In recent years Bitcoin has fast become a popular currency used for making online payments. It’s actually a cryptocurrency - a virtual currency that isn’t tied to any government or banking organisation and uses cryptography as a means of making its transactions secure. Basically, it’s an entirely digital currency that was created to be used online and isn’t associated with any country or group of countries.
Here at AUSlots we like to make things as convenient for our players as we can. We accept a good number of commonly used payment methods so players have plenty of options to choose from when making deposits and withdrawals. As for currencies, we currently accept the US and Canadian dollars, along with the euro. We've also recently begun accepting Bitcoin.
We’re what’s known as a fiat currency casino. Fiat currency is a term that refers to any sort of currency recognised as legal tender by the government body that issues it. In other words, it’s official currencies used by either a single country, e.g. the Canadian dollar, or by multiple countries, i.e. the euro. It doesn’t have a fixed value and can’t legally be converted into anything else.
The coins and notes have very a minimal amount of value, or none at all. If they do have any value, it’s significantly smaller than its face value. If you take a one dollar bill, for example. The actual note itself might be worth a fraction of a cent, which is significantly smaller than its face value of one dollar. A fiat currency casino is an online casino that accepts various fiat currencies.
One thing to understand about Bitcoin at AUSlots is that while we accept it, our casino doesn’t actually use it. When you register with us, you can choose one of the four accepted fiat currencies mentioned above. Once your account’s been set up, you’re free to make deposits and withdrawals using Bitcoin, though any transactions involving the cryptocurrency will be automatically converted into your chosen fiat currency.
So if you’ve chosen the Dollar as your currency, whenever you make a deposit using Bitcoin, your deposit goes through and is converted into the Dollar at the current exchange rate. When you come to check your account balance, you’ll see that, even though you deposited using Bitcoin, your funds are in Dollars.