How to Make Online Casino Deposits Using Bitcoin
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. Using cryptocurrency to play at online casinos has become increasingly popular in recent years due to the speed of transfers and the lack of restrictions on making those deposits.
Today, we will teach you the basics of how to use cryptocurrency to make a deposit at online casinos in Australia. For simplicity, we will focus on bitcoin 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, which 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 and 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 and 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 set up 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. This is commonly known as mBTC. When you enter how much you wish to buy in fiat, you will be told the equivalent amount of mBTC you’re buying.
After you submit the purchase, your crypto 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.
Sending to Your Bitcoin Wallet
Once you have purchased your bitcoin, you must now send it to your personal wallet. While it is true that you can make purchases directly from your exchange wallet, 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. Then 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 a Deposit at an Online Casino
You’re in the home stretch now for making your deposit. Just head to your preferred online casino and begin your deposit. Select bitcoin and enter the amount you wish to deposit. Alternatively, you may be able to enter how much you wish to deposit in AUD and the casino will tell you how much to send in bitcoin.
After submitting the transaction, you will be presented with an address where you must send your bitcoin. Once you have this address, go to your 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.
After about six confirmation, your bitcoin should show up in your online casino account. It will then be automatically converted to AUD to use at the casino. You can then play online casino games as you normally would.
Bitcoin allows for fast deposits. Once you’re ready to cash out, you can withdraw money to your wallet in a matter of minutes. Other methods take days or even weeks. Bitcoin and other cryptocurrencies are the modern way to play at online casinos and an option you should consider for making your next deposit.