The online casino world in Australia is changing hand in hand with innovations in the technology sector. That is why more and more people are starting to talk about such a phenomenon as a crypto casino.
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What is a crypto casino?
Today, the term crypto casino means two different things. On the one hand, it can be an ordinary online casino that supports at least one cryptocurrency. Usually Bitcoin remains such a cryptocurrency.
However, on the other hand, a crypto casino can be an online casino powered by blockchain. In this case, this is no longer an ordinary online casino, but the entire internal architecture is based on blockchain technology.
In the context, we can only talk about online casinos in Australia in the first category among licensed casinos. We do not have a single licensed online casino operating exclusively on the blockchain.
On the other hand, punters from Australia have access to such casinos. One of these is Fairspin. There you can really test games that are 100% powered by crypto. It is likely that in the future some of these casinos will be added to the gaming sites registered with the MTA.
Pros and Cons of Using a Cryptocurrency-Enabled Casino
To begin with, let's figure out what are the main bonuses for visiting casinos that support cryptocurrencies. However, below we list important disadvantages that should also be considered when visiting such playgrounds.
- High Security: When you pay with bitcoin in Australia, you get the highest level of security. No one can steal your personal payment information. While identity theft is always a risk when using conventional payment methods, this is not the case when paying with cryptocurrencies. When paying with such currencies, there is no need to share personal data. It is also not possible to apply for a refund for cryptocurrencies. What has already been paid is gone anyway.
- Decentralized payments: In principle, in the case of bitcoin in Australia or similar cryptocurrencies, no one can decide that the money should be taken from you. In addition, the financial account cannot be frozen. There is no central control authority, so you personally own all your transactions and the money that changes hands during them.
- Time Savings: Are you tired of the fact that some of the traditional payment methods just take too long to pay out at the casino? Online casinos with cryptocurrency support give you the opportunity to make all transfers in an instant. In general, no Bitcoin or Ethereum transaction should take more than 15 minutes.
- Paying for non-existent services: Again, the decentralization of cryptocurrencies plays a role here. If there is no one to manage the bigger picture, then one cannot directly charge service fees for transactions. If there is a service fee at all, you may encounter it when exchanging cryptocurrencies for regular currencies. In this case, the mediation portals may indeed charge you a nominal fee.
- Privacy: If you are concerned about the fact that the bank can see your deposits and withdrawals in an online casino, cryptocurrency is a good idea. Since this guarantees complete confidentiality, credit institutions cannot arbitrarily decide whether your reasonable entertainment in the casino can in any way affect the advisability of obtaining a loan or other banking procedures.
- Many cryptocurrencies: The online casinos in Australia themselves may not support many cryptocurrencies at all. But one is enough to subsequently exchange it for completely different cryptocurrencies with the help of a service provider. Thus, you can create a whole portfolio of different cryptocurrencies, including Ethereum, Dogecoin, Litecoin and other altcoins. For example, you can convert part of your online casino winnings into other cryptocurrencies solely for the purpose of making long-term investments. In addition, these currencies can always be converted back to euros.
But what's not so good about crypto casinos?
- Experimental form: Although some cryptocurrencies have already fully established themselves economically, they are still in fact an experimental currency. Therefore, there is no 100% guarantee that everything will remain as it is. Rules and new legislation can completely change the reality of working with cryptocurrencies. As a result, existing investments and assets may suffer.
- Low Availability: During the 2020s, gaming sites will join the online casino landscape and offer the ability to make deposits and withdrawals using cryptocurrencies. At an early stage, but at the moment only a few online casinos in Australia offer cryptocurrency settlement - TonyBet and Kingswin.
- Unstable: Understandably, cryptocurrencies are not the most stable currencies that you can delve into. The value of bitcoin, ethereum, and other cryptocurrencies fluctuates based on demand. You may even find overnight that your crypto holdings have experienced amazing fluctuations. Therefore, playing with cryptocurrencies is not suitable for those who want to play for money with the usual stability.
- Conversion: In any case, you will have to convert the cryptocurrency back to regular currency if you want to pay with it in a store, for example. While all sorts of solutions are emerging for everyday use of cryptocurrencies, they still mostly involve additional service fees (even if in a hidden form). If you're worried about the thought of long billing fees or frequent conversions, then using a crypto casino might not be the best option for you.
Pros and cons of visiting a blockchain casino
Next, we take a closer look at online casinos in Australia that go one step further than usual. In addition to supporting cryptocurrencies, gaming sites may offer portals that are entirely or at least heavily based on the blockchain.
- Full control: As a user, you have full control and overview of your betting activity. In a real crypto casino, you can freely verify that the machine has just generated a specific result for you. If you use regular online casinos, there are no such options. You just need to trust government and independent inspectors and private sector companies.
- Higher RTPs: Experienced casino punters are always looking at what a pokie's payout rate, or RTP is. In the middle among crypto casino pokies, you can find more such games, in which the RTP steadily rises above 97%. This is better than regular casinos as the payback percentage of pokies is more like 96%.
- No need for oversight: Traditional online casinos in Australia require independent organizations and national oversight mechanisms. This is the only way to ensure that no licensed company or game maker tries to pull a skin on their users' ears. At the same time, crypto casinos eliminate this need for higher-level oversight, as each user can act as a supervisory authority.
Now let's see what are the not-so-good sides of a crypto-casino!
- No standard payment methods: If you play at an online casino in Australia that only supports cryptocurrencies, you can always use standard payment methods. For example, you can decide at any time that you prefer a bank card or e-wallet over bitcoin. However, if it is a crypto casino, then in any case, you can only make your transactions with cryptocurrencies. For example, no account Pay N play casino functionality is not available.
- Games vary in quality: Provably Fair is a pure blockchain game. This means that all events in the game are completely transparent to the parties involved. However, not all games created using this technology are of excellent quality. Sometimes some pokie games look downright primitive in comparison. Casino game makers with industry leaders like Microgaming or NetEnt. At the same time, this is a disadvantage that becomes less and less noticeable over time.
- Budget tasks: As you know, the value of cryptocurrencies is not particularly stable in relation to conventional currencies. Therefore, you can find many situations where you have to deal with unexpected changes in game budgets. If one day you have 100 AUD in play money in bitcoin, and the next day 100 AUD , this does not make you particularly carefree.
What cryptocurrencies can you find in online casinos?
It's time to sum up the cryptocurrency options for online casinos. In the following list, you will find some cryptocurrencies that are not available directly at Australia online casinos, but at crypto casinos around the world that have appeared to be available to punters from Australia.
1. Bitcoin (BTC)
Bitcoin is still the absolute favorite of people in the crypto world. It is a cryptocurrency that has already achieved legendary status and has made great leaps over the years. Unlike banks, Bitcoin does not have a central authority figure. In other words, all people can see the contents of transactions, but only the owner of a particular bitcoin can open and use it using the private key. Due to its extreme popularity, Bitcoin has begun to be accepted by some mainstream online casinos.
2. Ethereum (ETH)
Cryptocurrency, which was released in 2015, is based on an open source platform. This cryptocurrency can be used to create and run various decentralized applications. It is safe to say that after bitcoin, it is one of the most important punters in the crypto world and the value of this currency will most likely continue to grow in the future. Of course, crypto casinos picked up on this stink and started offering fans as a payment method.
3. Litecoin (LTC)
In 2011, Litecoin appeared on the crypto market. It was supposed to provide direct competition to Bitcoin. While the idea was good, Litecoin's value has yet to rise that high. At the same time, however, this cryptocurrency has real advantages over Bitcoin: faster transfers, more individual coins, and other algorithms. This cryptocurrency has also attracted the attention of online casinos.
4. Bitcoin Cash (BCH)
In order to understand this cryptocurrency, you need to know what "fork" means in the crypto world. If cryptominers and developers cannot come to an agreement in discussions, a new branch will actually be created. Bitcoin Cash increases the block size from one MB to eight MB, thereby allowing more transactions to fit in one block. Therefore, some foreign online casinos have also included Bitcoin Cash among the possible payment methods in order to offer crypto enthusiasts the ultimate experience.
How to find good crypto casinos?
However, you can find more online casinos in Australia that offer cryptocurrency payment support. Some of them are even completely based on the blockchain. Here are some tips on how to separate the wheat from the chaff.
- How many games are available? Sometimes crypto casinos have significantly fewer games compared to regular online casinos. This is because they only support Provably Fair branded casino games. Give preference to a crypto casino that has both reliable games from conventional manufacturers and special crypto games.
- Can you be sure that you are safe? We still mostly recommend the online casinos mentioned in the reviews. They have a domestic license, which means that the casinos meet the highest standards. When browsing the web, we recommend that you make sure that the gaming site has SSL encryption, good reviews and a transparent background.
- How many bonuses are on offer? And crypto casinos don't mean that anymore. casino bonuses You don't have to hunt. In a casino with options for cryptocurrency, the principles of bonus distribution work in exactly the same way. If you want to find a great online casino, you should definitely check if they offer a welcome bonus and what are the rewards for regular users.
- How many cryptocurrencies are supported? Crypto casinos differ from each other in the number of supported cryptocurrencies. Some may only offer bitcoin and ethereum, while other crypto casinos offer other cryptocurrencies. Therefore, before registering, find out about payment methods so that you can immediately know if your preferred cryptocurrency is available at all.
- What is the fee for related services? There may be no additional fees at all in an online casino. But it’s better to be safe than sorry, so it’s always worth checking if a particular casino charges an additional commission for depositing and withdrawing funds in cryptocurrencies. If there are several crypto-casinos left on the screen, from which everyone is resting, determine which crypto-casino takes the lowest service fee.
- Do crypto casinos offer 2-Step Verification? 2-Step Verification has become an important standard in the crypto world. At any moment, anonymous Internet villains may want to gain access to your cryptocurrencies. To combat this, two-factor authentication is required. In addition to your regular password, you also need to enter the code received on your smartphone so that the online casino can actually verify your identity.
- What are the alternatives to cryptocurrencies? Not all crypto casinos exclusively offer cryptocurrencies. In some cases, you may think that you would like to use the regular payment method instead. In this case, it would be a big plus to have the most common credit cards, e-wallets and direct bank payment links available at the casino.
Cryptocasino and depositing winnings
Let's say you just won a big amount of Bitcoin. What to do with this money? If you are just a beginner, you should definitely familiarize yourself with the ways to store cryptocurrencies.
- One of the safest ways is to get yourself a physical crypto wallet. Its disadvantage is the purchase cost, which can be around 100 AUD for higher quality devices. At the same time, it is stylish and with top-level security.
- A large number of crypto casino punters prefer an online wallet. Its plus is a low price or completely free service. Such virtual cryptocurrency wallets are convenient to use. However, they may not be as secure as physical wallets.
- You must ensure that the cryptocurrency wallet service of your choice still supports gambling deposits and withdrawals. Otherwise, you may be in for a nasty surprise as your user account will be closed due to a policy violation.
- Cryptocurrency wallets can exist as a mobile app and a desktop app. In this case, these are still safe solutions. Before using, it is always worth checking what crypto security standards a particular service provider adheres to.
- Some online casino punters in Australia have always chosen to convert their crypto winnings into fiat currency. This strategy is used to minimize the risk of unexpected price drops.