No one will underestimate the ever-growing popularity of Bitcoin online casinos. Every day cryptocurrency gambling venues offer thousands of engaging game projects not only to Australian residents but to punters from other countries as well. Since it is a brand new way of depositing and withdrawing real money, some people will find such online casinos controversial. Should gamblers begin playing on these gaming platforms? Are crypto casinos trustworthy and legal? It is our task to find out. But first, let’s tell some words on the history of Bitcoin and online casinos.
Introduction to Bitcoin
Bitcoin online casinos became the initial cryptocurrency form of gambling. During the early period of Bitcoin, almost half of all transactions were made in cryptocurrency. Crypto payments are arguably the most convenient money transfer method in the gambling industry. Internet casinos and cryptocurrency present a perfect match because they were both invented for the virtual world.
Bitcoin was the first cryptocurrency created in 2008 presumably by a group of people under the name Satoshi Nakamoto. Since its invention, this cryptocurrency has evolved to become the most famous digital currency. A process with which users generate Bitcoin is called ‘mining’. In order to ‘dig’ Bitcoin, you may either exchange the cash used in ordinary lives or utilise resources of your computer.
Thanks to the Peer-to-Peer feature, Bitcoin has become a renowned cryptocurrency. It is pretty plain to understand the major advantages of Bitcoin. Firstly, cryptocurrency has a decentralized nature. It implies no authoritative bodies can take away your personal coins. Secondly, avid gamblers and newcomers can make Bitcoin transactions in an instant. Finally, credit/debit card casino payments basically require fees to pay. This doesn’t work with Bitcoin.
To be fair, the process of applying cryptocurrency at online casinos is gaining momentum now. Because Bitcoin and the cryptocurrency market in general are emerging domains, it is quite hard to foresee the future for this form of payment.
By altcoins, experts call every cryptocurrency that is launched after Bitcoin. These currencies hinge on the identical technology or more profound methods. Specialists create brand new alternative coins all the time. Of course, it is unfeasible to bump into an online casino that offers absolutely all forms of cryptocurrency. Nevertheless, one can get acquainted with the most popular cryptocurrencies at those venues that propose multiple crypto payment options.
- Ethereum (ETH). This cryptocurrency is based on the Blockchain technology. Having smart functionality, it represents the second cryptocurrency in terms of capitalization. Therefore, ETH is a great asset players can invest in. It is no hardship to discover an online casino for Aussies that provides Ethereum
- Monero (XMR). The Monero cryptocurrency was created 7 years ago. The technology hinges on the special CryptoNote layer. It is a private currency, which means only senders and receivers are aware of the money transfer data
- Dogecoin (DOGE). Initially established as a funny joke about a dog and those obsessed with cryptocurrency, Dogecoin has become one of the most famous currencies on the net. The image of the Shiba dog is emblazoned on the logo of the cryptocurrency. However, the success isn’t a joke for Dogecoin
- Litecoin (LTC). This cryptocurrency came to life in 2011. So, it is one of the first altcoins in the industry, if not the earliest. Some casino players tend to opt for Litecoin rather than Bitcoin due to its swifter payments. It is no surprise there are well enough online casinos catering for Litecoin users.
It goes without saying that a cryptocurrency wallet represents a place where punters can keep their coins. If you wish to play at online casinos, you should get a wallet first. It all depends on the kind of wallet you are about to use. For example, you should upload an app wallet version to your device. A gambler can access these wallets through a web browser or download an app or purchase as hardware. Make a choice according to your budget and security measures imposed by each wallet.
These are common Bitcoin wallets in the gambling industry:
- eToro. A secure way of investing in cryptocurrency hassle-free. It is a useful source that many customers can use to their benefit
- Coinbase. This wallet came onto the cryptocurrency scene 9 years ago. Since then, it has expanded the list of available cryptocurrencies from Bitcoin to Bitcoin Cash, Litecoin, Ethereum and plenty of others
- Ledger Nano S. Being one of the safest crypto wallets, Nano S offers an extra security layer, meaning a user needs to select a pin code and a 24-word phrase for recovery purposes
- Robinhood. Due to no-fee trading, this currency has gained decent popularity. The wallet suits those who are new to the cryptocurrency world. Advanced traders won’t find sophisticated features here
- KeepKey. This is a crypto wallet with 40 various crypto assets. The wallet is very simple to use, and it is quite affordable
- Trezor. The wallet allows customers to send and store different cryptocurrencies. Trezor’s release happened in 2014. The Czech Republic company SatoshiLabs set up the wallet.
How to Make Bitcoin Deposits and Withdrawals
Operations regarding deposits and withdrawals are pretty similar. In other words, you log in to the account, go to the cashier. Then, find the Deposit or Withdrawal section and choose a suitable payment method. Finally, a user enters the amount of Bitcoin that they want to deposit or withdraw and completes the money transfer. It is a piece of cake!
To conclude, the market of cryptocurrency online casinos is increasingly amplifying. No doubt that in the near future punters will forget about traditional payment options and select cryptocurrency options as the major transaction method.