Bitcoin has literally taken the world by storm. The crypto currency is rapidly moving into the mainstream and it was only a matter of time before online casinos would start accepting Bitcoins.
Top Australian Bitcoin Casinos
Australians already have the option to spend their Bitcoin at numerous real money casino sites. But beware there are a few fly-by-night Bitcoin casino operators doing the rounds. In this article we will cover the follow:
- A selection of tested Bitcoin casinos that welcome Australian customers;
- An introduction to Bitcoin itself;
- Pros and Cons of using Bitcoin to fund your game play.
We have tested the following casinos from Australia. They all use audited software and offer deposit, play and withdrawals in Bitcoin.
|Bitcoin Penguin Casino|
|Coin Royale Casino|
|Joe Fortune Casino|
|Coin Palace Casino|
Bitcoin – A Basic Introduction
Before we dive into the intricate workings of using Bitcoin as a banking method at online casino sites and how you may use Bitcoin to your advantage, let us first put to rest your apprehension about bitcoin themselves. Bitcoin are definitely uncharted waters for many, especially considering it is a fairly new form of currency and unlike traditional currencies bitcoin have no physical tangible form. Bitcoin is a virtual/digital currency. It was created by Satoshi Nakamoto on 31st October 2008, but was only introduced to the world in January of 2009. The inventor himself describes bitcoin as a peer to peer electronic cash system.
No Middle Man or Bank Required
Now if you paid attention to that last sentence (peer to peer) you would have realized that the use of bitcoin eliminates the requirement for a middle party, which in the cases of all other currencies is a financial institution like a bank. A bitcoin is basically a unit of digital money that is stored, exchanged and recorded on computers spread all over the internet. Usage of bitcoin for trade is independent of banks or other middle parties and this is only one among several other advantages to using bitcoin.
The money of the future – Pros and cons
Having said that, there are some ups and downs to bitcoin – ups and downs in the literal sense! When bitcoin were first introduced in 2009 its value was virtually nothing. In 2010 it cost as little as a cent; in 2011 one bitcoin was equal to exactly one dollar and from that point onwards, the value sky rocketed and fell and skyrocketed and fell over and over again. Currently one bitcoin costs $240, the highest value the bitcoin reached was back in January of 2014, a single bitcoin was trading for a staggering one thousand dollars! Those that had bought a pile of them when it costed close to nothing were absolutely exuberant.
As we already mentioned, there are numerous advantages to using bitcoin and some of these are specifically great news for those that want to use it for the purpose of online gambling. Let us briefly discuss what sort of goodness bitcoin bring to the table:
- Firstly, anyone using bitcoin to sell or buy goods can do so with complete anonymity, something no other currency in the world can offer (even online transactions made using e-wallets are traceable to a certain extent).
- Secondly, you can send and receive money from anywhere in the world and at any time.
- Lastly, you are the sole authoritarian over your own money, since there are no banks or other establishments that will interfere in what you do with your money.
Are Bitcoin and Bitcoin Casinos Safe?
Now, you may have a very obvious question at this point. Is it safe to use bitcoin? Since there is no tangible form, can’t people just go on creating these virtual bitcoin as they please? Absolutely! And absolutely not! There is an established process called “mining”. Bitcoin are paid by network owners to individuals that provide services to these networks. The usage of the bitcoin is completely safe, secure and hassle free! Furthermore, there are no fee’s involved when it comes to using bitcoin (no transaction fees, no interest, no service fees, no nothing!). It has aptly been termed the currency of the future! In fact, it may be argued that using bitcoin is even safer than using other customary forms of currency, especially since bitcoin are protected by only the best technologies in cyber security such as triple data encryption.
Now let’s come to the cons of using bitcoin, at this point, we are going to subject you to a rather cliché proverb – every coin has two sides! And the bitcoin, unfortunately, isn’t an exception. However, the cons are minimal. In fact, the cons of other currencies far outweigh those of the bitcoin. First, the issue with the bitcoin is that awareness and usage of the bitcoin is limited, hence, not all merchants accept bitcoin, some don’t even know about its existence. The only other down side to using bitcoin is the fact that it is a currency which is still developing, essentially this means that there is still a lot of work to be done before the bitcoin becomes an internationally acclaimed and widely used form of currency like the dollar or the pound or the euro.
Bitcoin casinos – anonymity guaranteed
Online casinos offer people the whole experience of gaming in a casino without having to even leave their bedrooms. Irrespective of what your crutch is, be it poker, rummy, slot machines, sports betting or whatever else, you can indulge with no limitations.
These casinos have already established a billion dollar industry within the short period of time since they have come into play. They have now realized the immense unlocked potential that lies in accepting bitcoin. Several gambling sites now accept bitcoin and have already reported a huge spike in their user base.
The success has been so great that new bitcoin casinos pop up all over the world that accepts bitcoin only! You may be thinking that it isn’t practical to use bitcoin to gamble especially since a single bitcoin costs over $200, don’t be alarmed, the greatest thing about the bitcoin is that they may be bought and sold in fragments, so you can make bitcoin transactions in the order of decimals, the lowest possible transaction you may make using a bitcoin is 0.000000001 BTC. Therefore not only do bitcoin casinos allow for unparalleled anonymity, but they also allow for a huge range when it comes to minimum and maximum bets etc.
In summary, the bitcoin is definitely ahead of its time, those that invested are already reaping the profits, don’t be left behind! Playing at Bitcoin casinos offer many advantages.