Of all the cryptocurrencies you can use at New Zealand casinos, it probably won’t surprise you to learn that Bitcoin is the largest, most famous and widely available. Bitcoin (and, to a degree, other cryptos) stands out because of its anonymity, low fees, exclusive bonuses and rapid transaction times. Moreover, if you aren’t able to use New Zealand dollars to make a deposit, making use of cryptocurrencies such as Bitcoin could fit the bill.
Bitcoin Explained
Bitcoin has a special place in most people’s hearts. It was the first cryptocurrency to debut, back in 2011. It is renowned for being highly volatile, and that may make you feel as though you’re gambling twice when betting online. Of course, Bitcoin has its pros and cons, and we’re going to cover those here.
Bitcoin is a decentralised currency, or cryptocurrency, meaning that it is not governed by any central bank or authority. It isn’t legal tender in most countries, but it is treated as a financial asset. In short, this means that if you make money through the trading of Bitcoin, there are taxes. It’s not totally off the grid.
Bitcoin has its rivals, and it can be challenging to learn how the crypto works if you are new to cryptocurrencies in general. You need to take a bit of time to wrap your head around terms such as blockchains, wallets, Satoshis, and so on. However, for those eager to learn, this opens up an entirely new gambling sector, one that comes complete with its own dedicated Bitcoin bonuses and even BTC-friendly games and exclusives in some cases.
Bitcoin transactions are processed using a crypto wallet, which can either be described as hot (online) or cold (a USB or hard drive). The cryptocurrency itself is purchased through an exchange, and fees may be associated with acquiring it. Having acquired mBTC (Millibitcoin) or BTC (Bitcoin), you can then transfer your cryptocurrency from the exchange to your wallet.
It is often said that Bitcoin offers you anonymity. That’s not entirely true. Bitcoin transactions are still trackable if you take the time to follow them through the blockchain. However, for most people, this is too much work, ensuring that you’ll get some anonymity. What can’t be denied is that Bitcoin is arguably one of the fastest ways to move money around. It’s exceptionally difficult to hack and steal cryptocurrencies as long as you don’t lose your wallet address and key.
Deposit Process
As mentioned, you must acquire BTC before depositing Bitcoin at online casinos. You can do this at exchanges or in some New Zealand casinos; you can acquire BTC via the casino site’s own exchange, often at an inflated cost. Having acquired BTC, here’s what you need to do next:
- Select Bitcoin as your preferred crypto payment method at your chosen NZ casinos.
- Copy the casino wallet address.
- Paste that into your Bitcoin payment provider's wallet address (key) spot.
- Enter the amount of mBTC or BTC you wish to deposit.
- Confirm the transaction.
You must be super careful about getting the correct address when depositing with Bitcoin at online casinos. Bitcoin transactions are non-withdrawable. In short, if you mess up and enter the wrong address, the receiver is under no legal obligation to refund you – that’s the downside to decentralised currencies.
Withdrawal Process
Withdrawing with Bitcoin is highly recommended at New Zealand casinos. It has arguably one of the fastest transaction times around. Here are the steps you need to take to cash out using this cryptocurrency online:
- Head to the cashier page again, once more selecting Bitcoin, although this time as a withdrawal method.
- Enter your own wallet address (key) when prompted.
- Now, you can enter the amount of mBTC or BTC you wish to withdraw.
- Confirm the transaction.
Some crypto casinos don’t require you to complete a KYC process, giving you even more anonymity. However, most of the big-time New Zealand casinos still have a Know Your Customer step, so you’ll still need to clear that before withdrawing.
Fees and Limits
Bitcoin has associated fees, but so do most cryptocurrency options. While cheaper alternatives exist, the fees for Bitcoin aren’t as high as cashing out via cheques and wire transfers. BTC fees may vary depending on the payment provider and wallet you use, so it’s worth browsing around before committing to one option over another.
As for fees, Bitcoin (and most cryptocurrencies, to be fair) is free from deposit and withdrawal limits. Yes, in some cases, there may be upper caps of 1 BTC to 5 BTC and minimum limits of 0.001 BTC to 0.005 BTC, but once more, these vary from NZ casino to casino site.
Transaction Times
Using Bitcoin is definitely recommended if you want to get hold of your casino winnings in no time at all. Oddly enough, it can take up to fifteen minutes for New Zealanders to see their crypto deposits land in their account. However, BTC withdrawal options represent some of the fastest in the entire online gambling world. In fact, you can get hold of your winnings in under an hour in some cases, under 30 minutes at some sites, and in the cream of the crop, it’ll be possible to get hold of your Bitcoin casino withdrawal almost instantly.
Why Use Bitcoin at Online Casinos in New Zealand?
Firstly, the cons. As a cryptocurrency, Bitcoin’s volatility means that it could be worth tens of thousands of NZ dollars one day and just thousands the next. Secondly, not all online casinos support Bitcoin, and even amongst those that do, some may convert your Bitcoin deposit into a FIAT option for gameplay purposes. These are small prices to pay, though, since the pros are immense.
Bitcoin is notable for being cheap to use (although there are cheaper cryptocurrencies), and it is one of the fastest withdrawal options out there. Moreover, Bitcoin transactions are often uncapped and come with a certain amount of anonymity. While there is a learning curve associated with Bitcoin, it can be very much worth it if you want to benefit from those perks.