Published by: The Orb
Bitcoins are, it seems, unstoppable. They have been traded for years now and are constantly rising in price. Of course there have also been some setbacks, but at the moment the prices are astronomical. The casinos have reacted to it. The Bitcoin makes the transfer of money simple. Now also the casinos allow slowly that one transfers the Bitcoins to them and using them to play casino games.
Best Australian Bitcoin Casinos 2021
The Internet not only makes it possible for its users to bet on more than one provider when it comes to gambling and to use profitable offers, but also to switch to different currencies. BitCoins is a type of currency that is used on the Internet and is not unknown within the gambling industry. Why gambling with BitCoin has advantages, what these are and which online casinos have taken advantage of the currency BitCoins, we would like to explain to you in the following sections.
The Advantages and Disadvantages of Playing with BitCoins
Gambling with BitCoins has a number of advantages. For example, transactions with Bitcoin casinos, which each represent a certain AUD amount, are carried out quickly and completely anonymously. You don’t have to provide sensitive bank or credit card information to pay your bets, so you can be sure that your information remains secure. In addition, the BitCoin currency is not yet considered an official currency, which is why it is not subject to taxes and gambling with it is not illegal anywhere – this means that you can participate in any country’s gambling with BitCoin without acting illegally.
At the same time, this is also the biggest disadvantage of BitCoin casinos and gambling with this currency: the regulation of the providers is not the same as with other online casinos, because they do not need an official license to offer gambling. This means for the player that his BitCoins could be lost if he bet on a black sheep in the business. Therefore, special caution and comprehensive research before the registration is required here.
Since gambling with BitCoin currency is becoming more and more popular and therefore more and more players are cavorting in this area, the providers of the industry are also more and more often evaluated and provided with experience reports on the part of customers. However, caution is advised here as well, as some players and rating portals could also be paid for a good rating. Therefore you should exercise special caution and common sense when researching. Unfortunately, the selection of Australian bitcoin casinos is still very small, as the currency is not yet fully established in the industry – but this will certainly change in the future.
What’s a Bitcoin?
For most people, however, the first question is what a Bitcoin is. The Bitcoin is a digital currency. It differs considerably from the currencies we know.
Firstly, the Bitcoin is not legally recognised. It is traded and exchanged as currency. You can use it to buy goods in some shops and use it as money in some casinos. It is therefore, if you like, a completely private currency based on the consent of its members. All of this can naturally tarnish the Bitcoin casino experience if you cannot rely on the reliability of the currency.
Secondly, the Bitcoin is only digitally available. There is no cash and there is no bank that accepts it. You can’t touch the Bitcoin, but you can trade and transfer it. The block chain takes care of that and there are wallets for that.
The blockchain is its own network. In this network, the blockchain itself forms the account book. Whenever you transfer a bit coin or a part of a coin, it becomes a new block that is appended to the block chain. Anyone can view the block chain and see who has how many coins. However, all participants use pseudonyms so that their identity cannot be traced.
What is the Blockchain?
Transfers in the blockchain offer two advantages over transfers. On the one hand, they happen within seconds or minutes. They are faster than the sometimes days you have to wait for a foreign bank transfer. On the other hand, their costs are very, very low or almost non-existent.
This, in turn, makes them pleasantly different, especially in comparison with transferring money from country to country. Wallets are electronic keys with which you can access your Bitcoins and transfer them. They are available for the computer, as mobile apps, online and even as paper wallets for printing.
The Bitcoins, however, are not really stored in the wallet, but in the blockchain. The key represented by the wallet only allows access. If you lose it, you can no longer use your Bitcoins. So they are actually lost, even if they still exist in the blockchain.
What You Need to Know About the Currency
- The digital currency is decentralized – it is not controlled by any authority.
- Peer-to-peer payment method – the electric payment can be sent directly without passing through a financial institution.
- BitCoins can be used for digital purchases.
- You can set up and use your BitCoin usage address quickly.
- BitCoins are not available in printed form – they are only available as public or private key credits, which are kept in a ledger accessible to everyone.
- BitCoin payments are made within minutes and are therefore fast to the recipient.
- BitCoin payments are irrevocable.
- Anyone can view the BitCoin software.
- BitCoin payments are made for very low fees.
- Your BitCoin account cannot be frozen as there are no restrictions.
- BitCoins are based on mathematics – they are created and used by software that follows mathematical formulas.
- BitCoin Mining means that you use your computing power to update general ledger entries and create new BitCoins.
- BitCoins are only available in limited numbers.
- The BitCoin project was developed in 2007, the first electronic coins were produced in 2008 and the first BitCoin transaction was successfully completed in 2009.
By the way: BitCoins are allowed in Australia but not in all countries. Although most countries accept the currency as a legal currency, it is subject to strong restrictions in other countries or has even been banned altogether. Other countries have not yet defined any legal requirements for the currency.
How legal is Gambling with BitCoins Now?
It all depends on the legal system you are in. However, most countries consider the BitCoin currency to be legal without restrictions, which is why gambling with this currency is also legal. Furthermore, because BitCoins are very anonymous, players do not need to enter any personal information, so it is rare to find them.
Nevertheless, if you are not from Australia, you should inform yourself about the legal regulations for the virtual currency and proceed only with caution when playing online games of chance – because this is hardly controlled or regulated so far, so that there are some online casinos that are not very serious. Also, because the BitCoin gambling is gaining more and more popularity, more and more providers of this kind are emerging on the market – to read the experience reports of other users on these and also to visit test reports on these, can not hurt and should be done by every player before registration.
Bitcoin Friendly Casinos
Bitcoin friendly casinos allow you to deposit and play with Bitcoins. The winnings are booked in Bitcoins and paid out as Bitcoins. Of course, it is also possible in these casinos to continue to use old currencies, such as dollars.
Are Bitcoin Casinos Reliable?
Just as the Bitcoin or other crypto currencies are not fake, the Bitcoin casinos we recommend are not fake or fraudulent. Of course, we cannot guarantee how far a casino deals with its customers. But we try to be as transparent as possible. Ultimately, this also benefits the casinos.
Bitcoin friendly casinos are not yet very widespread. It looked good for a while and everyone expected more casinos to jump on this bandwagon. Currently, however, the Bitcoin is subject to various bans in China. This caused a severe setback for the currency. Their exchange rate collapsed considerably. At least one casino is also affected by the ban. It will have to show itself thus still, to what extent the Bitcoin can become generally accepted in the Casino world.
Deposits and Withdrawals
Deposits into Bitcoins are made as the usual transfers. The casino has its own wallet and you simply transfer the Bitcoins within the blockchain from your wallet to the casino’s wallet. Since you have previously identified yourself within the casino with your pseudonym, the deposit is automatically assigned to the right person.
Playing online casino with Bitcoins has many advantages. Anonymity is certainly one of the main reasons why many players used this currency in the beginning. In the meantime, however, the incentive of currency trading has also been added. Bitcoins, which can be “temporarily stored” in the casino and paid out at any time, also change their value there. The number of online casinos that acknowledge Bitcoin is increasing. This will make it easier for players to make their choice in the future. Overall, Bitcoin casinos are a clever alternative to online casinos, which currently only operate with FIAT currencies.