Here, you’ll learn the basics of using Bitcoin in Australian casinos.
What is Bitcoin?
The creation of Bitcoin is attributed to Satoshi Nakamoto, who could be a mysterious individual or a group of developers. Initially, Bitcoin was a type of cryptocurrency that hinged on lower transaction fees done online. Since it is also created and transacted online, no one bank, state, financial institution, or government regulates it. These two things are Bitcoin’s primary advantages over traditional currencies.
Bitcoin is created through a process called ‘mining‘. Mining refers to solving complex mathematical problems online and in turn, being rewarded with Bitcoin. Mining is somewhat costly and difficult to do; however, miners hinge on the hope that they are rewarded a number of Bitcoins for the job. Nowadays, there are also other people who do not have to mine in order to earn Bitcoins. Those that aid in mining or help maintain the Bitcoin blockchain can also be Bitcoins.
A blockchain, on the other hand, refers to the online ledger that records all the transactions. It is publicly available, yet users and accounts are anonymous making it a safe record still.
Bitcoin in Australian casinos
With the rise of Bitcoin, it was only a matter of time before it became a part of Australian casinos. Many Australian gamblers benefit from using Bitcoin mainly because it is anonymous. Unlike using your credit card, Bitcoin does not require any form of personal identification in order to deposit and withdraw money.
To be able to start playing in online casinos, Aussies have to have Bitcoins first and place them in a wallet that will be used in these casinos. If you don’t have any Bitcoins, you have to sign up in platforms and currency exchanges such as CoinJar and CoinMama to trade money and cryptocurrencies. You can also go to the Australian app called FindBitcoinATM which exchanges AUDs for cryptocurrency.
How to gamble using Bitcoins
Once you have your own Bitcoins, place them in a Bitcoin wallet. A Bitcoin wallet is similar to an online bank account, except that no personal information of yours is revealed. There are many types of bitcoin wallets, like Bitcoin Core, Jaxx, and Electrum. Each has its own pros and cons. Before choosing a wallet, make sure that you do a little research to know which one suits you.
After placing your Bitcoins in a wallet, it’s time to register to a casino. Choose from the AU casinos list on some of the best online casino sites. Just like choosing the type of Bitcoin wallet, you also have to do some research on the casinos. Different online casinos offer different games and jackpots, and if you want to win more, you have to choose one that is generous in winnings. Take note as well that most casinos do not need personal information; just need a username and a password, much like creating an online account.
To start playing with Bitcoins, go to the casino cashier and pick your preferred payment method. The cashier will then give you an address to where you’ll transfer Bitcoins. Once you do this and this has been confirmed in the blockchain, you can now start playing.
Why online Bitcoin casinos are gaining popularity
Needless to say, Bitcoin casinos in Australia provide a lot of advantages to their players. Just the fact that no personal information may be given already wins in security and privacy. Australian players do not even have to reveal financial information. You can easily steer clear of long processing times and showing copies of your documents.
Given that Bitcoin works around the clock, you don’t have to wait for regular office hours to make transactions. Your deposits and withdrawals will be seen in real time. And since Bitcoin serves as both a deposit and withdrawal service, you can easily convert your AUDs to cryptocurrency and place them in your Bitcoin wallet.
Another thing that is important to note is Bitcoin prevents casinos from manipulating game results. This works by having a fair system that is made available to the player. The player is given a serverseed that prevents casinos to make a change in a person’s game. After, the player is given a clientseed that can be controlled whenever they place a bet. The casino also doesn’t have visibility on the clientseed. Lastly, when the player has already placed their bets, the nonce will start.
The beauty with Bitcoin casinos is that there is little intervention with the actual casino. This helps in making your games more secure. Plus, Bitcoin casinos, unlike traditional casinos, give a lot of reward points, loyalty points, and jackpots just by using Bitcoin itself.
And if anyone is wondering, yes, Bitcoin online casinos are legal in Australia.