Most people are familiar with the Bitcoin name, but not many of us understand exactly what Bitcoin does or how this payment service works. To make it a little less confusing, we’ve provided an overview of the Bitcoin payment system and explained how you can use Bitcoin to make a real money deposit to play the pokies online.
What is Bitcoin?
Bitcoin is a sophisticated form of digital currency, providing a payment service that’s known as “cryptocurrency.” It was first released in 2008 by an anonymous programmer known only under the pseudonym Satoshi Nakamoto, which left Bitcoin shrouded in an air of mystery. It’s an incredibly sophisticated and complex concept, but broken down to its most basic explanation, Bitcoin is a peer-to-peer online payment system that does not rely on a centralised authority to approve transactions. This means your bank or financial institution doesn’t have any say in how Bitcoins are distributed, but instead an open-source network of Bitcoin users (known as “miners”) work together to approve transactions.
Unlike government issued money which can be re-printed and re-issued, there is a global limit of 21 million Bitcoins, so it essentially works like gold in that its value comes from the fact that it’s in limited supply. Bitcoin currency holds substantial value, however it can only be stored, sent and received by other Bitcoin users.
How to get Bitcoins
The Bitcoin currency network may sound complicated, but you don’t have to understand the nitty gritty details to use it. Buying and using Bitcoins is a fairly straightforward process once you have your head around the basics. Bitcoins can be purchased through Bitcoin wallets, exchange services and marketplaces, and paid for via cash, bank transfers, debit cards and even other cryptocurrency services.
Once you’ve purchased some Bitcoins, you need to create a virtual Bitcoin wallet to store your digital currency. Bitcoin wallets work in a similar manner to a bank account, but there are two types of wallets to choose from: software wallets and web wallets. Software wallets require downloads and can be difficult to maintain, while running the risk of losing software means you’ll also lose your Bitcoins. The more popular method is the Web wallet, which is hosted by an external third party and allows you to send and receive Bitcoins directly through their online system.
Which pokies sites accept Bitcoin payments?
Bitcoin deposits are very rarely offered by online casino vendors, with a majority of casinos favouring traditional payment options like credit cards, debit cards, web wallets and pre-paid vouchers. However, Bitcoin deposits have recently become available at one of our top rated pokies sites, Joe Fortune. Joe Fortune is an instant-play casino that offers over 130 real money pokies from Microgaming and Spinomenal, with some epic welcome bonuses available for new Aussie players.
The subject of Bitcoin deposits is becoming a hot topic in the online gambling industry as more players look for new ways to make safe, anonymous digital payments, so we expect that Bitcoin deposits might become more widely accepted in the future. In the meantime, you can either play pokies using Bitcoin as an alternative deposit option at sites like Joe Fortune, or opt to use a more popular casino payment method and play at any the pokies sites recommended across our website.
How to deposit using Bitcoin
To make a safe deposit using Bitcoin, here’s what you’ll need to do:
- Create a Bitcoin wallet with a trustworthy service like Coin Jar, Bit Trade Australia or Coinbase.
- Sign up for an account at Joe Fortune Casino.
- Head to Joe Fortune’s cashier section and select Bitcoin as your chosen deposit method.
- Enter the amount of Australian dollars you wish to transfer.
- Highlight and copy Joe Fortune’s Bitcoin address which will be listed under the exchange rate in the cashier.
- Click the ‘Launch Bitcoin Wallet’ button and paste the Joe Fortune Bitcoin address into your wallet. Alternatively, if you’re depositing on your smartphone or tablet just open your Bitcoin wallet app and scan the QR code.
- Follow the prompts to complete the transaction.
Bitcoin deposits are available instantly, so once you’ve followed the steps above you’re now free to play online pokies for real money bets.
Is Bitcoin recommended for pokies deposits?
If you’re a Bitcoin user who is familiar with this concept and already has an understanding of how Bitcoin wallets work, making a deposit with Bitcoin is certainly a solid option. It’s a reliable, legal payment service that allows you to safely and anonymously send money online, making it a good choice for online gambling.
However, as Bitcoin deposits are rarely accepted by our recommended pokies sites, you’ll be much better off using a more popular, traditional payment method. If you’re not familiar with Bitcoin, there is no need to get a Bitcoin wallet and get your head around the Bitcoin game as there are plenty of easier casino deposit options, like Visa, MasterCard, Neteller, Skrill, Paysafecard and direct bank transfers.