Cryptocurrency and the iGaming industry seemed to have a perfect relationship right from the start. The decentralized nature of crypto and the ever-innovative approach of the online casino market made the two branches an ideal match. Whether we're talking about Bitcoin, Ethereum, Litecoin, Doge, or any of the other popular tokens, there are more and more online casino aficionados using them to deposit and request withdrawals.
This article will take a close look at how cryptocurrency improves the entire online gambling process and gives players multiple benefits. For starters, you should know that any crypto you're using to deposit at your favourite real money online casino gives you complete anonymity and offers almost instant processing without fees. So, compared to any of the standard payment methods, crypto already has a considerable advantage.
Without further ado, we're offering you an exhaustive analysis of cryptocurrency casinos and the benefits they provide to online casino players. No matter if this is the first time you hear about a casino that offers crypto, or you're looking for an upgrade to the casino you're already using, we have you covered!
What is Cryptocurrency?
This new currency has become very popular lately, especially in the media. A cryptocurrency is an online digital currency that enables users to buy goods and services without requiring intermediaries. Its decentralized nature and the extra privacy it offers make it secure and widely available. Cryptocurrencies are digital tokens that are used to purchase goods and services using blockchain. Its security is its appeal.
Due to its widespread popularity, many online casinos have started to accept this form of currency for their games. In no time, the notion of Crypto Casinos started to become popular around the world. Many players who love gambling started to become more interested in crypto casinos. So let’s break down how cryptocurrency works so you can decide what’s the best choice for you.
What Are Cryptocurrency Casinos?
A cryptocurrency casino is nothing more than one of those where you are already used to playing your favourite pokies and table games that allow payments in crypto. On top of the standard fiat payment methods like USD, or EUR, cryptocurrency operators will allow you to pay using Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and many other tokens available on the market.
Mostly used cryptocurrencies at online casinos
Bitcoin
You surely heard about Bitcoin, the star of cryptocurrency, if you’re a casino aficionado. The number of Bitcoin Casinos is higher than all other cryptocurrencies together. But not many people know that it can be used for gambling online. Keep reading to learn all the details on how to use it and how good of a payment option it is for crypto gambling.
How does it work? Bitcoin is stored in a decentralized network. Its transactions are anonymous, but they are stored forever. This system works seamlessly through many “nodes”.
It’s essential to change your wallet address for every new transaction when using Bitcoin. Also, keep in mind that your Bitcoin wallet key is the only thing that ties you to it. So losing or forgetting it makes it not yours anymore. For that to not happen, you need a BTC wallet.
A Bitcoin wallet is a device that stores your Bitcoin addresses and key in one place. It can be used to make purchases and transfer money. Make sure you choose a strong password and leave your e-mail for backup when choosing this currency.
If you’re enthusiastic to know how much Bitcoin is worth, well, find out that its value has been skyrocketing in the last few years. It is the number one largest trading cryptocurrency by market capitalization with 1.2 trillion dollars. Quite impressive, isn’t it?
Ethereum
Ethereum is a blockchain app that is considered the second most stable alternative to Bitcoin. Its advanced technology makes it possible for crypto casino players to hide their financial information and personal details. Its blockchain program has improved to the point it’s become easy to use, which revolutionized the market. With Ethereum, it’s easier to create currency in a short time. Thanks to Ethereum's easy-to-use programs, the popularity of Ethereum Casinos is on the rise among players.
Litecoin
Known as an altcoin, it’s been in the Crypto Casino world since 2011 and is among players’ favourite payment methods. This cryptocurrency has the same properties as its alternatives, but it also has its own unique features. Funding your account with Litecoin offers you a very high level of security and also anonymity. This payment method is worldwide, and the payment process is speedy.
Bitcoin Cash
Bitcoin Cash is essentially an updated version of the original Bitcoin. Some accepted this update; others didn’t, which produce a split between the original and the updated cryptocurrency. Bitcoin Cash, like its brother, can be accepted in several online casinos. Also, note that it offers faster transactions than Bitcoin. Other benefits for the crypto gambling community are that this crypto coin is easier to use, has cheap transaction fees, and has high security. You wouldn’t mind having some Bitcoin Cash of your own, right?
Tether
Tether has been quite controversial among cryptocurrencies, but that didn’t stop its rise to popularity among casino players. Its stability has remained its top quality over the years. What’s so convenient about Tether is its familiarity with the dollar. They have almost the same price, and this crypto coin doesn’t have price fluctuations either. Tether allows you to switch from it to another crypto in a matter of a few minutes.
Dogecoin
The Internet meme reference cryptocurrency, which started as a joke, quickly developed a huge fanbase. Dogecoin is a decentralized digital currency, which functions through blockchain mining. Dogecoin has started to spark interest in crypto casino players by how easy it is to open a Dogecoin wallet.
Cryptocurrency Pokies. Which Games Can You Play?
If you thought there was a certain list of games that can be played with cryptocurrency, you can breathe easily now. All the real money pokies, table games, and other casino games designed for standard currency can be played with Bitcoin. As long as the casino accepts payments in Bitcoin, Ethereum, Dogecoin, or any other cryptocurrency, you’re good to go. Of course, this doesn’t mean you should skip the mandatory step of checking whether the casino has your favorite pokies or the software providers that deliver them.
Just like with fiat currency gambling, the most popular crypto pokies remain Starburst, Book of Ra, Vikings, Gonzo’s Quest, Book of the Dead, and Thunderstruck II. When talking about table games, no matter if you’re thinking about live dealer ones or the classic version, Blackjack and Roulette rank the highest in terms of popularity.
Casinos that Offer Cryptocurrency Games
When it comes to picking the best crypto casino, there’s plenty to choose from. That’s why we’ve put together a list of the top-rated venues. Picking any crypto casino listed on this website will give you the peace of mind that you’re going to enjoy a fair, licensed, and trustworthy operator. Furthermore, you can be sure that they’ve been checked and double-checked by our experts with tens of years of experience in the iGaming field. If you want to find out more about the crypto casinos listed on this website, we invite you to read the exhaustive reviews prepared by our team of industry professionals!
The Best Cryptocurrency for Online Crypto Casinos
It goes without saying that the best cryptocurrency for enjoying your favourite online real money pokies and table games at casinos that accept this type of payment is Bitcoin. Not only was this the first-ever cryptocurrency to exist, but it’s the only one accepted at ALL crypto casinos out there. Furthermore, Bitcoin is the cryptocurrency with the highest value around and holds over 50% of the crypto market share all by itself. It means you'll have to worry less about a sudden drop in prices that will affect your profit in the long run. Another reason why Bitcoin is the best choice for enjoying online slots and table games comes from the fact that all exchanges offer it. So, you can be sure you can buy Bitcoin with AUD at all crypto exchanges.
Furthermore, to give you a glimpse of one of the numerous advantages you get from playing casino games with Bitcoin, there’s always the possibility of boosting your profit. When you withdraw in Bitcoin, besides the value of the win, you can make some more money on the price fluctuations of Bitcoin compared to AUD. So, a win-win situation! Not too bad, right?
Cryptocurrency Casino vs Fiat Casinos - Head-to-Head Comparison
Now, we’re not trying to make things difficult for you when you just want to enjoy some pokies in crypto. However, the term crypto casino is so widely used that it tends to be applied to any operator having anything to do with Bitcoin or other currencies. Therefore, we need to make a clear distinction between casinos that allow you to deposit and withdraw and play the games with crypto or casinos that only allow you to make cryptocurrency transactions but the account is still held in AUD. The ones in the second category, can’t really be named cryptocurrency casinos because only allowing players to deposit and withdraw in BTC, ETH, or other cryptocurrencies isn’t enough.
Suppose you don’t fully understand the difference between casinos that let you play your favourite pokies in crypto and the ones that just allow you to deposit with it. In that case, we’re going to explore the subject thoroughly.
Cryptocurrency Casinos
These are the ones you want to use if you're looking for an awesome casino experience using cryptocurrency. These will give you the advantage of accumulating wins in crypto directly, instead of having to convert it from AUD to crypto when you withdraw. So, you won't have to deal with fiat currency at any point along the way, for a true crypto casino experience Not going through the extra step of currency conversion is also of great convenience and it can mean avoiding some high fees on the road as well.
Fiat Currency Casinos
These types of casinos that want to call themselves cryptocurrency venues are actually simply classic casinos that accept payment in crypto. And while the difference may not sound like much, there are a couple of disadvantages you're looking at. First of all, we need to highlight the downside of always having to go through currency conversion. Since you’ll have to convert your initial crypto deposit in AUD to play and then convert it back into BTC or any other crypto when you request a withdrawal, there’s a huge chance you lose money on the way. The market and price fluctuations changes could mean you don’t make a profit at all, even if you withdrew more than you deposited. That requires a significant crypto price drop but that’s not impossible.
Always do your research and make sure you’re playing at a veritable crypto casino. And, once more, if you’re not sure how to tell them apart, you can always choose one from this page, verified by experts.
Advantages and Disadvantages of Cryptocurrency Casinos
We’ve compared the two types of casinos where players can pay and play with cryptocurrency. The logical step is to take a closer look at the pros and cons of cryptocurrency casinos as a whole. Check them out!
Advantages
- Guaranteed instant transfer of funds
- Improved security
- Complete anonymity
- Low or inexistent fees
- The potential of winning even more if the cryptocurrency price spikes between when you deposited and withdrew.
Disadvantages
- Stakes are usually higher when playing casino games with cryptocurrency ( especially for Bitcoin)
- Not all pokies can be played with all types of crypto - some of them are only optimized for Bitcoin.
- There aren’t as many cryptocurrency casinos compared to regular ones
Playing With Cryptocurrency Bonuses
Crypto casinos offer consistent real money bonuses, just like their regular-currency counterparts. Playing with these bonuses can come with a consistent boost in gameplay and winning chances. The crypto gambling Australia landscape has some reputable casinos that know how to reward their players.
New Players can check out new cryptocurrency casinos with a no deposit bonus and welcome bonus, while returning players can choose from percentage bonuses, reload bonuses, and cashback promotions, with or without wagering, and the list can go on. Cryptocurrency bonuses use the same principles as the standard ones. However, the limits are usually higher when talking about the max bet, or maximum withdrawals. When talking about wagering, things are similar or even identical.
There’s nothing stopping you from claiming bonuses for your cryptocurrency deposits. Players just have to use the corresponding promo codes (if that’s how the casino organized the bonuses) and the offer will get added automatically.
How to Deposit and Withdraw Funds with Crypto
Most players fear that the deposit and withdrawal process is a lot more complicated when using cryptocurrency. However, nothing could be further from the truth. No matter if you’re using BTC, ETH, Dogecoin, Bitcoin Cash, or any other crypto, the process is very similar and you can get it done in a few simple steps.
- Open a crypto wallet of your choice
- Link a payment method to your cryptocurrency wallet
- Access the casino account and click on “Deposit”
- Select the cryptocurrency of choice from the list of available payment methods
- Enter the deposit amount and click on “Deposit”
- Scan the QR code from within your crypto wallet to open the transaction page.
- Send the funds to the Recipient's Address from your wallet.
Having covered the deposit steps, it’s time to see how easy it is to cash out your winnings. And, it’s just as easy:
- Go to your Casino account and click on “Withdraw” (it could be located under My Account in some casinos)
- Insert your crypto wallet public key and the amount you wish to withdraw.
- Click the Withdraw button.
- The amount will be sent to your wallet instantly.
What Blockchains Are and How Do They Work?
If you are an Aussie crypto casino enthusiast, as we are, you also need to know a bit more about cryptocurrency blockchains. It's the only way to fully understand the process since blockchains are the backbone of the entire crypto transaction process. We’re about to get a bit technical here but there's nothing to worry about.
Blockchain is a technology that has been around for a long time, but it has yet to be given the kind of attention it deserves. It’s quite a strong technology that can impact the financial market and other industries and businesses.
First, you have to know that a blockchain is a database that is distributed and shared with no storage device linked to a common processor. It’s basically a growing records list, and each growing record is connected to a previous block. Its transaction data and timestamp are secured by cryptography. Cryptography assures the safety and security of the blockchain. A user is able to edit only the blockchain part they own, with the help of a private key it’s mandatory to have, so they can write the file. Did we lose you? Let’s shed some light on this technical wilderness:
There are different types of blockchains:
- Public blockchains - like Bitcoin, are big distributed networks that work through a token. Anyone can take part in this forum and they have open-source code, maintained by the community.
- Permissioned blockchains - control network roles for people. They’re big and distributed, with their own token. The core code can and can’t be open source. Ripple is a good example of a permission blockchain.
- Private blockchains - smaller systems that don’t have a token. Members are usually trustworthy and confidential information is traded with no problem.
The internet is decentralized, but we often need to rely on a centralized system for financial transactions. This is where banks come in. With blockchain innovation input, individuals can execute and trade with each other straightforwardly without the association of an agent.
Most Popular Crypto Wallets and Why Do You Need Them?
A crypto wallet is an app that helps you store your cryptocurrency address and keys in one safe place. It’s crucial to keep your money safe, especially crypto coins! If you’re looking for one, we got you covered. As we’ve prepared a list of trusted crypto wallets fit for any crypto gambling Australia player:
CoinBase
For a prevalent and solid choice, CoinBase positions among the most excellent choices for a crypto wallet. It’s moreover one of the foremost helpful, allowing you to purchase and store your coins in one place. Some select cold wallets due to their security, but CoinBase positions itself profoundly in this area, as well. It’s an extraordinary choice in case you’re taking care of virtual coins for the primary time.
CoinBase also offers an incredible portable app that has all the features you'll be able to discover on the desktop form. Coinbase includes a confirmation handle that might take a bit of time, so make sure to sign up early if you know you’re gonna be making crypto exchanges within the close future.
Electrum
Electrum is a very user-friendly crypto wallet for Crypto Casino players. It employs two-factor verification and a straightforward approval framework to provide you control over expenses, whereas guaranteeing that your coins stay safe and secure. Electrum is one of the leading and most established crypto wallets around.
In terms of security, this computer program wallet lies in between paper and online wallets. Electrum isn’t as flexible as other wallets out there when it comes to what you'll be able to store. In any case, we think it’s an incredible mid-range alternative for user-friendliness and security.
Edge
If you’re thinking of getting a charge out of your crypto betting time on a versatile gadget, there are some alternatives out there. For iOS clients, Edge could be an incredible all-around arrangement. It’s secure, private, user-friendly, and decentralized, perfect for pokie game wins. Edge is additionally multi-purpose, which suggests it can store a few cryptocurrencies. After considering its various highlights and shocking plan, it reinforced its notoriety as one of the leading crypto wallets on the showcase.
History of Cryptocurrency Casinos
The cryptocurrency casinos’ history is tightly linked with Bitcoin. Since Bitcoin was the first crypto to see the light of day and kick off the entire concept, it’s synonymous with crypto casinos. It all started in 2009 when Satoshi Nakamoto created the currency. Actually, it’s not sure if Satoshi Nakamoto is a real person or represents a group of people. What’s sure is that the created currency revolutionized the way the global financial industry works. Bitcoin is a virtual currency in layman’s terms, but it is nothing like the currencies the world already used, such as the dollar or the euro.
Its decentralized nature made Bitcoin a huge hit among online real money casino players that were already being targeted with all kinds of restrictions. Therefore, it was only a matter of time before cryptocurrency casinos started to appear and offer players the possibility to keep accounts in Bitcoin. Seeing the success of these early cryptocurrency casinos, more joined the industry and, just like regular casinos, the competition got fierce.
It wasn’t long until other cryptocurrencies appeared, following Bitcoin’s success. Actually, several new tokens (the name of new cryptocurrencies) get launched on a daily basis. However, only the likes of Ethereum, Dogecoin, Litecoin, and Bitcoin Cash, to name a few, managed to survive. Naturally, they got adopted by cryptocurrency casinos as well.
Are Top Crypto Casinos Safe?
We touched on this subject several times in the previous paragraphs so you may already have the answer to this question. However, it never hurts to sum things up and make a clear statement about the safety of crypto casinos. And the bottom line is that these operators are extremely safe for players looking to enjoy an awesome experience. Of course, just like with regular real money casinos, you can’t just put the stamp of “SAFE” on all operators. However, the ones with a good reputation, a valid license, and a long list of satisfied customers always stand out. We’re here to do a thorough selection of all crypto casinos out there and make sure you only use the very best of them.
The Future of Cryptocurrency Casinos
Crypto gambling at online casinos doesn’t show any signs of slowing down. There’s incredible chemistry between online gambling and cryptocurrencies that will never see them apart. With Bitcoin and Ethereum becoming increasingly popular across the globe, there’s no doubt that more crypto casinos will appear. Also, the massive spike in prices experienced by the major cryptocurrencies this year served as a great advertisement for crypto casinos and gambling using tokens. Therefore, we can lightheartedly conclude that the future of top crypto casinos is a very bright one. Despite isolated efforts from dictatorial governments to control cryptocurrency, we’re sure that crypto gambling and the entire industry will continue to strive and make millions of casino players happy.
