Bitcoin is the world’s first and largest cryptocurrency. Due to its popularity and decentralised nature, this digital currency has quickly spread around the world. Today, it is accepted by thousands of online stores and marketplaces, as well as online casinos in New Zealand.
This guide on Bitcoin NZ will help you understand what this alternative payment method is and how it works. We’ll also explain the main benefits of using Bitcoin and important terms to remember.
Bitcoin was the first cryptocurrency to be launched back in 2009. Created as an alternative to traditional payments and banking, it wasn't long before it became a global currency. Fuelled by speculative trading and an increase in merchants accepting Bitcoin payments, the coin was increasingly featured on front-page news.
Online casinos in New Zealand and around the world quickly began noticing the advantages and features of cryptocurrencies. Continually driven to innovate and stand out from a crowded market, these online casinos were eager to start accepting Bitcoin (BTC) alongside traditional currencies, such as NZD and USD.
Using Bitcoin to fund your casino account can also provide you with additional benefits. We will explain these further in the rest of this guide, but suffice to say that in certain cases, paying with BTC can lead to superior rewards and limits.
If you’ve never dealt with cryptocurrencies before, the idea of funding your account with Bitcoin might have never crossed your mind. As you will see, using BTC to deposit and withdraw casino funds is simple, fast, and secure. It is no surprise, therefore, that a growing number of online casinos in New Zealand let you pay using Bitcoin.
Before you can deposit Bitcoin into your online casino account you will need to buy it from an exchange or alternative source. Several exchanges, such as Coinbase or Binance, let you buy Bitcoin using credit cards or other payment methods. You will also need to have a wallet where to store your coins. These two exchanges provide you with a free, in-built wallet.
- Visit the payments page of your casino and click on Bitcoin.
- The casino will provide you with a wallet address and a QR code.
- Open your Bitcoin wallet and click on send BTC.
- Enter the amount you wish to send and enter the address provided by the casino. Alternatively, scan the QR code.
- The funds should be transferred to your casino account instantly, although it might take longer during extremely busy periods.
Before you process the payment you should be certain that the address provided by the casino is for Bitcoin and not another cryptocurrency. If you have any trouble making a Bitcoin payment you should get in touch with the support team at your casino or wallet provider.
When you’d like to withdraw your funds into your Bitcoin account you simply need to do the following:
- Locate the Bitcoin wallet address where you intend to receive the funds.
- Go to the payments page of your online casino and select the withdrawal option.
- Choose to withdraw funds using Bitcoin.
- The casino will ask you for your wallet address. Paste this and select the amount you wish to withdraw.
As with deposits, withdrawals using Bitcoin are generally instant. However, online casinos in New Zealand may delay payment due to verification or manual checks.
Opting to fund your New Zealand casino account with Bitcoin can provide you with several benefits. For starters, transfers are normally carried out instantly and you can tap into very low minimum limits and very high maximum limits. In addition, since accepting Bitcoin is normally cheaper for a casino in New Zealand, several will offer exclusive or superior rewards if you opt to use BTC instead of NZD.
Bitcoin operates in a decentralised network, and that makes it different from traditional currencies. With this and other cryptocurrencies, there is no central authority or government that has jurisdiction or control. As a result, it might be difficult to get assistance if you need it, beyond perhaps contacting either your casino or wallet provider.
This is especially significant if you mistakenly enter the wrong address when making a transfer. If the wrong address is still valid, funds will still be transferred, and you may lose them. This is why you should always opt to use the QR code rather than copying and pasting the long and complex wallet address.
It’s no secret that some banks in New Zealand do not approve of account holders transferring or receiving funds from online casinos. Using Bitcoin instead of traditional currencies can help keep your online casino activity secret from your bank. The only transfers visible to your bank would be to and from Bitcoin exchanges.
One of the key features of Bitcoin and other cryptocurrencies is their safety. As long as you use the correct wallet addresses, it is almost impossible for fraud to take place. Transactions are verified using thousands of independent computers and for any hack to be successful, a majority of these computers would need to be simultaneously infected.
There are pros and cons to using all payment methods, and Bitcoin is no exception. Here are the main ones to bear in mind:
Several top-rated online casinos in New Zealand are already accepting Bitcoin payments. This cryptocurrency is safe and convenient, providing anonymity amongst players in NZ. You can buy Bitcoin instantly online and start playing immediately. Whilst it is vital that you enter the correct wallet address when making transfers, you don’t really need to do much more in order to have a secure experience with this payment method. This is why Bitcoin, along with other top cryptocurrencies, is quickly becoming the preferred way to play at NZ online casinos.