Cryptocurrency in online casinos for Australian players: choosing a currency for gambling in 2024

The Best Cryptocurrencies for Gambling in Australia

Cryptocurrency is a digital moolah, an alternative to fiat currencies, characterized by high volatility, high security, and high anonymity. There are heaps of tokens on the modern market. However, we advise beginners to select the tried-and-true tokens, as nearly all Australian online casinos accept them:

• Bitcoin;
• Ethereum;
• Binance;
• Litecoin;
• Dogecoin, etc.

Factors and tips for beginners to choose the right coin

Even if the data represented in this review is for informational purposes, you can still use it to understand the basic selection criteria, including:

• Market Capitalization. On your own, you can track different cryptocurrencies across the principal exchanges. Alternatively, you can rely on experts’ reports to define cryptocurrencies with a high total value, or so-called high market cap. The indicator shows the value of all tokens circulating on the market at the current market price. You should avoid swinging tokens and opt for a large cap;
• Past Prices. Look through the price change dynamics within a particular period in the recent past. The more stable the coin’s price growth is, the better the choice. The previous trend does not guarantee the future trend. That is why this analysis is used for short-term goals;
• Liquidity. Ensure that you can sell the preferred tokens instantly when needed. If there are lots of large buy-and-sell deals with them on main exchanges, their liquidity is high, and you can buy them;
• Niche Market. There are tokens with a particular identity, like NFTs, that are connected to the Ethereum blockchain only. Learn more about the potential of different niches if you want to unlock a better option.

Choose the right crypto exchange

Now, you should settle on the crypto exchange, which is a digital place where you can open deals with digital assets, store them, and sell them. As you browse through the available options, make sure to verify:

• Platform security. The exchange must prioritize transparency and trust, implement security measures such as 2FA, implement a KYC policy, and regularly update security systems;
• User Experience. The exchange interface must be user-friendly. It would be nice if it offered an educational video on how to cope with the platform’s functionality;
• Customer support and company authenticity. It is natural to face difficulties when buying or selling coins at an exchange. Ensure beforehand that a support team is available 24/7 and that responses are prompt and helpful. Legal information about the service provider must be available.

Commissions and fees

Whether conducted on an exchange or within an online casino, cryptocurrency transactions typically involve fees. What is important is that fees vary bloody greatly. And your task is to reduce your expenses. Thus, compare several offerings for better conditions. Additionally, check for hidden fees, such as currency conversion fees.