Cryptocurrencies are in the news almost every day now. Most people have heard about bitcoin but actually there are already dozens of cryptocurrencies in circulation. Most people also have heard that cryptocurrencies are “mined” and are created in something called a blockchain. These last two concepts are very hard to get out heads around.
The good news is that for most people’s purposes, we need only know what cryptocurrencies are and what need they serve. In this short blog, we will concentrate on cryptocurrencies in Australia.
The need that cryptocurrencies address is that government money is no longer backed by anything tangible. A firebrand speaker named Ann Barnhardt has a few YouTube films out there about money and economies. She defines money as a substitute for human creativity and labor. For centuries, people accepted gold and silver as the best substitutes for human creativity and labor.
Now, governments don’t want to use these metals as money; they want to simply print money and keep their economies rolling and their people happy with “money” that is essentially just paper. Bitcoin and all the other cryptocurrencies were developed to create a transparent decentralized form of money that would bypass the money issued by governments.
Governments have as much difficulty getting their bureaucratic heads around the idea of cryptocurrencies as do average people. Australia cryptocurrency regulation seeks to inject government control over these currencies. That simply shows that the government of Australia doesn’t fully understand that cryptocurrencies cannot be manipulated by government regulation. In fact, they exist to circumvent government regulation.
The prefix crypto refers either to something that is fake or something that is hidden. Governments have given bitcoin and currencies like bitcoin the name cryptocurrencies because the governments want people to see them as fake currencies. To a large degree they have succeeded in doing so because the way cryptocurrencies are created is so different than the way government money is created and is so far removed from our everyday experience.
Nevertheless, people increasingly use cryptocurrencies to make purchases online. Online casinos have begun accepting cryptocurrencies along with the more standard government currencies. It could be that in the future—maybe even the near future—we will begin to call bitcoin simply currency and dollars, Euro, or Pounds as cryptocurrencies!
The fact that even online casinos gave begun to accept bitcoin means that cryptocurrencies are becoming more mainstream as a medium of exchange. Since the number of online casinos that serve the Aussie gaming public increases all the time, it is impossible to declare which is at this time the best cryptocurrency casino. There are still aspects of playing at an online casino that obtain irrespective of the currency you deposit into your account.
The new law regarding online casinos in Australia is that they must be registered and licensed by the proper Australian government authority. They must subject themselves to outside auditing to determine that the games they offer are fair and aboveboard. The audit also takes into account banking practices and safety.
Cryptocurrencies are the perfect vehicle for transferring “money” to and from a casino because each block in the blockchain is like an unbreakable entity. No one has yet discovered exactly how to break a block in the blockchain. We are sure that there are people working hard to figure out how to do so but they have failed to this point.
That is the whole point about bitcoin and all the other cryptocurrencies: the blockchain is made up of blocks that cannot be broken into. They are safer than the strongest safe and more impervious to hacking than the most powerful encryption software.
The number of online casinos continues to grow, seemingly exponentially. In this blog, we cannot begin to evaluate each one. However, there is some evidence that many online casinos are not sufficiently funded and therefore present a danger to players.
Most online casinos still do not accept bitcoins but that number will decrease as the gaming public learns more about how safe cryptocurrencies are. If there is a true financial crisis completely unrelated to online casino gaming, we are sure that many online casinos would suddenly begin to accept cryptocurrencies.
It seems odd that we are engaged in a discussion of currencies since this is a blog that generally is related to online casino gaming. The fact is that online casino gaming depends on currencies. It is of course true that you can play for free for as long as you wish but the overwhelming majority of people who play at online casinos do so because they like the thrill of placing a bet on the outcome of games.
In order to place a bet, gamers need to deposit money and thus we are back talking about what money is and how online casinos relate to the vast array of currencies in the world.
Many observers of world financial markets believe that government money is so unsupported that it will ultimately fail. The saving grace behind cryptocurrencies and the blockchain is that they can represent human creativity and labor in an incorruptible monetary form.
The ride of cryptocurrencies may be a signal that the millennia-long reign of gold and silver as money and as substitutes for human creativity and labor is over.
And, yet, all we want to do here is talk about how to safely get “money” into our online casino account so we can play pokies, blackjack, poker and the other great games we love.
Do you know what Bitcoin is? Of course, you do. But do you really understand how it works and what this kind of tech represents? Unless you’ve been living under a rock, and even then, you must have heard about Bitcoin in the past few years. At first, it was the hottest trend on the market – everyone had to use cryptocurrencies no matter for what purpose. If you wanted to buy things online, you went with Bitcoin. If you wanted to play online casino games, Bitcoin was your first choice.
However, after a while, the market changed drastically, and Bitcoins’ value dropped dramatically. Nowadays, the market has stabilized, and you can use Bitcoin without fearing the consequences. So now that you can take a step back and look at Bitcoin and Blockchain technology without getting lost in all the fuss around it, you should learn as much as you can about this kind of transaction method. Are you ready?
Before we delve into how you can use Bitcoin and other cryptocurrencies, it is crucial to understand the technology behind it. Up until cryptocurrencies were invented, you had to go through a third party, such as a bank, to conduct most of your money transactions in a safe form. What Blockchain technology offers you is the chance to perform such transaction without the need for a mediator.
Blockchain provides you with access to a public database, or a digital ledger, where all the transactions are recorded. Since the database is open for everyone to see, anyone can take a look at it and verify its authenticity. If you want to make a payment by using blockchcain, the transaction will be represented as a block – hence the term blockchain. This block will go out into the network, where a chain of computers will approve the exchange, it will be logged in the public ledger, and the recipient will get his money.
Once you understand how blockchain technology works, it is time to take a look at what you can do with this kind of tech. You can use blockchain to make transactions involving money, goods and services, and even property. However, most people prefer to stick to money transactions, even when they have other options. Bitcoin was the first cryptocurrency that took over the world by storm. Even though there are hundreds of different cryptocurrencies nowadays, Bitcoin is the most popular of them all.
If you’ve been paying attention, you must have noticed that Bitcoins’ value has fluctuated in the past year. Up until December 2017, Bitcoin wad solid. By the end of the year, it reached new heights and was worth more than $19,000. However, for various reasons, the value of this cryptocurrency began to go downhill afterward, and by February 2018 it was worth about $7,000. But don’t be alarmed! Since then, the coins’ value has remained practically the same, and it seems as if the dust has settled and things won’t change anytime soon. Therefore, you can start using Bitcoin without worrying about whether the coin is stable enough or not, and you can use it freely.
So what can you do with Bitcoin? Where can you use this type of cryptocurrency? Nowadays, more and more companies understand the potential behind accepting cryptocurrencies. Therefore, you will find that there are a lot of companies that accept this kind of money transaction method.
You can buy gifts, book flights, and book hotels, download music, and even play pokies online while using Bitcoin as your main money transaction method. Although not all stores and online casinos accept cryptocurrencies, you can rest assured that in a few years everyone will be able to use this kind of transaction method without limitations.
The world is changing thanks to the warp speed at which technology advances. Nowadays, you can use Bitcoin or a variety of other cryptocurrencies to make online transactions, and you don’t have to go through a third-party anymore. Use this payment method whenever you want to make fast transactions, and you are golden!