Bitcoin Casino Australia

If you are an online casino gambler, you must have come across the words “Bitcoin” and “1 BTC 5 BTC”. You must also have heard a casino site being referred to as a Bitcoin casino. Well, Bitcoin is the first cryptocurrency in the world that came into existence in 2009.

Cryptocurrency is used as a substitute for traditional cash in an online transaction. You buy crypto coins with real money at a crypto exchange and use those coins to facilitate transactions online. Nowadays, there are more than 3000 brands of cryptocurrencies available to the common people. Since Bitcoin was the first of its kind in the market, the name has become synonymous with cryptocurrency.

Bitcoin casinos are those casinos that allow Bitcoin gambling (gambling with cryptocurrency). It means you can deposit Bitcoins in these Bitcoin gambling sites and play your favorite casino games with them. A winner can also convert winnings to Bitcoins and transfer them to a preferred currency bank account.

Bitcoin gambling is safer than gambling with real money as Bitcoin transactions are completely anonymous. Nobody will get to know who is transferring what amount and where. This feature works well for gamblers who are often targets of online tricksters.

Australia is a Bitcoin-friendly country, and most online casinos here are Bitcoin casinos. Some casinos offer special bonuses for depositing in Bitcoins. Some are exclusive Bitcoin-only casinos meaning you can only deposit, play and withdraw using only crypto coins.

Are you looking for a guide to bitcoin casinos?

As more and more online casinos are offering Bitcoins and Litecoins as their payment options, you must remain in sync with the trend! Here is a brief guide to finding out all about gambling and cryptocurrencies.

What are Cryptocurrencies?

Cryptocurrency is basically like a digital currency that is transmitted back and forth to carry out transactions. The word ‘crypto' denotes that digital signatures secure the transactions. The cryptocurrencies are independent of any government or authority.

The records are kept in an online ledger that is generally a blockchain (it is a database of transactions).

Why are Cryptocurrencies used in online casinos?

Bitcoins and other cryptocurrencies are used widely in online casinos. Bitcoin wallets make it easier to carry out cryptocurrency transactions, and they are carried out faster than other methods. Some casinos are exclusively made for bitcoin.

What is Bitcoin gambling, and is it safe?

The very first perk of crypto gambling is the rapid and secured transactions. Numerous players prefer cryptocurrencies like Bitcoin to traditional banking methods. Moreover, the transaction fees are lower. Compared to MasterCard, the transaction costs are almost negligible.

Additionally, if you have some disputes with a casino, you can always take up your bank issue. But if you deposit with Bitcoin or other cryptocurrencies, then you are on your own. You have to trust the casino to treat you fairly. Once the transaction is done, it is done.

From the operator's perspective, cryptocurrencies enable rapid and timely transactions. The players do not have to wait for weeks or months to get their winnings. They can receive it within a few hours.

Is Bitcoin Gambling better than traditional gambling?

The very first perk of crypto gambling is the rapid and secured transactions. Numerous players prefer cryptocurrencies like Bitcoin to traditional banking methods. Moreover, the transaction fees are lower. Compared to MasterCard, the transaction costs are almost negligible.

Additionally, if you have some disputes with a casino, you can always take up your bank issue. But if you deposit with Bitcoin or other cryptocurrencies, then you are on your own. You have to trust the casino to treat you fairly. Once the transaction is done, it is done.

From the operator's perspective, cryptocurrencies enable rapid and timely transactions. The players do not have to wait for weeks or months to get their winnings. They can receive it within a few hours.

Some uses of Bitcoin in gambling

To begin with, you will have to purchase coins or tokens from an exchange. Bitcoin steals the show and remains the popular choice for many users. Ethereum, Lit coin, Bitcoin Cash, Dogecoin are also some popular currencies. But Bitcoin remains largely accepted.

Now, how to get Bitcoins? You will have to create an account with an exchange. At the exchange, you will have to buy Bitcoins with real money. Once you buy Bitcoin (or any other cryptocurrency), you can transfer it to wherever you want.

Several casino sites may require you to deposit your Bitcoins into the casino wallet. This makes it easier to play on the site, so you will have to get acquainted with this process.

Crypto gambling is available for casino games like poker, baccarat, roulette, and more. You can even bet on live dealer games, pokies, and much more.

Some Cryptocurrencies

Other than Bitcoin, many people might not be aware of some other popular alternatives that are available. So, here is a quick rundown of popular alternatives.

Bitcoin

We will start the list with Bitcoin since it is the most widely used cryptocurrency. It enjoys more than 17 million users.

Bitcoin Cash

Bitcoin was introduced in 2017 and quickly gained popularity. The main difference is the block size. Bitcoin cash sports a block size of 8 MB, which facilitates faster transactions. The original counterpart has a 1 MB block size.

Litecoin

Litecoin enjoys considerable popularity, and it operates pretty much like Bitcoin. It was launched in 2011 by an ex-Google employee, Charlie Lee.

Ethereum

Ethereum carries out 15 transactions per second. ‘Ether' is the term used for Ethereum's coinage. It is more focused on digital transfers. Inside Ethereum, you can also develop apps that run on the Blockchain.

Ripple

Unlike Bitcoin, Ripple is not based on Blockchain. It is more suitable for large firms and corporations for transacting larger amounts of money worldwide. The coinage is termed XRP. The digital payment protocol of Ripple is well-known too. The system enables any kind of money to be transferred, even dollars and Bitcoin. Ripple handles around 1500 transactions per second.

Stellar

Stellar was created by Jed McCaleb (Ripple co-founder) in 2014. Stellar is more focused on funds transfers across the globe and make payments faster. The Stellar network is managed by Stellar.org, which is a non-profit organization. They aim to lend a hand to developing economies that might not have access to the banking system. Users are not charged for using the Stellar network. The operating costs are covered by accepting donations.

IOTA

IOTA was introduced in 2016, and the abbreviation stands for Internet of Things Application. IOTA does not work on a blockchain but is rather reliant on smart devices. To get on IOTA, all you need to do is verify two transactions on the ledger (DAG).

Dogecoin

Dogecoin was introduced in 2013, partly as a joke (and a fine tribute to the Doge meme). However, the Dogecoin soon received popularity. Today, it is an open-sourced cryptocurrency and is widely accepted in numerous casinos. It sports a script algorithm, has really low fees, an unlimited supply. Started by Jackson Palmer and Billy Markus, the currency's logo is the Doge from the famous meme.

Cardano

Cardano was co-founded by Charles Hoskinson, one of the five founding members of Ethereum, and a group of dedicated cryptography experts, engineers, and mathematicians. Hoskinson left Ethereum after some disagreements with its policies and helped found Cardano.

Cardano has been built after conducting in-depth and extensive research on cryptocurrency technology. Besides research, the Cardano people dabbled in extensive experimentations to create a theoretically and practically perfect blockchain. Its proof-of-stake feature stands out among its competitors, and Cardano has been giving stiff competition to large cryptocurrencies.

Some have even dubbed Cardano as the “Ethereum killer.” But we are getting ahead of ourselves. Cardano is still a new cryptocurrency, and they have a long way to go before they create a blockchain with more decentralized financial applications. Cardano's market capitalization in 2021 is $9.8 billion.

Some Popular Bitcoin Wallets

If you plan to go for cryptocurrency casinos, then you must have a good crypto wallet. After all, you will be keeping your Bitcoins there and spending and receiving Bitcoins too.

Getting the perfect Bitcoin wallet can be tough, as there is an overwhelming variety in Australia. The following wallet list has been devised to help you choose the best Bitcoin wallet that suits your requirements.

CoinJar

CoinJar is a popular choice for Bitcoin users in Australia. You can keep your Bitcoins, Litecoins, Ethereum, and more in the CoinJar wallet. The app is available for iOS as well as Android devices. You can easily organize and manage more than one currency. Moreover, all your transactions are recorded and can be easily accessed. CoinJar even has a multi-factor authentication for additional security.

Trezor

Trezor is an offline wallet that stores Bitcoins offline (cold storage). As you take things offline with Trezor, it is undoubtedly more secured against attacks. It is known for its security. The semi twin factor requires you to enter a randomized pin each time you access your Trezor.

Swift

If you are into trading and investing, Swyftx is for you. This wallet is created by one of the most advanced Cryptocurrency exchanges in Australia. As the exchange is a member of Blockchain Australia, they comply with all the new guidelines. This ensures high security for your Bitcoins. It is easy to get yourself registered and use the wallet. You can get numerous discounts, offers, best prices, and low fees.

Blockchain.info

Blockchain.info works just like CoinJar. However, you cannot carry out transactions. You will have to get separate storage for your Bitcoins. Blockchain.info is not a full-fledged exchange. This is why many users feel that it is more secure than Coinbase and other wallets.

Electrum

As far as desktop wallets are concerned, Electrum is probably the most popular choice. The world first saw Electrum in 2011, and it can be accessed on Windows, Mac, and Linux. A desktop wallet is more secure than mobile wallets as they are harder to steal. Bitcoins are stored on your hard drive with your key. Moreover, it is compatible with cold storage like Ledger Nano S and Trezor.

Coinbase

Coinbase is a well-liked wallet and also a Bitcoin exchange. Many users prefer Coinbase due to its easy-to-use interface. You can quickly buy, sell, and store Bitcoins and other cryptocurrencies. Coinbase also enables you to connect your banks to the wallet. Additionally, Coinbase is highly secured, which makes it a favorite among users.

Best Online Bitcoin Casino (Cryptocurrency Casinos)

Here are some of the best online Bitcoin Casinos that offer Bitcoins and some other cryptocurrencies as their payment modes.

Bao Casino

Bao Casino (licensed by Curacao) is undoubtedly one of the Australian online casino scene's trusted names. Bao Casino offers Bitcoins, Litecoins, Bitcoin Cash as their deposit and withdrawal options.

TrueFlip Casino

TrueFlip is another trustworthy name (licensed by Curacao) that welcomes Australian players. TrueFlip accepts deposits made via Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Ethereum, Ripple, and other traditional methods. Moreover, this casino also enables withdrawals with all the listed cryptocurrencies.

BitStarz Casino

BitStarz (licensed by Curacao) is well known among Australian players for its bonuses. The casino accepts payments made via Bitcoin, Litecoin, Dogecoin, Bitcoin Cash, and Ethereum. It offers withdrawals via the cryptocurrencies listed for deposits.

Woo Casino

Woo Casino is a new popular among Aussies, and Curacao licenses it. Woo accepts payments made from Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, and Ethereum. It also allows withdrawals from the same methods.

Playamo Casino 

Playamo Casino, licensed by Curacao, is another noteworthy name on our list. Playamo accepts payments and enables withdrawals through Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Ethereum.

CasinoChan

CasinoChan is another popular casino that Curacao licenses. CasinoChan accepts payments from cryptocurrencies like Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Ethereum. And it enables withdrawals from the same modes.

GunsBet Casino

GunsBet is a uniquely themed casino that holds a Curacao license. It accepts payments only via Bitcoin (and other traditional methods. You can withdraw your winnings with Bitcoin too.

Pokie Place Casino

Pokie Place Casino, just like the name suggests, famous for the pokies. It holds a license from Curacao. The casino accepts payments from Bitcoin (and other methods). You can also make withdrawals via Bitcoin.

All these casinos offer cryptocurrencies as an additional payment method and other methods like Neteller, NeoSurf, Yandex, Debit cards, credit cards, bank wire, and more.

Casino Rocket

Casino Rocket was launched recently in 2020 but had quickly got the attention of gamblers because of its extensive game collection and lucrative bonuses. It has over 2965 games made by leading software providers. You can find pokies, table games, and live casino games here. There is also a mobile version of this casino that you can access via your smartphones and tablets.

They have bonuses like free spins, welcome bonuses, loyalty programs, and many more. You can deposit with crypto coins like Ethereum, Dogecoin, Litecoin, and Bitcoin.

Golden Reels Casino

Golden Reels Casino was launched in 2019. They have a small game collection (a little over 213 games), but the games are exciting and will keep you hooked for hours. This casino features games developed by popular casino game developers like NetEnt, Microgaming, Playtech, Quickspin, Pragmatic Play, and many more. There are slot games, video poker games, table games, and many more. You can also find lucrative bonuses in this Bitcoin casino to increase your fund.

This casino is accessible on smartphones and tablets through their app. You can deposit with Bitcoin at this casino.

Advantages of Bitcoin

Cryptocurrency casinos have their perks, and hence, they enjoy a considerable user base. Some of the top advantages of Bitcoin and crypto gambling are listed below.

Privacy

One of the most prominent reasons why Bitcoin is used for online gambling is privacy. Both the parties, that is, the users and operators, get privacy. The financial information, along with personal data, cannot be accessed by any third party. Your transactions are completely anonymous.

Low transaction cost

Try depositing or withdrawing money with debit or credit cards, and they will charge you a fee. But with Bitcoin, you do not have to worry about such transaction costs. Bitcoins and other cryptocurrencies charge a small fee (mainly to maintain their blockchains).

The best alternative to traditional methods

Numerous countries do not allow online gambling. Hence, the banks in such countries cannot carry out transactions to and from gambling sites. In such situations, the players have to go roundabout and use cryptocurrencies to carry out the transactions.

Instant fund transfers

Another major perk of using cryptocurrencies is instant fund transfers. The winnings take a few weeks or a month to get to you by other methods. But with Bitcoins and their brethren, the transfers are insanely instant.

No taxes

That's right, and Bitcoin is not recognized as real money in any country. So, no way Bitcoins or cryptocurrencies are subject to any taxes. This is why Bitcoins do not have transaction fees, as they do not owe anything to banks or third parties.

Disadvantages of Cryptocurrencies to Consider

Here are some disadvantages that you need to consider before you sign up for cryptocurrency casinos.

Not all Bitcoin Casinos are licensed.

Most of the casinos that offer cryptocurrencies as their payment mode do not require a license. The casino licenses usually cost a lot, involve a lot of paperwork and applications. Casinos can save all this money and hassle simply by not getting a license.

All the casinos may not have a Bitcoin option.

Bitcoin and other cryptocurrencies are sure enjoying more and more popularity. However, all the online casinos may not offer Bitcoin as their payment options. Additionally, some casinos offer Bitcoin as a deposit method and not as a withdrawal method.

You are exposed to exchange rate volatility.

Yes, when you use Bitcoin, Litecoin, and their siblings, you are exposed to the exchange rate. And the exchange rate (bitcoin odds) can be pretty volatile. If the exchange rate is in euro or dollar, you are lucky. However, things may flip for you if the rate moves negatively.

Apart from this, some online casinos might process Bitcoin transactions (especially withdrawals) manually for security reasons. In such cases, the transactions might take a longer time.

How to Use Bitcoin currency for Making Online Casino Deposits

Here is a quick rundown of the process of making deposits on online casinos.

Set up the wallet

A good wallet is necessary to keep your Bitcoins and process transactions. For smaller amounts and fund transfers, you can use the wallet offered by the system provider. For a larger amount, you should opt for an encrypted wallet. It is always smarter to go for an encrypted wallet installed on your phone or computer.

Deposits in the wallet

After you set up your wallet, it is time to put some money in there. You can transfer money into the wallet from your bank account. You can also ask a friend to transfer some amount into your wallet. You might get a special pin for each transaction.

Find a Bitcoin casino.

This is an important step as you might choose a casino that does not support Bitcoin payments. Make sure you choose the right casino that is fully licensed and ensures fair play.

Transfer to the casino

Choose Bitcoin (or other cryptocurrencies of your choice) as the deposit method. A string will be created, copy and paste this. The next step is to input the amount that you want to transfer. The transfer happens instantly, especially if the amount is smaller. For larger amounts, it might take a while longer. In any case, you will be able to play at the casino immediately.

The cryptocurrency is converted into your preferred currency after you make the deposits. As far as withdrawals are concerned, many casinos may not have Bitcoins as a mode of withdrawals.

You might also be interested in sports betting, so we have a detailed guide on Australia's sports betting. This was a detailed guide on cryptocurrency casinos. You can visit our blog section for more information on online casinos, gambling games, and more!

What is the background of cryptocurrency?

Are you clueless about how and why this digital currency was born in the first place? Don't worry. You're not alone on this boat. Thus, we've also included a little history section for cryptocurrency in our extensive guide.

The idea of digital currency can be traced back to the 1980s but, Bitcoin. The first-ever cryptocurrency originated only in 2009. Since then, the world has witnessed the emergence of several other cryptocurrencies, as mentioned in our guide.

Cryptocurrencies came to life primarily for two reasons. The whole idea behind digital currency stands on it.

Decentralization

This means that cryptocurrency could not be controlled by any organization, not even a government body.

Anonymity

This meant that digital money could be used anonymously (no tax).

Regulation and cryptocurrency

As said earlier, there isn't a governing body in charge of cryptocurrency, which is why various regulatory authorities worldwide have been trying to reach a consensus about it. While some (mainly large financial institutions) hold polarized opinions about cryptocurrency, others have shown better reception. Thanks to the receptivity, several crypto casinos can operate today legally.

However, even after a lot of debate, worldwide bodies haven't come to a consensus. Centralized bitcoins exist alongside decentralized ones, but they are still decentralized as far as the other cryptocurrency variants are concerned.

Standard Terms in Cryptocurrency Dictionary

Before dealing with casino transactions in cryptocurrency, it is vital to get yourself acquainted with a few cryptocurrency terms. We've listed them and explained the common terminologies below:

Address

An address is a destination where crypto users send and receive payments. It is similar to a bank account. A digital currency address is usually a long series of numbers and letters.

Arbitrage

Arbitrage is the difference in crypto coin rates at two separate exchange depots. For example, Bitcoin is selling for $4900 at Exchange Depot 1 and $5000 at Exchange Depot 2. You can buy crypto coins at Exchange Depot 1 and sell them at Exchange Depot 2 for a profit of $100 per unit. Arbitrage is significant when gambling with cryptocurrency. You will earn more profit if you buy your casino deposit at Exchange Depot 1 and convert your winnings to Exchange Depot 2.

Exchange: 

When you want to purchase or sell a cryptocurrency, you turn to an exchange website like Coinbase.

DDoS Attack

A Distributed Denial of Service attack is a cyber-attack conducted by nefarious parties to prevent the internet from providing a service. What happens is that cyber criminals overwhelm a system with information requests and malicious data. The overwhelmed system then cannot provide the service you are asking from it.

Cryptocurrencies have suffered from DDoS attacks. Cybercriminals had attempted to cripple these digital currency marketplaces to sabotage crypto transactions and steal crypto coins. While stealing crypto coins is impossible because of the centralized nature of Blockchain, yet a DDoS attack can suspend transactions for a time period, much to users' annoyance.

Fiat Currencies

Fiat means “by decree.” Fiat currencies have a monetary value and are backed by a central bank or a government. Examples of fiat currencies are Australian Dollars, the United States Dollars, Euros, and many more. You have to use fiat currencies to buy crypto coins.

Fork

A change in rules and protocols of digital currency transactions. Cryptocurrency developers update the rules and protocols from time to time. Forks can be of two types: hard forks and soft forks. A hard fork is a permanent change in the cryptocurrency's protocols, and a whole new blockchain is created when a hard fork is implemented. This new Blockchain will not accept any blocks mined as per the old rules.

The old chain can still exist, leading to a scenario where both the old and the new blockchains are present.

ICO: 

ICO or Initial Coin Offering. As the name suggests, the offering occurs each time a new cryptocurrency is launched in the market. It is when the general public gets access to the new digital currency. They work with the same logic and structure as the stock world's IPOs.

Alt or Altcoin:

If you come across this term in the list of payment methods of a BTC casino, know that it means other cryptocurrencies except for Bitcoin. Altcoin translates to original digital currency.  

Blockchain:

Crypto casinos manage the currency using blockchain technology. It is a chain of ledgers that records every transaction made with that currency. The best trait about this technology is that the use of cryptography makes it a highly secured one. All this sensitive data is not stored on a single server.

Wallet:

The concept of a crypto wallet is no different from the physical wallet that you may be carrying in your pocket now, except these wallets securely store the keys to your cryptocurrencies. You can use a hardware wallet (a special USB stick) or a software wallet on your computer.

Keys:

Cryptocurrency operates cryptographically, and the one thing that is mutual between them is the key. They are of 2 kinds- private and public. As the term suggests, public keys are not volatile, and they are used to receive new cryptocurrencies from other people.

On the other hand, you must safeguard your private keys in dedicated wallets because they are the keys to access your crypto funds. Without them, you won't be able to transact using cryptocurrency or even sell them.

Types of Cryptocurrency Online Casino

 Bitcoin Casino Guide

Over the years, more and more online gambling sites have been embracing Bitcoins as a banking option due to the upsides it comes with. Bitcoins work differently than traditional currencies. Thus, we're here for anyone who is new to the currency and those familiar with its basics (scroll up to see the best Bitcoin casinos currently accepting Aussie punters).

Bitcoins- How and where to buy them

You can both buy and sell them on exchanges, like any other investment. All you require is to set up your account on an exchange with a viable payment option like a checking account or a credit card. Once your account is up and running, you can start buying and selling bitcoins. However, it is not restricted to this medium alone.

It would help to remember that bitcoins are ultimately currencies. You can buy a soft drink using a dollar. In the same manner, you can also use this digital currency for the same. For that, you and the individual you're selling to or buying from requiring a Bitcoin-specific online wallet like PayPal.

That's how you receive payments from Online Bitcoin casinos through an online wallet. The same goes for your Bitcoin deposits to the casino- you transfer the cryptocurrency to the casino's online wallet from yours.

How do you choose a wallet? Go for the one that's user-friendly and provides backup options. Backup is essential because if you lose a bitcoin's code, you can never access that bitcoin again. Wallets with a backup solution are a wise insurance policy to hold on to.

Where do you find wallet services? Any online casino that accepts cryptocurrency for withdrawal and payment will automatically suggest players a few options to choose from.

How does Bitcoin work?

Think of it as Gold. Bitcoin valuation also keeps changing, and if we may add, rather dramatically. For example, the current value of 1 BTC is 63,528 AUD. Thus, it is considered a volatile investment mechanism because getting bitcoins converted to a different currency is another gamble altogether.

If you are new at it, it is suggested that you initially don't put in a significant percentage of the total bankroll. While depositing or withdrawing at gambling sites, the bitcoin price fluctuations can come across as added action to gambling as a whole.

Bitcoin-integrated vs. Bitcoin-only casinos

When casinos first started including cryptocurrency as a transaction method, only bitcoins were around, and they are still are some sites that are Bitcoin operated exclusively. However, several software providers are now integrating them into the casinos' financial service menu. So, where lies the difference?

The first type of casino allows you to play using cryptocurrency directly while playing in the latter. You can only place bets after converting them to fiat currency. With an exchange back, players can cash out in bitcoin, even though you had the deposit exchanged during wagering.  

The good news is, these days, players no longer need to do mining to convert bitcoin into cash and vice-versa. Online currency providers use a speedy one-step transaction to do that for you. O

Role of bitcoin cash

Bitcoin cash is a new type of bitcoin currency which even one of the largest exchanges, Coinbase, offers as a service since January 2018. Will this version of bitcoin currency soon be seen on the financial menu of gambling sites?

Well, the odds seem high. Its addition could mean greater possibilities for both punters and online casinos to increase valuation and instant transactions.

Speed & Processing charge

If we say that it is only for the exciting titles that players gamble online, we'd be bluffing. It all comes down to the winnings- this clearly is an undeniable fact. Any gambler would want to enjoy the fruits of investment as soon as possible and without paying anything extra. Bitcoin users will always be at an advantage in this respect.

It processes deposits and withdrawals almost in an instant. Many Bitcoin users have admitted to transactions being successful in under 20 minutes as well. Plus, Bitcoin users are rarely charged any transaction processing fee. Ideally, cryptocurrency transactions are free, and fees are applicable in case of currency conversion.

Casino Bonus Bump

We recommend players keep an eye out because many online casinos today offer a better welcome bonus to players who place bets using Bitcoin. Along with that, you also have access to the traditional welcome bonus offer. It means you get an improved premium value.

For instance, you may find Australian gambling sites that offer players a hundred percent deposit match bonus using a mainstream payment method. At the same time, you can get a 150% match on your first three deposits up to 5,000$.

Nothing else changes

Other than the said differences, all else remains the same even if you choose to play at a Bitcoin-exclusive gambling website, i.e., you get the same benefits as you would on other casino sites. That also includes the same selection of games like pokies, table games, specialty, live dealer, video poker, and progressive jackpots.

However, speculating the possibilities of problems occurring while you are on the website makes sure that the online casino is well-regulated and licensed. Governing bodies can come in handy when an issue remains unresolved for unusually longer.

Ups and Downs of using Bitcoin for deposits in your bankroll

Pros:

  • The turnaround time for most banking options on online gambling sites is days, whereas Bitcoin is measured in hours and sometimes even lesser. That makes it the fastest way medium to deposit and withdrawals on digital casino sites.
  • Compared to others, bitcoin users in casinos tend to have higher and lower betting limits.
  • Transaction fees in the case of this cryptocurrency type are lower than the traditional payment methods.
  • One of the most significant upsides of bitcoin is that you can use it anonymously. However, that doesn't mean that we're suggesting it as a legal alternative for citizens whose government has strict prohibitions on fund transfers for online gambling.
  • Most gambling sites that accept cryptocurrency also have other payment options. Thus, even if a bitcoin gambler is not on a bitcoin-only casino, the player can still play their favorite casino selection of games at other online casinos.
  • Even though it is mostly anonymous, using Bitcoins for gambling transactions is as safe as it can get, thanks to blockchain technology.
  • Bitcoin deposit limits are highly flexible in most casinos online. Moreover, there is no withdrawal limit for BTC in many casino sites.

Cons:

  • The first and the most crucial thumbs down for this cryptocurrency being used as a deposit method is its volatility. While your winning may improve when the rate of 1 BTC goes up, you may lose a percentage of your winnings when the price drops.
  • Every online casino you visit will not mandatorily offer payments or deposits in this currency. Even though gambling sites are increasingly embracing Bitcoins as a financial option, players still need to look for sportsbooks, gambling websites, and poker rooms that accept cryptocurrency. You can check our listed Bitcoin casinos for assistance. 
  • Watch out for the bad guys who use the anonymity of the cryptocurrency to their favor- these are mainly some exclusive Bitcoin sites. However, not all are hustlers (especially the ones we've researched and mentioned). 
  • If you are fresh to Bitcoins' whole concept, you might have to undergo a slight learning curve to use Bitcoins for gambling. You will learn almost everything from our guide, but you will still need some time to get used to it in the field.

Sports Betting using Bitcoin

Sportsbooks have also broken out into bitcoin-integrated and bitcoin-exclusive options for sports betting. Gamblers have the choice of registering with mBTC and BTC exclusive sportsbooks. You can deposit cryptocurrency in the betting account, which is further exchanged for either a consistent credit or a cash value.

In this case, bookies tend to accept higher betting limits, plus the rewards are also more significant when using Bitcoin to fund the account.

Bitcoin Casino Games

Even though Bitcoin-only online casinos exist, they are less in number. Most digital gambling sites accept bitcoin funding, but they converted to fiat currency before allowing players to place bets. However, for withdrawals after betting, Bitcoins are transferred to your wallet.

Most casinos allow betting with Bitcoin on almost their entire selection of games, from slots to craps. The most prominent advantage is- several among the selection of games for Bitcoin betting games are PF (provably fair). It means that you can use the casino website's information to verify whether each random occurrence was genuine and not rigged.

Provably fair games- Explained.

What are provably fair games? Before we go into what it means, you should know that it is one of the major parameters to pick the best online Bitcoin casino. The selection of games available to players at most bitcoin casinos is provably fair games.

In the online casino industry, where everything is computerized, there is hardly any gambling chance without the slightest thought of the games being rigged. Thus, a bitcoin casino enables players to look at the website's software's process to generate the unpredictability quotient in their casino games.

Using the bitcoin casino's website information, you can verify the degree of the game's fairness even when you are playing on your mobile device. This information helps you ensure that the casino game you're trying to master is even. Players do not need to wait till the end of the games to check its authenticity; they can do that for every dice roll, roulette wheel spin, or card flip.

You can either take the bitcoin casino's word for it, or you can undertake the verifying procedure. However, please be informed that the methods to check the game's fairness is quite advanced and usually written in detail on these online casinos.

This is excellent for advanced players as they can independently verify the casino games' randomness while playing, making them feel more confident to make real money deposits.

Does that mean people who are not that technologically polished should go for any random bitcoin casino? No. In this case, they would have to be cautious and stick to the regulated and licensed bitcoin casinos with a good reputation that we have listed in this guide. Whether it is fiat currency or cryptocurrency, it is always better to be safe than regret later in gambling.

How to select the safest Bitcoin casino sites?

Players need to keep in mind a few simple factors while choosing the safest bitcoin casinos. So, let's get started.

Bitcoin-only or Hybrid?

One of the considerations would be to choose your gambling form, i.e., ask yourself whether you only want casino games, sports betting, poker, or a mix of everything. Once you're through with that, the next first thing you need to rule out is the type of bitcoin casino you are interested in. They are essentially of two types- Hybrid and Bitcoin-only online casinos.

Hybrid:

The hybrid bitcoin casinos are the ones that accept bitcoin alongside other payment methods. Many players trust them better because they tend to belong runners in the casino industry and provide polished casino offers and services. You can either transact directly with the casino or deposit cryptocurrency through other online providers.

Hybrid casinos also have extensive game suits from industry-leading software providers like NetEnt or Microgaming. If your bitcoin account fails to respond at any point, you can switch to the other available traditional methods of deposits and withdrawals.

However, it has downsides as well. In hybrid casinos, players must register an account with personal data, and they rarely offer provably fair games. Plus, on this route, you might also encounter tax issues.

Bitcoin-only:

The second group of service providers is strictly crypto-based, meaning that players can only transact using cryptocurrency and its types with BTC as the primary payment mode. You will not find payment gateways like PayPal, Visa, or Skrill in this type of online casino.

It means that if you're into bitcoins, on these bitcoin casinos, you get to remain anonymous. Instead of blindly trusting external regulators, you can check individual casino games using provably fair technology. 

Nonetheless, suppose top-quality service is your concern. It is best to know that most bitcoin-only online casinos have only been around for so long and are not as experienced as their hybrid alternatives. However, if you're still confused on this point, check out the best casinos with the bitcoin facility that we've recommended.

Game & website Quality

The overall gambling experience online is highly influenced by the quality of the bitcoin casino you choose. By quality, we mean up-to-date finesse in terms of excellent graphics and no issues with loading time. You would want to avoid the crypto casinos that lag on this point because what comes second to winning is your gameplay time.

Fortunately, several sportsbooks, poker rooms, and digital casinos are working with Bitcoin who guarantees solid quality to their players.

Licensing & Reputation

As a general procedure, when you are looking for the safest gambling platform of specifically a crypto casino online, check for authentic licensing. This is a must because the casino industry is filled with several fraudulent companies wanting to scam you, and it is a fact that is not going away any time soon.

Thus, it is advised that you stick to a crypto casino backed by a genuine gambling commission's license and have a solid reputation among other Aussie punters. Even if you don't find one with the best of the best like Malta or UK commission, you can even settle for Kahnawake or Curacao's reputed licensing boards.

However, in no way should you opt for an unlicensed crypto casino. The upside of bitcoin casinos that only deal in cryptocurrency is their provably fair game titles and an open-source for players to gamble.

Check for the kind of promotions and bonuses that the casino offers.

The casino industry online is overflowing with gambling operators, be it those working with BTC or other types of cryptocurrency or traditional payment methods. It is the sole reason why the competition between online gambling platforms is so fierce. However, this cut-throat competition acts in favor of the players.

Online casinos often make generous bonus offers on their casino games to stay ahead in the competition for new and old players. These casino offers admittedly provide extra value to your gambling time. You can find a gambling site that will offer a paltry 20 free spins bonus, and on the other hand, the best bitcoin casinos offer 100 free spins, 200 free spins as bonuses.

How much you win or lose in the long run while gaming at a Bitcoin casino also depends on the variety of bonuses provided by the Bitcoin casino. There are many types of bonuses like Welcome Bonus Deposit Bonus, Cashback Bonus, Reload Bonus, Free Spins, Loyalty Bonus, and many more.

The Bitcoin casinos offer these bonuses on all the casino games. The games include table games, video poker games, live casino games, live dealer games, slot games, and many more. Table games and slot games are very popular, and bonuses are great news for a casino player.

A player should only play at the best Bitcoin casinos that offer many bonuses. Many hybrid websites trying to promote Bitcoin or cryptocurrency payment methods also offer exclusive bonuses if you bet with bitcoins.

Two of the most lucrative bonuses in any online casino are Free Spins and the Deposit Bonus. Free spins are exceptionally lucrative for players as slot games are the most popular games in a casino, and each of them carries a large reward. You hold a chance of winning the jackpot with free spins, which means you can win millions of dollars without putting a bet.

Some Bitcoin casinos are generous with their Free Spins bonus. You can find casinos that give as many as 100 free spins, 200 free spins, and more. One drawback with free spins is that it does not come independently. It comes as a part of other bonus offers (Welcome Bonus, Deposit Bonus).

A Deposit Bonus is lucrative in the sense that your payroll gets stronger every time you deposit. Some casinos have tiered deposit bonus schemes that allow you to receive freebies with every deposit. An example of a tiered deposit bonus scheme is as follows:

First Deposit Bonus: 100% up to $500 + 100 free spins

Second Deposit Bonus: 50% up to $1000 + 200 free spins

Suppose your first deposit in a Bitcoin casino is $100. Your bonus amount would be 100/100 x $100 = $100 + 100 free spins. Your total payroll will stand at $100(your first deposit) +$100 ( First Deposit Bonus amount) + 100 free spins = $200 + 100 free spins.

The same formula is to be used with the second deposit.

Suppose your second deposit is equal to your first deposit. Your deposit amount is $100. Your bonus amount is 50/100 x $100 = $50. Your payroll after the second deposit will be $100 (your deposit) + $50 (Second Deposit Bonus amount)

A Welcome Bonus is one of the best bonuses offered by Bitcoin casinos. This bonus offers huge encouragement to a player to sign up at a particular Bitcoin casino. The Welcome Bonus is given o you upon registering at a Bitcoin casino. It is like a deposit bonus and can be in the form of real money or free spins, or both. Usually, it is in this format: real money + free spins.

The Loyalty Program at a Bitcoin casino involves earning comp points through a deposit. Each deposit will award you points, and you can use them to be a part of VIP Clubs. The more points you accumulate, the higher you go up the VIP Club ladder. Each club has bonuses.

These bonuses increase your funds, and that affects your casino experience.

For more details, please make sure you check the dedicated page of bitcoin casinos for bonus offers.

Other vital factors for the best Bitcoin casino

By now, players must have a decent idea about what to look for when shortlisting the best casino that accepts bitcoin dice. There are a few additional aspects of a bitcoin casino that you should not miss as well.

Mobile Device compatibility

Today, everybody is pacing, and thus, many Aussie casino game players prefer a mobile version of their favorite crypto casino. Thankfully, several bitcoin casinos offer players a fantastic mobile version of their online casino website.

Customer support

An efficient customer support team is a key factor while choosing the best bitcoin casino. Suppose you face some technical issue or any problem when you are on a crypto casino website; that is when prompt customer support assistance comes in handy.

The various customer support channels on most of the bitcoin casinos include email service, telephonic help, live chat feature, and social media support to escalate your issue in real-time.

Withdrawal time for winnings

In general, a bitcoin payment method is meant to be super fast for booth deposits and withdrawals. However, there can be times when a player can face delays in withdrawals. It is due to security reasons that withdrawals take more time to be cleared than usual.

Since a bitcoin payment method usually gets processed within an hour, a 12 to 24 hours delay in cashing out your winnings is still acceptable. However, going by our advice, it is best not to wait beyond that; most definitely not for days.

Tips for online gambling with cryptocurrency

We have compiled a few tips to better your gambling experience. So, please do care to read the following before joining a crypto casino. Who knows, considering these tips might increase your odds of winning the casino games.

Security is a high priority:

Playing casino games using cryptocurrency can come with a wide range of threats, especially when playing on an online crypto casino. However, the best operators in the online gambling industry provide you the best practices enabling you to protect your money, whether it is in the form of traditional cash or cryptocurrency.

Some of the best ways to remain secure on a crypto casino are as follows:

  • Nobody else should know your casino account credentials.
  • Make sure you select a high-security password.
  • If possible, remember to use two-factor authentication.
  • Try to avoid unknown networks while logging into your favorite crypto casino.
  • Abstain from downloading doubtful files and opening shady links.
  • When you are not using any cryptocurrency gambling app, it is best to remain logged out on your mobile device.

When you gamble online with crypto, be sure to incorporate every possible security measure in your gameplay.

Crypto Casinos: Choose the most popular crypto coins

Nowadays, there are too many cryptocurrencies payment methods that operators in the online gambling industry offer.

Interesting facts about cryptocurrency

Take a look at the following facts before you open an account at an online casino to play using cryptocurrency:

Anybody can create a cryptocurrency.

The cryptocurrency industry has no barriers to entry. Anybody who has time, knows coding, has a team who knows to code and has got some money can write Blockchain and bring a new cryptocurrency to the market.

There is both a plus side and a minus side to this fact. The plus side is that the people who use cryptocurrency can be an integral part of it. There is no separate and elite regulatory body that controls cryptocurrency. It is created, controlled, and run by the very people who use it. In this respect, cryptocurrency is the currency for the people, people, and people.

The minus point is that the cryptocurrency market can get saturated quickly, ultimately bringing down the value. The market will also be very disorganized and inconsistent, with new digital currencies entering every month.

There are more than 1300 cryptocurrencies in the world.

New players will be spoilt for choice when it comes to choosing which crypto coins to use for their first deposit at a casino. There are more than 1300 virtual currencies available, but Bitcoin is still the best among them. Bitcoin was the first to become a tradeable cryptocurrency and currently makes up 54% of a $589 billion market cap.

But that doesn't mean that other cryptocurrencies are not worth considering. Over 12 other cryptocurrencies have market caps of more than $1 billion.

Cryptocurrency is volatile

Cryptocurrencies are exceptionally volatile. The exchange rates fluctuate frequently, and that will affect your deposit and withdrawal amount at a casino. Since cryptocurrencies came into existence, all cryptocurrencies' market cap has increased more than 3200%. But Bitcoin, the world's most popular cryptocurrency, has undergone as many as four fluctuations in a span of just six months. Each fluctuation was about 20% in value.

So cryptocurrency is not for the faint of heart. If you do not like your currency to go bungee jumping, avoid playing with crypto coins at a casino.

Cryptocurrencies have no backing.

A central bank backs every traditional currency in the world. The Reserve Bank of Australia backs the Australian dollars in your pockets. But cryptocurrencies cannot boast of any such official backing.

Also, there is no fundamental process in cryptocurrency by which you can give crypto coins a particular valuation.

Blockchain and miners are the real heroes (and where the real money is)

Blockchain is the technology underlying virtual currencies. It is a decentralized, digital ledger that records all transfers and payments involving cryptocurrencies. This technology keeps track of all crypto coin deposits and withdrawals safely and efficiently.

Miners are the “bookkeepers” of cryptocurrency. Cryptocurrency transactions have to be verified, and the Blockchain has to be constantly updated with new payments. This job is performed by a group of individuals called miners. Miners are essentially people who organize and verify cryptocurrency transactions. They make sure that the flow of currency is smooth and without problems.

Miners have to use advanced computer technology (both hardware and software) to compute complex mathematical equations involved in mining. They have to invest quite a lot of money in computer hardware (processors) to process complicated calculations. This has enabled computer processor manufacturers to earn profits in double digits. Mining itself is a very profitable business, and miners earn huge monetary rewards for their service.

So, the real money is not in the crypto coins but what is underneath them.

Cryptocurrency is a secure payment method.

Blockchain technology is heavily decentralized. It means that there is no central hub where all data regarding cryptocurrency transactions are stored. It is easy for cyber frauds to hack a central data center and gain control of a cryptocurrency. It is nearly impossible to hack data stored in bits and pieces in thousands of servers and hard drives spread worldwide.

This decentralization policy makes cryptocurrency one of the safest payment methods for players.

Cryptocurrency is fast and cheap.

Blockchain and miners do not follow the traditional workdays-working hour's policy. There are no fixed working days and working hours as is present in banks and other financial institutions. Blockchain and miners are active 24/7, and hence your deposit and withdrawal processes will be completed instantly, even if they are done at odd hours. You do not have to wait for 2 to 3 business days for your payments to get processed.

There is no third-party in cryptocurrency transactions and makes for cheaper payments.

Not everything is hunky-dory with cryptocurrency.

Reading the above two points will make you think that cryptocurrency is the best payment method out there. It is fast, secure, and cheap. But not everything cryptocurrency is positive. To begin with, blockchain technology is relatively new and is still in the developmental process. It is bound to have teething troubles regarding transaction verification and processing.

Verification and processing might take more time than usual, and if that happens, it defeats the reason for using cryptocurrency over traditional currencies. Big enterprises will not want to opt for such a faulty transaction method, so the ultimate transition into cryptocurrency will take much longer. It is risky to invest in cryptocurrencies when they do not become mainstream shortly.

There is also the volatility issue. Cryptocurrencies are not at all stable and highly unpredictable. You do not know whether your real money investment in cryptocurrencies will benefit you or be a complete dud. Anything can happen.

Top investors do not believe in cryptocurrency.

Warren Buffet, the investor mogul, thinks that cryptocurrency is nothing more than another digital payment method. In an interview with CNBC way back in 2014, he commented that Bitcoin is like a “mirage.” He believes that there is no intrinsic value of the crypto coins and that cryptocurrency is merely a transaction method like a cheque.

Jamie Dimon, the CEO of JPMorgan Chase, has spewed more vitriol against cryptocurrency. He considered Bitcoin a “fraud” and “worse than tulip bulbs.” Tulip bulbs refer to the sudden increase in the value of the product during 17th century Europe. The price bubble for tulip bulbs remained intact only for a short while. He went on to say the cryptocurrency “won't end well.”

But you can give cryptocurrency the benefit of the doubt. The above statements are speculations, even if they are coming from veterans of the finance sector. Nobody knows what the future holds, so nobody can say whether a cryptocurrency will have a short or long life.

Some countries have said no to cryptocurrencies.

Despite its popularity and features, cryptocurrency has failed to gain the support of many countries. Sixteen countries have banned cryptocurrency, and this list is likely to increase in the future. The countries where cryptocurrency is illegal is:

  • Bolivia
  • Bangladesh
  • Algeria
  • Macedonia
  • Saudi Arabia
  • Qatar
  • Pakistan
  • Afghanistan
  • Vanuatu
  • Vietnam
  • Thailand
  • Nepal
  • Iran
  • Denmark
  • Ecuador
  • Kyrgyzstan

You cannot conduct payments with cryptocurrencies, and there is no question of cryptocurrency investment in these countries. The most common reasons why governments have banned cryptocurrencies are that they are unregulated and extremely volatile.

Large businesses are testing Blockchain.

It is time for some good news. Many large companies have started associating themselves with cryptocurrency on a small scale and pilot projects. Some of these companies are Microsoft, MasterCard, and JPMorgan Chase( even though Jamie Dimon has opposed Bitcoin). Along with 200 other organizations, these companies have partnered with Enterprise Ethereum Alliance to test their Blockchain in small projects.

This should give casino players some confidence regarding playing with crypto coins.

Few people understand cryptocurrency.

Even though cryptocurrency first came into existence in 2009, very few people know about it in detail. Most people have heard about cryptocurrency but do not know much about it. They are not aware of how it works, how to invest in it, and how to make payments. This lack of knowledge is going to affect cryptocurrency's attempts to become mainstream.

Everything under the sun has both a plus side and minus side. So does cryptocurrency. Considering everything, cryptocurrency is a mixed bag. There are benefits of crypto coins, but they come with risks.

FAQs on Crypto casinos in Australia

Is gambling with cryptocurrency legal in Australia?

Australia is a cryptocurrency-friendly nation, and it is completely legal to gamble with cryptocurrency here. Many online casinos in Australia accept crypto coins as a deposit and withdrawal method, and there are dedicated crypto casinos.

Are BTC casinos safe?

Bitcoin Cash casinos and casinos that allow other crypto coins are completely safe in Australia. These crypto casinos are licensed by the gambling commissions of Malta or Curacao. It is a well-known fact that these are the most trusted licensing authorities in internet gambling.

These licensing authorities' rules specify that online casinos must leave no stone unturned in providing gamblers with a safe and secure gambling platform. The casino websites must use at least 256-bit encryption to ensure that scammers cannot track gamblers' activities on the site. The casino must also ensure fair play in the games by using algorithms like Random Number Generator (RNG).

Besides the security afforded by the casino site, cryptocurrency uses Blockchain to facilitate transactions. Blockchain is safe, secure, and keeps you anonymous. Thus, you see that gambling at crypto casinos is as safe as it can get.

You have to make sure that the online casino you intend to play at is properly licensed. You need not worry about playing at a licensed casino.

Is the minimum deposit rule applicable with crypto coins in crypto casinos?

Almost every online casino has a minimum deposit rule. If you deposit an amount in your casino account, then that amount cannot be less than the minimum deposit amount. Casinos state the minimum deposit rule regarding deposits in traditional currency, but that doesn't mean that this rule will not apply to deposits in crypto coins.

The minimum crypto coins deposit in these casinos would be equal in value to traditional currency's minimum deposit. For example, if the minimum deposit at an online casino is $20, then the minimum deposit in cryptocurrency would be crypto coins of $20 value.

The minimum deposit amount varies from casino to casino.

Can I get a Deposit Bonus if I deposit in Bitcoins in a Bitcoin casino?

You can avail all types of casino bonuses with a Bitcoin deposit. If the casino accepts deposits in Bitcoins and other crypto coins, then a player can avail of all the bonuses that the casino offers with crypto deposits. You can get a Welcome Bonus, Deposit Bonus, free spins, and many more.

The bonus is usually in this format 5 BTC + 100 free spins on the first three deposits.

Can I play all the casino games with crypto coins?

Yes, you can. Bitcoin casinos do not discriminate against players based on types of deposits. You can play all the casino games that are available on the website. It includes table games, video poker, slot games, live casino games, live dealer games, specialty games, and many more.

Some Bitcoin gambling sites offer special games for players who make crypto deposits.