Those of you who are technically minded will be able to identify with the concept very well, as it is based on the principles involved with digital blockchain technology. To others, it may seem a foreign idea.
This guide aims to help you easily understand the exciting concept of cryptocurrency casinos and show you what a valuable service they offer. Find out how you can benefit from playing casino games on these exhilarating platforms from Australia.
What are Cryptocurrency Casinos?
To understand what cryptocurrency casinos are, you first need to grasp the concept of what cryptocurrency is.
Cryptocurrency is an innovative virtual digital currency that is mined on the internet by sophisticated computer software and hardware. The mining rigs search the internet for suitable coded algorithms and add them to a unique decentralised ledger called a blockchain. Once on the blockchain, they become a currency and can be purchased and sold conveniently.
A blockchain is a ledger that traces every single movement of a particular cryptocurrency and represents the medium through which the currency is transferred from one user’s blockchain wallet to the next.
Unlike normal currency, crypto has no physical representation and is uniquely digital in nature. It does however have a real value, which is quite volatile, as its value is determined mainly by its popularity.
While some digital coins can be attached to a centralised server and have cash backing, cryptocurrency in its truest form is decentralised. This means that there is no third party involved in brokering the funds, making it a convenient and effective peer-to-peer-based payment method.
Crypto casinos have managed to leverage this virtual money to their advantage by offering top-rated gambling entertainment in return for the revolutionary digital currency. You can find adequate casino games online that are supported on these platforms.
Types of Crypto Casinos
Two unique types of casinos accept cryptocurrency:
- Crypto-Only Casinos: On these gaming sites, the operator will only accept cryptocurrency as a legitimate form of trade for deposits and withdrawals. Some of the best-known casinos of this sort include top brands like Bitcasino.io.
- Hybrid Casinos: These casinos will accept deposits and wagering in both cryptocurrency and fiat currencies for ultimate customer convenience. The most recognised and certainly one of the most popular hybrid brands is Bitstarz Casino.
Both types of casinos provide the same perks, and when it comes to playing with blockchain funds, hybrid casinos usually make it easier for you to change your fiat currency for crypto on the site and vice-versa.
The Advantages of Crypto Casinos
There are definite advantages and perks to playing casino games with a cryptocurrency. The unique platform allows for:
- Control over your own cash: Because no bank or third-party company handles or stores your money, you have complete control over your currency. You release funds and buy funds on your own steam and at your own convenience.
- Cost-Effective Transactions: No middleman means no additional transfer charges. The fact that cryptocurrencies are internet bound makes them borderless, which means there are no such things as forex charges, so you save in fees using crypto.
- Anonymity: One of the greatest advantages of cryptocurrency is that it protects your identity. The blockchain registers the hash keys that you present to it when making payments and is not reliant on your personal identity. It cleverly verifies each payment when the correct private key is used to release the funds from its matching general key (account). So, as long as you have the key to your wallet you can easily make deposits and receive withdrawals.
- Fast and Efficient Transfers: Blockchain transactions are speedy and take mere minutes to complete. They process as fast, if not faster than traditional e-wallets. Because there is no KYC legislation on withdrawals, crypto casinos can release funds to you instantly after you have requested them, making crypto casino the fastest and most convenient withdrawal casinos around.
- Secure Payments: The beauty of the blockchain is that anyone can access it, which means that you can verify whether your funds have successfully been transferred within seconds. Once the ledger reflects the payment, it is guaranteed. The blockchain is virtually hack-proof, so reversing funds is a thing of the past.
The benefits of using virtual currency are evident from the above, but it does certainly take some getting used to. Cryptocurrency grants access to players who would ordinarily not be able to gamble because of fiat currency restriction, therefore it is a good alternative currency option for gamblers, even Aussies.
What Technology is Involved at Crypto Casinos?
Crypto casinos are a relatively new concept, therefore most platforms run concurrently with the latest gameplay innovations. For instance, you can play at most crypto casinos conveniently from both your desktop computer or mobile device, as many of the sites are written in HTML5 coding.
This browser technology cleverly discerns what kind of device is accessing the site and then adapts the software to suit the machine’s parameters. This way, you can experience the same premium level quality of gameplay whether you are playing from your phone or your laptop.
HTML5 technology is instant browser tech, which means that no added downloads are needed to play, simply load up the game seamlessly from your browser and play within seconds.
What Games Can I Play at Crypto Casinos?
The diversity of games available at crypto casinos is large. Some of the best game suppliers in the industry often support these decentralised platforms. For instance, it’s not uncommon to find top games adapted for crypto from Betsoft, Pragmatic Play, Booming Games, Quickspin, Evolution Gaming, Ezugi, and other well-known brands. NetEnt and Play’n GO may even make an appearance at some of the bigger crypto brands.
The game selection covers all game types, including:
- Pokies: Aussies will have access to some of the best games available in the pokie sphere, including video pokies, classic fruit games, Vegas Pokies, and even progressive jackpot pokies for the high rollers.
- Table Games: At most crypto casinos, you can play blackjack, poker, roulette, baccarat, sic bo, and more.
- Live Casino: Live games from Evolution Gaming will often be available on these platforms. This gives you convenient and exciting access to the best Live Dealer games, like Roulette, Live Blackjack, Live Baccarat, Monopoly Live, Dreamcatcher, and way more.
- Other Games: A selection of instant win games are playable at many Aussie-friendly crypto casinos, including Keno, Bingo, and Scratch Card titles.
While the game selection may be larger at normal casinos, the crypto market is continuously growing in leaps and bounds with more and more providers making their titles available in this innovative new decentralised market.
What does Provably Fair Gaming Mean?
There is an exclusive gaming option that is unique to the crypto gaming world, called ‘Provably Fair Games’. Bgaming is a leading brand for this type of innovative game type.
Players can effortlessly verify the fairness of each game round through the game’s software. The provider gives the player free access to the open-source code of the RNG so that they can monitor the algorithm and verify that each outcome is unbiasedly random and 100% fair.
What Bonuses and Promotions are Available at Crypto Casinos?
Aussie players are in for a treat when signing up at crypto casinos, as these platforms usually offer some lucrative bonuses and promotions for you to kickstart your visit to the casino site.
Like normal bonuses and promotions, those offered in cryptocurrency, like Bitcoin, are competitive in the marketplace and come in various forms. At crypto casinos, you can expect to find a fine selection of:
- Match Deposit Bonuses: The casino will match your deposit amount by a certain percentage to give you bonus bucks to spend on your favourite casino games. Most Welcome Bonuses at operator sites are a Match Deposit Bonus of some sort.
- Deposit Free Spin Bonuses: Some casinos reward you with free spins on selected pokie games when you make a minimum deposit on the site. These give you the edge when playing pokies as you will be able to spin the rollers for free several times and claim some awesome cash rewards for free.
- No Deposit Free Spins: There are unique occasions where top-rated casinos will give you free spins on selected pokie games just for signing up with them.
Like with normal casino bonuses, the promotions at crypto casinos come with playthrough requirements too. Be sure to check:
- What minimum deposit is needed when wanting to play the casino games.
- If the wagering is fair on the bonus offer.
- What the max bet per round/spin is.
- What entertaining games can be enjoyed with the bonus.
- How the different games are weighted in the bonus
Many hybrid casinos will offer exclusive cryptocurrency bonuses to their players to promote playing games with Bitcoin or other top supported altcoins.
What are the Payment Methods at Crypto Casinos?
When it comes to making your deposit or withdrawing your wins from a crypto casino, the process at the ‘cashier’ is very similar to that of a normal casino, however, the types of payment methods are unique to the platform.
Special crypto wallets must be used to transfer cryptocurrency on the blockchain. These can often be downloaded online. The best crypto casinos will help you through the process of setting up a crypto account if you do not have one.
Crypto wallets transact in real-time. Deposits are made instantly, and withdrawals reflect the moment that the casino has approved the payout and releases the funds from their side. There are no excessive waiting periods, which is a great relief to most Aussie players.
There are thousands of cryptocurrencies in existence, so it is important to ascertain which ones the casino supports for gameplay. The most popular currencies accepted at online casinos include:
- Bitcoin: Bitcoin is the mother of all cryptocurrency. Widely used at crypto casinos, it is the most valuable of all cryptocurrencies and one of the most popular virtual options online.
- Litecoin: Litecoin is a superb cryptocurrency when it comes to making microtransactions. As such, it is a crypto gambler favourite. It works similarly to Bitcoin and processes safe, secure, and speedy transactions.
- Ethereum: Ethereum is a market leader and is very popular among crypto holders. It is second only to Bitcoin in market value and provides a user-friendly blockchain option.
- Monero: Monero is the most complete cryptocurrency if anonymity is your priority. Monero is very popular in gambling circles.
- Dash: Perfectly suited to gambling, Dash offers you the same level of anonymity as Monero and provides a fast and effective way for you to play online casino games.
- XRP: Also known as Ripple, this cryptocurrency has the backing of top banks around the world, who use it as a convenient method to transfer large sums of money at reduced rates and speedy timeframes. Ripple is perfectly suited to both depositing your funds and withdrawing massive jackpot wins from the casino for your convenience and benefit.
Bitcoin is the most popular currency accepted at online crypto casinos. So much so, that these platforms are commonly referred to as Bitcoin casinos rather than crypto casinos by many around the world. Bonuses and promotions are most likely to be advertised in Bitcoin.
How do I Buy Cryptocurrency?
Buying cryptocurrency is easier than you might think, and you can simply use your credit card to complete the transaction or simply trade any crypto that you might have for another form of altcoin.
Before you go looking for currency, you will need to download a top-rated crypto wallet to hold the virtual cash. There is much information online as to which are the best ones to use but settling for one from a reputable exchange should do the job well. Once you have a suitable wallet for the form of currency you wish to buy, you can complete the purchase in one of three ways:
- From an Exchange: You can purchase cryptocurrency from reputable exchanges like Coinbase or Binance. Here, you can make an online payment in fiat currency and in exchange have the equivalent in crypto sent to your wallet.
- Peer to Peer: You can purchase cryptocurrency from other individuals you want to sell it. For the safest option here, we recommend that you purchase the Bitcoin from a verified seller at a certified peer to peer exchange. The costs involved here are usually lower than at a regular exchange.
- From the Casino: Some of the best Aussie-friendly crypto casinos will exchange your Australian Dollars for Bitcoin on their site for a small fee. The convenience of this sort of service is invaluably convenient and safe.
Try to purchase cryptocurrency when the value is at a low. Like stocks, cryptocurrency values can vary, so buy low and spend when high to maximise your value when you win rewards.
How Do I Pick a Safe and Secure Cryptocurrency Casino?
Of course, there is risk involved in venturing into the decentralised market space, but there are many top-rated crypto casinos available to use that will treat you fairly and ethically. There are some things to look out for in determining the top sites, including:
- Licensing of the site: The best crypto casinos are licensed (mostly by the Government of Curacao). This means that their software is tested and has been found to work properly. Licensing ensures the ethical handling of business in most instances.
- Licensing of Software: Always play at casinos that offer genuine software from the best providers in the market. If you have not heard of the software at a particular casino, then search for an operator that provides names that are known in the market.
- Certification: The best casinos ensure that their software and RNGs are tested for fairness. Look out for seal of approvals from companies like TST, iTechlabs, or eCogra.
- Security: Always play at sites secured by top of the range SSL security encryption.
Above all things, you can trust Dice Dealer. If we promote services from specific crypto casinos, then you know that we have investigated their service excellence and business ethic and have found them acceptable for our Aussie player-base. There are many top crypto casino brands that offer first-class gambling entertainment in Straya.
How do I Get Started at a Crypto Casino?
To claim all the top bonuses and promotions or play the best casino games, you will need to follow a few simple steps:
- Make sure that your wallet is funded with Bitcoin or other.
- Register a player account at your crypto casino of choice. This will usually entail that you supply a username and email address alone.
- Once registration is complete, you can claim your Welcome Bonus.
- To get going, you will need to deposit virtual funds into your casino account. This you can do at the cashier’s page. Simply select your currency of choice from their menu, select an amount you wish to transfer, and verify the payment with your public and private crypto keys.
The funds will immediately reflect on the casino’s side. Once your account is topped up, you can choose your favourite game of choice and start playing.
Top Crypto Casino FAQs
Are Bitcoin casinos legit?
Many legitimate crypto casinos are operating around the globe. Many of them are suitably licensed and provide ethical gambling services to Australians.
Do casinos take Bitcoin?
Most crypto casinos will accept Bitcoin as a deposit and for wagers.
Do I Pay Taxes on Crypto earnings from casinos?
In Australia, you are not charged taxes on gambling winnings, however, you will have to pay on gains in cryptocurrency, as you would with any other investment. The ATO receives reports on your buying and spending from the Digital Service Providers which will be reconciled with your returns.
How do I store Cryptocurrency?
The most convenient way to store cryptocurrencies is in an online crypto wallet if you want to use the funds and trade regularly. Or you can store the codes in an offline wallet (hard drive) which you can lock up in a safe.
Which is the best cryptocurrency?
There are a few top-contenders in the crypto world. For overall usage and investment, Bitcoin, Ethereum, Ripple, and Litecoin are the best currencies to buy.