Can we deposit to an online casino using Bitcoin? Unfortunately, the answer is no. However, as we can do almost everything online these days, there’s a strong possibility that funding online pokies accounts with digital currency could become a widely accepted method at our favourite Internet casinos in the future.
Bitcoin is probably the most well known form of digital currency (also known as a cryptocurrency) and is an innovative way to pay for goods and services online. Due to the increase in popularity of the unique payment network, we think it’s only a matter of time until we are funding our own casino accounts with Bitcoin in order to play the pokies.
What is Bitcoin?
In 2009, a man, woman, or group of people by the name of Satoshi Nakanot created Bitcoin – while there is a name, no one is 100% certain about who actually created the currency. It’s all very hush-hush and anonymous.
What we are certain of is that Bitcoin is a virtual payment method that doesn’t need a bank, government, or any other sort of approval in order for the transaction to occur. Put simply, a Bitcoin is a public and private key used online to make purchases without the need of a central authority to sign off on the transaction.
How does a Bitcoin transaction work
Bitcoin was created to bypass any banks or authoritative organisations and is overseen by a group of developers called miners. These miners use software to ‘mine’ the coins, which has to be carried out with special computers (initially all you needed was a computer to mine, but it has developed to a complex process over time).
The coins obtained from the mining process are then kept in a Bitcoin wallet (a bit like the web wallets we see today such as Neteller and Skrill) and these can be sold to others or used to purchase goods online via a peer-to-peer network. Basically, you can become a miner if you have the software, or you can buy Bitcoins from other Bitcoin holders.
Additionally, there are only 21 million Bitcoins in the world available to be mined (you can view bitcoin similar to gold as there is only so much in the world to be ‘mined’).
How will I be able to play the pokies with Bitcoin?
While none of the online casinos that we play at accepts bitcoin just yet, depending on whether they decide that the advantages outweigh the drawbacks of Bitcoin, we will no doubt be able to make a deposit using the Bitcoin method in the future.
Anyone can open up a Bitcoin wallet and buy Bitcoins in order to fund our accounts at online casinos. For example, players can head to the Bitcoin official website and download their preferred Bitcoin wallet, or opt for a web Bitcoin wallet that isn’t stored on their mobile or desktop. Then they can purchase them online and store them in their bitcoin wallet.
Once you have set this up, you will then be able to go the online casino you are playing the pokies at and head to the banking page. You will then have to click on the Bitcoin payment method from the list of methods, enter the amount and confirm, and instead of the transaction being processed and authorised by your personal bank, as it would with say a Visa deposit (which may be denied due to your banks gambling policies), it will be confirmed.
Since the process is quite quick, your funds will be added to your account and you will be able to spin the reels of your favourite slot machine instantaneously.
It will ultimately come down to the online casino if you are playing for Bitcoins or whether you make the deposit of Bitcoins, but any winnings are paid out in real cash.
In the meantime, find out what alternative secure, deposit options are available for playing online pokies.
How much is a single Bitcoin worth?
We think, since the value of a Bitcoin fluctuates so much, many web casinos haven’t been so quick to adopt Bitcoin as a payment option. At the time of writing, a single Bitcoin is worth $AUD 421.96 (the exchange rate will be different if you are located elsewhere in the world) but this fluctuates every day.
While this may sound like a lot, many of the web casinos that do accept bitcoin only require a deposit of around 0.001BTC, which is just $AUD 42, but this can vary from casino to casino.
Only play at reputable Bitcoin casinos
If you want to play the pokies by funding your account with Bitcoins, you shouldn’t compromise and play at any old online casino because you could end up having your Bitcoins taken from you. While our recommended Web casinos do not accept the method, they may adopt the payment option in the future so if you can hold out we recommend doing so.
Otherwise always do your research by reading real player reviews in casino forums, or enter the casino’s name into Google with the search term ‘rogue’ to see if anyone has had any trouble with the Bitcoin pokies site. If a casino says it accepts Bitcoin payments there is a chance it may be a cowboy operation, so always do your research.
If all else fails, ensure you only play at secure, reputable online casinos recommended by PokiesSite.com.
Drawbacks of using Bitcoin to play the pokies
As mentioned above, the value of Bitcoin fluctuates so much that ultimately you could be playing the pokies with the biggest bankroll you’ve ever had, or it could be the smallest bankroll you’ve ever played the pokies with.
For example, a single Bitcoin has dropped down to its lowest value of $0.06, while its highest value has been $5000 per coin. If you only have one coin to deposit, it ultimately depends on what value it is at that current time in terms of how long you can play the pokies for and the size of your wagers.
Another drawback is if you don’t back up your Bitcoin wallet then you can easily lose your money. If you lose the device your Bitcoin wallet is downloaded to, or forget the details to your Bitcoin wallet if it is stored online, then you lose your Bitcoins. There is no way of getting them back.
Additionally, if you don’t look after your private key, you are leaving yourself open to having your Bitcoins taken.
While Bitcoins are definitely an interesting and innovative way of funding your online casino account to play the pokies, we recommend only using them at reputable Bitcoin casinos and keeping an eye on the market to see when it’s best to make a deposit with your Bitcoins.