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Benefits of Using Bitcoin at Online Bitcoin Casinos
Today, some Australian play pokies at online casinos that accept deposits and withdrawals using a cryptocurrency called “Bitcoin” (or “BitCoin”). People who enjoy playing games anonymously online often prefer this form of transaction, since, unlike a credit card or a bank account, a cryptocurrency exchange typically does not require the disclosure of a player's name and address.
This anonymity does have a downside which may soon transform the regulation of online casinos by the Australian government, however. The laws concerning online gaming in Australia reportedly fall under a complicated framework established by the Interactive Gambling Act of 2001. The statute does not permit online gambling entities to function within Australia, but does sanction online sports book and race book establishments. Additionally, Australians may gamble and play pokies at offshore online casinos by venturing outside Australia. The use of neosurf vouchers to gamble remains legal in Australia, except at establishments regulated by the Northern Territory Racing Commission.(1)
During 2018, a series of scandals resulted in some restrictions impacting the use of cryptocurrencies at online bitcoin casinos catering to Australians.(2) Regulators recently took action to suspend the operation of two bitcoin exchanges due to concerns about possible links to drug cartels.(3) Although legitimate game players sometimes appreciate the ability to play games of chance anonymously, regulators fear online casinos might provide venues for laundering the proceeds of criminal activities.
This issue proves complex. Many online Bitcoin casinos operating in other parts of the world welcome Australian customers. Some gaming industry experts anticipate additional regulations will occur this year relating to the use of BitCoin at online casinos serving Australians.(2)
Do I have to convert my Bitcoins into another currency once I deposit?
This requirement varies based upon the rules of the casino. Check the individual casino's policies carefully. Most casinos that accept deposits in Bitcoin also require withdrawals in bitcoin.
If you need to deposit BTC, you can simply use Paybis, they alow buying Bitcoin with Credit Card.
Can I withdraw my winnings in Bitcoin?
Again, this situation hinges upon the policies of the individual casino. It appears likely most casinos prefer customers who deposit bitcoin to withdraw winnings in bitcoin. Why? Sometimes bitcoin values fluctuate. Casinos don't want to risk losing money as a result of changing bitcoin market values.
In case you need to sell your Bitcoins directly to your credit or debit card, simply use Paybis
How long does it take for a Bitcoin withdrawal to be completed?
Different online casinos maintain variable rules concerning the length of time for withdrawals, including Bitcoin withdrawals. Players need to exercise caution in dealing with any online casino in order to ensure the establishment honors its money deposit and withdrawal policies. Legitimate, registered online casinos should honor these provisions.
Are there Bitcoin casino bonuses?
Yes, some casinos reportedly offer bitcoin casino Australia bonuses. For example, recently the online 7BitCasino advertised a welcome bonus of up to 1.5 BTC and 100 free spins. The mbit casino promoted a welcome bonus of 5 BTC upon the first three deposits. These types of offers change frequently, so it makes sense to check with any online casino which accepts bitcoin about the availability of a bitcoin bonus prior to playing there.
Will I need to provide any personal information to the bitcoin casino?
Most bitcoin casino sites do not require extensive personal information in order to register players. However, since applicable laws and casino regulations remain subject to change, it makes sense to check this requirement at any bitcoin casino in Australia before playing.
How to Make a Bitcoin Casino Deposit or Withdrawal
In order to accept a withdrawal of bitcoin, players typically require a bitcoin wallet. A reputable casino should provide an FAQ detailing exactly how to make a deposit or a withdrawal (whether a player plays games using cash, bitcoin, or some other cryptocurrency). The bitcasino.io website supplies an excellent example of the type of detailed information a bitcoin casino may supply about this issue.
Unfortunately, generalizations about this subject (like bitcoin casino no deposit bonuses) remain subject to change. Different online casinos have registered in a variety of nations. Individual local requirements may govern the way a bitcoin casino accepts deposits and withdrawals, issues bitcoin casino no deposit bonuses, and conducts bitcoin pokies.
HOW BITCOIN WORKS?
Bitcoin has become one of the most popular “cryptocurrencies” in the world today. Bitcoin mining software releases virtual “coins” to “miners” who employ their computers to solve complex mathematical equations. The amount of bitcoin payments halves at specified intervals. (A finite number of bitcoins will exist, so eventually bitcoin mining will cease.) Circulating bitcoins supply an online digital “currency”.(4)
WHAT ARE THE RISKS OF GAMBLING WITH BITCOINS?
Playing bitcoin pokies holds some risks. First, the regulation of bitcoin exchanges varies widely; in the past, some bitcoin buyers suffered losses during transactions with certain bitcoin sellers and exchanges. Second, the market value of bitcoin fluctuates. A player may deposit bitcoin with a casino, but sustain losses if the exchange value of the bitcoin falls sharply. Third, not all nations permit the use of bitcoin as a legal matter.(5) Bitcoin does not constitute a legal form of exchange in several countries at this time:
- The Peoples Republic of China;
- Russia;
- Vietnam;
- Columbia;
- Bolivia;
- Ecuador.
Which coins and currencies are accepted at cryptocurrency casinos?
Today, online casinos around the world accept a wide variety of currencies and cryptocurrencies. While bitcoin remains one of the best established and most popular cryptocurrencies, other “alt” currencies also circulate, including Ethereum, Litecoin, Bitcoin cash, and Dogecoin. Some online casinos accept multiple cryptocurrencies.
HOW TO BUY BITCOIN
Gamers seeking to play pokies using bitcoin purchase this cryptocurrency through bitcoin exchanges or from private sellers. They typically cannot buy bitcoin directly from casinos. However, reportedly several ways exist to buy this cryptocurrency:
- 1. A Bitcoin Exchange
- 2. A Peer-to-Peer Directory
- 3. A Bitcoin ATM
The bitcoin website lists several sites for purchasing bitcoin from peers or via ATMs at https://bitcoin.org/en/buy.
Bitcoin exchanges lack most of the regulatory apparatus of banks. A number of governments around the world may soon impose tighter regulatory requirements upon these sites in order to track the flow of bitcoin more effectively. Concerns about preventing fraud and money laundering have arisen in several places over the past few years.
Currently, bitcoin exchanges vary widely in the degree of safety and security they offer customers. This situation occurs because some countries regulate the exchanges closely yet others offer little (if any) oversight. As a matter of law in Australia, reportedly cryptocurrency exchanges must comply with some important requirements:
- Registering their business with the Australian government;
- Notifying authorities about possible “suspicious” transactions;
- Adhering to stringent record-keeping and “Know Your Customer” rules;
- Alerting regulators about transactions above specified threshold levels.
Australian cryptocurrency exchanges comply with a variety of bookkeeping requirements (just like financial institutions).(3) Consumers significantly reduce their chances of encountering fraud during a bitcoin transaction by dealing exclusively with registered bitcoin exchanges.
Australian gamers may request a list of registered bitcoin exchanges from the Australian Transaction Reports and Analysis Centre. Write care of P.O. Box 5516, West Chatswood NSW 1515 or call 1300 021 037. AUSTRAC can either provide a list or direct an enquiry to the appropriate response desk.
Sources
1. https://nulltx.com/gambling-with-cryptocurrency-is-it-legal/
2. https://captainaltcoin.com/handling-issues-with-cryptos-and-casinos-in-australia/
3. https://www.newsbtc.com/2019/03/08/australia-bans-two-bitcoin-exchanges-reportely-linked-to-drug-syndicates/
4. https://en.wikipedia.org/wiki/Bitcoin
5. https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp
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