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At the same time, it has shaped an entire industry which generates hundreds of millions of dollars in revenue every single year in Australia alone. Online poker was particularly popular but, in August 2017 this changed when online poker became illegal in Australia. This happened as a consequence of the enforcement of the Interactive Gambling.

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Initially considered to be just a store of wealth, Bitcoin which is, without a doubt, the king of digital currencies has since expanded its use cases and has now spread to a number of industries.

The digital currency has seen immense growth in both its popularity and value of the last few years and the momentum it picked up does not seem to be slowing down anytime soon. Unsurprisingly, online poker sites that cater to Aussie players are among the ones that are now offering Bitcoin as a deposit and withdrawal option.

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This move has offered both the poker operators and their customers a decentralized way of transacting without any interference by the Australian government which, as we know, has not been very friendly to the online poker industry.

Here is a list of the best online poker sites that accept Bitcoin in November 2020:

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Bitcoin poker sites continue to grow in popularity in Australia as well as in many other parts of the world and part of this is because of the convenience that it offers. Bitcoin, by itself, offers a plethora of advantages but their integration into poker sites has resulted in something that can only be described as a match made in heaven. Some of the perks of playing at bitcoin poker sites include:

• Easy, fast and secure transactions.
• Amazing bitcoin bonuses.
• Unmatched levels of fairness.

What Exactly Is Bitcoin?

While Bitcoins have only recently found a place in the world of online poker and online casinos, the digital currency has been around long enough to make an impact on a number of different industries all across the planet. Launched back in 2009 by Satoshi Nakamoto, Bitcoin is essentially a digital form of currency which means that it shares a lot of the traits of any medium of exchange. However, unlike normal or fiat currencies, bitcoin is a peer-to-peer electronic cash system. In addition to that, it is solely available in the virtual online domain and not in the physical form.

Why Is It Such a Big Deal?

There is a number of reasons why Bitcoin has grown so popular over a relatively short period of time. For online poker sites, there are certain key aspects that make it very significant in the current gaming atmosphere. These are:

1. It Is Independent

As mentioned earlier, Bitcoin is a peer to peer currency and this means that middlemen such as banks are not required for transactions to take place. Since it does not depend on banks or other financial institutions, the transactions take place directly between the crypto users which, in this case, are the bitcoin poker sites and the players themselves. The best thing about this particular aspect is that the digital currency is therefore safe from manipulation from authorities such as the Australian government which, as we all know, is completely against online poker operators.

2. Anonymity

One of the most defining features of Bitcoin is the anonymity that is associated with all of its transactions, a feature that not very many currencies have been able to offer. While playing online poker in Australia is certainly not illegal and does not attract any punishments or penalties, there are lots of players who prefer to keep their gaming activities on the low and bitcoin provides them with this luxury. Players do not have to provide a lot of their personal information when transacting using Bitcoin at any of the poker sites that cater to Australian gamblers.

3. Incredible Transaction Speeds

Since there are no third-parties acting as middlemen or authenticators of bitcoin transactions, transferring bitcoin is super fast. The digital currency gets transferred electronically from the senders account to the Bitcoin poker sites’ accounts in an instant and this makes gaming incredibly simple even for newcomers.

4. Safety and Security

Having lasted this long, it is evident that Bitcoin is backed by the most sophisticated encryption technologies in existences. This not only means that the transactions are very safe and secure but also that it adds an extra layer of security over the online poker operator’s own security protocols. That said, Bitcoin poker sites are perhaps the most secure places to play on.

5. Fairness

Now, one of the most notable concerns often raised by online poker players is whether or not the online casinos they are playing at are being fair. There are, of course, licensing and regulatory authorities that are tasked with ensuring that the online poker operators use fair and tested software such as Random Number Generators (RNGs) from reputable software developers. However, there is no need for this when it comes to playing at some of the top Bitcoin poker sites that Aussie players have access to. Thanks to the power of blockchain, the revolutionary ledger technology that backs Bitcoin, players are able to play without worrying about unfair gaming practices by the gambling platforms.

How to Obtain Bitcoin

Obtaining Bitcoin, even in Australia, is a fairly easy and straightforward process. First, you will need an electronic wallet and luckily, there are a number of options around. These include web-based wallets, USB wallets as well as hardware wallets which will store your private bitcoin keys. Once you have that covered, you can proceed to find ideal places to buy your bitcoins. There are a decent number of options that include:

Cryptocurrency Exchanges: There are currently dozens of international and Australian cryptocurrency exchanges operating online and Aussies can purchase bitcoins from them using their credit cards, debit cards or even e-wallets and, in some cases, even cash. Needless to say, this is by far the safest option since most, if not all, of the operational exchanges are legitimate businesses.

Peer-to-Peer Marketplaces: This type of marketplace allows users to engage in trading activities where they can get bitcoins in exchange for goods or services. So long as you are dealing with verified or trustworthy buyers, you should be able to successfully get bitcoins which you can then load on your wallet.

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There are a few other options that include buying from individual Bitcoin sellers or mining the Bitcoin yourself but these are not very advisable today – the former is very risky while the latter is definitely not cost effective.

How to Make Online Poker Site Deposits Using Bitcoin

Adding funds to your Bitcoin poker site account is a breeze these days. All you will need to do is to find an online poker site that accepts Bitcoin as a payment method then navigate to the Cashier section. Once there, select Bitcoin as the currency you prefer to use to make the deposits.

Once you have selected Bitcoin as your payment method, a window will open up prompting you to log in using the credentials of your Bitcoin wallet. When you are logged in, you can select the number of bitcoins that you wish to deposit into your online poker site account and fill out any additional information that may be required. Finally, hit the ‘Submit’ button and get ready for some exciting online poker action as your bitcoins will instantly be transferred to your casino account. Some casinos offer welcome bonuses for new players so be sure to claim those if you are one. In some poker sites, the bitcoins are automatically converted to the site’s default currency to make everything easier for the players.

Withdrawing Using Bitcoin

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When you are done playing online poker and wish to withdraw your winnings, you will need to head back to the Cashier section of the gaming platform and submit a withdrawal request. Once this is done, the amount in your online casino account will be exchanged for bitcoins at a reasonable conversion rate and these BTC will then be sent to whichever wallet address you specified almost immediately. It is that simple.

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Bitcoin Vs Credit Cards

Credit cards have existed for a very long time and they offer users a wide range of features including fraud protection, reward points and the ability to borrow money in addition to being vastly accepted by a plethora of merchants. However, Bitcoin is slowly gaining popularity especially in the world of online gambling thanks to the very low costs of transactions, anonymity as well as the ease of use.

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Bitcoin Vs Other Digital Currencies

While cryptocurrencies, in general, are slowly taking over the world, Bitcoin still has a special place in the hearts of most digital currency users. The two main reasons for this is because of the network effect and security. To begin with, Bitcoin definitely has a lead as a storage of value over every other digital currency since it has been around for over a decade. Its security has also been proven more than most of its younger counterparts and its usage exceeds that of all the others by almost every metric. This is not to say that the other cryptocurrencies are bad options but when presented with a choice that includes Bitcoin, it is likely that you will not go wrong by choosing it over the others.

Summary

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Playing online poker has never been easier as Bitcoin offers speed and convenience, both of which are highly beneficial for Aussie poker players. In addition, the fact the most other deposit methods are often times met with difficulties when used at Australian poker sites, Bitcoin is slowly but surely becoming the payment method of choice for Aussie players, making Bitcoin poker sites extremely attractive.