Actually, cryptocurrency and blockchain technologies are developing with an amazing speed, and novel ways to utilize them in real life constantly appear. Gambling is one of the areas where these innovations came in handy, and the best Aussie online casinos have already embraced cryptocurrency as an acceptable payment method. Experts from Online Casino Aussie are ready to share the most important information about these Bitcoin casinos here.
Australian gambling clubs and cryptocurrency
Experts claim that the global gambling industry will be worth more than $525 billion by 2022. At the same time, cryptocurrency has already been used in this area, and approximately half of transactions in bitcoins are connected with gambling.
So, how is gambling related to cryptocurrency nowadays? Must Bitcoin casinos be licensed in AU? Let’s figure it out.
First of all, cryptocurrencies, such as Ether or Bitcoin, provide access to gambling for people in countries where this activity is prohibited. For example, transactions made to or from online casinos can arouse suspicion in some Asian regions. At the same time, there may be no problems with transferring cryptocurrency between gambling platforms and users’ crypto wallets. Generally, the situation differs across territories, but utilizing cryptocurrency for gambling in AUS is trouble-free.
Secondly, many online players do not want gaming transactions to pop up in their bank statements. In this case, cryptocurrency gives perfect anonymity and also makes deposits and withdrawals of funds very simple.
Lastly, the usage of cryptocurrency and blockchain technology in games provides Aussie users with safe and fair gambling. There can be no fraud in this case because of the security of the technology itself. It is no wonder that modern gamers who care about their sensitive data and funds are fond of the opportunity of utilizing cryptocurrency in online clubs.
Licensing of Bitcoin casinos
It is worth noting that a license for gambling activity is necessary for a provider to create a bank account and start work officially with electronic payment systems. All the best Aussie online casinos follow this procedure, and you can see licenses presented on their websites.
We should mention that there are several legislative bodies for regulating gambling activities in Australia. While the ACMA works as the main agency to deal with this area throughout the country, each state has its own authorities, for example:
- The NSW Casino Control Authorityoperates in New South Wales.
- There is the Victorian Casino and Gaming Authority in the corresponding region.
When an online casino works with bitcoins, payment processing is performed without any third-party services. That is why deposits and withdrawals occur almost instantly, and bitcoins move directly between the wallets of the club and the gamer.
However, reliable gambling clubs, such as those listed on OnlineCasinoAussie.com, usually accept several payment options, and they should be licensed properly. And even if the system uses cryptocurrency, the client must be sure of its safety and have a way to check it. For now, licensing is the only available possibility to ensure this.
Summing up, the gaming industry utilizes the benefits of all modern tools, including cryptocurrencies. However, we probably need new laws to make this payment system wider applicable, and nowadays, gamers have to search for licensed Bitcoin casinos in order to stay safe during the game.