What are Bitcoins?
Bitcoin is simply a decentralized crypto currency and is coined decentralized owning to the fact that it is not controlled by any financial institution, government or even backed by any bank. This purely digital currency thus have no notes or coins that can be used exclusively in online transactions. In this monetary system encryption is used to secure transactions and keep your transactions anonymous.
Is it legal for Australian players to use Bitcoins at online casinos?
In December 2013, the governor of the Reserve Bank of Australia (RBA) indicated in an interview about bitcoin legality stating, “There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There’s no law against that, so we do have competing currencies.” Australia has officially confirmed it will treat bitcoin “just like money” on 1 July 2017 and it will no longer be subject to double taxation
Recently Australia introduced Australia Introduces AML/CTF Requirements for Cryptocurrency Exchanges
Also the research, carried out by Bitcoin.com.au, shows millennials are adapting to bitcoin, the peer-to-peer (P2P) digital currency, just like other systems of “collective commons” such as Uber and Netflix, which provide greater savings and efficiency to customers.
Recently Brisbane Airport become the planet’s first aviation hub to accept Bitcoin – as well as a selection of other virtual currencies, including Dash, Steem, Litecoin and Ethereum – after signing an agreement with tourism company TravelbyBit Australia.
As there is no clear laws for Australians concerning betting at casinos, which allows players to indulge in the latest forms of betting at offshore casinos and this has proved to be an ideal setup for bettors who prefer to wager bitcoins on games.
This shows that if you are playing at offshore casinos with Bitcoins there is no harm in it. While the majority of the markets have existing gambling laws, policies that regulate Bitcoin are yet to be drafted. This serves both as a blessing in disguise and hurdle since a concrete structure that delimits the use of Bitcoin is still not in place.
Where to get Bitcoins from and how to store them?
To play at Bitcoin casinos you obviously need Bitcoins and the easiest way to get them is through a bitcoin exchange. So how that works is:
- Create a wallet at the bitcoin exchange: All you need is a verifiable email address to get started.
- Once you’ve selected and signed up for an exchange, you can begin buying or transferring money to your exchange bank account.
- Once money is deposited, you can choose to ‘Buy’ or ‘Trade’ the bitcoins,. The pricing will always vary depending on supply and demand.
- Once the bitcoins are purchased, you can transfer your bitcoins from the bitcoin exchange to your wallets.
There are different methods through which you can purchase bitcoin. Also, there are many currencies you can use to buy bitcoin from different exchanges. After buying bitcoins you will be allowed to use them anywhere you want and enjoy anonymity and safety. Another thing is that you can exchange your bitcoin into fiat currency through any of your selected bitcoin exchanges online.
You can buy BTC in AUD dollars here or get the best prices to buy BTC by clicking here
Also visit where Australians exchange Bitcoin into AUD dollars
Also there are three thousand bitcoin ATMs in Australia. Click here to find BTC ATM near you.
Playing casino games with Bitcoins
Whether they are pokies, table games or live dealer games at Bitcoins casinos, they can be played with Bitcoins without any effort. Like you generally play casino games at Australian friendly online casinos in same way you play with Bitcoins. All you need to get to Bitcoin casinos or casinos that have BTC as currency of deposit listed in their banking page. When playing real money pokies simply choose BTC as your mode of payment at Bitcoin casinos. The Bitcoin casinos will convert your bitcoin into their base currency that is AUD and the exchange rate will be boldly displayed in the bank interface on the site.
Although you can’t use a bank account, credit card or cheque, avoiding the conventional banking system means transactions are faster. Using conventional currency, cashouts can take days, and cheque deposits up to a week. Bitcoin transactions are usually complete within minutes. Bitcoin casinos have no transaction costs. All transfers are peer-to-peer, so there are no middlemen to pay. Multi-currency casinos often make charges to deposit or withdraw using a credit card, and the providers themselves may have fees. The same can be true for e-Wallets and banks.
Finding the best Bitcoin casino
Before signing up at Bitcoin casinos you should check the following:
- Bitcoin casinos should be licensed and regulated by authentic gambling commission.
- The casino should have a provably fair system, and/or uses games from reputable traditional casinos. A provably fair system uses cryptographic techniques to determine the authenticity of a roll and ensure that neither the game, nor the player knows the outcome of a roll prior to the bet.
- Bitcoin casinos should offer great promotional offers and BTC bonuses.
- The game play and interface should be user-friendly and can be played with various devices like mobile and tablet.
Playing at Bitcoin casinos gives much joy as you can make can deposit and withdraw anonymously without the need for any third parties or middle men. Also you can play with high or low credit according to your budget in a fast deposit and withdrawal environment. Moreover, when making cashouts, there is no need for any ID proof and with loads of BTC bonuses at Bitcoin casinos greater chance to make some wins when playing slot games. With 24.7 help support Bitcoin casinos are now much on demand.