1. Bitcoin as a payment method at online casinos
  2. In Australia there are a good number of casinos online that accept cryptocurrencies. You can find lots of advantages when using bitcoin to load your account such as fast payouts, no fees and many more.

In 2008, Satoshi Nakamoto, a person or a group of people (nobody knows for sure) developed bitcoin. Digital currencies, or cryptocurrencies are electronic monetary units that are generated by computer networks and used instead of traditional currencies. Paying with digital currency is not the same as paying with a credit or debit card, PayPal, or Apple Pay which use traditional currencies such as US dollars, British pounds or Chinese yuan.

A unit of digital currency has a value that is determined in the process of exchanging traditional currencies and goods for units of digital currency on special currency exchanges on the Internet, such as BitPay. It’s worth noting that all Bitcoin transactions are completely anonymous, and there is a 100% guarantee of the security and reliability of the transaction when transferring digital property from one owner to another. When it comes to storage security, digital currency cannot be withdrawn or blocked by anyone without physical access to the owner’s electronic wallet.

Some More Info about Bitcoin

Previously, national currencies were supported by gold, silver, now by GDP. In theory, you can come to any bank in the country and exchange paper money for their equivalent in the form of gold bars and back. While Bitcoin is not backed by anything, it’s just math. During the creation of bitcoin, the main idea was to create not an analogue of real money, but a similarity of gold what modern money is provided with. How does gold differ from dollars, rubles, zlotys, euros and others? The volumes of gold are clearly limited in nature. You will not be able to get more gold than you have. And it will be very difficult to create it synthetically and this process is unstable.

Something similar is characteristic of bitcoin. The number of cryptocurrencies is limited to 21,000,000 coins. When the total amount reaches this number, the subsequent issue will be stopped so that inflation does not occur. Mining coins needs specific costs. If people’s labor costs are spent on gold mining, then computer resources are spent to get Bitcoin.

The Rest of The Story

At the very beginning of 2009 the bitcoin network was created. The first major users of bitcoin were black markets, such as Silk Road. In February 2010, the first Bitcoin Market service appeared on the network, and in May, Laszlo Hanyecz bought two pizzas for 10 thousand bitcoins.

YearPrice per bitcoin
2011$0.30
2012$5.27
2013$13.30 
2014$770
2017$998
2018$13,412
February, 2021$44,141

There were moments when bitcoin slumped and then it grew enormously. For example, at the beginning of 2013, its price was $13.30 and by January 2013 it rose to $770.  At the moment, bitcoin is considered one of the free digital currencies, which is quite predictable, simple and transparent. Due to the programmed limitations of its issue, Bitcoin is not subject to inflation.

To know more about how to use your money whether it is fiat currency or cryptocurrency wisely, visit moneysmart. They can give you some advice for managing your funds for free.

Cryptocurrency To Pay At Online Casinos

Today cryptocurrency is used at online gambling venues to fund Player account. Bitcoin has occupied not a huge part of the online gambling market, but since 2014 players have made BTC bets amounting to over $5 billion. 

The main reasons for using cryptocurrency are 

  • increased privacy, 
  • transparency,
  • no or low fees, 
  • fast payouts, 
  • interesting bonuses,
  • additional security.

Blockchain technology used in bitcoin is highly optimized for protecting information. It makes it difficult, almost impossible to change, hack, or cheat the system. Not only does Blockchain decrypt the data in order to protect information from cybercriminals, but also it allows Bitcoin to operate without the need for a central authority. It results in reducing any risk, decreasing or eliminating transaction fees. Cryptocurrency really facilitates fair play when gaming.

Australian Online Casinos Accepting Cryptocurrency 

More and more virtual gambling establishments around the world start to accept cryptocurrency. Australia is one of those countries where bitcoin and other digital currencies are welcomed in many internet casinos. However, there are lots of fraudulent casino websites. So, there is risk to lose your money. Not to get caught by crooks, try to learn more about the site you are going to play before investing your money in it. What can you do? 

  • Make sure that this casino has a valid license.
  • Read other players’ reviews.
  • Play for free first.

Alex Jones can tell you more about gambling in Australia.

Here are some of the top casinos where not only can Aussies load their gambling account, but also get bonuses for using cryptocurrency.

  • PlayAmo
  • Fair Go
  • National Casino
  • Casino Rocket
  • Woo
  • Rich Casino

Shop around and try to find the best online casino at onlinecasinos-australia.com that accepts bitcoin or any other cryptocurrency. You won’t surely be upset using it to gamble.