Bitcoin: A Casino Payment Method

An immerging market for playing online casino games in cryptocurrency is growing rapidly across the globe. Bitcoin is the currency that leads the way at most of these casinos and can be used conveniently to deposit and bet.

Aussies can play casino games and place sports bets with Bitcoin and enjoy a list of benefits that come along with it!

An Overview of Bitcoin

Bitcoin is the mother of all cryptocurrencies and has the highest market value of all of them.

Established in 2008 and released to the market in 2009, its growth in value and usability has been a phenomenon, with single coins worth an impressive value of several thousands of dollars each.

Unlike normal fiat currency, Bitcoin is decentralised. While the exact figure is unknown, it has over 10,000 unique server nodes spread across the internet to help verify transactions. This is to ensure that the platform remains independent and free. All transfers are conducted seamlessly from peer-to-peer without the interruption of a trusted middleman, which offers you many advantages going forward and will save you time and money in the long run.

The transactions are stored and recorded on a digital register called a blockchain, which is open for the public to see. This way, transactions can be verified quickly and easily when they are made.

Bitcoin casinos operate uniquely from standard casinos in that they build their platforms upon the blockchain network. Each player’s profile is a unique blockchain account that conducts microtransactions that can be traced on the register quite easily. To fund your account, you use a specific digital crypto wallet, which is designed to work seamlessly on the platform.

Many top casinos accept Bitcoin. Some of these are quite diverse, offering the opportunity to play their games in both fiat and cryptocurrencies. These handy sites are known as hybrid currency sites.

We will teach you more about betting in Bitcoin and will provide you with easy steps to buy, hold, and use the currency to its fullest for the goal of gambling online.

Advantages of Using Bitcoin

There are many advantages to using your Bitcoin wallet as a payment method at a supporting Aussie-friendly casino. Reading through the top six perks below should settle your mind on just how Bitcoin gambling can benefit you.

• 2-Way Transactions: At Bitcoin casinos, you have the luxury of choice, where you can both deposit and withdraw funds in the cryptocurrency.
• Speed of Transaction: Because Bitcoin and the blockchain are specifically designed to operate optimally on the internet, digital transactions are seamless and fast. It is often thought of as being the fastest way to transact at online casinos.
• Lead times on Withdrawals: Bitcoin is not regulated by the government, so you are free from legislation surrounding KYC verification, making the process of receiving your winnings from the casino as seamless as possible. You may receive your casino payouts within a few minutes of requesting them on the platform.
• Anonymity and Privacy: Bitcoin holds real benefits for those who want to maintain their privacy online. Bitcoin currency is linked to wallet addresses specifically, which means that your private banking details and your identity can remain secure when gaming.
• Affordability: Because the currency is decentralised, there are no added fees and costs associated with transactions, aside from minuscule miner’s fees. Bitcoin is also an international currency, so no additional forex charges are incurred when processing transfers across borders.
• Security: The nature of the blockchain is unique. The way in which transactions are effectively added makes the blockchain virtually un-hackable.

The more you use this unique currency, the more familiar you will become with its protocols. While it may seem daunting at first, using Bitcoin to gamble is simple.

Bitcoin Security

Bitcoin is safer and more advanced than most payment platforms out there. The blockchain register masks your identity and at the same time creates a stonewall of defence against hackers.

Once a Bitcoin transaction is completed, there is no way it can be reversed. The wallets used to secure and hold Bitcoin are also secured by high-end Secure Socket Layer (SSL) encryption.

Additionally, each transaction is verified by multi-factor authentication before the coinage is sent on the web to safeguard and legitimise each transaction from your wallet.

Easy Steps to Buying and Storing Your Bitcoin

To get started in the exciting world of Bitcoin gambling, you will need to buy the cryptocurrency at an exchange and store the currency in a suitable user-friendly wallet.

1. Buying Bitcoin

Buying cryptocurrency is easy. Simply head to a top-rated and reputable crypto exchange and register a free trade account. The four best crypto exchanges available include:

• Coinbase: One of the leading platforms in the world which trades in US Dollars and Euros.
• Bitcoin Australia: Popular for Bitcoin and Ethereum and supports AUS$.
• Kraken: A reliable global exchange that accepts AUS$.
• Binance: The world’s largest crypto exchange.

There are more great exchange platforms, but the four mentioned above have a good reputation for safe and secure transactions. Registration is usually an easy three-step process that includes:

1. Entering an email address and secure password.
2. Providing some of your important personal details.
3. Verifying your account via an email link.

Once you have a free account activated, you can select to ‘Buy Bitcoin’ right away. This can be done effortlessly with your credit card or via bank transfer.

2. Finding a Suitable Wallet

Once you have purchased your currency, you will need to store it in a top-rated wallet that gives you all the features and security that you need going forward. This unique wallet can then be funded simply by a crypto exchange or by any other crypto wallet.

We have searched the industry and found a list of the three best Bitcoin wallets for gambling:

• CoinJar: This is one of Australia’s most popular wallets and is available to use seamlessly on your Android or iOS smartphone. Storing your wallet on your phone makes usability so much more convenient, especially when you are playing casino games while on the go.
• Swyftx: This wallet is provided by Australia’s most progressive cryptocurrency exchange making it a recommended wallet for all. As a member of Blockchain Australia, they follow all the latest protocols to keep your riches secure.
• Coinbase: This American-owned platform is one of the best exchanges in the world. The convenience of being able to buy, sell, and store crypto with one platform makes lots of sense.

You can register a crypto wallet easily in much the same way you registered your trade account. Once your wallet is up and going and verified, you can transfer your Bitcoin from your trade account effortlessly by following these four steps:

• Head to your Bitcoin Wallet and go to the ‘Receive Funds’ tab.
• Copy your unique Bitcoin Wallet Address provided.
• Sign-in to your trade account on the Bitcoin exchange and request to withdraw your currency.
• Paste your wallet address into the ‘Send to’ field provided.

Once your Bitcoin is in your wallet, you are equipped and ready to make your first exciting casino deposit.

Cost-Effectivity

While registering a trade account and a Bitcoin wallet is free, a small fee is payable upon making transfers with the Bitcoin. These ‘Miner’s fees’ are necessary to verifying blockchain transactions. These vary in value all the time, depending on the market trends but are usually a minuscule amount.

Using Bitcoin to Deposit at an Online Casino

Now that you are ready to use your Bitcoin on some first-class gambling entertainment, go ahead and make your first casino deposit using these five simple steps:

• Sign in to the account of your favourite supporting casino.
• Go to the ‘Deposit’ tab on the homepage.
• The casino will provide you with your unique player account blockchain address. Copy this unique hash code to your clipboard for ease of use later.
• Proceed to your Bitcoin Wallet and select to make a transfer. Paste the casino account address into the ‘Send to’ field presented, and press ‘send’.
• If you have 2-factor verification, you can enter the code which will be sent to you via email or SMS.

Once a positive balance reflects, you can play your favourite bitcoin pokies and online casino games or claim your free spins bonuses, welcome offers, and more.

Using Bitcoin to Withdraw Winnings from an Online Casino

Should you want to request a payout of your winnings, you can complete a quick and simple four-step withdrawal request:

• Head to your Bitcoin Wallet and go to the ‘Receive Funds’ tab.
• Copy your unique Bitcoin Wallet Address provided.
• Head to the Withdraw Tab on the casino site and select to receive a payout.
• Paste your Bitcoin Wallet Address in the ‘Send to’ field and press ‘Send’.

You should receive your casino winnings speedily. Most transactions are completed within an hour.

Top Bitcoin FAQs