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How does Bitcoin work?
Bitcoin is so unique as it works and has developed into a modern currency that everyone wants to have.
The currency itself was created in 2009 by someone with the pseudonym satoshi Nakamoto, which has still been anonymous to this day. What distinguishes bitcoin or crypto currency from all other currencies is the fact that there is no middleman. This means that there is no bank.
But Bitcoin is not limited to casinos, because they can even book hotels, order furniture or buy their favorite video games. Although, the biggest hype is actually from the trade at the moment, as the course has been shot into the thousands in recent years.
However, the biggest advantage of Bitcoin is indeed its anonymity and the fact that payments are simple and incredibly cheap because it is not tied to anything. Nowadays they even like small businesses because no credit card fees are incurred.
It is also important to know that bitcoins are stored in digital wallets. This means that you only exist in the cloud or on the user's computer. So a wallet is a kind of virtual bank account that allows users to perform all sorts of operations, e.g. Send or receive money for transactions and, of course, secure their money. Unlike real bank accounts, however, these Cryptocurrency Wallets are not assured by the FDIC.
Advantages of Bitcoin in online casinos
There are a lot of advantages when using in an online casino bitcoin. Here are some positive things that you should always keep in mind:
- Independently: Nothing is connected to Bitcoin. This means that the crypto currency is completely independent of the economic development of other currencies such as the dollar or the euro.
- fees: Many banks and other payment methods around the world are known for their high fees, especially when used in such locations such as online casinos. However, Bitcoins are the opposite in this regard as they require the lowest fees. This happens because you, like you may know, are your own currency and you can do what you want.
- Lightweight and easy: The use of bitcoins may sound difficult, but it is actually easier than you think. All you have to do is create a wallet and visit a business or an internet page that accept bitcoins.
- Anonymous gambling: One of the best benefits of Bitcoin Casinos is the fact that they are completely anonymous. If you pay at the end with Bitcoins, it means that your account information does not be sent with the rest.
- Comfortable: If you e.g. play in another country where you normally need to change currencies, then bitcoins can simplify it as they are the same everywhere. In addition, transactions can be carried out at any time, which makes the crypto feed in an online casino all the faster and more convenient.
Disadvantages of Bitcoin in casinos
Although lately it looks like Bitcoins could have no disadvantages, there are some very important. Let's take a look at what you should pay attention to:
- acceptance: Bitcoins are just at the beginning of their journey and there is a long way before them. Therefore, they are not accepted in many places and that means they need to look carefully to find places that actually offer transactions in crypto currency.
- Fluctuating exchange rates: If there is something that moves quickly on the stock market, then it's bitcoins. The currency can gain or lose value within a heartbeat and no other currency moves as fast as this.
- Need for security: Although Bitcoins are known for their safety, you must remember that they are stored on your computer that can be chopped or attacked by a virus. This could mean that their bitcoins are stolen. Therefore, most experts would recommend to anyone who has Bitcoins, to drastically increase the safety of his system.
- Not like other currenciesAlthough Bitcoins like other currencies like to look like, they are in reality much more modern and more demanding. You do not have to be a tech expert, but you should have a comprehensive understanding of the currency itself.
Are bitcoin payments safe?
Do not think for one second that bitcoins like any other payment method. BTC is a decentralized blockchain, which means that there is no middle man who controls the payment. To pay something, you simply need to send the appropriate amount to the address or person and then it will be recorded in the blockchain.
These will be visible in the blockchain public, but it is impossible to manipulate or change them. This credit will only be considered safe if you actually protect it with your own private key. This private key is used to access everything within a particular bitcoin address.
If you actually use a bitcoin casino, keep in mind that everything needs to be encrypted. But even if something goes wrong with the public key, the data without the private key is useless, which means that the public keys can be detected without hesitation, even if you are an analogy to account numbers. This means that Bitcoin casinos are actually at the top in terms of privacy.
To come back to the fact that Bitcoins are safe and independent, the most obvious reason is that no institution watches over their money. This means that you are alone with your money. Here come the keys into the game, where you need to use your private to actually access the public. If you lose your key or stolen, then this person has full access to your credit and you can not do anything about it.
The best recommendation that can give you someone is that you should be particularly careful with your private key. A USB stick would be a good example of a secure location to store your bitcoin data.
What most people understand however, however, is that they think that bitcoin transactions can not be traced back. You can actually be traced back thanks to the private and public keys, making it at best to make a pseudo-anonymous currency.
Anonymity with bitcoin payments
As we have just mentioned, Bitcoin is not completely anonymous, making it a criminal paradise. Bitcoins are in fact only pseudo-anonymous, as they are bound to addresses, although not to real people. If you have a bitcoin address, it can not be explicitly identified, but each transaction that takes place remains public in the blockchain.
But to make things even more private, they can actually receive a new bitcoin address with each generated transaction.
However, transactions can be bound with persons and companies if something strange happens. This is done due to the "idioms of use" that occur if multiple entries have a shared owner. This will then be compared with the public transactions, so that the traceability is possible up to a specific person or company. So if you actually want to swap bitcoins in public, you most likely have to pass on some personal information.
So you see that Bitcoins are very anonymous, but they are not bulletproof. This means that criminal activities can be tracked down due to many aspects of transactions. But that does not change the fact that they are preferred by most people, e.g. do not want to reveal their online activities, and therefore choose Bitcoin Casinos to all others.
How do you recognize a good online casino?
If there is something that is crucial when you are looking for an online casino, especially a bitcoin casino, then it is security and trustworthiness. Due to the fact that Bitcoin casinos are still something new, it is obvious that there are all kinds of casinos, with different measures reliable.
If you want to get involved in a crypto adventure, then you should create a list of things that should check each casino. First of all, each casino should have a wide selection of both slot machines and games like blackjack, roulette and new games. Then you need to check the terms of sales and whether the casino is actually licensed by a regulatory authority such as Ecogra or the Malta Gaming Authority. These ensure that every single aspect of the casino itself follows exactly the procedure you should to guarantee every player a safe and entertaining gaming experience. If everything looks good, then you should consider if the bonus conditions are explained correctly and whether customer support is professionally and helpful. It is also a big advantage when customer service speaks in a Bitcoin Casino Australian.
Here are two additional tips that you can always carry with:
- Read forums and casino reviews just talk about serious casinos.
- Find out about the regulatory authorities to see exactly what you expect from a casino.
We have created a list of the best Australian casinos we could find that all are fully licensed and where all additional features such as payments, security, games and mobile versions offer at the highest possible level.
Take a look at it if you want to play safely and see if you find your next favorite casino in Australia, whether it is a standard online or live casino, or whether it's a brand new bitcoin -Casino with all its advantages.
Bitcoin payments in online casinos
The next thing we will discuss in this test report are payments with Bitcoin. Although they have already learned most of the most, it is incredibly important to know how to make a deposit and also be able to pay off with the crypto currency.
This is not limited to Bitcoins, as casino payments are often considered one of the most important aspects in a casino experience. For example, if a casino needs too long to edit payouts, then the most likely your gaming experience would destroy and most players actually leave casinos for this reason.
But bitcoin payments are worth talking separately because they are still something that most people do not know. Let's take a look at how you make the perfect deposit and how you can pay all your profits charges!
It's time to learn how to actually deposit with bitcoins. Let's take a look at step by step on how to make a deposit with Bitcoins in an online casino.
First, you must find the deposit area in a Krypto Casino. These casinos are not limited to crypto currencies, but they are the preferred. Once you have selected BTC as a payment method, you will receive a public key that belongs to your account. Next, you must choose how much you want to deposit. You need to do this process in Bitcoins, but usually the casinos will help you offer a computer.
Here it gets a bit complicated, because you have to deal with the transfer yourself! For this you have to go to your Bitcoin Wallet and enter the public key to transfer the money to your account. You also need to enter the fee.
As soon as you have sent the money, your money will be part of the famous blockchain network. This serves to check your transaction and then execute. Thereafter, the payment is found in the blockchain as completed. This will allow your credit to be activated on your casino account.
Note: The operation takes a few minutes, so you will not be nervous if you do not see the transaction immediately as completed. Normally, the block time for this crypto currency is 10 minutes that you need to wait, as you will receive the release only in the next block. If the network is too crowded, then maybe it may take longer.
Here comes to the fee, because the higher the fee you pay, the faster the whole thing is done. If you have decided not to pay anything, now, then it can sometimes take a while.
Let us take a look at what payouts mean in a bitcoin casino. The payouts themselves are not so complicated as the deposits, but they have to work together a little with the casino as the payouts need to be monitored. But if you trust your casino, then that will not be a problem. In addition, the casino will always be able to help you as well as possible.
So read carefully as you can make your payouts step by step:
Before all other things, you always have to handle the KYC procedure. These initials, KYC, stand for "Know Your Customer", which means "know your customer" in Australian. This happens because it is the main process against money laundering on the internet. In order to be able to carry out payments, the identity of the users must be detected. For this purpose, customer support of an online casinos asks for a few of their data, e.g. a copy of their driver's license or their identity card. You have to do that to get your payments, directly on the casino page or by e-mail to customer support.
Well, if you have done that, then you can start to pay out your money. Do not worry about the verification process, because this usually does not last longer than a day or something. So if you want your money, you must tell the casino to your public key, which usually happens during the payout request. After that, the casino sends your money to the P2P network of the blockchain, and must wait there again until it is approved.
How quickly you get your payouts can depend on the casino because it can choose the fees. If it will definitely take a while, do not worry, because sooner or later you will get your money.
Fees in Bitcoin Casinos
Bitcoin is pretty special when it comes to fees, that can be considered a good or a bad way. Because even though the transaction fees can be optional, the so-called "minors" can choose which transaction they want to edit and prefer most of them who pay higher fees.
But it is not selected according to the absolute amount of money, which is paid as a fee, but after the fee paid for your memory size.
Why do these minors get a fee? Because it is used as a reward for your work. You choose how much fee you pay, but depending on how much you pay you, the faster or slower you will meet your transaction. Modern Wallets can even help you calculate the fee, depending on the network utilization.
If we are talking about taxes, then it is logical that they have to pay taxes on their profits. But if you have Bitcoins in your wallet, you do not have to pay anything. The best tip you can get at this point is to inform yourself about taxes that you have to pay in your special case.
In addition, you can expect the casinos to inform you about the fees if you make a payout. But since it is still very new and the Australian casinos are interested in winning new players, some of them complete the fees at Bitcoin complete.
Are there any bitcoin games in casinos?
Bitcoin may have conquered the Igaming industry, especially since the beginning of 2022, but the crypto currency is limited not only as a means of payment in casinos - because software providers have thought of bitcoin games.
And why are there bitcoin games? Well, because due to the rapid growth of the currency, people have begun to demand special games to win more bitcoins.
Let's take a look at the currently 3 most popular Bitcoin games that you can play 2022 in Australia:
- Bitcoin says: One of the first bitcoin casinos has developed this popular game, where it is already a staple food for crypto gambling. What makes it so different from other games in 2022 is that the game is easy. The only thing you need to do is to bet whether the dice will be higher or lower than your predetermined point. It also offers a very good house advantage, with almost every casino offering less than 1%, with some even less than 0.5%. The last thing to mention is that Bitcoin Dice is incredibly fast, which makes it exciting from the beginning.
- Bitcoin Blackjack: Blackjack is not only one of the most popular games in general, but it is also a fan favorite in Bitcoin casinos with its own versions. These versions are called Pontoon, Double Exposure and Multihand Blackjack. Many players have even referred to these as the best blackjack games for beginners. Because these games also have a very low house advantage.
- Bitkong: This game is not only superlusty, but it also makes it very addictive. It was launched in 2015 and her job as a player is to fight against the Gorilla named Bitkong. You have to move through the field and guess in which field a fruit is hidden. If you advise correctly, then get up and multiply your sales. The higher you come, the higher the risk, but also the reward!
Bitcoin and bonus in online casinos
Even if Bitcoin Casinos are a new trend and just started to move in the igaming industry, they also offer the necessary bonuses like any other online casino.
New customers and faithful customers are rewarded with all types of bonuses that can range from deposit bonuses to free and casino points. The only thing a casino expects his customers is a deposit, which encourages them to give their customers something in return.
But that also applies to Bitcoin casinos? Yes of course. There are not only online casinos that offer special bonuses when using bitcoin, but there are also casinos that focus only on bitcoins and offer the best bonuses for bitcoins.
However, what's different is the fact that you can claim a welcome bonus in Bitcoins or in euros when the casino account is led in euros. Only if a bitcoin bonus is specified as a bitcoin, then the player account is also guided in Bitcoins, where the corresponding deposit bonus is credited.
But always note the bonus conditions and the general conditions of the casinos to avoid bad experiences with your bonus or with a game. You can also customer support if you have any doubts.
Alternatives to Bitcoin
Sure, Bitcoin is the preferred crypto currency and is often considered as the flagship of the crypto currencies, but that does not mean that there are no alternatives. At the moment there are even more than 2,000 different crypto currencies and the number grows from day to day.
The choice of crypto currency is actually closer to gambling than on the stock market, as they are all very volatile and you never know what will happen.
Anyway, here is a small list of best and best known alternatives to Bitcoin:
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Currency (XMR)
Meanwhile, they have certainly noticed that bitcoins are fascinating, but also complicated. Especially if you have not heard much about the crypto before this article.
But what is true is that Bitcoin Casinos have improved significantly in recent years, as they not only offer crypto currency as a payment method, but also specialize in bonuses and huge prices that can be gained with the currency itself.
If you are interested in obtaining your own bitcoins, then do not worry. Here are tips on how to buys Bitcoin, And maybe your next Bitcoin Casino will change your life!
- 🎰 Can I get a bitcoin bonus in the casino?Just like all other online casinos, if you make a deposit with bitcoins in a casino, then get your bonus in the same currency. However, if you are not sure how it works because you first deposit with bitcoins for the first time, then customer support and help you to get the casino bonus.
- 🎰 How can I understand that a casino bitcoin accepts?The search for a bitcoin casino can take a while and even spoil the fun of playing in a casino on this day. Therefore, the easiest solution is to check our list of casinos. You can also see in the footer of the main page of a particular casino, where you see bitcoin or "bitcoin accepted", right next to the other payment methods. If it is not on the main page, then find it on a separate page that treats everything about payment methods.
- 🎰 Do I have to pay fees in the casino at Bitcoin Payments?Whenever you perform transactions with Bitcoin, you must pay a fee to the network. However, you can decide how much fee you want to actually want to pay. However, if you decide for a higher fee, you can also ensure that the process runs smoothly. Modern Wallets even offer the ability to automatically calculate the fee if the network is busy with traffic. No casino will actually demand additional charges for the deposits, but it may happen that you demand a small amount for payouts.
- 🎰 Are bitcoin payments in casinos in Australia legal?It's not just legal, but you can also gain money if you use Bitcoins as a means of payment. Because you can get either Euros or Bitcoins for your profits. But always make sure that the casino has previously been tested and has one or more licenses. If that's the case, then you can be sure that you will get your money as well as possible.