It’s no secret that depositing at online casinos in Australia is not an easy task. You can run into bank restrictions, credit card blocks, and e-wallet bans. Some players discover that all of their standard options for making an online casino deposit are unavailable. So what does one do? Have you thought about cryptocurrency?
For those that are having trouble making a deposit online, we would recommend trying cryptocurrency. If you are unfamiliar with cryptocurrency, we are referring to Bitcoin and other forms of digital currency that have become popular in recent years. One of the areas where you can actually use digital currency is at online casinos.
How Cryptocurrency Works
For those of you unfamiliar with cryptocurrency, think of it as digital money. When you use money from your bank account or credit card online, it is backed by the money or the credit in your account. That money transmits digitally.
Cryptocurrency is different in that the currency is entirely digital and is a series of algorithms. You cannot hold a physical Bitcoin or other forms of cryptocurrency. The currency is transferred via digital wallets that send the electronic currency to another wallet.
For example, if you have 2 bitcoin in your wallet and want to send .25 bitcoin to an online casino, you can initialize a transaction to transfer the money. Once those funds go through a verification process, the confirmation of funds is complete and the transaction concludes.
The primary difference between cryptocurrency and other forms of currency is that banks have no involvement. You are your own bank. This takes out the middleman and gives you control of your money.
However, there are some risks. For example, if you do not keep track of your wallet information, you can lose the money and it cannot be recovered. Also, if you transfer your money to an unknown place, there is no way of reversing the transaction. All transactions are final.
How Cryptocurrency Works for Online Gambling
As stated earlier, online casinos in Australia accept cryptocurrency for online deposits. You send an amount of bitcoin or other form of cryptocurrency and that crypto is converted into cash for use at the casino.
For example, at the time of the writing of this piece, bitcoin is worth about $7,200. If you send .014 bitcoin to Uptown Pokies, you will receive $100 in cash to use at the casino. Whatever you send in crypto will be instantly converted to the cash equivalent at the time you send it. After the transaction completes, you can use your cash just as if you had made a credit card or bank deposit.
Once you decide to cash out, you can opt to have your funds reconverted to cryptocurrency and sent back to your wallet. Alternatively, you can opt to have a check mailed to you.
The great thing about using crypto at online casinos is that it is nearly instantaneous. Once you send your bitcoin, it credits as soon as verification is complete. This is generally a few minutes. When you request a withdrawal using cryptocurrency, your transaction is in your wallet in minutes instead of days. The exception is casinos that opt to process crypto transactions manually.
The Future of Online Gambling Transactions
Online gambling was one of the early adopters of cryptocurrency and is one of its biggest users today. Casinos such as Ignition Casino accept bitcoin deposits and offer bitcoin deposit bonuses for new and existing players.
Due to the lack of regulation of the cryptocurrency industry, many online casino players have turned to cryptocurrency to fund their accounts. As such, you will continue to see this option become a part of every online casino in the future. Cryptocurrency is a fast and secure way to fund your online casino account.