In a few words, Australia is an English speaking country with a multicultural history. But, its stance towards digital currencies like bitcoin is a controversial one. According to the latest survey, only six percent of the population in Australia knows what digital currencies are. Similarly, a recent survey revealed that only fourteen percent of people in Australia know about how the function. This means that a large chunk of the population in Australia does not even know about the benefits of bitcoins. Fortunately for the citizens of this nation, the government has taken a positive step by declaring that it will not interfere with the freedom of individuals to transact in any digital currency like bitcoins.
Like any other virtual currency, bitcoin can be used for betting, facilitating trade and for payment. However, unlike traditional casinos, there are no casinos in Australia offering virtual currency gambling. Australian bitcoin casino software developers have however come up with the solution to the problem of low player traffic and absence of regulation in the virtual space. A number of Australian based casino developers have taken up the challenge and have started accepting bets and playing in the virtual space.
Australian gamblers who want to try their hands at online bitcoin casinos need to follow the rules and regulations set by the state government. The state government has issued a statement confirming that it will not interfere with an online virtual poker site’s freedom of speech. However, the law does not say that an online casino in Australia can facilitate trade or investment in currencies that have another country’s emblem as their backing. It is believed though that this may be a loophole that the federal government may use to shutdown any online bitcoin casinos in Australia.
Another problem that arises is that there is no central bank in Australia that can guarantee the payment of taxes or other financial liabilities to online casinos in Australia. This makes it difficult for both developers and players to convert their local currency into that of a virtual asset in the virtual world. In this respect, Australia is like many other countries that have started to explore the benefits of online casino gambling but it will remain a fact until a regulatory body can provide a transparent solution.
One way that online users of the virtual currency can convert their money from local currency to the virtual one is to download an open source software program that performs a virtual transaction every time they play a game on their Australian online casino. Such software is the Blocknet, which is freely distributed and developed by various free software developers. This online wallet is capable of computing for the value of one Australian dollar using a highly advanced block chain technology. Once downloaded, this software program, which is like a virtual computer program, is able to transfer its contents to a remote server maintained by the software developers. The software program also performs the function of converting one Australian dollar to the digital currency in the block chain system.
If you are an avid gamer who wants to convert his money into this virtual asset, then the best solution would be to use your Australia debit card as a payment method for online transactions. By using this card, you can make a deposit in your account from your bank account or other banking institutions. You can also withdraw the same funds from the account by just walking into any ATM machine and getting your cash withdrawal receipt. Such online transaction will be processed perfectly by the block chain throughout the entire course of the transaction. As such, you can be absolutely sure that the balance in your Australian online casino account will not be touched by any fraudulent transaction and you will be safe from all the risks arising from online gaming.