If you were to find a time-traveling machine and went back a decade ago to look at the online gambling landscape. It was a credit card and maybe a few e-wallets based industries. However, Bitcoin was created in 2009 and didn’t become a common household name until 2011.
During this time, everyone was confused by the concept of cryptocurrency, some called a gimmick, a fad that will disappear in a few years. However, Bitcoin has proved all of them wrong, not only as the cryptocurrency stayed relevant over the years. It has also skyrocketed in its evaluation costing upwards of $5000 for a single Bitcoin.
With the anonymity that the coins give, they have become a hit around the world. This popularity caught the attention of online casino operators and has implemented them as payment options. A lot of people still don’t understand what Bitcoin is and how it works. Today we will try to make that confusion a thing of the past to the best of our ability.
What is Bitcoin?
Bitcoin is a digital-based currency which uses a peer-to-peer payment system to transfer electronic currency. The cryptocurrency doesn’t require the authorization of a third party as we do with credit cards and other payment options.
The currency regulates itself with no government or international oversight. The currency is secure because every transaction leaves a record on a number of computers and those computers are rewarded with a small unit of Bitcoin for their work.
The secure aspect with the no government oversight has been the major driving force for the cryptocurrency’s popularity as people continue to lose faith in our leaders.
What is a Bitcoin Wallet?
A Bitcoin wallet just like the name suggests acts as a place to safely keep your Bitcoin just like a normal wallet. However, these wallets are anything but normal as they are saving a currency that is not visible or touchable. This makes having a Bitcoin wallet a very important step in using Bitcoin and prevents them from being stolen by hackers.
You can store Bitcoin in the following ways:
- Each Bitcoin wallet has a confidential number (secret key) that corresponds to that wallet’s Bitcoin address.
- Bitcoin wallets allow Bitcoin to be sent and received through the payment methods
- Bitcoin wallets allow the user to monitor his/ her Bitcoin balance like a bank account.
If you are interested in trading Bitcoin or you’ll just like to use secure methods to make deposits at online casinos. Then, you should know that they are four main types of Bitcoin wallets available to users:
Desktop wallets are a personalized user address that allows users to make different transactions with Bitcoin. They are usually a program you can install on your desktop computer, the program will give users unfettered access over their Bitcoin wallet. Some of the popular desktop wallets being used now include:
- Bitcoin Core
- Hive OS X
Just as the name implies, it is for mobile users, and it provides the same services as the desktop wallet. They are available to IOS and Android users. The major difference between desktop and mobile wallets is that mobile wallets can be used to make transactions at physical stores.
The mobile application can provide these features thanks to the fact that NFC is in almost every smartphone to facilitate payments. Before, downloading a mobile wallet, it is best to do some research to make sure that the wallet is secure and hasn’t been hacked in the past.
Some mobile wallets you should consider trying include:
- Mycelium Bitcoin Wallet
- Hive Android
- Bitcoin Wallet
Web-based wallets are kind of a hybrid between desktop and mobile wallets. This option gives users the ability to just load a website and get access to their Bitcoin. The website works on any device whether you log on via desktop, mobile devices, or tablets, the site works great. When choosing a Web-based wallet, we advise you to do extensive research to find the best one that suits you. Some of the most popular web-based wallets right now include Coinbase and Blockchain.
These wallets are regarded as the most secure among all of the Bitcoin wallets. They are very secure because they store Bitcoin on a physical drive and are immune to hacking and virus attacks. However, they do not come cheap some of these wallets usually go for $200 or more.
Types of Bitcoin Casinos in Australia
When it comes to the use of Bitcoin in the online gambling industry, you will find 2 types of casinos:
Exclusive Bitcoin casinos
These are online casinos that only accept payment via Bitcoin. Deposit and cashouts are all processed with the use of cryptocurrency. There aren’t a lot of these types of casinos because of the unpredictable state of the currency.
Hybrid Bitcoin casinos
These casinos are just regular online casinos that have added Bitcoin to their list of payment options players can use. The casinos let you make deposits and withdrawals with Bitcoin. Some of the online casinos that provide this include:
Advantages of Bitcoin use in online casinos
Bitcoin has changed the way we see, use and think about money, which such innovation comes with a number of advantages. Let’s take a look at why you should consider using Bitcoin for your next gambling session.
Secure Payment Option
It would be very difficult or virtually impossible to find a payment method that is as secure as Bitcoin and cryptocurrencies in general. Every transaction made with Bitcoin uses an end to end encryption and backed by blockchain. This allows the information about a transaction to be on multiple servers which makes theft virtually impossible.
Little to no transaction fees
If you have played at an online casino before, then you are aware of its transaction fees which vary depending on the payment option. Bitcoin is one of the payment options with the lowest transaction fees at an online casino. Even some online casinos let you deposit with no extra charges.
The one part of our current money transfer options is that we have to wait for the approval of transactions which slows the process down. Even with all of the new technologies, it might take us anywhere from minutes to hours. With Bitcoin, some transactions might only take seconds to complete while others might take mere minutes. The longest Bitcoin transaction only took 24hrs.
Disadvantages of Bitcoin use in Online Casinos
Every currency doesn’t have advantages, they also have some disadvantages or better to say inconveniences. Here are some of the disadvantages that online casino players should keep in mind before using Bitcoin as a payment method:
Small Selection of Bitcoin casinos
Bitcoin might be soaring in popularity at the moment. However, there are still only a select few online casinos that accept it as a viable form of payment. We think with time this will change as the currency because more stable and casino operators can feel safe using the currency.
No Government has adopted the cryptocurrency as form of currency. There are currently no refund policies and many other things that make us trust traditional currencies.
Bitcoin can be far more costly than conventional currencies due to its volatility, making investing in the cryptocurrency quite risky.
Bitcoin Online Casino Promos and Bonuses
With Bitcoin being on the rise and the value seems to be increasing every other day. This has caught the eye of many casino operators. There is one major problem with Bitcoin at the moment, there are not so many places you can spend the currency.
Online casino operators see this as an opportunity to get players to use Bitcoin at their casinos. To make the deal sound even better online casinos are offering some very profitable bonuses. These bonuses are very lucrative and sometimes come with little to no wagering requirements. We advise you get it on these bonuses early before they are all gone.
To do that, you can check out our list of the best Bitcoin online casinos and start playing your favorite casino game in no time.
FREQUENTLY ASKED QUESTIONS
Yeah, you can use your username on different devices if you have an account with an online casino that also provides smartphone games. The games available will vary significantly, but your login information will remain the same.
Yes, every time. While no deposit free spins are entirely free, you must create a new casino account to use them. The good news is that all you have to do is fill out a brief registration form with personal information, including your name, email, address, gender, age, and so on. You should use your free spins after you’ve checked your account details.
It should be noted that if you say to use free spins and end up with cashable winnings, you might be subject to the casino’s know your customer (KYC) procedure. Usually, you will be asked to submit copies of your ID or other documentation to prove your identity.
At the casino level, the Return To Player (RTP) is determined using the average of RTPs for each of the games it hosts. A return on investment (ROI) of at least 95% is deemed favorable for players. The majority of the casinos we suggest on this list have RTPs of at least 95%. Currently, the RTP, along with player loyalty and individual payouts, is a vital factor to remember before visiting a new casino.