| Information about Bitcoin Casinos | |
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| Developer: | Satoshi Nakamoto, Martti Malmi |
| Publication year: | 2009 |
| Token: | BTC |
| Market capitalization: | ~ 493 bn. (as of 5/31/2024) |
| Website: | bitcoin.org [*info] |
| Best Bitcoin Casino: | Stake Casino |
| Best Bitcoin Bonus: | 5 BTC at Cloudbet |
Bitcoin casinos have already been around for a few years, Cloudbet, for example, has been in business since 2013. In Australia, however, they are only recently gaining more and more importance. In particular, the new gambling law, the Glücksspielstaatsvertrag 2021, is seen as an accelerator for BTC as an alternative currency in online gambling.
Hardly anyone believed that the Bitcoin would one day become "socially acceptable" about a decade ago. In the meantime, the BTC is increasingly competing with classic real-money currencies, especially in the gaming industry.
Within a short period of time, the best-known of all cryptocurrencies has become a popular means of payment for casino developed.
This is due to various factors:
- Bitcoin casinos usually have significantly higher limits or no limits at all
- BTC payments often qualify for the welcome bonus
- More and more "classic providers" accept cryptos
- BTC casinos usually have live & table games on offer
- BTC is now generally considered reliable
- Those who acquired Bitcoins early on benefit from the increase in value and have "play money" at their disposal
*Important information about the website mentioned in the table above: Since the technology behind Bitcoin does not belong to any person or institution – similar to e-mails – there is also no official Bitcoin web presence. According to information on Bitcoin.org, the portal was created by the Bitcoin founders, but is now owned by others and only serves as a reputable source of information.
FindCasinoBonus.com experts are constantly dealing with the topic of Bitcoin in online casinos, which is currently undergoing a very dynamic market development. In this article, we will cover the most important questions related to the topic Playing with Bitcoin. In addition, we explain which advantages Bitcoin casinos for players and where the suitable provider can be found.
We test the BTC gambling sites and highlight the general conditions that customers can expect. We also check whether or how a BTC bonus can be claimed and to which bonus conditions such offers are linked. Jake Erving – Author & Casino Expert
Table of Contents
- The best Bitcoin casinos
- What is Bitcoin?
- How does playing at BTC Casino work?
- Advantages & disadvantages of Bitcoin casinos
- Playing in different Bitcoin units
- How can you recognize reputable BTC casinos?
- Bitcoin casinos are "demonstrably fair".
- These limits apply to payments with Bitcoins
- Can you use all games in the casino with Bitcoins?
- Tips & tricks for payment with Bitcoins
- Bitcoin Alternatives
- Spend BTC credits locally with MuchBetter
- Bitcoin Casino FAQ
- Bitcoin Casinos Malta
- Conclusion about Bitcoin Casinos in Australia
The best Bitcoin Casinos
More reputable Bitcoin casinos in test 2024
The aforementioned providers are those that are clearly focusing their focus clearly on cryptocurrencies as a means of payment. set. The selection of alternatives, such as Paysafecard, Neteller and Skrill, is limited at these casinos – some of them are even pure crypto casinos. Crypto Casinos.
However, there are also "classic" gaming providers, which additionally to the usual real money payments Bitcoin with in their portfolio and thus the BTC acceptance is an additional way to top up the player account.
What is Bitcoin?
Bitcoins are not a physical currency, but a virtual currency, and are therefore only available digitally. With them, the "era" of cryptocurrencies began about a decade ago. Today, digital wallets offer options such as Ethereum, Litecoin or even Bitcoin Cash, with BTC actually still leading the way. (" more on the topic of cryptocurrencies in the casino here. )
Bitcoin is the most well-known cryptocurrency. Its value has increased from a few cents to several tens of thousands of euros in recent years.
Translate the term Bitcoin is relatively simple, as it is derived from bit, the smallest digital storage unitand coin, which means nothing other than coin. Thanks to decentralized trading, BTCs are not connected to banks.
While other crypto coins are generated and can only be bought directly via corresponding wallets, Bitcoin offers the possibility to "mine" it via the computing power of one's own computer or a larger server. The smallest unit is called Satoshi, whereby this term is based on the name – or pseudonym – of the Bitcoin inventor Satoshi Nakamoto. [1] based.
Fun Fact: To this day, it is unclear whether said inventor is one, or several people. Various people claim the idea of the digital currency for themselves – including Craig Steven Wright, who comes from Australia.[2].
How to play at BTC Casino
The payment in the selected Bitcoin casino is only possible with the corresponding BTC credit possible. For those who do not want to mine them laboriously, various digital assets wallets offer the option to buy the conveniently buy the coins. (directly to the corresponding text) All you have to do is register, deposit euros using a classic method such as bank transfer or credit card, and make the exchange. Network transaction fees do accrue, but are manageable with most providers.
These steps are necessary to make a deposit at the casino:
- Register at BTC Casino and log in.
- Open the cashier, select Bitcoin as the payment method.
- The casino will generate a QR code or a unique BTC wallet address
- Open own wallet and enter address
- Alternatively: scan QR code via the wallet app
- Select amount, confirm – done!
Good to know: Today, Bitcoin casinos increasingly rely on 2-factor authentication. With this, the transaction can be confirmed – via the free Google Authenticator – double security. The system is recommended where it can be optionally selected, especially for larger transactions.
Usually Bitcoin deposits are credited credited within 10 minutes, although the duration depends a bit on the selected digital wallet. Once the confirmation is done, the favorite games can be played with BTC immediately.
Exceptions prove the rule, because in some Bitcoin casinos the balance is credited in euros or another real money currency before the game starts. converted into euros or another real-money currency before the game starts – ultimately only to give players a better overview of stakes and winnings.
- This is how you play at the Woo Casino or at 20Bet in euros, at Crypto Casino Cloudbet some games are played in fiat currency. games in fiat currency displayed. For example, Elemento by Fantasma Games or Adventures of Doubloon Island (Triple Edge Studios).
- At Stake in turn, customers can decide for themselves whether to place their their bets in bitcoin or fiat currency. or fiat currency. However, settlement will continue to be in bitcoin. This means that there are no no currency losses (or currency gains) in the event of a payout.
Buying Bitcoin: Via reputable and secure crypto wallets.
Bitcoins are most easily available via said wallets. As noted, a deposit in real money currency is possible there, which can be as high as you want. We have tested tested the most popular and largest wallets. Among them are the following providers that enable the purchase of BTC:
Practice Tip: Indeed, as described in the detailed reviews, there are certain differences in network transaction fees. It is best to compare these in advance.
Advantages & Disadvantages of Bitcoin Casinos
- What are the advantages of using Bitcoin as a casino payment method?
- What are the disadvantages with Bitcoin casinos?
1.) What advantages does Bitcoin offer as a payment method in the casino?
Different standards apply to Bitcoins and, of course, all other cryptocurrencies compared to fiat currency. The BTC rate is not linked to bank and real money currencies. This is an advantage for investors – but also for all those whose choice falls on a Bitcoin casino.
Especially those who have bought Bitcoins at an early stage will benefit from the high price increase. This also means that you may have additional "play money" at your disposal. has.
Attention: Ach who plays with Bitcoins, should consider the topic of bankroll management in the back of your mind. In any case, you should only bet those amounts – in this case Coins – that you do not need for your daily life. Or rather If you want to acquire BTC, you should only use money for it that is not needed to cover running costs.
The main advantages of Bitcoin payment at a glance:
- Payment process secure and fast
- Relatively low transaction fees
- Reliable data protection
- No banks interposed
- BTC independent from rates of physical currencies
- No deposit limits
- Mostly significantly higher payouts possible
- Live casino and table games available
2.) What are the disadvantages with bitcoin casinos?
Some things must be considered when making casino payments with Bitcoins imperative to take into account be taken into account. In particular, BTC owners themselves are responsible for protecting their assets – precisely because no banks take on this task.
The disadvantages at a glance:
- Coins only accepted in Curacao casinos so far.
- Sometimes crypto payments are excluded from the bonus program
- Price fluctuations are to be expected
- Security also depends on own computer/device
Important security tip: Cryptocurrencies such as Bitcoin can be held on so-called cold wallets. These are, for example, USB sticks or hard drives on which the coins are stored and not connected to the Internet.
Unlike hot wallets such as the aforementioned – including Bitpanda, Binance and Coinbase – this method offers the greatest possible protection for the coins, as they are disconnected from the network. However, no one is responsible for the loss here, so the cold wallet is solely the owner's responsibility.
Playing in different Bitcoin units
When the BTC came up, there was often talk about so-called Satoshi. This unit is the smallest of the digital currency, although today it hardly plays a role in online casinos that allow gambling with Bitcoin. In Satoshi, the units mined were calculated in particular, because as already explained, there is the possibility of using one's personal computing power to "collect" Bitcoin.
More interesting, on the other hand, is the classification that casinos give when playing games. Here are the two most important ones:
- mBTC – Translated, this refers to milli-Bitcoin. One mBTC is therefore 0.001 Bitcoin
- µBTC – also called Micro-Bitcoin. One µBTC is equal to 0.000001 BTC.
The units are used for gambling, because of course much lower stakes are allowed than 1 BTC, especially since the Bitcoin value is currently (as of May 2024)[3] is around 25.43 euros. With this Bitcoin Casino customers do not have to laboriously count zeros first, the providers make use of the simple conversion. In addition, mBTC is valid in the Casino Bonus area at application of the Max Bet rule as popular betting limit. (Example 3 mBTC at mBit Casino, or 1 mBTC at Bitstarz).
How can you recognize reputable BTC casinos?
As in "normal" online gambling, security is only guaranteed in Bitcoin casinos if they are providers with an official gambling license is involved. In the case of BTC, these are usually operators with a license from Curacao. In our ranking are exclusively brands that we have put through their paces and which meet our strict testing criteria.
Caution: If you read about "Bitcoin casinos without a license", this does not automatically mean dubious players in the industry, but often refers to providers that instead of an Australian concession rely on their international license invoke. These are often referred to as casinos without a license titled, although they have one. Casinos without a license is simply the abbreviation for casinos without a license in Australia. This therefore by no means means that player protection falls by the wayside in this case.
On the contrary: If it is a reputable BTC casino, it is also assumed that the operators take further protective measures in addition to the minimum requirement for the concession – including, in particular, the option for self-exclusion or the establishment of loss or playing time limits.
Bitcoin casinos are "demonstrably fair"
The hash function behind BTC casinos excludes any possibility of decoding and thus ultimately also hacker attacks almost completely excluded. At the same time no manipulations neither on the credit itself, nor on the cryptographic algorithms of the Bitcoin games.
Another advantage when playing in online casinos with cryptocurrency: All odds and payout rates are comprehensible in real time. Customers always have the opportunity to view the individual values of each game round and check their fairness.
- What does the "Verifiably Fair" method mean?
- Verifiably fair through hashing technology
- Proven fair using the example of Blackjack
What does the "demonstrably fair" method mean?
To answer this question, one must realize that the Bitcoin has a cryptographic value. Translated from the Greek, cryptography is equivalent to "secret writing". The method behind cryptocurrencies works in that data is secured and written in such a way that it becomes readable only by the person for whom it is intended.
As complex as the system is to comprehend, it is advantageous for players in online casinos. Basically, customers assume that games are connected to random generators and cannot be influenced by the operator, by a third party or by the player himself.
Thanks to Bitcoin, there is now the possibility to make this alleged fairness can be proven.. This creates the same transparency that is familiar from local casinos.
Interesting: Demonstrably fair can certainly also be companies in the industry that do not accept Bitcoin payment and that generally do without cryptos. The technology itself is provided by Bitcoin. Every casino thus has the option of adopting it after receiving permission, in order to give customers a better feeling and thus ultimately more security.
Proven fair by hashing technology
The US National Security Agency, or NSA, has developed one of the most secure hashing techniques, called SHA256. This process protects data in the best possible wayThis process protects data in the best possible way, as every piece of digital information is automatically converted by the technology into a unique hash – also called a data string.
With this method, it is now possible to offer a demonstrably fair basis for online gambling.
Demonstrably fair using the example of blackjack
- Step: During the shuffling process the demonstrably fair technology is already used at BTC Casino, with the hashing taking place in the background.
- Step: Seeds and hashes are generated, data randomly created. The hash value that is now created is sent directly to the player.
- Step: Output of the cards. The game runs in the classical way. Participants do not need to pay attention to anything else at this point.
- Step: Verify hash value, via calculators such as quickhash.com there is now the possibility to obtain the proof. The SHA256 value generated by the demonstrably fair Bitcoin Casino is entered there. Now it can be seen that the data was correct and thus the game round was also purely random, without any manipulation.
In conclusion, the "provably fair" technology is basically based on providing players with a direct verification of the random hash value. hash value. A special button is provided in bitcoin casinos. Those who feel the need to verify the fairness of the game can press it and immediately receive the corresponding hash value in the course of the game.
These limits apply when paying with Bitcoins
In BTC casinos there is usually much more freedom for the player. That is, there the 1,000 euro deposit limit as well as the 1 euro betting limit is omitted.. Most of the time, Bitcoin casinos do not specify an upper limit for topping up the player's account, while the minimum deposit can be the equivalent of 10 to 20 euros, depending on the provider – at least these are the usual values.
There are limits especially for withdrawals (but also for deposits), but these only apply per transaction and you can make several bookings. As advantageous as the approach is for high rollers, however, they are obliged to bear self-responsibility. As for the stakes, maximum stakes per spin also apply to bitcoin. However, the maximum amounts are especially limited in pure Bitcoin or crypto casinos are often significantly higher.
Can I use all games in the casino with Bitcoins?
The availability of slots, live games and other sections really depends on the company. In pure Bitcoin or crypto casinos, of course BTC can of course be used in all available games.
On the other hand, there are various online casinos today that accept both Bitcoin and real money currencies. In these "mixed casinos" some titles or even complete providers are sometimes excluded from BTC use.
One example is the Oshi Casino. Slots from NetEnt and also many Pragmatic Play machines are exclusively playable in Euro. However, it is possible to make multiple payments and split your budget between Euros and Bitcoin if you want to benefit from the widest possible selection.
The providers make sure to provide customers with a balanced mix of game categories. With BTC, for example, headings such as
- Slots
- Live Casino Games
- Game Shows
- Videopoker
- Or often Arcade Games
can be used.
Tips & Tricks for payment with Bitcoins
Just because many customers in BTC Casinos specifically benefit from higher limits, is Personal responsibility in demand. The most important tip is therefore: Your own financial possibilities should always be in the foreground, just like with payments in euros – even if bonuses of up to 5 Bitcoin seem tempting, of course.
Further recommendations for dealing with Bitcoin casinos:
- Provider comparison regarding promotions, game selection & license.
- Set limits on your own responsibility – if necessary in the casino account
- Compare network transaction fees
- Only use reputable crypto wallets
- If possible, activate 2-factor authorization
If you use companies that accept both bitcoin and eurosIf you want to benefit from the widest possible selection of games, you would be well advised to make an additional deposit in real money. As already mentioned, not all slot machines are necessarily available there. slot machines and classics can be used with BTC.
Bitcoin Alternatives
Many providers in the industry today call themselves Bitcoin casinos. In fact, however, there are now significantly more digital currencies, also crypto currencies called, are allowed. We have listed here some of the alternatives that have been experiencing a similarly high acceptance for quite some time:
In addition, casinos that do not rely exclusively on crypto payments focused, transactions can still be made in euros. Mostly, there is the option to choose methods like bank transfer, Skrill, Neteller or even Paysafecard, just to name a few examples.
Spend BTC credits locally with MuchBetter
The service provider MuchBetter is now established not only in the field of online gaming. The wallet differs from options like Neteller and Skrill in that it offers customers much more local flexibility at favorable conditions. But what exactly does this have to do with Bitcoins now?
Simple: BTC can be effortlessly deposited to the MuchBetter wallet via Exodus, Coinbase and other crypto exchanges. The special feature here is that an automatic conversion into euros takes place immediately. So if you want to use your Bitcoins locally for payment, setting up a personal MuchBetter Wallet is a good idea.
For the customer account there is the MuchBetter Prepaid MasterCard, which is accepted by most local retail and wholesale card readers. As a great gadget, there is an optional key fob. Once paired with the card, payments can be made contactlessly without having to carry your credit card.
Highlight: Since April 2021, there has been a smartwatch (Win Watch) for MuchBetter customers.[4]. It is available on the provider's website, costs around 220 euros, and works in exactly the same way as the key fob. By the way, you can also read the time on it 😉 .
Bitcoin Casino FAQ
The Bitcoin is now quite a well-known payment method – and by far not only in online casinos. Despite all questions can arisewhen it comes to making deposits and withdrawals securely and quickly with Bitcoins.
We have collected the most important questions about Bitcoin casinos in Australia and answer them in a compact & understandable way.
- What fees are incurred for a Bitcoin payment in the casino?
- Is there a Bitcoin bonus at the casino?
- Do casinos allow transactions via Bitcoin?
- How long does a Bitcoin withdrawal take?
- Are Bitcoin winnings taxed at the casino?
- Are BTC casinos licensed?
1.) What are the fees for a Bitcoin payment in the casino?
On the part of the online casinos Transactions with BTC mostly free of charge. However, the posting from the wallet, be it Coinbase, Exodus or Bitpanda, so-called network transaction fees. These are usually within limits, so that Bitcoin deposits are quite an alternative to classic methods.
2.) Is there a Bitcoin bonus at the casino?
As always: It depends on which provider you choose. While some casinos exclude cryptos entirely from the welcome bonus, there are sometimes even enormously high bonus offers for Bitcoin payers. Some brands, in turn, rely on changing campaigns. The common feature of most Bitcoin casinos is the VIP loyalty programfrom which players benefit in the long run.
Bitstarz as well as Mbit and Cloudbet prove to be particularly generous when it comes to new customers. Because you can get a starting credit up to 5 BTC . That is the equivalent of around 108,050 euros (as of Q1 2024) – you are far away from such figures in real money casinos. However, to take advantage of the full bonus, a deposit of a similar amount is also required.
The Cloudbet Casino Welcome Bonus is up to 5 BTC
Of course, bonuses of this size are not simply given away, but are, as in traditional houses of the industry, subject to conditions – such as a possible Max Bet rule or time limits – linked.
Basically, it can be stated that it is also quite possible in a Bitcoin casino to benefit from both welcome bonuses as well as from other campaigns, such as slot tournaments and reload offers. to profit. It is important to read through the conditions in order to be able to decide accordingly.
3.) Do casinos allow transactions via bitcoin?
More and more providers are focusing on the innovative alternative to real money currencies. Bitcoins can be deposited there either via well-known online wallets or specifically via so-called crypto exchanges, such as Coinbase and Bitpanda. The deposit is made via QR code or alternatively by entering an individual BTC Wallet address.
If acceptance is given, this will of course be indicated in the checkout area. in the cashier area and usually also in the lower part of the casino website.
While some casinos – especially those whose main focus is on real-money payments – will convert BTC into euros before playing., especially the somewhat more modern crypto casinos also allow gambling in the digital currency.
4.) How long does a withdrawal via Bitcoin take?
Unlike a classic bank transfer, BTC withdrawals take only take a few minutes provided that the transaction takes place via named crypto wallets and with the help of an individual QR code.
Only in exceptional cases can a few hours pass before the virtual Bitcoin account is credited. In general, however, the currency actually offers one of the fastest ways to have winnings paid out. Details about the processing times for winnings payouts can be found in our detailed tests of the respective crypto casinos.
5.) Are Bitcoin winnings in the casino taxed?
In principle, according to Australian law, winnings that result from games of chance or lotteries are tax-free. However, some special rules apply to the trading and possession of Bitcoins.
Australian tax offices do not treat Bitcoins and other cryptocurrencies as currency or as income from capital assets. Therefore, the sale is not subject to the final withholding tax of 25%. This transaction is treated by the tax office as a private sales transaction and is therefore subject to the personal tax rate plus solidarity surcharge and church tax, if applicable.
Bitcoin sales (and other cryptocurrencies) are only tax-free if the BTC can be proven to have been held for for at least one year held for at least one year. The amount of the gain is then irrelevant. An indication in the tax return is not necessary.
If the period of ownership is less than one year, profits up to an exemption limit of 600 euros are tax-free. If the gain exceeds 601 euros, it must be taxed in full. It should be noted that the tax-free limit of 600 euros applies to all private sales transactions within a year.
For example, if you buy a painting and sell it within a year for a profit of 700 euros, you have already exceeded the complete exemption limit and the amount of the profit from Bitcoin sales must be taxed in full. [5]
6.) Are BTC casinos licensed?
Those companies that our FindCasinoBonus.com editorial team presents, are in possession of a gambling license – mostly issued in Curacao. This ensures a high level of security.
Bitcoin Casinos Malta
It is noticeable that cryptocurrencies such as bitcoin cannot be found in any online casino that is licensed by the MGA Malta has been. So far, the licensor generally does not accept digital currencies, and there is a reason for that:
According to the EU Money Laundering Protection Act, gambling operators must at all times verify money movements be able to. However, this is sometimes not possible with Bitcoins and other cryptocurrencies, so Bitcoin Casinos Malta is not an option for now.
Money laundering protection Has a particularly high priority in European online casinos. As the licensing regulations state, it is also about counteracting terrorism in this context. On this point Bitcoin and alternative coins so far not monitorable, because: As mentioned, there is no link to banks, which makes money movements controllable in the first place. [6]
If the EU is so strict, how do providers licensed in Curacao manage to outrank the Malta MGA and allow gambling with Bitcoins in Australia? Although many companies in the industry are licensed by the authorities in Curacao and are also based there, they usually operate a second location in Cyprus. This island belongs to the EU, so bitcoin casino operations are possible from there.
Interesting: Already since the end of 2019, the so-called MGA Sandbox Initiative has been running [7] is in full swing. In several phases, the licensing authority wants to check whether it is possible to implement Bitcoin in the casino under high security regulations. According to current information, the test should be completed by the end of February 2024. After more than two years of discussion, a comprehensive set of rules for dealing with cryptocurrencies ("Markets in Crypto-Assets", MiCA for short) was finally agreed in the EU as well in 2022 [8]. This will also point the way forward for the gaming industry. As it stands, there is a good chance that MGA-licensed Bitcoin casinos could be approved soon.
It can be risky to play at an entirely unlicensed brand. To the FindCasinoBonus.com list of black sheep.
Conclusion about Bitcoin Casinos in Australia
Bitcoin is on the rise: This is also true in the field of online gambling, where more and more providers allow payment with BTC. In the meantime, there are even pure Bitcoin casinos.
Through real-time deposits, unlimited transactions and last but not least a healthy amount of security precautionswithout drastically restricting players' freedom, these companies are becoming increasingly important – also and especially in Australia.
Both in terms of the quality as well as the scope of the gaming offer Bitcoin casinos have long since caught up with the classic competitors and even overtook them in some areas. Thus, waiting for customers of BTC gambling sites:
- Attractive bonus offers of the equivalent of several hundred thousand euros.
- Often extensive live casino offers
- Excellent 24/7 customer service
- Fast processing for deposits and withdrawals
Source
[1] https://wikipedia.org/wiki/Satoshi_Nakamoto
[2] https://coinmarketcap.com/
[3] https://muchbetter.com/
[4] https://www.mga.org.mt/app/uploads/Directive-3-of-2020-Directive-on-the-KF-of-the-PMLFT.pdf
[5] https://www.mga.org.mt/mga-publishes-amendments-to-its-sandbox-regulatory-framework/
Author: Jake ErvingRated: BitcoinAuthor Rating: Best Bitcoin Casino
