Bitcoin has certainly been one of the hottest topics in the world over the last few years. Ever since the meteoric rise of the digital currency, which saw many people turn small investments into life-changing sums, hardly a day has gone by without some headlines about the technology or its value on the market. Even though Bitcoin has cooled off tremendously since then, it remains subject to much speculation with many believing that the real boom for Bitcoin has yet to come.
While most people only view Bitcoin as an investment opportunity, it does have some very practical benefits for real life. One of these is to use the currency (as well as other “cryptos”) for making deposits in online casinos. Casinos are one of the most Bitcoin friendly arenas and many games are even specifically designed for Bitcoin use. This gives a whole new meaning to the term Bitcoin gambling!
How Can You Use Bitcoin to Make Payments in Online Casinos?
In order to use Bitcoin (or other cryptocurrencies) as a payment method in online casinos, you first have to open an account on a Bitcoin exchange such as Coinbase. Signing up with an exchange usually requires quite a lot of verification, so don’t plan on making any payments on the same day. In most cases, you will need to submit a copy of your passport or a similar document, which then needs to be checked by the exchange.
Once you have purchased your Bitcoins on the exchange, you can use them for making payments with any service that accepts Bitcoin as a payment method.
What Are the Benefits of Using Bitcoin as a Payment Method?
The biggest benefit of using cryptocurrencies in casinos is that they offer complete anonymity. Once you have purchased the coins, no one can trace them back to your account.
Another benefit is that there are usually zero transaction fees involved with Bitcoin. However, in most casinos this isn’t really relevant, since the casino operators usually cover the transaction costs in any case.
The biggest benefit for Aussie players is that you don’t have to transfer any money back and forth from overseas casino accounts. You can buy bitcoins with your Aussie dollars, keep them in an online account and make casino deposits/ withdrawals instantly to your online cryptocurrency account without any international transaction fees. Then when you’re ready to sell your cryptos, you can get Aussie dollars for them and deposit the money into your real Aussie bank account without paying international transfer fees. It’s a win-win both ways!
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What to Look out for when Using Bitcoin in Casinos?
The most important thing to look out for when using Bitcoin in casinos is to make sure the exchange is trustworthy. Cryptocurrency values can be highly volatile, with the value of Bitcoins climbing up to $20,000US per coin and then plunging down to under $4,000US all since the start of 2018. For this reason, you should only use the biggest exchanges. These will have the best security and thus the best protection against thieves and hackers.
In addition, make sure the Bitcoin casino you’re playing at doesn’t charge any fees for deposits and withdrawals. If they do, then that money is going directly to the casino, since Bitcoin inherently doesn’t require any fees for transfers.
Finally, always make sure your laptop or computer is secure when dealing with cryptocurrencies (or any other form of online payments for that matter). You should have a good firewall and virus scanner and always keep them up to date. Even more importantly, always use secure passwords that consist of a combination of letters, numbers and special symbols.
How To Find The Best Bitcoin Casino
To find the best Bitcoin casino, you could do a Google search and compare the different sites for their offers. Or, you could let us do the work for you. We constantly test and compare the huge number of online casinos that accept Aussie players. Then we choose the best ones and present them for you in detail. That way, you will find the best Bitcoin casino in a matter of minutes. And, if you already have some Bitcoin lying around, you could already find yourself at the tables only a short time later.
Bitcoin Gambling – Special Bitcoin Games
In addition to using Bitcoin as a payment method to fund your online casino account, you can also play for the cryptocurrencies directly. There are many casinos that offer Bitcoin games, where instead of $AUD, other standard currencies or in casino coins, you will make your bets in increments of Bitcoin. This type of Bitcoin gambling offers the advantage that you never have to worry about the in-game conversion rates from cryptocurrencies to fiat money (traditional currencies like $AUD or $USD).