Stellar (XLM) was launched in 2014 as an alternative to Ripple, with several problems in the latter leading to their separation. The coin has seen a massive increase in its value over the last few years, and Stellar casinos are rapidly gaining customers. Continue below to discover its benefits and how it works.
Australian Online Casinos That Accept Stellar Payments
XLM online casinos come with many benefits, which we explore in detail below. If you are familiar with Stellar and own some of its coins, you can get started with any of the following approved XLM online casinos.
Stellar Casinos Overview
Stellar was initially part of the Ripple blockchain, but after some scandals and controversies, it moved away and distanced itself from the latter. Since then, Stellar has seen a massive increase in terms of value, and the crypto coin carries some unique benefits:
- Transactions completed in less than five seconds
- The fees for Stellar casino payments are set at a low 0.00001 XLM
- Your location doesn’t influence your ability to transfer XLM tokens
Expert insights suggest that Stellar is on a path to becoming one of the most prominent cryptocurrencies, so make sure you add some to a casino to gamble or as an investment.
How to Use Stellar at Online Casinos
Adding funds at online can be really frustrating at times. Credit card transactions getting blocked. Ewallets asking for KYC verification and adding fees upon fees. It shouldn’t be like that.
Stellar is a cryptocurrency that simplifies adding money or withdrawing from an online casino.
You can buy and store XLM on any major cryptocurrency exchange platform. See Kraken, Coinbase, Cash App, and Binance.
Your Stellar wallet address is all it takes to add money or cash out from a casino listed afterward. You only need a casino account and to stay in line with any terms and conditions relating to payments.
What to Consider with Stellar Casinos in Australia
The best Stellar casinos will let you take advantage of the biggest benefits that you see from using cryptocurrencies like fast transactions, total anonymity, and few geographical restrictions. You will encounter two types of casinos that let you use Stellar. You will find one that takes your Stellar deposits and turns them into another fiat currency. The second one will only let you keep the funds in Stellar, which lets you double gamble.
No Automatic Tax
Because financial authorities can’t check your winnings directly, they won’t be automatically taxed. You will still need to pay it, but you will need to take it out of your winnings. Even despite them not being directly taxed, you would still need to pay it, which some may find an inconvenience.
Speed of Deposits and Withdrawals
You need to consider the deposits and withdrawals made ahead of time before you play at a casino because some will work faster than others. Because of this being a cryptocurrency, the deposits and withdrawals should work within seconds. How long it takes can depend on the casino as well.
Provably Fair Games
All Stellar casinos should use the transparency of the blockchain when you wager with crypto because it gives you provably fair outcomes. This provably fair system was designed around the cryptographic algorithm that employs hash functions to make it hard for a casino to break or decode the system. Every transaction that you make uses a unique algorithm, which ensures that you can check it for fairness.
License
You need to check to see that it uses the correct licensing since this will also guarantee a more positive experience. It demonstrably proves that a third party checked it for fairness. That means that when you place wagers at the pokies, you won’t need to worry that every spin will be a loss due to unfair practices.
How Do You Withdraw Your Winnings?
How you withdraw your winnings from your casino will depend on the establishment, but you do have common threads. For example, you might head to the cashier tab and select the Stellar currency. Once you choose the currency, you will make the withdrawal over to your wallet address.
After you have it over in your e-wallet, you can transfer it over to a crypto exchange to withdraw the cash. Beware of how the crypto markets can be highly volatile, and as a result, you may want to exchange it out of your wallet into a more stable currency. However, in some cases, you could play the volatility to your advantage to walk away more winnings.
Should You Keep Your Stellar Funds at the Gambling Site?
We would never recommend that you keep a large amount of winnings on a gambling site even one with a solid reputation. The reason for this being that hackers often target online casinos, and even with solid security, you could find that you lost everything.
Using a Mobile Wallet for Stellar?
Provided you only plan to use a small amount of Stellar tokens to fund your casino account, a mobile wallet may make sense. People love mobile wallets because of the speed and convenience.
When to Use a Hardware Wallet
Considered the most secure wallet, if you plan to wager with a lot of money, you may want to choose the hardware wallet. It’s the most secure because it will only be vulnerable when you connect to the internet. This makes them the least prone to theft. You don’t need one to start at a Stellar casino, but many prefer them because of greater security. Imagine winning a huge jackpot and losing it after because someone broke into your mobile wallet.
Summary
If you are into cryptocurrency and exchanges, you should already own some Stellar tokens. If you do, there is no reason to not spend a few XLM and have fun playing at the listed online casinos. You can find advanced pokies with bonus features, strategic table games like blackjack, and even provably fair casino games like Plinko and Rocket. All await one click away!
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