The majority of online casinos in Australia now accept Bitcoin and cryptocurrency for deposits. If you’re new to crypto, you likely have questions on how to get started or how crypto gambling works. Today, we will give you 5 things you need to know if you’re new to Bitcoin casinos.
You Don’t Have to Already Own Crypto to Deposit at Bitcoin Casinos
Many people mistakenly believe that you have to already own Bitcoin or other cryptos to play at Bitcoin online casinos. That is not the case. There are multiple ways to transfer crypto to online casinos. The oldest way to do so is from a crypto wallet. This would require you to send crypto you already own to the casino.
You also can transfer crypto from an exchange. For example, you could sign up for an account at Binance, Coinbase, or Gemini and purchase crypto. You can then send it to the casino. However, most casinos offer an alternative option. Many casinos allow you to purchase crypto for use at the casino through third parties. Generally, this is through CoinsPaid. You buy your preferred crypto, and it is immediately transferred to the casino for you. This is the easiest way to fund your casino account if you don’t already own crypto.
Crypto Minimum Deposits Are Generally Lower
If you look at most online casinos, the minimum deposit is between $20 to $30. There are minimum deposit casinos that offer a $10 minimum. However, the lowest minimum deposits are using crypto. Depending on the casino, you may be able to deposit less than $1 worth of crypto to your account. Generally, the minimum deposit will be around $5.
Keep in mind that if you plan to play with a casino bonus, depositing the minimum will not work. Most deposit bonuses require a minimum deposit of $20 to $30. Check the terms of your bonuses before making a deposit.
Crypto Deposit Bonuses Are Generally More Generous
If you plan to play with online casino bonuses, then playing with crypto is a wise idea. In many cases, crypto deposit bonuses are higher than those for fiat deposits. For example, the welcome bonus may allow you a 200% match bonus for crypto as opposed to a 100% match bonus.
Some casinos, such as Ignition Casino, give you consistently higher bonuses on all deposits made with crypto. The reason casinos offer larger bonuses is that it costs less for a casino to process crypto deposits. They don’t need third-party processors for payments, and they pass on these savings in the form of larger bonuses.
Your Crypto Will Be Converted to Fiat for Play at Bitcoin Casinos
Many casinos will claim that you can deposit and play with crypto. That is usually half true. For many online casinos, once you deposit with crypto, it is immediately converted to the equivalent primary fiat for the casino. In many cases, this is AUD. However, it may be USD or EUR.
The good thing about this conversion is that you avoid the swings associated with crypto. If you deposit $100 in BTC and the price drops 20%, you don’t have to worry about the dip. Adversely, if crypto skyrockets, you won’t get the benefit of the price jump.
Crypto Withdrawals Are Faster Than Fiat
Finally, if you are looking for speedy withdrawals, crypto is the way to go. Provided that your account is verified, many crypto deposits take less than 12 hours to process. In some cases, you will get your funds in 60 minutes or less.
For fiat deposits, you’re looking at 24 to 48 hours for your deposit to process and up to seven days for it to credit to your account. Crypto withdrawals are generally credited to your account in 24 hours or less. This makes it the best option for those wanting fast withdrawals.
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