Gambling is a beloved pastime of many Aussies. However, as the government restricts credit card gambling payments, many are looking for new ways to make deposits and withdrawals on gambling websites. There’s no more anonymous solution than using one of the many Bitcoin casinos in Australia.
Bitcoin, the most popular of cryptocurrencies, gives you absolute anonymity on the web, so you can handle gambling transactions without fears about your private information getting in the wrong hands.
This article gives you all the information you may need on how to use Bitcoin at online casinos as well as gives you a list of reliable sites to gamble in pokies with BTC.
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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 on how would you go about using it to pay for gambling. You also may not realize how good of a payment option is it.
Keep on reading, and you’ll learn everything you need to know about Bitcoin casinos in Australia.
How to make a deposit with Bitcoin
To be honest, making a deposit 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 what it is. 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 make sure 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 you’re choosing one, consider BitPay, Bitcoin.com, Bitcoin Core, or Copay, they’re the most reliable ones.
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 on your wallet. Head over to an online exchange and buy the amount of BTC you need for gambling. Keep in mind 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 as well, 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, it will be sent to your address in a couple of minutes. Go for Bitstamp, Coinbase, or Kraken exchanges, it’s what Bitcoin 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 to 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 for making a deposit.
Step 6: Make a 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. The funds will be sent 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. It can still be traced back to you if you keep using the same Bitcoin address. 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 matter of a couple of days or within a couple of hours.
Minimum Deposits with Bitcoin
The minimum amount of BTC you can own 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.
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 it 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, you do need to take some precautions to make sure 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 completely okay with this cryptocurrency as long as you pay taxes.
What countries restrict the use of Bitcoin?
Bitcoin is currently prohibited in Algeria, Morocco, Egypt, Ecuador, Bolivia, and Colombia. Some other countries of Latin America, North Africa, and Asia 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.
The pros of Bitcoin
Bitcoin has created a revolution in fin-tech. Here is where it shines the brightest.
While Bitcoin is technically pseudonymous, not anonymous, it offers the highest degree of anonymity among all the payment solutions. If you make transactions with BTC while using our guidelines, they cannot be traced back to you.
While this payment method does have fees, they’re very small compared to everything else. You won’t pay more than A$0.7 per transaction, no matter how big is the sum you’re sending. It can also be nice to know that you’re not paying a corporation, you’re paying individuals who are offering their hardware to host the system.
Bitcoin transactions cannot be hacked. If you use cold storage for your keys, nobody can get access to them.
The cons of Bitcoin
Unfortunately, Bitcoin is not the ideal payment system many would like to believe. Here are its main pitfalls.
Transactions are not instant
Since BTC doesn’t have a centralized system that operates transactions, each transaction has to be mined. It can take up to 10 minutes. However, this process doesn’t depend on you, so even if you lose connection or your device turns off during transaction, it’s still happening.
It’s not everywhere yet
While many Australian online casinos accept BTC, not all of them do. The situation with BTC gambling transactions is even worse in other countries.
This doesn’t mean you’ll be searching for a Bitcoin casino for a month, but you may not have the same variety of choices that you have with a credit card.
Bitcoin is very volatile. A regular person can’t predict whether it’s going to grow or fall in the next month, so holding your assets in Bitcoin can be a bad idea.
Unless you know what you’re doing, we don’t recommend holding large amounts of money in BTC for long periods of time.
No key, no Bitcoin
The only thing that grants you ownership of BTC on a certain address is the key to this address. If you print a paper wallet, forget the password from an online wallet, or lose the cold storage, you don’t have Bitcoin anymore.
Make sure you don’t do either of these three things, and your BTC assets are safe.
Top 5 Australian Casinos That Accept BTC
Does this sound intriguing? If you think the benefits outweigh the cons, here are the top 5 Australian casinos where you can pay with Bitcoin.
Aussie play is one of the best Australian casinos out there, especially for a high-roller. Why? The answer is simple, there is no maximum limit on the welcome bonus. If you make a deposit of at least A$200, the casino matches your deposit with 250% of the sum in bonus money. No matter what sum you deposit, you’ll get more than double that. The withdrawal requirements are also rather low, only x30 the bonus sum.
If you’re a high-roller, you simply must check out this casino.
True Blue Casino
True Blue Casino caps your bonuses at A$2,000 but does offer a decent match-up percentage. The casino with double any deposit you make, so you get three times the deposit to use. It also gives you 14 free spins each day for a whole week.
The drawback is it only hosts some 200 games. All of them are great, so if playing new pokies all the time isn’t what you’re looking for, it’s a good choice.
Playamo doesn’t offer quite as much in terms of welcome bonuses. You only get A$100 and a hundred free spins when you register and make a deposit.
The casino makes up this gap with the sheer number of games it hosts. If you get tired of pokies fast, you will love Playamo. It hosts over 1000 games from different developers. The list includes the most popular ones as well as new companies.
Golden Lion Casino
Golden Lion’s only rival when it comes to the welcome bonuses is AussiePlay. This casino offers a huge bonus that is capped at A$5,500. That would be enough for you even if you’re a high-roller.
The drawback, however, is that it only hosts 300 games from two developers, Rival and Betsoft.
Betchan may have a mediocre bonus of A$400 with some 120 free spins as a cherry on top, but its appeal is in something else. Betchan hosts over 2400 games. This is enough to satisfy every pokie lover out there. If you play a new pokie each day, Betchan would last you over 6 years!
Alternatives To Bitcoin 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 do not make it to the list since Australia bans credit card gambling transactions. While it is justifiable because gambling on borrowed money is never a good decision, this means millions of Australians who have a credit card with a positive balance will have to find another way of making gambling deposits.
Most casinos accept wire transfers, but it’s not the best way to make gambling transactions. It’s very slow and requires the largest fees. We recommend using wire transfers as your last option for making deposits or withdrawals at casinos.
E-wallets are way more convenient than Bitcoin. You don’t have to learn all about BTC security and how to make it anonymous. You don’t have to worry your money is going to 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 bigger 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.
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 biggest disadvantage is that Bitcoin is widely spread as a payment method. The rest of the cryptocurrencies aren’t.
Bitcoin Casinos in Australia FAQ
Is using Bitcoin at an online casino safe?
- Bitcoin can be the safest payment method out there if you use it correctly. The transaction itself is impenetrable. But if your recovery email address is the same you use to register at a casino, and its password is weak, this can be exploited. Make sure you use strong passwords that include both numbers and letters and are over 20 characters. This ensures nobody can access your BTC wallet.
Do Bitcoin online casinos offer instant withdrawals?
- Some BTC casinos do offer to make a withdrawal within hours instead of days. Check our list of BTC casinos to see which of them do.
How do you make a deposit at a Bitcoin online casino?
- All you have to do is to go over to the “make a deposit” page, choose Bitcoin as your payment method, and send BTC to the address that’s listed there. After that, the money should be transferred to your casino account within 10 minutes. If you need more details on this, refer to our step-by-step guide above.
Where do I find Bitcoin casinos?
- You could make a list of your favourite casinos and see if any of them takes Bitcoin as a payment method. However, there’s a better way of looking up BTC casinos. Refer to the CasinoHEX list of BTC casinos and find the one you like there. You can read individual casino reviews to learn more about each casino option in detail.
Where can I buy Bitcoin?
- There are two ways you can buy BTC. The first one is very simple if you live in a metropolitan area. Get a BTC wallet, find the closest Bitcoin ATM, enter your address, make a payment with cash or credit card, and Bitcoins are heading your way. If you don’t live anywhere near Sydney or Melbourne, you can buy Bitcoin online at one of the numerous exchanges. Head over to Binance or a similar exchange, create an account, find the seller with the best exchange rate, and buy Bitcoin. As you make a payment with a credit card or an e-wallet, the corresponding sum in BTC is going to be sent to your address immediately.
Am I eligible for bonuses if I make a deposit with BTC?
- This depends on the casino you’re playing at, but most casinos don’t penalize players who make deposits in Bitcoin. You still get the bonus in AUD, since the deposit you make is automatically transferred to the corresponding sum in Australian dollars. That is if you’re not gambling at a Bitcoin-only casino. Some casinos can even offer a small bonus to gamblers who make deposits with BTC.
What are the benefits of using Bitcoin for gambling?
- Bitcoin does have its weaknesses, but it’s a great payment system. For starters, it has the potential to be the most anonymous payment system in the right hands. If you use it the right way, no one will be able to trace BTC transactions back to you. It also offers one of the lowest fees on the market and the highest level of security.