Cryptocurrency at Australian Casinos
These days, new online casinos in Australia have a wide array of different payment options. Which is best for you really depends on what you prioritise in terms of anonymity, security, speed or even transaction size.
Cryptocurrency
For Aussie players, there’s a huge range of options and one of these that’s growing in popularity is cryptocurrencies. With a growing number of cryptocurrency options, players can find secure, anonymous payments with a super fast withdrawal time at a growing number of casinos. Let’s take a look at what using crypto can do for you when you play at an AU online casino.
What is it
Cryptocurrencies are digital decentralised currencies that operate using the blockchain. There are many different currencies including Bitcoin, Ethereum, Dogecoin, Litecoin, Tether and many more. The blockchain is a ledger that records every transaction or movement of each cryptocurrency and is the way all crypto transactions are performed.
Unlike traditional or fiat currencies, there is no physical currency; it is completely digital. But it does have value, though this value is very volatile. Some coins are attached to a centralised server and have cash backing such as USDT which is linked to the US dollar, others like Bitcoin are not. Importantly, there is no third party brokering the funds which makes it a great option for peer-to-peer transactions.
How Does it Work?
Increasingly, Australian casinos are accepting cryptocurrencies as one of the payment methods on their sites. This means that there are plenty of options to use it. Depending on the casino, it may be crypto only or a hybrid, accepting both crypto and fiat currencies.
If you’ve not purchased cryptocurrencies before, but want to play at a crypto casino, it’s perfectly possible to do so. Most AU crypto casinos will have the option to purchase crypto via their own site, using platforms like Coinbase. Once you’ve made a crypto wallet, the deposit process continues just like any other currency. Specific crypto-based games can typically be played on crypto casinos too, with the added benefit that they operate on the blockchain making them provably fair.
Security
When it comes to security, cryptocurrencies are very secure. Anyone can access the blockchain which means it’s very easy to check whether a transaction has been made successfully. Once the ledger shows the payment, then it is guaranteed. On top of that, the blockchain is essentially hack-proof which means that reversing a transaction is not possible.
On top of this, using crypto means being anonymous. The blockchain only registers hash keys which you provide when making a transaction, so it does not rely on personal information on identifiers. Instead, it identifies each payment via the correct private key which is then used to release the funds from the matching account. This just makes it very important that you never leave the key to your crypto wallet accessible to anyone else.
Speed
One thing players are always looking for is speedy transactions, and this is where cryptocurrencies come into play. Crypto typically offers one of the fastest turnaround times when it comes to deposits and withdrawals. Payouts occur within minutes, though there is still the processing time from the casino’s end to ensure that the payout can go ahead.
Fees
One of the great things about cryptocurrencies is that there are no fees from the casino’s side. However, there are gas fees in place that need to be considered for all transactions. Gas fees are typically around A$0.01 to A$5 depending on the crypto, but can increase when the blockchain is busy. These gas fees also vary depending on which cryptocurrency you are using.
While there are no other fees, it’s also worth noting that the crypto market is a volatile one. This means that the value of your deposit or withdrawal can fluctuate very quickly. A deposit can be valued at one amount, and then winnings can end up being less resulting in an overall loss.
Cryptocurrencies can also handle larger payments and can have payout limits of as high as AU$500,000. However, this will depend on the casino as well. But, this does make crypto a great option for high rollers.
Why Choose to Use Crypto
Crypto is one of the fastest options when it comes to getting a payout. Of course, the actual speed does depend on the crypto you are using as some options require more confirmations before the transaction is finalised. Additionally, depending on the time of day, there can be more traffic on the blockchain which slows down the transaction. However, typically, crypto transactions are lightning fast and will appear in your account within minutes of being approved.
For players looking for an anonymous option, then crypto is the way to go. With no transactions linked to your identity, high transaction limits and fast payments across the board, this is a great option for anyone looking to place larger bets online.