Best Australian Bitcoin casinos for gambling with the cryptocurrency
With the popularity of cryptocurrencies, many people are looking for the best Australian Bitcoin casinos. Online gambling industry is a huge one and with the power of the internet, people subscribe to platforms that might be located miles away. It is no longer necessary to visit your local casino to be able to gamble. You don’t even have to sign up on a platform that’s registered in your country. Although this makes your set of options much larger, it is also associated with some problems. For example, it makes payments more difficult. Cross-border payments are associated with many different issues. Depending on which method you choose, it might take longer or might not even be processed in the end. That’s when Bitcoins and cryptocurrencies come into play. Transactions with these assets are much simpler no matter the location of the sender or the receiver. This is why many gamblers are looking for the best Aussie Bitcoin casinos and this article should be helpful in the process.
How do Bitcoin casinos work?
When you find the right online casino and sign up on it, you will have to deposit money in order to get to gambling. You will be offered several payment methods. Usually, they include credit/debit cards, bank transfers, and eWallets. Some casinos also allow you to make transactions in Bitcoin. That’s what we’re concerned with here. You will choose Bitcoins as your preferred method and you will follow the instructions. In general, you will have to use your cryptocurrency wallet to make the transactions to the Australian Bitcoins casinos online. It’s easy and simple. When people refer to Bitcoin casinos, they mean online gambling platforms that accept payments only in Bitcoin or have it as an additional option.
Advantages of using Bitcoin for gambling
Bitcoin payments wouldn’t have been added by many platforms if it didn’t offer some advantages. When you find an Australian Bitcoin casino, you will be able to take advantage of these benefits as well. Playamo offers a variety of slots and games that support Bitcoin and will allow you to benefit in many ways. Cryptocurrencies, in general, offer many benefits compared to the traditional payment systems. That’s why the creators hoped they would gradually supplement cash payments. Although, that process is taking longer than anticipated. Below, we offer an overview of the advantages of using an Australia Bitcoin casino.
The speed of transactions is one of the greatest advantages of cryptocurrency payments. Depending on the blockchain, the transactions could be instantaneous. However, it takes time for the transactions to be included in the block and if the scalability of the blockchain in question is not great, then there might be problems with the speed as well. Bitcoin has often been criticized for its lack of scalability and in its peak usage, transactions took hours and even days to be confirmed. This would obviously create issues for a Bitcoin casino as well. However, the cryptocurrencies and Bitcoin forks have been created that don’t have this problem and can process transactions instantly.
With Bitcoins, it doesn’t matter how far apart the transactions to the party are located. With banks, payments have to pass through several intermediaries before they can reach the final destination. The blockchain technology, on the other hand, completely eliminates the need for such intermediaries which speeds up the process by a lot. If the network is scalable, this means that you don’t have to wait for the transaction to be confirmed to the Bitcoin casino online in Australia.
Fees are also a big issue with online payments. The involvement of many intermediaries in the traditional payment systems leads to high fees. Although the online casino might not charge any additional fees, the transaction process will likely deduct some sort of a commission several times before it gets to the final destination. For example, if you are using an electronic wallet, there will be some sort of a fee for depositing funds on the account or paying online. The bank might charge for credit/debit card transactions as well.
Blockchain technology involves fees too. They are necessary in order for the transaction to be processed. This is where Bitcoin’s scalability problem comes into play again. In the period of high network load, the fees skyrocketed which made Bitcoin completely useless for online payments. However, that was a temporary issue that has since been fixed by many forks and new cryptocurrency networks. If you find a Bitcoin casino Aussie platform that accepts other cryptocurrencies like Bitcoin Cash, it will be very cheap for you to deposit money on the platform. Cheaper than it would be using most other payment methods.
Although the cryptocurrencies have a lot of benefits to offer, the scalability issues along with the speculative environment, temporarily have eliminated these benefits. Instead, people often resort to these assets for the privacy they offer. Especially with Bitcoin casino AU platforms, this is one of the main reasons why people go for cryptocurrency payments. Depending on how you purchase Bitcoin, you might not have to indicate your personal information at all. The transaction history doesn’t end up on your bank statement or any official document. Your activity is only known to the casino.
When you are using a Bitcoin casino Australia platform and are making the payment in cryptocurrency, you are also avoiding the scrutiny of the regulators. Sometimes regulators or the banks might block a transaction due to its nature. Cryptocurrencies, as of now, are still mostly unregulated. It is also impossible for the government to track the activity of your cryptocurrency wallet. That makes it possible for you to transact freely without the fear of your transaction being rejected or blocked at a later time.
Disadvantages of using Bitcoin for gambling
Naturally, cryptocurrencies have disadvantages as well. Most of the disadvantages are caused by the fact that the technology is still relatively new and hasn’t fully established itself. There are also some improvements that are still being made to the cryptocurrencies, which will likely solve many of the problems listed below. Before you open an account on an online AU Bitcoin casino it is a good idea to become familiar with these drawbacks as well.
The word scalability gets thrown around a lot when discussing cryptocurrencies and Bitcoin in particular. However, not many understand the problem. Scalability refers to the ability of a network to increase the put-through in periods of a high load so as to avoid queues and fees. Bitcoin network is able to process a particular number of transactions per given period of time. A new block is added to the chain in about every ten minutes. These blocks contain information about transactions. A transaction is not processed until it is included in a block. However, the size of the block is limited. This is what creates problems for casino Bitcoin users. Because a block can only contain a limited number of transactions, if there are a lot of people sending payments using the network, waiting pools form. During the times of a high load, a transaction might end up in the queue for days. Each transaction on the Bitcoin network also has a fee which determines how soon it is going to be processed. Due to high competition, these fees increase as well. Without a high fee, the transaction could be returned to the sender.
Scalability creates big problems for people who are trying to pay with Bitcoins, ie people who want to enjoy Bitcoin gaming on Australian casinos. It introduces uncertainty in the waiting times and fees. If there’s an increase in the use of Bitcoin for payments, the waiting time along with the fees will suddenly increase, which will eliminate major benefits of using the cryptocurrency in the first place. Fortunately, there are forks of Bitcoin and new cryptocurrency networks that have successfully tackled this issue. If a casino supports payments in such cryptocurrencies, you might want to use them instead.
Cryptocurrencies are a relatively new technology, yet they have managed to gain huge popularity. As a result, they have attracted the attention of regulators as well. Many countries are working on developing the appropriate regulatory frameworks for the technology. After all, cryptocurrencies can potentially become a big part of the financial world, in which case they will indubitably have to be regulated. Until a framework is established, users of Australian Bitcoin online casino platforms are facing uncertainty. Although now they might be free to use the coins as they please, in the nearest future, their spending behavior might have to be adjusted to new regulations. This will obviously create issues down the line. Regulatory uncertainty remains one of the greatest challenges of the cryptocurrencies and until countries are ready to establish conclusive regulations, it will remain so.
Lack of Options
Due to the unreliable nature of the cryptocurrencies, many merchants and retailers, including casinos, are not ready to accept payments in these assets. It is understandable as the business of such retailers depends on the reliability of their source of income. There are still some AU Bitcoin online casinos that are willing to neglect these drawbacks in order to attract the customers that are looking specifically for such payment methods, but their number is not very high. As a result, it might take some time and effort for you to find a good online casino that accepts payments in Bitcoins. You will have a more limited set of options, so you won’t be able to be as selective when it comes to the user experience, design, customer service, and game selection. In addition, if you ever have to switch to another platform, it won’t be easy to find a new Bitcoin casino either.
Of course, there’s the greatest disadvantage that has hindered the adoption of cryptocurrencies. A lot of attention around these assets is of speculative nature. People want to make money from the fluctuations in the price, which means that there are periods of sharp rise and decline. While this might make Bitcoin appealing for speculators and day traders, it also makes it less desirable for the customers of an online AU casino with Bitcoin. Not knowing what the value of your winnings or your holdings will be the next day is quite scary. Converting Bitcoin back and forth into cash all the time is time and energy consuming and keeping your balance in the cryptocurrency is dangerous. As a result, many avoid touching these assets completely. Of course, if you believe in the long-term investment potential of the asset, then you might be willing to risk holding your balance in Bitcoin, but the uncertainty is too big for many to handle.
Regulation of Bitcoin casinos
A lot of activity in the world of cryptocurrencies still occurs in the grey area. The regulatory framework is still being established. Online casinos, in general, are facing tough regulations in Australia. It is illegal for operators to provide these services to the population in Australia. They will be fined up to $1.1 million per day for doing so. As a result, you won’t find Aussie Bitcoin live casinos that are licensed in Australia. However, it’s still completely legal for people to gamble, as long as they are able to find a platform that’s willing to supply the services. So, gamblers usually go for the websites that are not licensed in Australia but are at least regulated somewhere else in the world. Unfortunately, this means that you won’t be able to rely on the help of the authorities if you find that the casino is mistreating you. However, if it is regulated somewhere else in the world, at least you will know that is adhering to some sort of standards.
How do I buy Bitcoin?
In order to be able to play Australian Bitcoin games online, you will first have to get Bitcoins. For many that haven’t tried it yet, it might seem like a complicated process. That’s a big barrier that leads to many people never trying out cryptocurrencies although they might want to. In fact, purchasing Bitcoins is not that difficult at all. The process can’t even be compared to opening a bank account and getting a credit card. First, you have to find a legitimate exchange. This can be an over-the-counter exchange or a trading platform. It is crucial that you find a company that can be trusted. The world of cryptocurrencies is full of scammers waiting for gullible customers.
Once you find a reliable exchange, you have to create an account before you can purchase cryptocurrency to use on Australian Bitcoin slots and games. Setting up an account might involve proving your identity. This depends on the jurisdiction in which the exchange is operating. In general, you will have to sign up just like you would on a social network. Enter your personal details, contact information and set up your username and password. The verification process involves uploading pictures of your passport or your national ID. You might also be asked to upload proof of residence, which can be a bank statement or a utility bill.
When you’ve set up an account, you’ll have to select a payment method. Some exchanges allow deposits only in cryptocurrencies while others have support for cash. If this is the first time you are purchasing cryptocurrencies, you will have to find an exchange that supports cash payments. Set up and verify your payment method and you are free to purchase the cryptocurrency you want and get to playing the Aussie Bitcoin games. At Playamo, we provide extra convenience by indicating which games support Bitcoin payments with a special symbol on the teaser of the game.
Getting a Wallet
You’ll find that most people recommend not keeping your cryptocurrencies on the exchange. This is due to security issues. Exchanges hold huge amounts of cryptocurrencies, which is why they are often targeted by hackers and unfortunately, there are many incidents where hackers get away with a big portion of the funds. To avoid losing your coins, you have to get a wallet where you will keep your funds and from which you’ll make transactions to the AUS online casino Bitcoin platform.
The types of cryptocurrency wallets you can get include:
- Hardware wallets
- Paper wallets
- Desktop wallets
- Mobile wallets
- Web wallets
Hardware and paper wallets are considered to be the most secure, however, they are not very convenient to use. Unless you hold large sums of cryptocurrencies, you can use a desktop or mobile wallet and feel secure enough. You’ll be able to use these wallets to transfer money to your online casino as well.
How do I cash Bitcoin?
Once you’ve accumulated winnings on your Australian Bitcoin mobile casino or an online platform, you will want to withdraw them back to your account. In many cases, the casinos will limit your withdrawals to the same channel you used for the deposit. Also, you might just prefer keeping your transactions private and simple and might want to use cryptocurrencies again. You will have to indicate the address of your wallet and the cryptocurrencies will be transferred to you. However, you’ll still have to do some things in order to cash the coins. After all, you’ll find it hard to spend the cryptocurrencies in the current environment.
Cashing coins is as simple as buying them. When you are done withdrawing the winnings from your top Australian Bitcoin casinos, transfer them from your wallet to your exchange. There, you’ll be able to sell the coins for your preferred currency. Each exchange will have its own options for withdrawals, but in many cases, you will be able to withdraw the money to your bank account from the attached card.