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Wednesday, September 28, 2022

Bitcoin casinos – Why they are getting so popular in Australia

Undoubtedly, Bitcoin is the most popular cryptocurrency. This is true in Australia as it is in other parts of the world. Since its debut in 2009, Bitcoin now has over 7 million users, some of which are casino lovers.

By the way, did you know that the first Bitcoin casino transaction was in 2012? To be precise, it was in the month of May. Since then, many Australian gamblers have embraced it as a convenient payment method. So what’s the reason behind this? First, let’s look at Bitcoin in more detail before digging into Bitcoin casinos:

Bitcoin – Overview

Bitcoin is the first ever decentralized international digital money. This implies, among other things, that it is totally digital and does not take the form of physical money. So, with just an internet connection, you can send bitcoin instantly from any location around the globe. 

Notably, the free market decides the price of bitcoin, depending on the demand and supply. Bitcoin runs without any centralized oversight since it is based on a decentralized network. This includes, but is not limited to, oversight of banks or governments.

Further, bitcoin uses peer-to-peer networks, cryptography, and open-source software. This technology, commonly referred to as blockchain, is completely transparent and unchangeable.

Storing BTC

Digital wallets that are dispersed around the Internet can be used to store bitcoin. For frequent users, this makes storage simpler. In actuality, there are lots of companies that offer digital wallets. Each one has a specific address where you can send and receive Bitcoin.

Additionally, anybody can create a bitcoin wallet. This has a lot of advantages. The two that are possibly most significant are censorship resistance and accessibility. You know, banks set rules, and clients have to follow them. So, banks have the right to close the users’ accounts if they don’t comply. They can also reverse or freeze accounts. However, bitcoin has no centralized authority, hence this cannot occur. Oh, and the Bitcoin network is operational 24/7/365.

What are Bitcoin casinos?

Any online casino in Australia that accepts Bitcoin is simply referred to as a Bitcoin casino. The casino could either use bitcoin instead of (or alongside) fiat currency. A number of sizable Bitcoin casinos have developed over the years. For gamblers looking to use Bitcoin, they provide games and services that are specifically tailored to their needs.

Notably, several sizable Bitcoin casinos in Australia have popped up recently. Why are they becoming popular in the country? Well, here are the most common reasons for their popularity in Australia:

Fast withdrawals and deposits

Australian gamblers desire nothing more than swift transactions. In conventional gambling sites, sending and receiving money can be a time-consuming procedure. This is because numerous middlemen must approve the transactions before they can be executed.

The truth is that traditional payment methods, such as bank transfers, are painfully slow. In fact, withdrawals using bank transfers take up to 5 days. Similarly, when using bank cards for withdrawals, you may receive your winnings after 2 or 3 days.

Compared to these and other methods, Bitcoin processes deposits in a flash. In addition,  Bitcoin withdrawals are processed in a jiffy. Surprisingly, when using Bitcoin you can expect your winnings in under 10 minutes!

Anonymity

In gambling, a good number of Australian players desire anonymity. This is understandable because no one wants their transaction history disclosed. Unfortunately, not all Australian casinos offer that. Other conventional payment methods disclose every bit of your information to the casino. 

However, things are different when playing at Bitcoin casinos. These casinos provide an unmatched level of transactional anonymity. This is particularly important in the modern day especially because of the widespread fraud that takes place in the online gambling industry. Anonymity provides an extra layer of security.

Lesser restrictions

Some casinos may restrict access from Australia. This may be because of legal objections. After all, you know how illegal activities are associated with online gambling. When it comes to Bitcoin casinos, you need to ask yourself two questions: 

Does Australia accept gambling? Second, does it permit Bitcoin and other cryptocurrency transactions? The answer here is a resounding yes. The good news is that most Bitcoin casinos don’t have restrictions. As a result, you don’t need to be concerned about your location in the world when playing. 

Lower fees

Usually, gamblers despise the exorbitant withdrawal transaction fees that casinos impose. This is true, especially when using fiat currencies. In AU, casinos that accept bitcoin are a terrific payment option for minimal fees. They typically charge substantially less than other casinos. You can therefore spend less while earning more money.

Most Bitcoin casinos often give a set charge for their games. As a result, you will only be required to pay for individual spins or bets. On particular games, some websites provide a percentage rate. If you’re attempting to optimize your revenues, this might even be better.

Exciting bonuses

Do online casinos’ attractive bonuses and promotions warm your heart? If so, Bitcoin casinos might be just what you’re looking for. Because digital currency is decentralized, crypto casinos can operate with low overhead. This allows them to offer their devoted players more alluring incentives. A conventional casino cannot afford this luxury. 

The finest part is that these bonuses are not available for new gamers only. Regular players are also eligible for frequent incentives, including VIP packages for the most devoted players. In general, most BTC casinos have:

  • Welcome offers
  • No deposit bonuses
  • Cashbacks
  • Loyalty rewards

Security

Another factor contributing to the popularity of Bitcoin casinos in Australia is the high level of security associated with BTC transactions. Blockchain technology proves to be quite successful in getting rid of scams. This is because verifying transactions is sufficiently complicated and difficult. 

Consequently, it guarantees both security and safety. Before a transaction is accepted, hundreds of nodes must digitally sign it. Nodes are a network of computers. These computers communicate to build and even update the database. Notably, this open system’s database has never been compromised. 

Bottom Line 

Bitcoin is the oldest and the most popular digital currency in use. Its popularity extends to online casinos in Australia. This is evident with the popping up of bitcoin casinos in the country.  What’s more, Australian players are now embracing bitcoin as a payment method. Just now, we mentioned a few advantages of playing at a bitcoin casino. Security, anonymity, speed and low fees are a few of them. This explains why Bitcoin casinos are getting so popular in Australia.

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