The 2010s saw a significant rise in the use of cryptocurrencies as a substitute for FIAT currencies. The crypto frenzy kick-started with Bitcoin in 2009, launched by Satoshi Nakamoto. Popularly known by its acronym BTC, bitcoin is a digital currency functioning on peer-to-peer blockchain technology, and it has no physical form. Over the years, its value has ballooned from less than a dollar to $50,000+ per coin. Also, it has influenced the creation of other cryptocurrencies like Dogecoin, Litecoin, Bitcoin Cash, Ethereum, and Tether.
The rising value and popularity of bitcoin have, over time, pushed its adoption by the Australian online gambling industry. The cryptocurrency is often placed alongside regular currencies like AUD, USD, and EUR, while some gaming sites exclusively cater to the digital market. BTC supports gameplay the same way FIAT currencies do, and it can even be used to claim incentives like the no deposit bonus Australia. Here is an overview of the digital currency’s use in online casinos and sports betting sites.
Upsides of Bitcoin Casinos and Sportsbooks
Bitcoin’s use in online gambling funds spells significant advantages for both players and casino operators. The fast-rising currency is often referred to as trustless money, not because it cannot be trusted, but because it operates so effectively that trust between the parties involved is unnecessary. The advantages that come with casino and sports betting using BTC include;
Anyone with internet access can get their hands on bitcoin. The currency exists on a virtual network accessible globally, removing the limitations caused by physical money traces. Also, their decentralized nature means they are available to everyone at the same value. You can visit numerous websites like eToro, Bisq, Robinhood, and BlockFi that sell BTC. These sites conduct private conversions at little to no cost, and some of them sell online wallets to store the coins. Stay up-to-date with the current bitcoin price to ensure you are getting a good deal.
The Australian dollar and other FIAT currencies are tied to specific regions and financial institutions that sometimes hinder exploring online gambling services. BTC cuts through the red tape and grants access to global services. Bitcoin is not tied to any country or region, allowing casinos and sportsbooks to fish for clients in jurisdictions they previously couldn’t and vice versa.
Bitcoin does not include any personal information on transactions and wallets, making it impossible to determine who an account owner is. Instead, the crypto uses permissions to gain access to accounts, reinforcing their exclusivity. On the other hand, credit/debit cards, bank transfers, and eWallets usually have your name, email address, phone number, and additional private information. When using BTC, the lack of such data ensures that you remain safe from financial and identity theft in case the casinos’ servers are breached.
Bitcoin solves one of the most significant issues with FIAT currencies – the lack of control. While money in the bank or eWallet may be yours, it is subject to rules and levies set by third parties, such as transactions fees, conversion fees, and processing periods. The blockchain technology on which BTC operates puts the control in the users’ hands and makes them their own bank without compromising the network’s security. Also, BTC uses multiple redundant transaction database copies, making it impossible to seize funds, like how governments freeze wealth. The only way to gain control of bitcoin is by forcing an account owner to transfer coins to another wallet.
Bitcoin users can label transactions as sensitive and crucial, altering how they are viewed on the network and making them impossible to modify. Heavy-duty end-to-end encryption limits fraudsters from changing or using accounts even if they stumble across them. Also, the information is spread out on a vast network of computers rather than being kept on a single server. This makes breaches nearly impossible to carry out.
While bitcoin is anonymous, it also maintains a high level of transparency. Access to personal accounts by third parties is out of reach, but permissioned ones can view transactions occurring on the network. Any cryptocurrency transfer conducted by casinos and bookmakers comes with a public address attached to a distribution ledger. The address appears in the same form in multiple locations on the system. Authorized third parties get an address trace simultaneously, which they can use to confirm the transfer. BTC skips the hassle created by governments and financial institutions’ unfair manipulation of verifying transactions.
Low transfer fees
Bitcoin users can choose whether or not to pay transaction fees when cashing in and out of gambling clubs. The higher the paid levy, the more priority a transfer request gets from the system. Players have the option to pay no fees, and the funds will still get to their accounts, just slower. Either way, BTC use beats the trouble of paying steep transaction and conversion charges when using FIAT currencies. Also, regular money types take longer to be processed. For instance, bank transfers can take up to seven days, and cheques can go up to fourteen.
Bitcoin transaction addresses create an audit trail that identifies the currency’s use on the system. For casinos and bookmarkers, these audits can root out weak points in their services, such as games and bonuses that do not achieve the required numbers. As a player, you can use it to identify whether your gambling habits are healthy and within reasonable limits, supporting personal and social responsibility.
Bitcoin casinos escape the risk of chargebacks since it is impossible for transactions to be reversed. Once the coins are deposited into an account, the new owner (the gaming site) is the only one with the associated private key to give them back to the previous owner.
Top Bitcoin Casinos and Sports Betting Sites
Australian players are hardly short of options when it comes to bitcoin casinos and sports betting sites. The sites listed below are attractive for reasons beyond their support of crypto gambling, including entertaining game collections, lucrative bonuses, and security measures:
mBit online casino is an exclusive cryptocurrency gambling destination, accepting Bitcoin, Tether, Ethereum, Dogecoin, etc. The gambling den features 2,000+ casino games from reputable studios like Endorphina, Booming Games, BGAMING, NoLimit City, Play’n Go, and Betsoft. Slot machines are the most popular sets, including Prince of Persia, Ocean’s Treasures, Burning Classics, Book of Cats, Crystal Digger, Wild Drops. Bitcoin users can trigger diverse mBit bonuses, starting with this welcome package:
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You can collect extra reloads of spins and special deals from the mBit monthly interactive map that awards daily incentives in exchange for deposits. mBit Races, Refer a Friend, and Bitty Quiz are other ways to boost gambling funds.
7Bit Casino is mainly marketed to the cryptocurrency gambling market, but it also opens the door for players using regular currencies. The gaming site partners with Visa, Neteller, Skrill, iDebit, Paysafecard, and other reliable online money transfer channels for these reasons. Even so, bitcoin users can filter the gambling club’s 5,000+ game catalog to display sets that support crypt gambling only. Yggdrasil Gaming, Platipus, Habanero, Booming Games, Play’n Go, and Belatra are among the casino’s game providers. Players get a vast selection of pokies, table games, and races to try their luck. Most of the listed sets are available in free and cash modes.
FortuneJack is the ideal mix of casino and sports betting services, suited for novices and seasoned gamblers alike. The cryptocurrency gaming site works with a user-friendly design that flows seamlessly on all fronts. The casino section features coveted games from top developers, including;
- Hacksaw Gaming – Dead or a Wild, Toshi Video Club, Chaos Crew,
- Endorphina – Hell Hot 100, Rooster Fury, Chance Machine 100, The Rise of AI, Asgardians
- Yggdrasil Gaming – Ozwin’s Jackpots, Vikings Go Berzerk, Holmes and the Stolen Stones
- iSoftBet – Hot Shot 2, Dragon Stone, Lost Boys Loot, The Ruby, The Golden City
- Booongo – Moon Sisters, Sun of Egypt, Dragon Pearls, Three Gems, Poisoned Apple
Sports betting enthusiasts also get a fair share of the excitement with bet options covering popular events in football, tennis, American football, ice hockey, and basketball. It also covers eSports like Counter-Strike, Dota, and League of Legends. Live bets are allowed in most events.
Like FortuneJack, CryptoBet supports both casino games and sports betting. The gaming site is sectioned into four main categories: Bet on Sports, Live Dealers, Slots and Table Games, and Virtuals. Each section holds a unique set of games to bet on and incentives to claim. Nonetheless, they all accept bitcoin bets alongside popular cryptos like Tether, Litecoin, XRP, Dogecoin, and Binance Coin. CryptoBet is available in instant-play mode on any web browser or download mode on Google Play Store.
Betting in online casinos and sportsbooks is no different from using AUD as far as placing stakes and collecting winnings is concerned. Nevertheless, BTC provides significant perks like anonymity, transparency, and absolute control, unavailable for FIAT currency users.