Bitcoin casinos for Aussies
Bitcoin is the internet’s number one virtual currency, and there are now a number of online casinos that accept it.
This article will give you a peek into Bitcoin's past, explain ways to obtain and manage the currency and reveal the pros and cons of Bitcoin casinos.
What is Bitcoin?
Unveiled as a peer-to-peer payment method by Satoshi Nakamoto in 2008, Bitcoin’s popularity (along with its price) has soared over the past few years.
Bitcoins can be obtained by ‘mining’ (an intensive high-tech process where the miner is rewarded for payment processing) or in exchange for standard currency, products or services. Users can send and receive Bitcoins through e-wallet services such as Bitcoin Core and Multibit.
In its infancy, Bitcoin was much maligned for its use in the purchase of illicit goods and services on platforms such as Silk Road and other deep web black markets. But now, international governments are starting to recognise its legitimacy, and countries such as Canada and the USA are taking steps to legalise and regulate its use. There are plenty od sites in Australia where you can enact Bitcoin transactions.
How to gamble with Bitcoin
Why play at a Bitcoin casino?
In times of economic uncertainty and volatile currency rates, Bitcoin seems to retain its security and value. This is because it is free from bank and government interference.
Exhange rate protection
Both players and operators benefit from Bitcoin casinos, as there is no exchange rate risk. Bitcoin transactions are seamless and come with a tiny payment processing fee of 0.0031%, which translates into quick, same-day cash-outs for players. Credit card transactions typically come with a 2-3% processing fee for the merchant – a cost that is usually passed on to the customer.
Dodging regional restrictions
Bitcoin casinos are also extremely popular with American players. This is because the current restrictions on the iGaming market in the States only apply to financial transactions conducted to and from the USA. Because Bitcoin is not officially recognised as a currency, Americans can play freely with Bitcoin without interference from the US government. While restrictions in Australia are not quite as tight, Bitcoin is a very useful way of funding your online gambling.
You do not need to enter any personal or banking information when registering at a Bitcoin casino. Typically, you will only require a username and password. In addition to opening up the Bitcoin market to territories that are excluded from traditional online gambling, this is a major plus for players who are conscious of their personal security and privacy.
On the whole, Bitcoin casinos provide far more favourable odds and pay-outs than their real-money counterparts. Online pokie pay-outs often stand at the 99% mark, for example. This is probably the biggest draw for experienced online players.
The downsides of Bitcoin casinos
It’s not all sunshine and roses in the world of Bitcoin gambling, however. The semi-underground nature of Bitcoin iGaming presents a number of risks that you need to be aware of.
Safety and transparency
There is no regulatory body that currency oversees the Bitcoin casino market. Consequently, there is no absolute way of knowing that the RNG software behind the games on offer at Bitcoin casinos is fair. Additionally, many Bitcoin casinos have a tendency of providing hacked and unlicensed games to their customer.
Typically, the quality and variety of games at Bitcoin casinos is fairly limited. This is because there are only a small number of software developers who build Bitcoin-compatible software. However, the library of games at Bitcoin casinos is increasingly steadily as the market gains momentum.
Lack of bonuses
Bitcoin casinos do not currently provide the kind of offers and bonuses available at real money casino websites. Also, Bitcoin websites do not run loyalty or comp schemes.
Obviously, in order to enjoy the fruits of your wins, you need to convert your bitcoins into cash. This means selling to one of the many Bitcoin brokers on the market, which is time consuming, can incur additional fees (depending on your payment method) and places you at the mercy of the going rate for Bitcoins.
Bitcoin casinos for Aussies
The following online casinos accept Bitcoin payments.