CryptoCasino is an online casino where you can play with cryptocurrencies. Crypto casinos and especially crypto casinos dedicated to Australia or crypto casinos exist in name only, but with the spread of cryptocurrencies, cryptocurrencies and cryptocurrencies as a payment method in online casinos will also increase as surely as the Mega Moolah Mega Jackpot always shares at some point. .
Cryptocurrencies or virtual currencies are taking more and more space in the media, which increases the interest of the general public in them. It can also rise as the value of the most famous cryptocurrency, bitcoin, fluctuates and rises to ever higher record levels. The more normal and widespread the ownership and use of cryptocurrencies becomes, the more we see crypto casinos.
Cryptogaming isn't going anywhere, so we decided to take a look at it. This article deals with cryptocurrencies, i.e. cryptocurrencies, and the basics of playing with cryptocurrencies.
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What is a crypto casino?
Crypto casinos are simply those online casinos that accept deposits in cryptocurrencies and allow you to play with them.
Cryptocurrency, on the other hand, is a digital virtual currency based on cryptography. They are often decentralized where banks, for example, are centrally managed entities.
Bitcoin casinos were the first to appear, and after bitcoin casinos began to accept other cryptocurrencies. Some of the crypto casinos work only with cryptocurrencies, while the so-called hybrid casinos accept money transactions with both traditional payment methods and cryptocurrencies.
History of cryptocurrencies
Bitcoin was born in 2009, Ethereum was officially released in 2015, and since then there have been more and more cryptocurrencies. Even some countries are planning to introduce their own national cryptocurrencies.
New ways to use cryptocurrencies are constantly emerging, and more and more services are adding them to their selection. The fact that cryptocurrencies are taken into account in the legislation suggests that they will continue to be used.
For example, Mastercard announced that it wants to expand customer choice and introduce cryptocurrency into its service, and a related announcement by PayPal in late 2020 caused the price of bitcoin to rise, also helped by tweets from Tesla CEO Elon Musk. A few years ago, bitcoin’s rise to 36,000 AUD seemed almost unimaginable, but at the beginning of 2021, its rate was already at an all-time high of 101,000 AUD .
The most common cryptocurrencies in online casinos
The most famous, but not necessarily the best, cryptocurrency is bitcoin, which paved the way for virtual currencies. It has a lot of competitors, as there are already about two thousand different cryptocurrencies. Cryptogaming, of course, is not possible with all of them, but crypto casinos only accept certain cryptocurrencies for deposits and withdrawals.
Crypto casinos usually list the cryptocurrencies they accept on their home page. The most common cryptocurrencies in online casinos are:
- bitcoin
- ethereum
- litecoin
- ripple
- dogecoin
- bitcoin cash
- tether
Buying Cryptocurrency
The purchase of cryptocurrency is most often carried out on one of the trading platforms. Cryptocurrencies can be bought with euros, dollars or other cryptocurrencies.
Coinmotion is operated by Prasos Oy, which has registered Coinmotion and obtained a license from the Financial Supervisory Authority Australia, which increases its transparency and reliability. The service supports more than 1500 cryptocurrencies.
Trading platforms work in much the same way as any online bank. For example, for each person who registers on Coinmotion, a Coinmotion wallet is created, which is a safe place to store cryptocurrency. You can transfer money to your wallet directly from your bank account, after which you can start buying cryptocurrency.
In the service, you can view various cryptocurrencies and study their exchange rates. When an interesting option is found, we only determine the amount of currency we want to buy.
Deposits and withdrawals, i.e. how do crypto casinos work?
Crypto casinos work in the same way as regular online casinos. A gaming account is opened for the casino, after which you can deposit cryptocurrency into the casino and play. When you want to stop playing, you can withdraw cryptocurrency, just like in any casino.
There may be differences in the selection of crypto casino games. Some of the casinos are so-called hybrid casinos, which means that they accept both more traditional payment methods and cryptocurrencies. Such casinos may also have games from the most popular manufacturers, but in purely crypto casinos, the choice is different from familiar games and manufacturers.
However, all the most popular game formats can be played at a crypto casino: pokies, traditional casino games such as roulette and blackjack, lotteries and video poker. Sports betting is also possible in crypto casinos.
Deposit with cryptocurrency
After creating a gaming account, making a deposit at a crypto casino is very simple. For example, bitcoin deposits work like this.
When you select bitcoin as your payment method, the crypto casino generates an address where you can send bitcoin from your wallet. Be careful with the address, because if you enter the wrong address, the cryptocurrency may be lost. When you accept a transfer in your wallet, bitcoins usually arrive at the online casino within a couple of minutes.
Replenishment is not as fast as, for example, in Trustly casino, where money is received instantly.
Cryptocurrency repatriation
Withdrawing funds from a crypto casino is also simple.
For withdrawal, you need the address for receiving the currency from your own crypto wallet. Then go to the cashier on the casino page and select the currency and amount you want to withdraw. Next, enter the address to which you want to receive crypto money and confirm the crypto withdrawal.
The duration of a cryptocurrency withdrawal can vary from approximately ten minutes to several hours. Therefore, they are faster than, for example, credit cards are used to, but perhaps slower than online casinos without registration can usually offer.
Crypto casino bonuses
Crypto casinos offer bonuses in the same way as regular online casinos. Bonus amounts can be even higher.
Among the bonus offers of cryptocasinos, you can find, for example, 100 or 50 percent bonuses for deposits in bitcoins. For example, it could be a crypto bonus: 100%/1 BTC. In this case, you receive from the casino as much bonus in cryptocurrency as you deposit yourself, up to one bitcoin.
Crypto bonuses are also subject to wagering requirements, just like casino bonuses. Before using offers, it is worth checking the bonus conditions to avoid unpleasant surprises. Crypto casinos can also pay out cashback.
Should I use cryptocurrency in an online casino?
Deposits and withdrawals with cryptocurrencies are usually free or transfer costs are very low. This is commonly cited as the good side of crypto casinos compared to traditional casinos. However, in many mainstream online casinos these days, both deposits and withdrawals are free for punters.
On the other hand, for example, Coinmotion takes a commission of 2 percent on orders, so buying cryptocurrency is not completely free. When using a credit card, there is also a charge for transferring money to the Coinmotion wallet. Similarly, there may be fees charged for withdrawing money for use.
In which online casinos can I deposit cryptocurrency?
Crypto casinos are still small, because not all crypto casinos are translated into the language of Australia, even if they accept punters from Australia. Of course, there will be more crypto casinos for Australia as punters play with crypto.
Famous and long-time favorite casinos such as Mr Green and Videoslots do not accept cryptocurrencies under the Maltese license.
Therefore, if you want to play in a crypto casino, you need to look at several different casinos. The names of cryptocurrency casinos are not so well known yet. The list on this page selects the best crypto casinos Australia and at the same time the best ethereum casinos. One of the best crypto casinos is CasinoFriday, which accepts cryptocurrencies through CoinsPaid and became tax-free for Australia after obtaining a license.
CryptoCasino Security
Cryptocurrencies are often referred to as alternative currencies. They are not subject to Financial Supervision like banks and payment service providers such as Trustly. The cost of cryptocurrencies varies depending on supply and demand, and the cost can fluctuate significantly in one direction or another.
The first risk of cryptocurrencies is associated with fluctuations in value and at the same time opportunity. If the value of your own assets rises significantly, you can start playing at an online casino with a very small initial investment. On the other hand, the value of the currency may suddenly collapse.
There are features associated with cryptocurrencies that European licensing bodies such as MGA and UKGC, known for their reliability, have not yet grasped. On the other hand, IN_COUNTRY] EMTA has already started issuing licenses and crypto casinos.
The anonymity of punters is contrary to the regulations and laws of the authorities, because according to the laws, casinos must be able to verify the identity of their punters. Cryptocurrencies have also been used to launder money, which casinos are required to root out under a collective agreement.
Thus, crypto casinos are still mostly obtaining their licenses not in the EU, but in other countries. The most common is probably the Curacao license.
European license protects the punter's backstory
In general, we advise you to play in a casino with a European license, because the regulation is stricter. In other words, the casino is safer. Another thing that speaks in favor of these casinos is the practice of taxation; winnings are not taxed if you play in non-cryptocurrencies.
If a punter has problems in a European casino, he can always contact the licensing authority. The authorities of Curacao do not support football punters in the same spirit. Casinos licensed for other countries may also have unexpected withdrawal restrictions, and if, for example, there are problems with withdrawals, they need to be resolved with the casino itself.
However, if you want to play with cryptocurrencies, there are not many European options yet. Therefore, you should be careful when choosing a casino. The best crypto casinos offer so-called provably fair games.
Cryptocasino vs regular online casino
Crypto casinos have their own advantages, which some punters will definitely like.
In general, the positive aspects of crypto casinos are listed as:
- anonymity to increase security and control over one's own funds and information
- low costs
- fast money transfers to foreign online casinos.
Cons are as follows:
- relatively few cryptocasinos
- fluctuations in the value of currencies are unpredictable
- crypto casinos are not always tax-free
- Crypto casinos are still rarely licensed from the most trusted EEA countries in the industry
- Crypto casinos do not necessarily have the same tools for responsible gambling
- if you screw up with crypto passwords or addresses, no one will help you, but you can say goodbye to money.
Cryptocurrencies in Australia
Australia has also enjoyed the rise in the price of bitcoin, ethereum and other cryptocurrencies, and some of them have made fortunes on them. At the turn of 2021, about 100,000 people in Australia have invested in bitcoin.
Cryptocurrency profit and its taxation
On some sites, the fact that you do not have to pay taxes when playing with cryptocurrencies is considered a positive aspect of crypto casinos. However, this does not apply to Australia.
Anonymity may tempt you not to declare cryptocurrency profits, but then you are breaking the law. The tax inspector has instructed that whenever a cryptocurrency is used to purchase something or buy another cryptocurrency, the resulting profit is income taxed on capital. You must keep a record of the purchase prices of cryptocurrencies, as well as purchases and profits made with them, and declare income to the tax office.
Reform of the Law on Lotteries and Crypto Casinos
Suddenly, you might think that the reforms in the Australian legislation and the game with cryptocurrencies have nothing to do with it. However, the change in the Law on Lotteries may be one of the factors accelerating the growth of the popularity of crypto casinos. Namely, different payment blocks of online casino plans can increase the use of anonymous money transfers.