The 10 Minute Definitive Guide to Cryptocurrency Casino
Are you looking for a guide to cryptocurrency 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.
1. What is crypto gambling, and is it safe?
Crypto gambling means using cryptocurrencies to place wagers on casino games, sports bets, and the like. It is the use of bitcoin or any other cryptocurrency in online gambling. As we mentioned, some online casinos are exclusively designed for crypto gambling, and other casinos and sites offer bitcoin as an additional method of payment.
More and more gambling and betting sites offer cryptocurrency payment options as it is becoming popular among players.
Crypto gambling is absolutely safe as long as you have the right key and enter all the credentials correctly. The transactions are safeguarded, rapid, and anonymous.
The downside of cryptocurrency transactions is that the same safety ensures speedy and secured transactions can be exploited by hackers. However, this issue can be sorted by keeping your key and password offline.
Some online gambling sites offer two-factor authentication. It is smarter to enable this for even more security.
2. Is Crypto 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 the issue with your bank. 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, the 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.
3. Some uses of Bitcoin in gambling
To begin with, you will have to purchase coins or tokens from an exchange. Obviously, 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.
A number of casino sites may require you to deposit your Bitcoins to the casino wallet. This kind of makes it easier to play on the site, so you will have to get acquainted with this process too.
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.
Other than Bitcoin, many people might not be aware of some other popular alternatives that are available. So, here is a quick rundown of some popular alternatives.
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 enjoys considerable popularity, and it operates pretty much like Bitcoin. It was launched in 2011 by an ex-Google employee, Charlie Lee.
Ethereum carries out 15 transactions per second. ‘Ether’ is the term used for Ethereum’s coinage. It is more focused on digital transfers. Inside the Ethereum, you can also develop apps that run on the blockchain.
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 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 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 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 scrypt 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.
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 list of wallets has been devised to help you choose the best Bitcoin wallet that suits your requirements.
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 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.
If you are into trading and investing, Swyftx is for you. This wallet is created by one of the most advanced Cryptocurrency Exchange 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 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.
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 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 favourite 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 trusted names in the Australian online casino scene. 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 it is licensed by Curacao. 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 is another popular casino that is licensed by Curacao. 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 method of payment along with other methods like Neteller, NeoSurf, Yandex, Debit cards, credit cards, bank wire, and more.
Advantages of Bitcoin
Obviously, cryptocurrency casinos have their own perks, and hence, they enjoy a considerable user base. Some of the top advantages of Bitcoin and crypto gambling are listed below.
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 tiny 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 the 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 its 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 moves positively against the 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 for Making Online Casino Deposits
Now that you have weighed the pros and cons of cryptocurrency casinos, 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 that can be 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 end up choosing 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 sports betting in Australia. This was a detailed guide on cryptocurrency casinos. You can visit our blog section for more information on online casinos, gambling games, and more!