While cryptocurrencies grow in power, popularity, and importance, the gambling industry evolves to take an edge on these new and faster options to receive and process payments. In this regard, the best online casino for Australian players is moving on to offer you real crypto payments and some even crypto-based features! Let’s take a look at what is coming in trends for Aussie crypto casinos in 2024.
Growing Acceptance of Cryptocurrencies
Back in 2010, cryptocurrencies were futuristic, few users had access to them and even fewer platforms accepted crypto as a means of payment. Today, however, crypto acceptance is a fact of life, and major currencies such as BTC and ETH are regularly accepted and exchanged on payment platforms and even banks.
This has prompted a new generation of online casinos to take up the challenge and offer their customers a nice settlement of cryptocurrencies to trade and play on their sites. But why is this happening?
Well, as you may notice, cryptos have a wide range of benefits when compared with fiat coins like USD or Euros. Let’s talk a bit about the benefits of using cryptocurrencies:
- You can make payments faster as the transference process takes only minutes.
- Payments are done safely due to cryptographic security, and any payment can be verified by any node in the blockchain.
- You can transfer money to anyone, anywhere in the world! Crypto allows you to move your money worldwide with close to no restrictions.
- Your transactions are confidential. While there is a nod on your name at the moment you buy crypto and have it on your Wallet, only the Wallet admins will make use of your information.
- As the operational fees are distributed among the nodes, the fees for transactions on crypto are way lower than bank transfers or even eWallets like Paypal or Payusu.
Trends in Cryptocurrency Integration
How are casinos integrating with Blockchain technology? Well, there is no more obvious answer than introducing popular cryptocurrencies to their lists of payment methods, but that is not the last thing that casinos like https://sloterman-au.com/ are doing with Blockchain technology.
Some legit Australian online casinos are also using the Blockchain to enhance their security, thus protecting your identity, and your transactions from possible threats. On the other hand, cryptocurrency integration comes in handy with the creation of new crypto, in which some online casinos have invested.
Lastly, we can expect Aussie crypto casinos to trend in the integration of multi-currency wallets and instant withdrawals within their systems. Thus, protecting your transactions better, and allowing you to buy crypto directly from their site with your traditional payments.
Crypto in Casinos & the Impact on Player Experience
Now, having all of the above features available can have a major impact on the gaming experience for online casino players in Australia.
For starters, the availability of payouts becomes immediate. This means that as soon as your withdrawals are approved by the casino you will have the money in your wallet and you will be able to exchange it for fiat currencies to use in your daily life.
However, there is a not-so-positive aspect that we should also consider. The fact is that cryptocurrencies are quite volatile. In fact, on an investment level, they are considered to be one of the most volatile assets in existence thanks to their decentralized nature.
For this reason, when you play casino online for real money in Australia using crypto, you may experience price variations that can affect your earnings -Both positively or negatively. Nevertheless, this consideration can be avoided if your casino allows you to work in a standard coin like AUD or simply allows you to fund your account with stable coins like USDT or BUSD. Still risky, so take into consideration some tips to reduce the possible negative impact on your side:
- Learn about crypto, you can foresee when coins will be unstable and move to stable alternatives when this happens.
- Use stable coins as your main stash.
- Consider using cold wallets instead of leaving most of the money in hots or the casino itself.
Regulatory Considerations and Future Outlook
Another aspect that could affect how the integration of crypto into the Australian online casino market develops is the legality with which both industries are treated in Australia.
At the moment, there is no fixed regulation for cryptocurrencies, these types of assets are legally considered and treated as “property” so transactions are still tax-free unless they are converted into Australian dollars or other fiat currencies. On the other hand, cryptocurrencies in the country are still widely used as a method of payment, both personally and in the general market, and their use is not criminalised, although it is not compulsory.
Is it legal to gamble with cryptos in Australia? While online casinos are strictly regulated in the country, cryptocurrencies are openly accepted, so no regulation prohibits these two industries from mixing. It is up to crypto casinos to offer the best possible service and hope that prohibitive regulations never come into play.
Conclusion
Considering the advantages of the integration of crypto and its technology with online casinos, we can highlight that it is of great benefit to the online casino industry. From improved transaction speed to improved account security, the variety of payment acceptance and the ability to diversify winnings, we can see the arrival of crypto in Australian online casinos as an advantage in and of itself.
What can we expect in the future? Well, the online casino industry is changing, and crypto is one of the foundations on which its new path is being built. All that remains is for you to consider the risk factors and remember to always play responsibly, regardless of crypto.