Top Crypto Casinos in Australia

There are many cryptocurrencies to choose from these days. Here are the most popular cryptos you can expect to see at an online casino in Australia.

• Bitcoin: This currency was the first of its kind and remains one of the most popular cryptocurrencies today. It is used as a form of money for peer to peer transactions. Which differs from fiat currencies which are managed and exchanged between banks or the government.
• Bitcoin Cash: Similar to Bitcoin, this crypto is used for anonymous peer to peer transactions but there’s a slight difference. Bitcoin Cash transaction fees are a fraction of Bitcoin and it has the capacity for a higher number of transactions due to its larger block size.
• Ethereum: In the world of cryptocurrency, you might hear the term ‘blockchain technology’. Blockchains are used as digital currency and for storing data. Cryptocurrency is only a form of currency exchange. Ethereum falls under the blockchain term and is currently the most popular currency of this type.
• Dogecoin: After Bitcoin became popular, there were many cryptocurrencies created globally. Seen as an alternative to traditional cryptos, this ‘altcoin’ was created in 2013 and marketed in a light-hearted way and a Shiba Inu dog was the logo.
• Litecoin: This crypto was created to be faster and more efficient than Bitcoin. It is also more affordable than many cryptos partly due to its huge supply of 84 million compared to just 21 million Bitcoin.
• Tether: What differentiates ‘stable coins’ like Tether from other cryptocurrencies, like Bitcoin and Ethereum, is their value stability. The value of Tether is designed to be stable and linked to the U.S. dollar (USD).
• Tron: This digital platform is not only considered a cryptocurrency but was also created to host entertainment applications.
• Ripple (XRP): This is another blockchain-based network which has been likened to money transfer companies like PayPal, because it is a currency exchange and remittance system that allows you to make transactions on its platform.
• Cardano: This digital currency can be used to send and receive funds. It is considered to be a great alternative to some of its counterparts like Ethereum because it was created to be more sustainable, flexible and scalable than others.

Crypto wallets can be divided into two types, hot wallets and cold wallets. These wallets differ in terms of their level of security and accessibility. Here are the main differences between hot wallets and cold wallets.

HOT WALLET

• A hot wallet is connected to the internet and is actively used for transactions and trading.
• More accessible and convenient for day-to-day activities, such as sending and receiving cryptocurrencies.
• Hot wallets are typically software-based and can be in the form of mobile apps, desktop applications, or web-based wallets.
• They are convenient, but not as secure and could be vulnerable to cyberhackers.

COLD WALLET

• A cold wallet is a cryptocurrency is not connected to the internet and is primarily used for long-term storage and security.
• It is typically a physical device (hardware wallet) or a piece of offline software that stores the private keys offline.
• As they are offline, they are highly secure and less susceptible to online hacking attempts.
• Cold wallets are ideal for storing large amounts of cryptocurrency that you do not need to access regularly.

The choice between a hot wallet and a cold wallet depends on your specific needs and the level of security you require for your cryptos. Hot wallets offer convenience but may come with higher security risks, while cold wallets prioritise security but are less convenient for day-to-day transactions. Many people use a combination of both types to balance accessibility and security based on how they use it.