Bitcoin gambling in Australia

Bitcoin gambling in Australia refers to online gambling sites that allow players to place bets and wagers using cryptocurrency (Bitcoin, Ethereum, Litecoin, USDT). These sites offer a variety of games, including pokies, table games, and sports betting allowing players to make cryptocurrency deposits.

Bitcoin, the most popular of cryptocurrencies, gives you absolute anonymity on the web so that you can handle gambling transactions without fear of your private information getting into the wrong hands.

This article gives you all the information you may need on using Bitcoin at online casinos and gives you a list of reliable sites to gamble in pokies with BTC.

What is Bitcoin?

You've probably heard the name before. You probably know that it's a cryptocurrency. But you may not know the details of how you would go about using it to pay for gambling. You also may not realize how good of a payment option it is.

Keep reading, and you'll learn everything you need about Bitcoin casinos in Australia.

How to make a deposit with Bitcoin

Depositing with Bitcoin is not as streamlined as with many other payment options. You'll have to forgo a couple of more steps if you want to use BTC for gambling. Here's where you start.

Step 1: Read up

Before you start making payments with BTC, you need to learn. Bitcoin is a cryptocurrency, so you can't physically hold on to it like you would with cash or a credit card. It's also not stored digitally in a centralized database like in e-wallets like Skrill or Neteller.

BTC is stored in a decentralized blockchain. This system has many nodes instead of one database. Each node stores transactional information about each BTC transfer or address. All of that information is anonymous, but it's stored forever. If you keep using one BTC address, you'll lose your anonymity as data comes up that ties you to the address.

This is why you should always change the address for new transactions. Also, you should keep in mind that the only thing that ties you to your Bitcoin is the wallet key. If you lose it, forget it, or let it be exposed somehow, your BTC is not yours anymore. To ensure this never happens, you need to get a BTC wallet.

Check out the Bitcoin website for more information.

Step 2: Get a BTC wallet

A Bitcoin wallet is an app that stores your BTC addresses and keys in one place. It's essential for keeping your money safe. When choosing one, consider BitPay, Bitcoin.com, Bitcoin Core, or Copay; they're the most reliable.

When you register, remember to create a strong password. Also, leave a recovery question and your email for backup purposes. If you forget the password and can't recover your account, all your money is essentially lost.

Now, the wallet stores your keys in a secure place and contains a BTC address that you can use to receive Bitcoin.

Step 3: Buy Bitcoin

You're all set; the only thing you lack is the Bitcoins in your wallet. Head over to an online exchange and buy the amount of BTC you need for gambling. Remember that BTC is a volatile currency, so it may be better not to store your money in BTC.

You may buy $1000 worth of BTC to keep gambling for a couple of months, and by the time you get to spend the last bits of it, the total worth of BTC you own is down to $800. Sure, it can grow to be $2000, but if you don't understand the market yet, keeping your funds in BTC for a long time is risky.

To buy Bitcoin, you need to find an exchange, pay with a credit card or an e-wallet, and provide your BTC address. After that, the exchange operator will send it to your address in a couple of minutes. Go for Bitstamp, Coinbase, or Kraken exchanges, and it's what Bitcoin's official website recommends.

You can also use BTC ATMs. You can find those in Melbourne, Sydney, Adelaide, and Brisbane.

Step 4: Find a BTC online casino

This step is the least difficult of all. All you have to do is browse the CasinoHEX list of Aussie Bitcoin casinos and find the one you want to gamble at. Read reviews to learn more about each casino and make up your mind.

Step 5: Create an account

Register at the casino you've chosen and verify your email. Now, you're all set to make a deposit.

Step 6: Deposit with Bitcoin

Go to the “make a deposit” page, and select BTC as your payment option. You'll see a BTC address there. Either copy and paste it into your app or scan the QR code.

Step 7: Verify the transaction

Go over to the Bitcoin wallet, and enter the password to finish the transaction. You will send the funds to the casino in about 10 minutes.

How to make a withdrawal with Bitcoin

Supposing you already have a Bitcoin wallet, here's what you have to do to make a withdrawal from it.

Step 1: Generate a new BTC address

Bitcoin is not a fully anonymous currency. If you keep using the same Bitcoin address, it can still be traced back to you. This is why you should generate a new address for each withdrawal to stay anonymous.

Open the wallet app and generate a new address.

Step 2: Create a withdrawal claim

Now, go to the casino website and claim a withdrawal. Make sure you're eligible for one. Most casinos don't allow withdrawals unless you've wagered a certain amount of money on the platform.

If you can make a withdrawal, enter the sum, you want to withdraw and attach your BTC address to the claim.

Depending on the casino's policy, you can receive a withdrawal in a couple of days or a couple of hours.

Minimum Deposits with Bitcoin

You can own the minimum amount of BTC is 0.00000001 BTC or 1 Satoshi. However, that's many times lower than one Australian cent, so you can't buy that low an amount. Nor will it be useful anywhere. Most exchanges cap the minimum worth of BTC you can buy at one or two dollars.

While Bitcoin doesn't have a minimum transaction amount, most Australian casinos that accept BTC set the minimum deposit to be around $20.

Choosing the Best Bitcoin Casino Australia

Choosing the Best Bitcoin Casino Australia

Australian crypto gamblers can enjoy thousands of games at online casinos that accept cryptocurrencies. These sites are ideal for players who want to use their favourite cryptocurrencies to deposit and withdraw cash, as well as bet on a wide range of events, from soccer to tennis.

Some of the most popular BTC casino games include poker, roulette, and slots. There are also sports betting opportunities available, as well as many other card games and lottery options.

Bonuses and Promotions

One of the most common incentives that BTC casino Australia sites offer to new players is a welcome bonus. These are typically matched deposits, which provide a percentage of your initial deposit back as free bets on real money games.

The most lucrative BTC bonuses are often offered on the first three or four deposits, but some sites may be more generous than others. In addition, some gambling sites may offer additional promotions, such as weekly reload bonuses or loyalty rewards.

Legality

If you’re looking for a crypto casino in Australia, look for ones that are licensed and secured. This will protect your funds and allow you to play with confidence. It’s also a good idea to check whether the casino uses SSL certificates and two-factor authentication to ensure that your information is secure.

Payments and Withdrawals

It’s important to select a crypto casino that offers fast withdrawals. While transactions with traditional casino sites can take 24-48 hours, many crypto casinos process payout requests near-instantly. This is particularly useful if you want to deposit your winnings quickly and spend them on more games.

Bitcoin Deposit Bonuses

Australian online casinos treat Bitcoin very differently. Some do not issue bonuses to gamblers who make a deposit with BTC. Others encourage it and offer a small 5-10% bonus for all BTC deposits.

Read casino reviews at CasinoHEX to learn more about your casino's policy towards Bitcoin.

Bitcoin Deposit Fee

Even though Bitcoin is a decentralized payment platform, it does have a transaction fee. However, you pay this fee to individuals who provide the system with computing power. This miner's fee amounts to no more than 0.7 AUD per transaction and doesn't change with the amount of BTC you transfer.

Are Bitcoin transactions safe?

All BTC transactions are encrypted, so there's no way your private information can be exposed, even if the connection is not secure. However, it would be best if you take some precautions to ensure your funds aren't in danger of being lost due to an accident. Here's what you have to do.

• Do not use paper wallets
• Come up with a strong password
• Never forget your password
• If you have a backup email address, make sure it's safe
• Create a new address each time you make a withdrawal

Which countries accept Bitcoin gambling transactions?

Most countries of the first world are permissive when it comes to BTC. The US, the EU, and Commonwealth countries are entirely okay with this cryptocurrency as long as you pay taxes. On the other hand, keep in mind that online gambling is regulated in most of these countries.

What countries restrict the use of Bitcoin?

Bitcoin is currently prohibited in Algeria, Morocco, Egypt, Ecuador, Bolivia, and Colombia. Some other Latin America, North Africa, and Asia countries make BTC legal to hold but illegal to pay with. However, there's no way these countries can enforce that law, so it remains largely on paper.

Bitcoin gambling in Australia operates in a legal grey area, as online gambling is prohibited under the Interactive Gambling Act 2001, but there is no specific legislation addressing Bitcoin gambling. However, the Australian Securities and Investments Commission (ASIC) has warned that cryptocurrencies are not legal tender and therefore do not have the same protections as traditional currencies.

Despite the legal uncertainty, many Australian players are turning to Bitcoin gambling sites due to the convenience, anonymity, and speed of transactions offered by the cryptocurrency. However, players must research and choose reputable and licensed Bitcoin gambling sites to ensure their safety and security.

Bitcoin has created a revolution in fin-tech. Here is where it shines the brightest.

Ensure you don't do either of these three things, and your BTC assets are safe.

Alternatives To Bitcoin gambling in Australia for online casino payments

Not impressed with what Bitcoin has to offer? Here are your alternatives to this payment system.

Credit and debit cards

Bitcoin has spread across many Aussie casinos, but Visa and Mastercard are accepted at all casinos, no exception. If you want to have a way to access every casino out there, a debit card is your choice.

Unfortunately, credit cards are not on the list since Australia bans credit card gambling transactions. While it is justifiable because gambling on borrowed money is never a good decision, millions of Australians with a credit card with a positive balance will have to find another way of making gambling deposits.

Wire transfers

Most casinos accept wire transfers, but it's not the best way to make gambling transactions. It's very slow and requires the most significant fees. We recommend using wire transfers as your last option for making deposits or withdrawals at casinos.

E-wallets

E-wallets are way more convenient than Bitcoin. You don't have to learn about BTC security and make it anonymous. You don't have to worry your money will be lost if you forget the password. You can make transactions instantly.

However, that comes at a price. Most e-wallets require you to pay a small transaction fee that ends up being more prominent than the BTC miner's fee. Many will also require you to provide personal information like proof of residence or ID to either allow you to use the platform or increase the maximum withdrawal amount.

Other cryptocurrencies

Bitcoin is the first cryptocurrency, but it's not the only one. There are hundreds of other currencies. While most are doomed to fail, cryptocurrencies like Litecoin, Ethereum, Dash, and Ripple are catching up. Ethereum is even considered to be better than Bitcoin.

The most significant disadvantage is that Bitcoin is widely spread as a payment method. The rest of the cryptocurrencies aren't.