As a player from New Zealand, you need to deposit money into your casino account before you can bet on games. Many top online casinos support a wide range of payment methods that make it easy to deposit and cash out winnings.
One of these payment methods is Bitcoin. It is considered to be among the safest methods and it has gained popularity among players in the iGaming industry.
Bitcoin is the first blockchain-based cryptocurrency, and it was launched in 2009. According to Investopedia (https://www.investopedia.com/terms/b/bitcoin.asp), the identity of the person(s) that created the technology behind Bitcoin is a mystery.
However, Satoshi Nakamoto is the name that the creators of the crypto coin used, but it is believed that Satoshi’s identity is fictional. The beauty of the currency is that it is decentralised and this makes it:
- More secure
- Less prone to government interference
- Low risk of identity or information theft
In this comprehensive article, we will explain what Bitcoin is and how you can get started using it at online casinos.
We will also discuss the pros and cons that come with using this payment method as well as how you can choose the best Bitcoin online casino to join.
By the end of this article, you will know all the essential things you need to know about this cryptocurrency.
What is Bitcoin?
Bitcoin is a digital currency that is used for financial transactions. It can be considered as a type of money that is completely virtual and can be sent from one user to another on the peer-to-peer Bitcoin network.
Every Bitcoin transaction carried out is verified by network nodes via cryptography, and it is also recorded on a distributed public ledger that is referred to as a blockchain.
Bitcoins are registered to Bitcoin addresses in the blockchain. Before you can use Bitcoin you will need to have a cryptocurrency wallet.
There are several crypto wallets out there, so you should make sure you do your research before choosing one.
Every Bitcoin address has a private and public key, which you can use for performing transactions. Here are the most important facts about private and public keys:
- Public keys are essential for identification.
- Public keys are used to receive bitcoins.
- Private keys are used for authentication encryption.
- Private keys should be kept secret.
How to get Bitcoin
Once you’ve set up your Bitcoin address and wallet, you can proceed to get some Bitcoin into it.
You can then use Bitcoin to fund your casino account or perform other financial transactions. Getting Bitcoin is not as difficult as some people think.
Most digital currency exchange platforms now allow players to buy Bitcoin using fiat currencies. They support a wide range of payment methods including credit/debit cards and e-wallets.
Apart from buying Bitcoin from a digital currency exchange platform, you can accept it as payment for any goods and services that you offer.
Lastly, you can mine Bitcoins using some sophisticated hardware.
However, the most common and easiest way of getting Bitcoin is by buying them from a trusted exchange.
All Bitcoin transactions have to be verified and added to the blockchain record.
- Buy/trade Bitcoins online: Liquid – Worlds most comprehensive crypto trading platform.
How to Use Bitcoin to deposit at online casinos
Many online casinos now accept Bitcoin as a deposit method. To use Bitcoin, you need to log in and click on “Deposit” in the “My Account” section.
After that, simply choose Bitcoin as your preferred payment method and you will see the Bitcoin address of the casino.
You then log in to your Bitcoin wallet and transfer the amount you want to deposit to the casino’s Bitcoin address.
How to use Bitcoin for withdrawals at online casinos
To use Bitcoin to cash out your winnings, you need to log into your casino account and click on the “Withdrawal” button in the “My Account” section.
You will be presented with a list of payment methods supported by the casino.
Choose Bitcoin as your preferred payment method and enter your withdrawal amount as well as your Bitcoin wallet address to complete the transaction.
Online casinos that accept Bitcoin
Bitcoin is currently the most popular cryptocurrency in the world, and there are a growing number of online casinos that allow players to use this payment method.
Check out our list of the best Bitcoin online casinos. Before being listed on our site we ensure each one has been thoroughly vetted, so you can rest assured that they will offer you a great gaming experience.
We provide you with a detailed review of each of these casinos so that you will know exactly what they have to offer.
Our recommended casinos are properly licensed and feature a wide range of games from different genres.
We review their bonus offers, some of which are exclusive to Kiwis.
Best Bitcoin casinos in NZ
NZ$ 500+ 200 free spins
- Games: 500+
- License: MGA
- Min deposit: NZ $ 20
NZ$ 250+ 100 Free Spins
- Games: 5300+
- Customer support: 24/7
- Min deposit: 15 NZ$
NZ$ 1500+ bonus rewards
- Games: 5000+
- No deposit bonus: x
- Min deposit: 10 NZ$
100% upto $250
- Games: 500+
- No deposit bonus: x
- Min deposit: NZ $ 20
NZ$ 4500High roller bonus
- Games: 4000+
- No deposit bonus: x
- Min deposit: NZ $30
Listed below are a few reasons why you should consider joining our top online casinos that accept Bitcoin:
- They offer a safe gaming environment, including using SSL technology to secure their site
- Deposits and withdrawals are processed quickly
- Feature a wide range of games
- Offer top-notch customer support
Pros and cons of Bitcoin
Several advantages come with using Bitcoin as your preferred payment method at online casinos.
First, Bitcoin transactions are usually processed instantly, allowing you to start playing straight away.
Furthermore, using Bitcoin is completely anonymous, which makes it more secure than some other payment methods.
This is because you do not need to share your card or bank account details when making deposits or withdrawals using Bitcoin at an online casino.
Despite all these advantages, there are a few drawbacks to using Bitcoin. One of the major drawbacks is that cryptocurrencies are highly volatile.
This means that their value can change at any time, and Bitcoin is no exception. In addition, the extremely secure nature of cryptocurrencies is both a pro and a con – if you lose your private key, there’s no way for you to get access to your Bitcoin.
Is Bitcoin gambling legal in NZ?
Bitcoin gambling is perfectly legal for New Zealand players. As a matter of fact, New Zealand was one of the first countries to accept the use of cryptocurrencies.
Every online casino that operates legally within the territories of New Zealand has to be audited by the Government, and Bitcoin casinos are no exception.
In addition, since Bitcoin is recognised as a method of payment, it is subject to tax. As a NZ player, however, you are not required to pay taxes on gambling winnings since online casinos and sportsbooks have already paid tax.
- Bitcoin gambling is legal in New Zealand
- Gambling institutions that accept Bitcoin are required to pay tax, just as with other payment methods.
What is the best Bitcoin wallet for casinos?
There are several Bitcoin wallets that you can use to send or receive Bitcoin. Before choosing a wallet, however, you need to consider a few factors.
The best Bitcoin wallet is one that is highly secure and offers user anonymity as well as the best user experience.
We recommend that you do some research and read reviews to ensure that you choose the right Bitcoin wallet for your needs.
According to The Balance (https://www.thebalance.com/best-bitcoin-wallets-4160642), some of the best Bitcoin wallets you can use are Coinbase, Trezor, Ledger and SoFi.
You should also be aware that there are several kinds of bitcoin wallets.
These include hardware wallets, paper wallets, mobile wallets, desktop wallets and web wallets, amongst others. You should ensure that you choose the type of crypto wallet that works best for you.
Do casinos pay out in cash or Bitcoins?
Most casinos that use Bitcoin accept it as both a deposit and a withdrawal method.
Furthermore, it is generally recommended that you should use the same payment method for deposits and withdrawals at an online casino to avoid any processing delays.
Therefore, if you choose to use Bitcoin as your deposit method, you will find that the casino also processes your payouts in Bitcoin.
Are there charges deducted when using Bitcoin at online casinos?
In most cases, transactions that are made via Bitcoin are free of charge.
However, some casinos may require you to pay a fee for processing deposits or withdrawals and this may also apply to Bitcoin transactions.
You should be able to find the processing fees charged by the casino listed on their banking page or in the T&Cs.
Alternatively, contact customer support to ask if processing fees are charged.
How to choose the best Bitcoin casinos
As a New Zealand player, you need to consider several factors when choosing the best Bitcoin casino.
First, ensure that the casino is licensed by a top gambling authority such as the UK Gambling Commission or the Malta Gaming Authority. Next, you should always check the games available on the casino lobby, and make sure that you can play them on both desktop and mobile devices.
Another important feature to take into consideration is the bonuses that you can claim. Many casinos will actually offer some bonuses that are specifically aimed at players using Bitcoin.
However, as with any bonus, you should always check the terms and conditions attached. Finally, check that the casino site takes the security of players’ data seriously and that there is reliable customer support available.
Summary and conclusion
In this article, we have explained several of the key things you should know about Bitcoin and how to use it at an online casino.
Remember that Bitcoin is a cryptocurrency that allows you to both make and receive payments digitally.
It offers complete anonymity and is considered one of the safest ways to both fund an online casino account and withdraw any winnings made.
However, it’s important to remember that you will need to create a crypto wallet before you can start buying Bitcoins to use at an online casino.
We have also shared with you some of the different factors that you should consider when choosing the best Bitcoin casino.
Why not check out our list of top Bitcoin casinos for New Zealand players that offer nothing less than the best gaming experiences?
Frequently asked questions
How to buy Bitcoin?
There are 3 ways to get Bitcoin.
- You can mine Bitcoins
- You can receive Bitcoin when you sell something
- You can buy Bitcoins on various online sites.
What is Bitcoin?
Bitcoin is a virtual currency that is sent from one user to another without anyone involved in between like for ex the Banks.