The Ins & Outs of a Bitcoin Casino Online in Australia

As the world stands right now, pretty much every adult human being has heard of cryptocurrencies. Something that is not very old yet powerful enough to change the course of our lives. And the one that started it all was Bitcoin. 

Interestingly, cryptocurrencies have made their way into the iGaming industry. As a result, there are many Bitcoin casinos South-Beach-Casino.com for Aussie gamblers and for other players all over the world. Inherently, a casino Bitcoin is not different from, say, a Visa online casino. It comes down to how the individual payment methods work and what benefits they bring to the table. 

On this page, we are going to discuss what Bitcoin is, how it works, and what you can expect from a Bitcoin casino online in terms of security and convenience. 

What is a Casino with Bitcoin?

The term “online casino Bitcoin” is pretty self-explanatory, don’t you think? These are online casino brands that offer Bitcoin as a payment method. So, what is Bitcoin and how does it work? Let’s find out. 

Bitcoin is the Forefather of Cryptocurrencies 

In 2009, a white paper by Satoshi Nakamoto took the internet by storm because it outlined the concept of a decentralized currency. It might not shock anyone anymore but at that time, it was a huge deal. The currency that the white paper suggested later became Bitcoin as we know it. 

Interestingly, Satoshi Nakamoto is not an individual. Rather, it’s a pseudonymous personality that is credited to be the founder of Bitcoin. Whether it’s one individual or a group is a question no one can answer with certainty. So, let’s not bother about it too much. 

Up until 2010, Bitcoin had no monetary value. On one fine day, the American Pizza chain by the name of Papa John’s agreed to sell two pizzas for 10,000 Bitcoins! It’s the first recorded monetary transaction of the crypto. 

The concept of crypto is primarily based on blockchain technology. It’s a huge network of users with no central authority. 

Blockchain is What Made Everything Possible

The mysterious Satoshi Nakamoto is said to be involved in the direct development of blockchain until 2011. During that time, the basic layout of the blockchain was laid out. The main idea is to solve complex problems using processing power to receive Bitcoin as a reward. 

Problems that need solving are called “blocks”. Hence, the network is known as a blockchain. The first block that was ever solved was the “Genesis Block”. The whole process is called mining. 

It’s pretty safe to assume that you’ve heard the phrase “Bitcoin mining”. Now you know what it means. The problem with mining is it requires immense processing power. In the beginning, a regular computer was capable of mining. As the algorithm is getting more complex, it’s pretty much impossible now. 

But these are not facts to be impressed with about the blockchain. What should impress Aussie gamblers the most is the fact that every transaction is validated by individual nodes on the network. There is no central authority! Also, you only need a unique wallet address to send and receive Bitcoins. 

Are you wondering what these things mean for Bitcoin casinos in Australia? Then you must read the next section.

Benefits of Crypto Casino Online 

From what we’ve discussed so far, you may have become confused about what all these features have to do with you. Well, just like you have to put a base coat before you spray paint something, it is important that you’re familiar with how blockchain works. 

Now, let’s translate these features for you in casino Bitcoin terms so you know exactly what to expect. 

Play Bitcoin Casino Online with Utmost Anonymity 

The nature of the iGaming industry makes it prone to scams. The biggest point of a breach in terms of security is payment methods. In traditional practice, when you pay an Australian online casino Bitcoin with fiat money, you have to provide your card number/bank account number, name, address, phone number, and lots of other information. 

These sensitive pieces of information should not be exposed on the internet. That’s where the awesomeness of a casino Bitcoin comes into play. With Bitcoins, you don’t have to share anything with the casino brand. You get their wallet address and send the appropriate number of coins. 

It saves a lot of time in verification and validation of the transactions as well as saves you from unwanted eyes peeking onto your personal information. 

It’s the Fastest Payment Method Out There 

Both incoming and outgoing transactions with Bitcoin are taken care of within minutes. As you’re not going through any centralized authority like a bank, there’s no bottleneck in the process. The blockchain always has many master nodes online and their sole purpose is to keep the blockchain up and running by validating transactions. 

As long as you have your wallet ready to go, you can deposit and withdraw at a Bitcoin casino online within a couple of minutes. 

It’s Extremely Secure

The security of cryptocurrencies in general is off the charts. The name “crypto” currency came from cryptography, which is one of the strongest encryption methods that exist to this day. Pair it up with the decentralized nature of the blockchain, you get an extremely powerful and safe method in your hands.

Decentralization basically refers to not having any central regulatory body. No government or organizations have any jurisdiction over the blockchain. As the validation is done by many nodes at the same time, there’s no way someone can forge fake information. Unless, of course, you’re dealing with an extremely dangerous hacker with out-of-the-world skills.

Is there any Disadvantage to Crypto Casino Online?

Yes, there are. Everything in the world is just like a coin. They have two sides and you can translate them however you want. So, if we consider the advantages of Online casino Bitcoin as one side, the disadvantages will rest on the other side. 

It’s not Widely Available Yet

The biggest drawback of casino Bitcoins for Aussie gamblers is that they’re not widely available yet. Fortunately, you’re currently at a Bitcoin casino but it’s not the norm. But it’s sure to change in the upcoming years because the growth of crypto casinos has been phenomenal in the last few years. 

You Need Bitcoin First

If you don’t have any Bitcoin at hand, it won’t be the easiest process for you to get started. There’s a whole process to it. You need a Bitcoin wallet, enough funds, and know how to use it. Opening a wallet is not the hard part. Rather, the hard part is getting your hands on Bitcoin. 

Sure, you can go into any crypto exchange you like and buy crypto for fiat money. However, considering the current price of one Bitcoin, very few Aussie gamblers will purchase whole coins. 

The good thing is, you can always go for Satoshi. It’s the smallest unit accepted at online casino Bitcoins which is 0.00000001 Bitcoin. Needless to say, it’s named after the pseudonymous personality. 

Volatility 

Decentralization surely sounds amazing. But there’s a huge drawback to the system. It’s the volatility of the currency. For our fiat money, the governments are always regulating the liquidity so that the value of the currencies doesn’t change dramatically. 

With Bitcoins, you don’t get the benefit. If the market crashes, it crashes. And when it starts increasing, it goes through the roof. There have been a few crypto booms in the past few years and Bitcoin was the most volatile currency every single time.