A Guide to Bitcoin Casino Payouts Work in Australia
For a long time, the gambling industry has grappled with slow and unreliable payouts and this is still a major complaint among players. The industry has now found an innovative solution for these problems in the form of bitcoin casino payouts.
Bitcoin (BTC) is the most recognizable cryptocurrency and the biggest casino brands such as Fair Go Casino, True Blue Casino, and Reels of Joy Casino have embraced this digital payment solution.
If you're looking for a safe and secure gambling experience, it's time to learn more about bitcoin casinos and how they work.
Bitcoin Casinos Explained
Bitcoin (BTC) is a peer-to-peer digital currency established in 2009. Over the last decade, BTC has grown in popularity and it dominates the cryptocurrency market today.
This digital currency solves most of the shortcomings of fiat currencies when making online payments. It works on blockchain technology which increases transparency in all transactions carried out.
As a peer-to-peer (P2P) electronic cash system, everyone who owns bitcoins stays in the loop about transactions made through the ledger-system.
Online casinos in Australia have embraced bitcoin as a banking solution because it solves most of the bottlenecks previously experienced in the industry. These include safety, speed, transparency, privacy, and high transaction fees.
To use bitcoin at your casino, you must first create a bitcoin wallet where you'll store your virtual currency. There are various reputable BTC wallets to choose from.
Once you create a wallet, you can buy bitcoins from Bitcoin exchanges, Bitcoin mining, individual sellers, or a P2P marketplace.
Withdrawing Money at a Bitcoin Casino
Once you have bought bitcoins, it's now possible to play at the best bitcoin casinos in Australia. Most platforms also offer BTC welcome bonuses for new players. Here are steps to follow when you want to withdraw your winnings, though it does help to play at a casino with fast payouts.
- Log in to your casino account.
- Navigate to the Cashier section.
- Choose Bitcoin as your preferred payout option.
- Enter your Bitcoin wallet address.
- Enter the amount you wish to withdraw.
- Confirm the transaction.
- A confirmation of the withdrawal request is sent as a transaction ID.
- Your Bitcoins will reflect in your wallet in less than an hour.
Some casinos might provide a longer waiting period but this is usually less than 48 hours. This payout method is the fastest provided by casinos.
The Beauty of Bitcoin Casino Payouts
There are various reasons to opt for BTC casino cash withdrawal at Kahuna Casino, Two-Up Casino, Woo Casino, or other gambling platforms as opposed to any other payout option. Take a look.
- Instant payouts: Bitcoin transactions are fast, which is great if you want to withdraw your winnings. Withdrawals will take as little as 1 hour.
- Privacy/anonymity: During transactions, there's no exchange of personal details. There's only an exchange of bitcoin addresses, which is all you need to deposit or withdraw money at your BTC casino.
- Low transaction fees: BTC casino payouts fees are negligible compared to other banking options such as credit cards or bank transfers.
- Secure and reliable payout: When cashing out, you want to guarantee that your money is safe and your personal details are not at risk. This is what you get with BTC payouts.
- Transparency: Blockchain technology guarantees transparency and you will not have to worry about losing your money when gambling at a crypto casino.