Bitcoin casinos are revolutionising casino deposits and withdrawals. Although not yet in the mainstream, bitcoin gambling in online casinos is becoming more widely available all the time. Put your tokens on the table and get playing in a bitcoin casino in New Zealand.
What is Bitcoin?
In 2008, a computer programmer going by the pseudonym of Satoshi Nakamoto released Bitcoin and its underlying blockchain technology to the world. As stated by Satoshi in the famous white paper, Bitcoin is an "electronic cash system that's fully peer-to-peer".
Bitcoin and other cryptocurrencies are made possible by a technology called the blockchain. This is a shared electronic ledger in which transactions in cryptocurrency (e.g. bitcoin) are instantly validated by a network of computers, thus creating a decentralised and transparent environment.
Essentially, Bitcoin is a digital currency that can be used as a transfer of value between people, without the interference of banks or other third parties. Bitcoin is the most popular of the available cryptocurrencies and can be used for a variety of things such as booking hotels, buying food and gambling.
What to consider when choosing a Bitcoin gambling site
Bitcoin gambling is quite popular among kiwi players. New Zealand Bitcoin betting sites and casinos have been on the increase since they come with various benefits.
Any NZ casino that accepts Bitcoin offers safety and security, but they also provide regular cash transfers to meet the needs for every type of depositing player. Players can top up their BTC casino account without having to pay any additional fees, but also offers the convenience of cashing out via cryptocurrency.
Most New Zealand players prefer using Bitcoin since it gives them a certain degree of anonymity. Any players who want privacy and to keep their bank records clean should opt for Bitcoin gambling.
What's so special about Bitcoin gambling sites?
Bitcoin casino (or BTC casino for short) brings plenty of new exciting features to the table. It's easy to understand why Bitcoin gambling is becoming ever more popular.
Bigger bonuses for players due to extremely low transaction costs for operators
Superfast withdrawals (usually 20 minutes)
Your winnings may increase in value as BTC gains momentum
Low fees are also a major plus. On Bitcoin gambling sites you can expect substantially lower transaction charges than at normal, fiat currency online casinos.
Advantages of Bitcoin casino gambling
Bitcoin casino payments are attractive to NZ players for a barrage of reasons. Bitcoin sites exhibit a good reputation, a superb banking policy and guaranteed anonymity.
Here are some of the benefits of Bitcoin gambling:
Bitcoin was the first digital currency to operate on blockchain technology. Bitcoin is a decentralised virtual currency that isn't controlled by one single entity or institution. The pros of this are the transparency and privacy of the transfers.
On crypto casino sites, your money is in your own hands. Decentralisation promises:
No external control over the system
Lower or no transaction fees
When purchasing, selling or transferring Bitcoin, you don't have to share any personal details, making this cryptocurrency an ideal option for players who want privacy.
BTC gambling on the rise
Not all New Zealand online casinos offer BTC gambling, but they are on the rise. The best new casinos in New Zealand are catering to Bitcoin customers knowing that it's a safe yet innovative new payment method.
Quick mobile payments
Bitcoin is ideal for players who want fast payouts and instant deposits. They are also supported by mobile Bitcoin casino sites as well as leading international gambling brands.
Another special feature of bitcoin casinos is that they can be "provably fair." This concept is unique to casinos that support blockchain technology.
Provably fair casinos prove themselves to operate 100% fairly through mathematical verification. Provably fair casinos cannot corrupt the fairness of their games.
Here's how provably fair gaming works:
The casino creates a seed number for the bet.
This is hashed (turned into a secret code like a digital signature) and sent to the player.
The player then adds their own seed number and the bet takes place.
When the bet's over, the player receives the seed used in the bet.
If it matches the bet, it's verified automatically by the system.
If the casino tries to manipulate the bet outcome, the bet becomes invalid.
The accuracy and fairness of a bet's outcome can be verified by players in real-time. The provably fair mechanism is strongly tied to the random number generators. It may take a while before you can play in a live casino using the same verification method.
Not all bitcoin casinos are provably fair casinos. You can check whether a casino is provably fair on the casino website. The "provably fair" label is normally found and explained on the homepage or "About us" page.
FLEXIBILITY AND VERSATILITY
Bitcoin opens up the world of online casinos and banking options to users who would otherwise have access to neither. At the same time, adding Bitcoin as a payment option to a casino has become easier.
PayPal casinos NZ have to jump through many hoops to get approval. Instead, bitcoin has quickly become more prevalent online.
Bitcoin can be transferred amongst users anywhere in the world. Bitcoin is an international digital currency that:
Can be used for anything by anybody
Makes bank accounts and credit cards unnecessary
Bitcoin online casinos also have an upper hand over the mobile billing casino sites. In addition to making deposits, you can also withdraw your winnings to your BTC wallet. Since using bitcoin cuts out the middleman, it's a fast payout casino.
Bitcoin offers unique layers of protection that aren't found in other banking options. Every single deposit and withdrawal made in a bitcoin casino will use a unique, encrypted digital address. All your transactions are coded. Your personal and financial information can never be disclosed as transactions are processed.
Using bitcoin doesn't make you completely anonymous. Casinos, exchanges and wallet providers usually require you to prove your identity.
However, bitcoin has been designed to make users pseudonymous. The network functions with a private key and a public key:
A private key is a secret number that allows bitcoins to be spent and is saved in your bitcoin wallet.
The public key is equivalent to your bitcoin address, which changes for every transaction you make.
Private and public keys work together as a sophisticated two-way authentication system.
In New Zealand, gambling is considered a pastime and therefore, no taxes are applied to Kiwis regardless of payment method.
How to make a deposit with Bitcoin casino online
If you think gambling with Bitcoin deposit is the right option for you, here are the steps you need to follow in order to gamble online with BTC:
Create a wallet for BTC
Purchase Bitcoin via reliable platforms and transfer it to your wallet
Pick the best Bitcoin casino in New Zealand from the list above
Head to the ‘Cashier' section and choose BTC as your payment method
The casino will supply you with a unique address where you must send your BTC to
Transfer your payment
How to make a withdrawal at a Bitcoin casino
Similarly, requesting a withdrawal from a Bitcoin casino is a straightforward process, albeit simpler.
Visit the withdrawal section and pick ‘Bitcoin' for payout
Input the wallet address and the amount of BTC you wish to withdraw
Bitcoin Casinos NZ: FAQs
Bitcoin casinos are online casinos that use Bitcoin and other cryptocurrencies as a means to place wagers. Players purchase BTC from an exchange or transfer from a wallet to the casino and then gamble on games as normal. For withdrawals, players simply specify how many BTC (or similar) they want to withdraw, and send those funds back to their wallet.
There are several indicators of a casino's high quality and bitcoin casinos are no exception. The best online casinos with bitcoin:
are licensed by trusted regulators
have plenty of games from well-known slot suppliers
feature fast, reliable, low-fee banking options
offer competitive bonuses
Find sites like this on our list of the best bitcoin casinos.
Some casinos have bitcoin transactions integrated into their casino platform. In these casinos, you can deposit directly to your personal bitcoin address that's tied to your casino user account.
Depending on the casino, you may be able to withdraw some or all of your bitcoin balance instantly. Others may require the casino staff to authorize all or at least the major transactions.
Most bitcoin casinos use a third party payment provider to process deposits and withdrawals in bitcoin and other crypto-assets.
Popular third party services include:
Third-party services have different approaches to digital currencies. You may need to set up an account to use them. Pay attention to possible deposit and withdrawal fees that can be a fixed sum or a certain percentage of the amount transferred.
Bitcoin provides its users with nearly instant casino deposits and withdrawals. However, some Bitcoin transfers can take a couple of minutes to clear.
Your transaction is recorded in the distributed ledger and becomes an immutable part of the blockchain history as links to the chain are forged upon the previous ones.
This depends on whether or not the New Zealand casino is handling Bitcoin transactions directly. If it is, you can withdraw Bitcoin directly to the address from where you made your deposit (e.g. your personal wallet). This may require authorisation from the casino payments department.
Gail has worked in the iGaming industry for more than 7 years, specialising in both Content and SEO. She has reviewed countless casinos, slots and written game guides.
Gail has a Masters degree in English, a Bachelor's degree in Communications and Sociology and Diplomas in Advanced Psychology and Marketing.
Her guilty pleasure is Live Blackjack and playing old-school slot games.