Australian Bitcoin Law Regulations
The Australian government recognizes Bitcoin as a payment method, just like Japan. Since August 19, 2017, BTC has been legally available in Australia and there are even legal proposals to make it the official currency of the country. Currently, the amount of BTC transactions in Australia is close to AUD 2.5 million per week.
Minimum & Maximum Deposit. As you know, online casinos have minimum and maximum deposit limits. These limits also apply if BTC is being used. But we can say that this is a bit more complicated than classical currencies. Bitcoin is a very valuable currency, as 1 BTC is worth nearly $ 6,000 at the moment. Therefore, the minimum and maximum limits must be lower than this. In this respect, “satoshi” is used.
Satoshi is a currency which we can call the “cent” of BTC, and for example, 10 USD equals 163 satoshis (0.0016 BTC). You can use https://charts.bitcoin.com to see exchange rates. In general, the minimum deposit amount is 0.0015 satoshi and the maximum deposit amount is around 15 BTC. However, these amounts are constantly changing in accordance with the value of Bitcoin.
It’s easy to withdraw money using BTC. When you become a member of the blockchain, you get a private BTC address. This address consists of a series of numbers and letters. Start withdrawal as usual and select Bitcoin as the payment method. Then enter your personal address and press confirm. The transfer will be completed in a few minutes.
Depositing Methods Conditions
You can also deposit money using BTC. The process is exactly the same with withdrawal: Choose BTC as the payment method and learn the address of the casino’s blockchain. Then, send money directly from the blockchain to this address. (You can use mobile applications for this job as well as online services.) The transaction will be completed in a few minutes.
Bonuses for Bitcoin Deposits & Special Bonuses
Another advantage of using BTC is that online casinos offer a variety of bonuses for this payment method. If we prepare a sample list:
|Mbit||100% match, up to 1 btc|
|1xbit||100% first deposit, up to 1 btc|
|Megawins||110% match, up to 1 btc|
|Oshi.io||Up to 500 mbtc|
|Loki||100 % match, up to 1.000 aud|
|Betcoin.ag||175% welcome bonus, up to 3 btc|
Top 10 Bitcoin Casinos That Accept Australian Players
|Name||Promotions & features|
|Intertops||100% welcome bonus, up to 100 ud|
|Raging Bull||50 usd free no deposit bonus|
|1xbit||1.000 games, no withdrawal limit|
|Megawins||1 btc match bonus for first two deposits, 200 mobile games|
|Oshi.io||200 free spins, 1.700 games|
|Loki||weekly prize pool, 50% high roller bonus|
|Mbit||Match bonus for first 3 deposits, 20% cashback|
|Betcoin.ag||Weekly tournaments, 500 btc jackpot|
Types of Crypto-currency
Bitcoin is not the only cryptocurrency you can use in Australia. However, it is the single currency with a legal regulation. There is no legal arrangement for other currencies at this time. Still, this does not mean you cannot use them. This just means that if you experience a problem with your transactions, no authority will help you in Australia: You are taking full responsibility. In this regard, in online casinos and other websites in Australia, you can also use the following currencies: Litecoin, Dogecoin, Peercoin, Dash, Kiwi, Lottocoin, Metal Music Coin, Primecoin, Black Coin, Etheurum, and Featercoin. These currencies are not subject to any tax regulation. However, BTC has a tax liability: You have to pay income tax for BTCs if their value is more than $ 10,000. BTCs under this figure are tax exempt.
Games to Play with Bitcoin
You can play all the games using Bitcoin at online casinos. Blackjack, Baccarat, Poker, Slot Machines, and Dice Roulette are some examples. However, the list is not limited to these categories. It is possible to play all the games offered by a casino using this currency. There are even some options specific to BTC. In these games, you can also check for the randomness of the RNG system yourself.
Advantages of AU Bitcoin Casinos
Here are some of the advantages of using Bitcoin:
- No middle-parties – peer to peer. There is no “middleman”, all transactions happen between two parties. Therefore, you do not have to pay any commission.
- Safe. Compared to credit cards and electronic wallets, BTC is a much safer method. As the blockchain provides the payment infrastructure, no third party can access your financial information.
- Anonymous. The information of the recipient and sender on blockchain is always hidden. No one has any information about who you are or what you are doing. Your sensitive data is always confidential.
How to Buy Bitcoins?
You can buy Bitcoin through a broker website by using USD, EUR or any other currency. As an example, we can mention Coin Loft, BitRocket, Bata, and AgriDigital websites.
How long does it take for depositing and withdrawal money?
All the actions on blockchain take place instantly. Deposit and withdrawal transactions are completed in a few minutes.
How to convert bitcoins to real money?
You still need to use a broker website for this. You can use the sample sites above.
Are Bitcoin Casinos Legal?
It’s illegal to gamble in Australia. So no online casino is considered as legal, no matter what payment method is used. But that does not mean Bitcoin is illegal.
Are BTC, mBTC, and uBTC different or the same things?
- mBTC: 0.001 BTC;
- uBTC: 0.000001 BTC;
Are the bonuses for bitcoins differ from the other?
Not really. All the standard promotions such as welcome, match, and deposit bonuses are available for Bitcoin too. However, they pay with BTC instead of other currencies.
How to withdrawal in national currency? Is it possible?
Yes, but in this case, there will be currency exchange rates which may financially harm you. Do not withdraw from online casinos by converting your bitcoins into your national currency. Complete the withdrawal in BTC and convert it into your national currency by using a website, as mentioned above.