:
- Innovative and avant-garde method.
- Suitable for high roller players.
- Security guaranteed by Neteller’s mediation.
- Possibility of earning by speculating on Bitcoins.
- Immediate management times without commissions.
What are the disadvantages of using Bitcoins for online casinos?
Despite the innovative aura of Bitcoin, even this payment system is not free from criticism, as regards its use in and out transactions at online casinos. Now, we will briefly summarize some of them, among which the most “weighty” ones are represented by the (still) low diffusion and the need to use Neteller as an intermediary (and therefore to have to open an account there too, if you don’t already have one). In the future, however, these small disadvantages will surely be overcome. Here’s a brief list of the disadvantages:
- Diffusion is still very limited.
- Need to use Neteller as an intermediary.
- It can be difficult to find detailed information.
- Lack of knowledge of the method can make us wary.
There are naturally also other defects, including the difficulty of finding precise and therefore reassuring information on this payment method. We will try our best to give you the information but we recommend that you contact the customer support of the various operators and ask all the appropriate questions. In any case, we will also look at some of the alternatives of Bitcoins and cryptocurrency in general.
What are some alternatives to Bitcoin?
While Bitcoin is the most popular cryptocurrency in the world today, it is not the only one by any stretch of the imagination, nor is it the only way to make payments online. We will now talk about some of the alternatives available to users to make deposits and withdrawals on various platforms. If you are more tied to tradition you can for example use bank transfer, while if you are looking for high deposit and withdrawal limits you can use credit cards such as Visa.
Timings, ceilings and commissions are different for each operator, and therefore each one suits to a lesser or greater extent to the needs of each player, in terms of playing style and budget available. Those looking for anonymity above all, for example, can bet on Paysafecard, which, on the other hand, cannot be used for withdrawals. So basically, you can choose whatever method you want.
What are the best Bitcoin online casinos?
At the moment, the operators that accept Bitcoin as a form of payment coincide with those on the list of the best Bitcoin casinos: each has its own peculiarities. You can take your pick from some of the popular names in Australia like BetChan, Ignition, Jackpot Jill, King Johnnie, Wild Card City, and Woo.
Is it safe to transfer money with Bitcoin to online casinos?
As we explained in the section dedicated to the security of Bitcoin casinos, it is guaranteed above all by the fact that only operators with a regular ADM gaming license are allowed to accept Bitcoins. Secondly, the fact that an established e-wallet such as Neteller (with its security features) is used as an AUD/Bitcoin conversion vector is also a guarantee of secure transactions.
What are the best cryptocurrencies for casinos?
We cannot provide an unambiguous answer to this question. In fact, there is no better cryptocurrency than the other currently, at least for what concerns the use in Australian online casinos, even if one of the most popular (aside from Bitcoin) is Ethereum. Neteller always takes care of converting it into AUD to give you the opportunity to play. Ultimately, the choice must be made by you and must depend only on the evaluations you make on the financial product.
What are the deposit and withdrawal times at Bitcoin casinos?
As regards the times of deposit and withdrawal of Bitcoin, it must first be specified that to use cryptocurrency for your incoming and outgoing transactions, it is necessary to rely on the intermediation of e-wallets like Neteller. Consequently, it is the data relating to this e-wallet that must be considered.
So that was a brief look into the world of Australian online casinos and the use of Bitcoins in it. If you are a Bitcoin user and you want to use it for online casinos, you can finally get around to doing it. Good luck!