Most of you have heard about Bitcoin, the king of cryptocurrencies. While primarily used as a store of wealth, it is also a viable option for those looking for a way to deposit onto Australian online casinos. This page provides you with a list of the best casinos that accept Bitcoin, how to deposit and cash out using Bitcoin, and what happens to your funds once you’ve made your deposit.
Two types of online casinos accept Bitcoin. The first is standard casinos that use Bitcoin as an additional deposit channel. Then there are Bitcoin casinos where you deposit in Bitcoin, and all betting is done Bitcoin units known as Satoshis.
Bitcoin is a popular option in countries where deposit options are limited. It is very popular in Australia with many online casinos in Australia accepting Bitcoin. Since it is decentralized, you don’t have to worry about banks blocking your transaction.
Also, some casinos offer special bonus offers for Bitcoin users. These offers are often more lucrative than standard deposit options. Best of all, most casinos charge zero fees for Bitcoin deposits and withdrawals.
Bitcoin is a multi-step process that requires extra legwork at your end. First, you must acquire Bitcoin and deposit some into a Bitcoin wallet. There are plenty of guides online on how to purchase Bitcoin and install an online wallet. Do not send Bitcoin from a Bitcoin exchange. This is not permitted by online casinos and may result in the loss of your deposit.
Once you have acquired Bitcoin and sent some to your personal wallet, you can deposit an online casino using the following steps:
Once you have acquired the address for your deposit, you’ll need to conduct the following steps to complete your transaction:
At this point, your deposit should begin transmitting. Some casinos may require you to verify that you’ve sent the deposit. If so, go back to the casino and click the verification link to confirm that you’ve sent funds.
After you have sent funds, you must wait for the funds to confirm. Often, your funds will be available once five confirmations have taken place. This takes between 10 to 20 minutes on average. You can check with the casino to verify the number of confirmations they require to activate funds in your account.
Note that most casinos do not charge fees for Bitcoin deposits, but miner fees still apply and are deducted by the Bitcoin network.
Bitcoin isn’t the same as other deposit methods, so your deposit will not fail due to insufficient funds or administrative blocks from banks. However, there are times where Bitcoin deposits will fail. Below are some of the most common reasons deposits fail:
The first thing to do if your funds are not showing as valid on your account is to check the transaction on the Bitcoin blockchain. Verify that you entered the correct Bitcoin address for the casino and that the number of confirmations has occurred. If so, contact customer support for additional help.
Note that if your issue is that you sent your Bitcoin from a Bitcoin exchange, you entered the wrong address, or you entered less than the minimum deposit, your funds may be lost. It is crucial that you correctly follow the above instructions to ensure your deposit goes smoothly.
Getting funds off of an online casino using Bitcoin is super easy. First, launch your wallet to verify your Receive address. Just look under the Receive tab or click on the option to generate a new receive address.
Once you have acquired a receive address, use the following steps to cash out:
That’s it! Once the required number of confirmations have been processed (often just five), you should see the funds in your wallet. Note that some casinos have a 24 to 48 hour verification period before manually processing your payment.
Also, some casinos will require that you go through a verification process to verify your identity and residence. Often, this can be completed using a drivers license and submitting copies of a couple of utility bills.
Most casinos do not charge fees for Bitcoin withdrawals, but miner fees will apply.
One major concern regarding Bitcoin online casino deposits is the potential fluctuating value of the currency. In the past, Bitcoin has experienced dramatic swings in price in both directions. This may cause concern for those looking to deposit using the cryptocurrency.
Whether your Bitcoin will lose value depends on how the casino handles it. In some cases, your Bitcoin will be instantly converted to USD, AUD, or the primary currency of the website. In this case, your deposit will not gain or lose value.
If your casino conducts all betting using Satoshi (basic units of Bitcoin), then it is possible that your deposit can lose value. Alternatively, if Bitcoin goes up, your online casino funds will gain value. For more information, contact customer service regarding how Bitcoin funds are handled.