In this article, we’ll explain how to deposit Bitcoin in the popular online Casino provided by Bitcoin.com Games.
You can deposit either Bitcoin (BTC) or Bitcoin Cash (BCH) which can both be used to play all the games. If you don’t have any Bitcoin to deposit you can also buy it on their website using the instructions below.
With Bitcoins best ever start to a year and the popularity of cryptocurrencies booming in Australia, it has led to massive growth for crypto exchanges in Australia.
With the first quarter of 2021 wrapped up, Binance Australia has reported record growth & milestones in terms of AUD trading volumes and the number of institutions signing up. They have also been ramping up their local presence in Australia with events, weekly meetups and online masterclasses.
On the 11th of January, Binance Australia recorded over AUD $130 million in trading volume across all Australian Dollar (AUD) pairs in a single day. Then on the 23rd February the record was broken once again as the daily trading volume reached AUD $175 million.
This looks like a huge achievement for at least two reasons:
It sends a clear signal about the size of cryptocurrency markets within the overall financial horizon in Australia.
It made Binance Australia the top digital asset exchange in Australia by daily AUD trading volume, only 6 months after its launch in July 2020.
We are humbled to witness the rapid growth of the Aussie crypto sector. Users, volume, adoption are increasing like never before. The Binance Australia team and I are proud to serve you all as Australia’s top digital asset exchange.
Jeff Yew, CEO of Binance Australia
Australia Local Events and Media Presence
With so many projects and developments launched every day, it could be easy to focus only on the technological aspects of the innovation and get lost in the crypto space. Some companies seem to very aware of this risk, thus putting serious effort in establishing a face-to-face relationship with local communities. Binance Australia is definitely amongst those business who strives to connect with its customers, showing its own team not behind a computer monitor.
International Women’s Day 2021 Binance Australia event in Brisbane
Jeff Yew, the CEO of Binance Australia, has also been quite active in the media, for example being interviewed from Sky News Australia on the Business Weekend Show. He has also been featured as one of the brightest Aussies under 30.
With only 25% of the year complete so far, there is still lots of time for more growth, stay tuned for more updates.
Bitcoin has outperformed all major asset classes for 2121 Q1 as shown on a chart posted by Binance. This is the best start to the year BTC has has in the past 8 years.
Starting the year around $38,000 AUD and currently $78,000 (at time of writing) has seen the BTC price gaining just over $100% in the first 3 months of 2021. Compared to previous years this by far the best start to a year for BTC with most other starts actually showing negative gains for Q1 and then Q2 onwards showing very bullish returns.
The Most Authoritative Crypto Casino Adds Live Casino Games from the Masters of Live Experiences.
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The premium crypto gaming portal is now expanding it’s arsenal with the addition of live casino games and shows from the leaders of video-streamed live experiences – Evolution Gaming. The newly added live casino games include a variety of classics such as Baccarat, Blackjack and Roulette, along with many other exciting games that promise players an unmatched gaming experience.
Play live game shows like ‘Crazy Time’ and ‘Deal or No Deal’ to win Bitcoin with up to 20,000x multiplier!
Building upon the existing library of games, Bitcoin Games is also bringing a new way of experiencing online casinos. An entirely novel idea that combines traditional money wheel games with wildly popular game shows for an immersive gaming experience. Players can now participate in highly-engaging real world game shows such as Crazy Time, Deal or no Deal, and Dream Catcher right from the comfort of their devices – with Bitcoin!
Bitcoin Games has established itself as one of the top crypto casinos where players can expect a smooth gaming experience while having access to world-class customer support and excellent account managers. With a perfect payout rate, the gaming portal regularly dishes out millions in Bitcoin to lucky players every month.
Check out these newly added games or try out the exciting range of casino classics available only on Bitcoin Games.
We’re giving away an NFT each week for a few weeks to reward our readers, and help them participate in the crypto space and learn about non-fungible tokens (NFTs).
This weeks giveaway is this Cute Baby Unicorn! You can view the item on the NFT marketplace OpenSea.
This item is a Sandbox NFT which means it can be used in The Sandbox Game as an avatar. You could buy some virtual land and take your unicorn for a walk! … or just let it roam free.
What are NFTs?
Non-Fungible Tokens (NFTs) are virtual tokens minted on the blockchain for digital scarcity, security, and authenticity. They are unique, indivisible, and non-interchangeable – allowing true digital ownership of in-game assets.
About The Sandbox Metaverse Game
The Sandbox metaverse is split into 166,464 LANDS, creative sandbox areas owned by you, the players. You can create and monetize online games on your land or rent it to someone else to publish their own creation. Each piece of LAND has a pre-defined default terrain, but you can modify this as you build your own content.
The giveaway has ended.The winner was @leahcrypto
Congratulations @lechcrypto you have won the Unicorn NFT! We will send you a private DM with details. You have 5 days to collect the reward, or it goes to next person.
A Bitcoin backed loan this is similar to any other loan, however with this type of loan you can borrow Cryptocurrency and use your existing Bitcoin as collateral against the borrowing.
This crypto loan is provided by Binance and you can use your existing Binance account to apply. All registered Binance users can apply without any lengthy forms to fill in, and what’s best is that it’s approved instantly.
How A Crypto Backed Loan works
The process is simple – you lend your Bitcoin to Binance for a specific amount of time (say 30 days) and in return they lend you crypto. You pay hourly interest for the loan in Bitcoin. If the price of Bitcoin drops suddenly, you can simply top up your loan collateral to keep the amount borrowed to below 65% to avoid your loan being liquidated.
Coin Borrowed = The crypto that you borrowed from the loan.
Collateral Coin = The crypto that you used to fund for the loan.
In the example below we are borrowing $100 USD worth of BUSD for 30 days and using Bitcoin (BTC) to fund the loan as crypto collateral. BUSD is a stablecoin like USDT, but it is run by Binance.
Steps to Apply for a Bitcoin Backed Loan
Login to your Binance Account
SelectFinance > Loans from the main menu
Select the Coin you wish to borrow (you can borrow lots of different cryptos including stablecoins USDT and BUSD, see below full list of coins you can borrow).
Enter the Amount you wish to borrow.
Select how long you want to borrow it for (can be 7 days, 14 days, 30 days, 90 days or 180 days). The interest rates will change depending on the duration chosen.
Crypto loan application form
Once your ready, click Start Borrowing Now
Read and agree to the Terms & Conditions
Approved crypto loan of BUSD using BTC as collateral
That’s it! You should now see +100 BUSD in your Spot Wallet account and also the BTC deducted from your balance to be held in the loan.
How To Adjust the LTV Risk Level?
The loan to value ratio (LTV) shows your risk level of the percentage your borrowed compared to the coin you lent. To have less risk you can lower this value to below 65% and add more BTC as collateral, which will reduce the likelihood of a margin call should the Bitcoin price drop suddenly.
Adjust your LTV risk level
How Much Can You Borrow?
You can check the Crypto Asset Loan Data to see the minimum/maximum lending amounts for each coin and the interest rates for the lending pair.
Crypto Loan Data Table
How Do You Pay the Interest?
The total interest for the period is added to your Collateral Coin value when you apply for the loan, so apart from the potential margin call there is no additional payments. The fees get automatically gets deducted (paid as interest) hourly at the rate agreed on (when you applied for the loan).
How Do You Close The Loan?
You can repay (close) the loan at any time without extra fees by simply clicking the Repay button. Select the amount you wish to repay (say 100%) and confirm the payment. This is an instant and simple process.
Repay and close the loan
How Does the Margin Call Work?
If the Collateral Coin drops in value compared to the Coin Borrowed, you may get a “margin call” which you will have to deposit more Collateral Coin to adjust the LTV back to a normal risk level (say below 65%)
Liquidation can occur if the Collateral Coin’s total value is equal to the Borrowed Coin’s value. If this happens the loan is liquidated where the Collateral Coin is automatically sold to pay for the Borrowed Coin’s value and the loan is closed. There is no additional steps for you and you’ll be notified of the liquidation. You still keep the originally Borrowed Coin from the loan and don’t need to pay that back.
Can You Trade or Withdraw Borrowed Crypto?
Yes, you can trade on Binance using the loan borrowed crypto in both spot and margin trading. Yes, you can withdraw them as well.
What Are The Tax Implications?
Coming soon. We’ll update this section from Tax Accountant advice soon.
As we all know, the world of cryptocurrency moves at an alarming rate, with new coins and asset classes constantly going in and out of fashion. One of the hottest crypto trends to have taken the market by storm in early 2021 is Non-Fungible Tokens, or NFTs for short.
But what are NFTs all about? Why are they considered so important? And why has this new asset class taken off?
From super-rare CryptoKitties (don’t worry – we’ll explain) to famous tweets selling for millions of dollars, this guide will take a detailed look into NFTs and bring you up to speed as quickly as possible.
What is a NFT?
A Non-Fungible Token is a unique digital asset which cannot be subdivided in smaller parts, which makes it different from cryptocurrencies. Although NFTs can be stored on a secure database, they are most commonly developed to leverage the Ethereum blockchain because of its benefits, so this guide is focused on that case.
The main point of NFTs is that they cannot be exchanged with one another because each item is a unique, one-of-a-kind digital asset – hence the term ‘non-fungible’. To explain this property, imagine NFTs as airline tickets: each ticket has specific information like passenger details, flight’s date and destination. These unique sets of data make it impossible for flight tickets to be used as if they were currency.
Physical
Digital
Fungible
Money, gold, casino chips
Loyalty points, Bitcoin, Ethereum
Non-Fungible
Artworks, tickets to an event, houses
Trademarks, videogame skins, CryptoKitties
Applications of NFTs can vary greatly, from sporting collectables to “virtual real estate”. However, what has recently put NFTs under the spotlight globally is digital art, as it fits particularly well to NFT’s intrinsic features. Just like an original piece of physical art, all NFTs are unique by design. Contrary to regular pieces of artwork, which can be copied or forged to be passed off as original, NFTs are practically fraud-proof as they can be instantly verified via the blockchain. The ownership the token can be verified, tracked and transferred like other blockchain transactions, opening the possibility for trading.
What are some important NFT characteristics?
After an introduction to NFTs and how they work, let’s look a little closer at some of their key characteristics.
Unique – each token has a unique set of properties stored in its meta data.
Verifiable – their rarity can be verified on the blockchain, making them fraud proof.
Indivisible – they cannot be split into smaller denominations so it’s impossible to transfer or buy a fraction of a NFT.
Guaranteed ownership of the asset – when purchased, the buyer holds the right to claim ownership of that unique token but not the rights to its distribution.
Easily transferable – NFTs have been standardised on public blockchains, making transfers across different digital ecosystems quick and simple.
Indestructible – as data is stored on the blockchain via smart contracts, NFTs cannot be removed or destroyed.
What are some different types of NFTs?
Sales for the booming crypto ‘niche’ are estimated to be well over a billion dollars, with over $250 million of NFT traded last year alone, but what are some examples of digital tokens that are hot at the moment?
Here is where CryptoKitties come into play as mentioned earlier. These cute, collectible digi-kittens were the first token to really put NFTs on the map back in 2017. Since then over $42 million have been spent acquiring different CryptoKitties according to Non Fungible, with one digital cat being purchased for $170,000.
Despite CryptoKitties being the trailblazers of the NFT world, it is argued that the first NFT was developed in around 2013 with Colored Coins. To emphasise how far things have come since then, earlier this month, international auction house Christie’s sold a JPG file by famous digital artist Mike Winkelmann, also known as Beeple, named “Everydays: The First 5000 Days” for US$69.3m.
The concept of art is somewhat subjective and digital art is no exception, as it seems that there are no real boundaries restraining where this industry will go next. For instance, Twitter CEO Jack Dorsey is currently selling his first ever tweet that read: “just setting up my twittr” for an estimated US$2.5m.
Musicians are also getting in on the act too, with the band Kings of Leon releasing their new album, When You See Yourself, as a NFT. Exclusive artwork, limited edition vinyl access and also the potential to win lifetime front-row tickets was included in the $50 NFT album package which was on sale for just two weeks.
Where can I buy NFTs?
Having understood what NFTs are and what they are used for, when it comes to buying them there are a few options to consider.
There are many NFT marketplaces such as Crypto.com NFT Marketplace, often dedicated to specific categories of tokens. For example, if you were interested in buying the Kings of Leon NFT album mentioned previously, most music-related tokens can be found on YellowHeart. OpenSea is a very popular marketplace that can be used for purchasing all sorts of collectibles and gaming items. Sought-after NBA highlight reels are available at NBA Top Shot, where US$230m has already been spent for “Top NBA moments”. Other digital goods marketplaces include Decentraland, Nifty Gateway, Rarible and SuperRare.
Purchasing NFTs, for example a piece of digital art, is quite straightforward in general. You only need a digital wallet that is compatible with the marketplace you are purchasing from. Fund your wallet with the supported currency options and you are pretty much ready to go ahead. Remember to check for specific instructions as they may differ from marketplace to marketplace.
Australian crypto exchange Coinstash is running red hot amongst investors. Less than a week after opening its equity crowdfunding campaign, the Brisbane-based startup has raised over $2 million, smashing its minimum target of $700,000 and fast closing in on its $2.8 million maximum offer.
Its investors are piling in to be part of one of the first Australian crypto platforms to potentially offer users the ability to earn interest on, borrow and spend (via a “crypto” credit card) their cryptocurrencies. The founders of Coinstash describe its future innovative products as ‘putting people’s crypto to work”.
The company’s funding milestone has come whilst the crypto bull run extends yet another month; both Bitcoin and Etherum have broken all-time highs, astounding both their skeptics and advocates. But is speculating on price the only way you can make money or use your digital assets?
Coinstash co-founders Ting Wang and Mena Theodorou clearly think there is more opportunity than just price speculation.
According to the company’s offer document available for investors, the company has a clear vision on how it plans to broaden the possibilities for its customers.
“We are bringing three revolutionary products to the market – Earn, Borrow and Spend”, says Mena, Chief Technology Officer and co-founder. “They’re all subject to regulatory approval, but in a nutshell, Earn would let users earn a rate of return on their Bitcoin or other cryptocurrencies. Borrow will allow users to post their cryptocurrency holdings as collateral and borrow Australian Dollars or another cryptocurrency of their choice. And Spend will be a Coinstash credit card that allows users to spend their money anywhere in the world, using their cryptocurrency as a line of credit.”
The beauty of it all is, of course, that similar services already exist in the traditional banking world, for example when you go to a bank and apply for a savings account or a lender for a personal loan or a credit card. The actual practice of opening a deposit account, or in the case of borrowing funds putting up your “capital” as security, won’t be anything new to the average user. It’s just that with the Coinstash products, you’re dealing with your crypto assets, rather than the money stored in your bank or putting your real-world asset such as your house, car or credit history at risk.
Mena Theodorou, CTO and Co-Founder of Coinstash
When asked if the company’s decision to raise capital during the current crypto bull market had helped to make the raise successful, Ting, the CEO and co-founder, says that there is a lot of planning and execution that are necessary for a successful campaign, regardless of the current market conditions. In fact, the idea to raise funds via equity crowdfunding started in early 2020, and planning began in the second half of that year.
“After the first crypto bull run of 2017, Mena and I realised straight away that there are problems that we can solve for Aussie crypto holders. Yes, there are companies who offer similar products like the ones we propose. Still, the difference between what we want to do and what already exists out there is that our products will be regulated according to local Australian laws, meaning that all our users will be afforded the protection provided under Australian regulatory regime,” explains Ting.
In good times such as now, no one really thinks about what happens if something goes wrong. However, if something does, in fact, go wrong, I think most people would agree that you’d rather your crypto platform be based in Australia and subject to our laws in case you need to turn to them for help, which would be more difficult if the platform is not based in Australia.
Ting Wang, CEO and co-founder of Coinstash
Always consider the general CSF risk warning and offer document before investing.
A smartphone is enough to purchase Bitcoin. You don’t need to have a laptop or a desktop PC to get the job done. This step-by-step guide will show you how to buy Bitcoin from your mobilephone, with a focus on the popular Australian platform CoinJar.
If you are approaching Bitcoin for the first time and you are not sure about how it all works, you might want to read about what Bitcoin is and an introduction to buying Bitcoin before going ahead.
1. Accessing your account
In order to buy Bitcoin (BTC), first of all you need to have a CoinJar account. Read our comprehensive guide on how to setup a Bitcoin account with CoinJar for instructions on how to set up a new account.
CoinJar Australia homepage
CoinJar Australia app download
CoinJar homepage encourages to proceed installing their app on smartphone, however it is also possible to proceed to a more traditional login page. Their app is available on the Google Play Store for Android devices, as well as on the Apple App Store for those using an iPhone.
2. Depositing funds
From within the CoinJar mobile app, the next step is to have funds available in the CoinJar wallet. If you don’t have any funds available (or not enough for your desired BTC amount), click Deposit from the app main screen (dashboard). You can use different methods for that, for example BPAY (like a utility bill) or PayID from your Australian bank account.
The last step is to actually purchase Bitcoin using funds in your “Cash Account”. For this, click on “Everyday Bitcoin” from the mobile app dashboard. This also shows previous transactions. Then click on “Buy”.
Alternatively, click on “Convert” from the CoinJar app dashboard. When prompted for “Convert from”, select “Cash Account”; then for “Convert to” select “Everyday Bitcoin”. Enter the desired amount and hit “Next” to proceed.
CoinJar Australia app Everyday Bitcoin
CoinJar Australia app AUD to BTC
Bitcoin Mobile Apps
Many platforms in Australia provide apps to buy Bitcoin using your phone, here is a selection of some of the best ones.
Coinjar
CoinJar is one of Australia’s longest running cryptocurrency platforms, offering exchange and hosted wallet services. Both the CoinJar website and iOS and Android mobile apps have excellent design and are easy to use, especially for beginners.
Swyftx is a Brisbane-based and AUSTRAC-registered Australian crypto currency exchange and trading platform. They have a website optimised for mobile usage, as well as apps available for download on both Android and iOS. Swyftx offers outstanding customer support coupled with low fees, making it appealing for buying cryptos.
Binance offers one of the largest cryptocurrency exchanges in the world in terms of trading volume. They offer apps for Android and iOS, supporting AUD deposits and withdrawals for personal accounts which are instant and have no fees through PayID/Osko. Thanks to very low fees and advanced features, they are a great choice for trading cryptos.
Some providers provide a way to buy Bitcoin with direct peer-to-peer exchange through LocalBitcoins. This may be useful for those countries who buy Bitcoin using their phone bill recharge, we have found the fees to be quite high for these services. If you’re interested, firstly you’ll need a digital wallet to store your Bitcoins. Feel free to read our article featuring some of the best Bitcoin mobile wallets.
Conclusions
As shown in this guide, buying Bitcoin from a mobile phone is pretty straightforward. Exchanges like CoinJar offer a great user experience on the phone with highly rated beginner friendly reviews.
