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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Every type of online casino Bitcoin game that you find under the sun is suitable to be the best game. Why? Because you’re simply using Bitcoin as money and not anything else. The introduction of Satoshi has made it possible for Australian players to jump into any game they like.
Yes, there is. All types of regular casino promotions are valid for crypto users. When you get to the promotions page of an online casino Bitcoin, you will see the equivalent in BTC. In fact, some crypto casinos will offer you exclusive promotions if you use your Bitcoins!
Having access to crypto casinos in Australia is a huge step in the right direction. Many believe that crypto is the future of the world. Although we don’t like to be as bold, it sure looks like an amazing technology to adapt to your daily lives.
The OnlineCasinoRealMoneyAussie team receives questions from Australian players every day regarding different aspects of bitcoin casinos. There are a lot of questions about online bitcoin casino, but we will try to answer most of the popular ones, and not put you at risk when playing them.
Yes, thanks to complete anonymity and advanced encryption it is almost impossible to lose your money by accident.
Yes, online Bitcoin casinos are legal in Australia and you can try your hand at it right now!
Yes, a small percentage of each player’s winning has to pay to the casino as commission.
Absolutely. There are several bitcoin online casinos in Australia that now fully support bitcoins as a payment method. Furthermore, a host of the best online casinos have included bitcoin as one of their many supported banking options.
Bitcoin wallets require login details, or in the case of hardware, would need the actual physical device the bitcoin wallet is stored on. Physical devices make hacking much more difficult, and even online bitcoin wallets are secured by the best SSL encryption software used by Australian online casinos. In short, your bitcoin wallet should be very secure as long as you follow normal safety and security procedures.
A cryptocurrency is a term developed specifically to describe what bitcoin is. This refers to an online currency that is not regulated by any central bank or government. Since the inception of bitcoin, many other cryptocurrencies have also been created, and are now direct competition.