Bitcoin Deposit Review
Bitcoin is the most popular type of cryptocurrency that is now being used for monetary purposes. By now, you must have heard about casinos that accept Bitcoins as a payment option. Initially, this digital currency started as an underground way of carrying out transactions that users wanted to keep secret. But as time went on, this digital currency became more popular, and currently, its usage continues to spread steadily across different markets and different regions.
From the look of things, Bitcoin usage will fully be legitimised by many countries across the globe, even though most governments are not sure how to handle a decentralised currency. In Australia for instance, some laws have already been passed to regulate crypto exchanges. The embrace of this new form of currency is probably why there are plenty of Aussie casinos that accept it as a form of payment. So, if you are wondering how to gamble using bitcoin, we took the liberty of laying down everything about it in this review. Keep on reading to discover more!
Bitcoin was created back in 2008 by an anonymous person called Satoshi Nakamoto. Essentially, it is a digital currency which is made of a series of characters in the form of algorithms which results in a unique set of electronic currency. Bitcoins are earned by a process called mining where a computer uses certain Bitcoin software and unique machines with high processing power to create bitcoins.
Over the years, Bitcoin usage has grown widely because of its anonymity, peer to peer support and also the fact that Bitcoin it is generally decentralised which means that any government entity does not control it. This has been a great advantage to online casino operators because any gambling jurisdiction can not control bitcoin deposits thus players from all over the world can use Bitcoin.
How to get started with using Bitcoin?
Before you start using Bitcoins, you have to buy them first. It can be pretty nerve-wracking when buying bitcoins for the first time for many people. To smoothen things up a bit for you, we have come with guidelines on how to do that:
✔ Creating a Bitcoin Account
To create a Bitcoin Wallet, there are many websites out there that offer Bitcoin wallet services. You should be very careful because you can sign up on scam sites and lose your money. Some of the legitimate websites you can use to create a Bitcoin wallet are the likes of;
Starting off, you will be provided with a sign-up form which will be expected to fill in your personal details. You should, however, note that some sites will not ask for your details while others will so it will depend on the site you will choose to use.
✔ How to add Bitcoin to your wallet
After creating a Bitcoin Wallet, you will want to add Bitcoins to your wallet. First off, it is important to link your bank account or credit card to your Bitcoin wallet. This will help you buy Bitcoins from online vendors on the go. To get started, check through Bitcoin brokers or exchanges like Kraken, Coinbase, KuCoin, Bitstamo, BitMex and Poloniex then look at the rates and pick one that you find favourable. After you make up your mind on how much Bitcoins you are willing to buy, proceed with the transaction and after a few seconds, your wallet will be credited with the Bitcoins. Easy peasy, right?
How Can you use Bitcoins to load your deposit?
After loading Bitcoins into your wallet, and you are ready to start using Bitcoins to bet on your favourite games at any Bitcoin casino. So, here’s how you’ll load the crypto to your gaming account;
1 . As soon as you have chosen the game, you are willing to bet on, head over to the cashier section of the casino
2 . Then, choose Bitcoin as your deposit option then copy the Casino wallet address and log in to your wallet.
3 . In your wallet, click on ‘Send’ where you will be prompted to enter the wallet address of the recipient.
4 . You will then enter the number of Bitcoins that qualifies as a bet.
5 . Then paste the casino wallet address in the recipient’s address field.
6 . As soon as you are done, click send and within no time, you will have made a successful deposit to that casino using Bitcoins.
You can as well use your mobile device to scan the QR code provided by the casino, enter the amount and complete the transaction much faster!
Bitcoin deposits can be very tricky because every transaction is irreversible, so once you make any mistake your money is gone so before making any deposit, make sure you double check the address is correct. Other than that, since Bitcoin is an unregulated digital currency, there are no transactional limits on its usage. But then again, depending on the Aussie casino that you join, there could be some transactional limits.
Top Australian Online Casinos Accepting Bitcoins
Among the top casinos available in the Australian betting market, the following gaming sites allow players to carry out Bitcoin transactions
Fair Go Casino
Joe Fortune Casino
Carrying out online casino transactions using Bitcoin has many undeniable benefits, but there are also some downsides as well. Let’s take a quick look at the pros and cons;
♦ Anonymous transactions
♦ It is a decentralised form of currency which means there is no government governing its usage
♦ It is safe and secure
♦ No hefty fees on transactions
♦ Super-fast transactions
♦ The Bitcoin currency is highly volatile which means, their value always keeps on changing
♦ All Bitcoin transactions are irreversible
Some of the most common questions we get about Bitcoin casinos from players.
1. Is Bitcoin really anonymous, or at some point will I provide my personal information?
No, you will never be asked to provide your personal information.
2. Is Gambling with Bitcoin legal?
Yes, it is legal to use Bitcoins to gamble, unless the country you are coming from has restricted the usage of bitcoins. In Australia, there are no restrictions on using Bitcoin to gamble online.
3. Do I need to download software to get me started with Bitcoin gambling?
No. You can only download Bitcoin wallet software on your computer’s hard drive if you wish to. Otherwise, you can just create a bitcoin wallet online.
4. Are Bitcoin Casinos regulated?
Yes, for instance, all the casinos we have described are all licensed and regulated. For your safety, even if you want to gamble using Bitcoin, NEVER play in a casino that has no valid license!