While still a relative newcomer to the world of online payments, bitcoin is making waves amongst players depositing at online casinos. Highly secure, anonymous, and without the need to operate through any third party payment processors, it enables players from around the world to transfer money directly to and from their casino accounts as an alternative to the more traditional payment methods.
While bitcoin is still only accepted at a small number of Australian casinos, it continues to grow in prominence, as more and more players and casinos realise the benefits of transacting in bitcoin. It’s easy, anonymous, low-cost, and secure, so it’s hardly any wonder gamblers worldwide are increasingly turning to bitcoin for handling their casino transactions.
The limiting factor when using bitcoin for online casino deposits is finding a casino willing to accept your payment. Bitcoin is still only supported by a fraction of online casinos, although this is expected to broaden out over the months and years to come as more casinos adapt to the changing payment landscape. When you do find a recommended casino that accepts bitcoin deposits, the process is straightforward, and the end result is a transaction that is even more secure than those offered by other payment methods.
Australian gamblers are lucky in that there are no blanket policies in place restricting deposits to online casinos – unlike in the United States, for example. However, the Australian government has been sounding a less supportive note of late, as it looks at new ways of restricting online gambling to the detriment of ordinary players.
Bitcoin deposits are immune from any government attempts to restrict payment processors from handling gambling transactions. With no need for an intermediary or payment processor, bitcoin allows you to send money straight to the casino, wallet to wallet, for more efficient, secure casino banking.
Making a bitcoin deposit is easy, especially once you’re familiar with the process of buying, storing and sending bitcoins. Before you can deposit in bitcoin, you need a bitcoin wallet, and some bitcoin, which can be bought on an exchange in your local currency. Once you hold bitcoin in your bitcoin wallet, it’s a simple case of entering the casino’s cashier, obtaining their bitcoin address, and forwarding the relevant amount to the casino.
Depending on the volume of transactions being processed through the bitcoin network, it can take a little time for your transaction to be verified, and reflected in your account. However, once the casino receives your bitcoin, this is usually instantly reflected in your bankroll, with complete anonymity and security from the get-go.
Bitcoin deposits are incredibly safe – above and beyond any security measures put in place by the casino themselves. None of your personal information is shared publicly when you transact through bitcoin apart from your bitcoin address, There is often no ID verification process like you’d expect with other transaction methods, and there is no third-party processor that can be hacked, or can leak your details inadvertently. As far as security is concerned, it’s one of the defining features that makes bitcoin so attractive for gambling deposits.