Some of you have heard that you can use bitcoin and other cryptocurrencies to play at Australian online casinos but are not sure how to proceed. Making cryptocurrency or bitcoin deposits to play at online casinos has become increasingly popular in recent years. A major reason for this has been the speed of transfers and the lack of restrictions on making those deposits.
Today, we will teach you the basics about how to use cryptocurrency to make a deposit at online casinos in Australia. For simplicity, we will focus on bitcoin deposits as it is universally accepted at casinos that accept cryptocurrency.
Downloading a Bitcoin Wallet
The first thing you need to do before acquiring bitcoin or other cryptocurrencies is to acquire a digital wallet. These wallets are where you will store your cryptocurrency on your computer or mobile device. There are wallets available for your PC, your mobile device, and even online ones.
The most secure wallet you can get is a Trezor wallet while one of the best for desktops is Electrum. If you choose an online wallet, something like Blockchain.info is going to be your best bet.
When setting up your wallet, you will have to come up with a private key. This is an advanced code to lock down your wallet. Commit this code to memory or save it somewhere that you can access it in the future in the event you have to transfer your wallet.
Your cryptocurrency wallet is where you will store your bitcoin. It’s also what you will use to send bitcoin to online casinos. Make a note of your receive addresses in your wallet. This is how you will receive bitcoin to your wallet.
How to Acquire Cryptocurrency
The first thing you will need to do is purchase some bitcoin or other cryptocurrency. The easiest way to do this is through a cryptocurrency exchange. Exchanges work similarly to a stock market where you can buy cryptocurrency based on the going market rate.
First, you will need to sign up for an account and either deposit funds or link a bank account or credit card to your account. Note that it is likely that you will have to verify your identity for this account, and the verification process may take a couple of days up to a couple of weeks depending on the exchange.
Once you have setup your account and provided a funding source, you can now buy bitcoin or other cryptocurrencies. As you know, bitcoin can be expensive, but the good news is you can buy it in portions.
For example, at the time of this writing, Bitcoin is worth $16,340.89 AUD. Most of us cannot afford this, but you probably can afford .0031 bitcoin, which is about $50 AUD. When you’re ready to make your purchase, you can either enter the amount of the bitcoin you want to purchase or the amount of AUD you want to spend and it will convert it automatically. You can then complete the purchase.
After you submit the purchase, your bitcoin will be transferred to your account on the exchange. This is usually done after your bitcoin has received at least six confirmations on the blockchain. Confirmations are the way that a bitcoin transfer is verified.
– Send Bitcoin To Personal Wallet
Once you have purchased your bitcoin, you must now send it to your personal wallet. It’s possible to make purchases directly from your exchange wallet. However, it is not recommended for online casinos. In fact, many casinos do not accept transfers from exchanges and even warn you that they may fail.
To prevent any problems, just send your bitcoin to your personal wallet. Remember that receive address we mentioned before? Now is the time you’ll use it. Go to the withdrawal or send section of your exchange account and enter your receive address and the amount of bitcoin you want to send to your wallet. Click send to initiate the transfer.
After the proper number of confirmations, your bitcoin should show in your personal wallet. Note that you may have to refresh or restart your wallet for it to connect to the blockchain and receive your funds.
Making Bitcoin Deposits at an Online Casino
You’re in the home stretch now for making bitcoin deposits. Just head to your preferred online casino and begin your deposit. Select bitcoin and enter the amount of bitcoin you wish to deposit. Alternatively, you may be able to enter the amount of your deposits in AUD. The casino will then tell you how much to send in bitcoin.
After submitting the transaction, you will be presented with a bitcoin address where you must send your bitcoin. Once you have this address, go to your bitcoin wallet and go to the send section of your wallet. Here you will enter the address provided by the casino and the amount of bitcoin you wish to send.
Make sure you’re entering the address correctly because once you send your bitcoin, it cannot be reversed. Once you have verified your information, go ahead and click the send button. This will initiate the transfer.
Following around six confirmation, your online casino account should receive your bitcoins automatically, and already converted to AUD to use at the casino.
A Note About Miner Fees
Be aware that every time you make a transaction on the bitcoin network, a small portion of bitcoin is taken as a miner fee. This is a fee that’s unavoidable and should be considered when making your transfer. You will be notified of this fee prior to making your transaction.
It’s a good idea to modify the amount you send to cover the fee or setup your wallet to automatically deduct the miner fee from your balance. This fee can vary so pay close attention to the fee to see how much your bitcoin transactions are costing you.
While this process seems complicated, once you have setup your bitcoin exchange account for the first time, the process becomes a lot more streamlined. Overall, the process is still preferred by many over trying to find a way to make a successful deposit at Australian online casinos.
Bitcoin deposits are fast and once you’re ready to cash out, you can withdraw money to your bitcoin account in a matter of minutes as opposed to days or even weeks. Bitcoin and other cryptocurrencies are the modern way to play at online casinos and an option you should consider when making your next deposit.