One of the most popular emerging trends amongst online gamblers is Bitcoin. One of the main reasons for this is the fact that the digital cryptocurrency makes it easier for you to deposit and withdraw funds compared to other payment options. If you’re looking for a safe and reliable online casino that accepts Bitcoin, be sure to check out our top NZ casino list.
Bitcoin as a Payment Method
One of the big benefits of Bitcoin is that transactions are not deflected through a particular central banking system. Rather, transactions are logged in a blockchain immediately, making this one of the fastest ways to fund your casino account. What’s more, your Bitcoin wallet has its very own number, and that’s it. It never shows your name or any other personal or contact details. As a result, Bitcoin deposits are safe, secure and completely anonymous. Best of all, most online casinos don’t charge additional fees for Bitcoin transactions.
One important thing you need to know about Bitcoin transactions is that they are final. If you make a mistake, you won’t have the chance to recover your funds.
What’s more, Bitcoin price volatility is a reality. For instance, you might deposit a BTC worth $800 only to withdraw it the next day and find the value has dropped to $600. This is a normal swing for cryptocurrencies, and it happens often, so do consider Bitcoin carefully before making it your chosen banking option at an online casino.
It’s also worth mentioning that the anonymity that the cryptocurrency promises may not be failproof. In fact, Bitcoin can be tracked through the blockchain to the original point of purchase, leading to your personal bank account data. This is an extremely difficult process, though, and one that’s not likely to happen, but it’s important to understand that while BTC transactions are anonymous, they are not 100% so.
Online Casino Deposits with Bitcoin
Set Up a Bitcoin Wallet
To use Bitcoin at online casinos, you need to open a Bitcoin wallet. You can do this easily through Bitcoin’s site. There are essentially two types of wallets: a desktop wallet and a web-based wallet. For the sake of convenience, you might want to set up a web-wallet rather than installing software on your computer for a desktop wallet. If you’d prefer to use the most secure option, though, a desktop wallet is a way to go as it doesn’t work through any third-party software. To open up your BTC wallet, simply sign up and provide your address. You’ll need to choose a password and you’ll be given a Bitcoin address to use while making transactions to and from your BTC wallet. This is your own digital wallet, and unlike other e-wallets, you won’t need to disclose any personal details.
Buy Your Bitcoin
Once you’ve set up your Bitcoin wallet, it’s time to buy a few Bitcoins. There are a couple of different ways you can do this, with the most popular being:
- Purchasing Bitcoin through your own wallet
- Trading currencies for BTC on Bitcoin exchanges
- Earning Bitcoins through mining, which involves the use of specially designed software to solve math problems. As a result, you’re given Bitcoins
- Some cities have physical Bitcoin ATMs where you can load your e-wallet with the cryptocurrency
- Buying Bitcoins over the country from other users for an agreed-upon price
Find an Online Casino and Set Up Your Payment Option
The next step is to go through our list of top New Zealand online casinos that accept Bitcoin and choose one to play. You’ll need to set up a new player account, choose a username and password, and then navigate over to the casino’s virtual cashier or payment options page to choose Bitcoin as your preferred currency and banking method.
Make Your Bitcoin Deposit
Once all the above steps have been completed, you can make your Bitcoin deposit at your online casino of choice. You won’t be required to enter any card details since Bitcoin does not use debit or credit cards. Rather, the funds in your BTC wallet are transferred between you and the online casino via Bitcoin addresses. These addresses are made up of a series of letters and numbers that range from about 27 – 38 characters. That’s why it’s important to know what your Bitcoin address is, as well as the casino’s address when making Bitcoin deposits and withdrawals.
When you’re to fund your casino account, open up your Bitcoin wallet and click on the Send Money option. Fill in how much you want to deposit along with your personal Bitcoin address. Next, enter the online casino’s Bitcoin address and confirm the transaction.
Online Casino Withdrawals with Bitcoin
Withdrawing your winning from an online casino using Bitcoin as your preferred payment option is just as effortless as making a Bitcoin deposit.
Log into Your Casino Account
When you’re ready to make a funds withdrawal from the casino, you’ll find this method a breeze. First, head over to the casino’s payment options page or virtual cashier.
Enter Your Unique BTC Wallet Address
Next, fill in your Bitcoin wallet address in the required field. The funds are transferred from the online casino directly to your Bitcoin wallet.
Wait for Your Money to Appear
That’s all there really is to it. When you’re done, simply wait for your money to be transferred from your online casino account to your Bitcoin wallet.
Bitcoin Payment Methods and Transfer Times at Online Casinos
When it comes to funding your online casino account with Bitcoin, you’ll be pleased to know that transfers happen immediately. But the transfer will remain “unconfirmed” for a short while, depending on the casino’s processing times. Most online casinos offer instant Bitcoin transactions for deposits.
As for withdrawing your winnings from your online casino account, different casinos have different withdrawal processing times, that can range anywhere from a few minutes to a few working days. Typically, Bitcoin withdrawals are processed within 24 hours, but be sure to check your particular casino’s terms and conditions. Remember, too, that while there are no additional fees for depositing with Bitcoin, many online casinos charge a small withdrawal fee. Make sure you have all this information before you choose a casino to play at.
Using Bitcoin to fund your online casino account and withdraw your winnings offers plenty of benefits, which is evident when we consider how more and more players are using Bitcoin to fund online gambling. BTC transactions are completely safe and secure, as well as being efficient and fast. By far, the biggest benefit of using Bitcoin is that no third parties are involved in your transactions, successfully cutting out additional fees and other extra hassles.
Bitcoin also offers the massive benefit of making deposits, payments and transactions anonymous. So, if you don’t want anyone tracking your gambling spend, or just don’t like the idea of handing over personal details to online casinos, BTC may well be for you.
Check out our top list of New Zealand Bitcoin casinos and casinos that accept Bitcoin today, follow the steps above, and you’ll be playing your favourite casino games in no time at all!