Have you ever considered using Bitcoin as a NZ casino payment method? Bitcoin is fast gaining popularity among Kiwis for its speed, convenience, and ease of use. The best thing about Bitcoin is that you don’t have to understand blockchain technology to use it.
Bitcoin supports both deposits and payouts and is cost-effective. Also, you don’t need a bank account or credit/debit card to use Bitcoin as a payment option at NZ casino sites. You don’t have to search high and low for a Bitcoin online casino that accepts Kiwi players because there are plenty of them around.
Also, our team of experts has made things easier for you by identifying, researching, reviewing, and rating dozens of Bitcoin online casinos that accept NZ players. You just have to read our reviews, make a comparative study of the NZ casino sites we recommend, and choose an online casino to play at. You can rest assured that we recommend only the top NZ online casinos.
Each casino in our NZ online casinos list is licensed and well-regulated and offers excellent customer support 24/7, games from multiple providers, and generous bonuses and loyalty rewards. Plus, they offer great bonuses and benefits to players who use Bitcoin as a funding and payout option.
There are plenty of advantages of using Bitcoin as a funding and withdrawal method at NZ online casinos. The following are some of them:
• Bitcoin transactions are fast as they do not need any third parties such as banks and financial institutions.
• You don’t have to reveal your bank account, credit card, or personal information to the online casino while using Bitcoin.
• NZ Bitcoin online casinos do not charge you for using Bitcoin as a payment option. Bitcoin transactions are free unless you opt to pay a nominal fee for faster confirmation.
• The blockchain technology on which Bitcoin is based makes each transaction transparent and secure at the same time. Nobody can alter or modify it in any way.
• Bitcoin is, therefore, safe, secure, private, and anonymous.
• Bitcoin is not controlled by any bank, government or financial institution. Therefore it is an ideal payment method for players who are countries where certain gaming laws fall in a grey area.
• You don’t need a bank account or a credit/debit card to use Bitcoin.
• You can enjoy your Bitcoin winnings without having to pay taxes on them.
• Bitcoin is very easy to use; you don’t need to understand the technology that powers it.
• NZ casino sites that offer Bitcoin as a payment option reward players with generous Bitcoin bonuses.
• You can use Bitcoin on desktops, MAC computers, as well as mobile devices powered by Android and iOS.
• Bitcoin-only online casinos allow you to play without having to register an account. This makes them truly anonymous.
• Bitcoin online casinos offer provably fair games. You can test the games for fairness and randomness.
Bitcoin is a form of currency that was created to solve the problems created by centralized currencies. It doesn’t exist in the physical form, which makes it difficult to understand. Bitcoin was created in 2009 by an anonymous person going under the name of Satoshi Nakamoto.
The following are the main features of Bitcoin:
• Bitcoin is a decentralized currency, which means that it is not under the control of governments or financial institutions.
• Records of each Bitcoin transaction are carefully stored and maintained on the blockchain.
• Bitcoin miners earn bitcoins whenever they verify a specific number of transactions on the blockchain.
• The number of bitcoins in circulation will never become more than 21 million.
• Bitcoin is a highly volatile cryptocurrency.
The first step is to get hold of some bitcoins, and you can do so using the following methods:
• Use your NZ Dollars to purchase bitcoins either at a Bitcoin exchange or in person.
• Get bitcoins for free by completing tasks, playing games, or watching videos.
• Receive payments for products or services in bitcoins.
You also need a bitcoin wallet, which is a piece of software that allows you to store bitcoins and use them to make payments.
You can choose from three types of Bitcoin wallets:
Desktop Wallets – Install Bitcoin wallets such as Armory, Electrum, MultiBit, and others on your desktop and enjoy complete control over them.
Mobile Wallets – These are Android and iOS compatible software programs that allow you to pay either through touch or QR code scanning. Some examples are Hive
Web Wallet – You can access your bitcoins from anywhere and on any device if you have a web wallet. Some good examples are Blockchain and Coinbase.
Hardware Wallets – These are physical devices that you can plug into your device. They are safe and secure although someone may steal them if you are not careful.
Once you have set up your Bitcoin wallet and loaded it with bitcoins, you can start playing at a Bitcoin NZ online casino.
Here are the steps to load your casino gaming account with Bitcoin:
• Log into your NZ casino gaming account and visit the cashier.
• Choose Bitcoin as your funding option.
• Receive the online casino’s Bitcoin wallet address.
• Visit your Bitcoin wallet and send bitcoins to the online casino’s Bitcoin wallet address.
• The money will soon reflect in your account, allowing you to start playing immediately.
Would you like to withdraw your casino winnings with Bitcoin? If you have never done it before, the following guide will help you:
• Visit the cashier area of your NZ Bitcoin online casino.
• Select Bitcoin as your payout option.
• Enter your withdrawal amount.
• Visit your Bitcoin wallet and copy the wallet address you receive.
• Submit your Bitcoin wallet address to the NZ online casino.
• Confirm your details and click on “Withdraw.”
• Your casino winnings will reach your Bitcoin wallet within a few minutes to a few hours.
• If you want them to arrive faster, pay a nominal fee. However, this is optional. You don’t have to pay fees to receive your casino winnings.
• Rest assured that Bitcoin NZ casino sites do not charge you for using Bitcoin as a withdrawal option.
Here are a few more points to consider while using Bitcoin as a payout option:
Limitations – NZ online casinos limit the amount you can withdraw per day, week, or month. They may raise these limits when you achieve a specific loyalty level. If the limits bother you, talk to customer care about it. Or choose a method that allows you to withdraw larger amounts.
Verification – Your NZ online casino may or may not verify your account details before processing your payout request. Licensed online casinos are required to run adequate KYC procedures for security purposes. In case a verification check is required, you may have to wait for up to four days for the online casino to verify your account and process your payout request.
Moreover, some online casinos process Bitcoin payout requests manually, which takes longer. What happens once your casino winnings are in your Bitcoin wallet? How do you withdraw them to your bank account?
You can withdraw your bitcoins using a Bitcoin exchange. There are plenty of Bitcoin exchanges around, but let us take the example of Coinbase as it is one of the most popular cryptocurrency exchanges in the industry.
• First, register at Coinbase and link your bank account to your new Coinbase account.
• Transfer the bitcoins in your Bitcoin wallet to your Coinbase Bitcoin address. You will easily get this address by opening your Coinbase Bitcoin wallet and clicking on the “Receive” option.
• Once your Bitcoins are safely in your Coinbase Bitcoin account, click on the Buy/Sell option.
• Choose the “Sell” option.
• Choose your default fiat currency as NZD.
• Also, check your withdrawal limit, which will be high only if you verify your account.
• Exchange your bitcoins into NZD.
• Click on the option “Sell Bitcoin Instantly.” Your bitcoins will immediately be transferred to your fiat currency wallet as NZD.
• You can now easily transfer your NZD to the bank account you linked to your Coinbase account.
The above-mentioned method takes a few days and costs money. If you don’t like this, you can use peer-to-peer selling platforms. Let us take the example of Local Bitcoins, a service that was launched in 2012 and is available worldwide.
• Register an account at LocalBitcoins.
• Log in to your account and click on the option “Sell Bitcoins.”
• Choose your country (NZ).
• Input the number of bitcoins you wish to sell.
• You can choose to receive your payment through several methods such as Bank Transfer and PayPal.
• For example, if you wish to withdraw your bitcoins with PayPal, you have to enter your PayPal email address.
• Click on “Send Trade Request.”
• Prospective buyers will be notified that you wish to sell your bitcoins and receive your payment through PayPal.
• Your bitcoins will then be transferred to the LocalBitcoins escrow, where they will remain till you receive and confirm your payment.
• The buyer will receive your bitcoins only after you confirm that you have received the payment.
Although it sounds great, Bitcoin is far from perfect. You need to know the following disadvantages of Bitcoin before playing at Bitcoin online casinos.
• There are two types of Bitcoin online casinos in the industry—Bitcoin-only and traditional online casinos that offer Bitcoin as one of their banking methods.
Playing at Bitcoin-only NZ online casinos is risky as they operate without a license. Owing to this, they do not run the necessary KYC procedures to secure your gaming experience. The latter variety is safer as they are licensed in reputed jurisdictions and comply with gambling regulations.
• Bitcoin is a highly volatile cryptocurrency. By the time your winnings reach you, their value may change.
• Bitcoin withdrawals can be very slow at some online casinos as they process the payout requests manually.
• Bitcoin and the blockchain technology on which it is based are still in a stage of infancy.
• As Bitcoin transactions are anonymous and untraceable, it is the favourite of those involved in criminal activities such as money laundering.
• Many people still don’t understand Bitcoin; so it is not as popular as electronic wallets, credit/debit cards, checks, and bank transfers.
• You may be uncomfortable with the fact that Bitcoin is not under the control of any government, bank, or financial institution.
• You cannot request a refund or a chargeback when you use Bitcoin.
• Withdrawing bitcoins in the form of NZD to your bank account may be time-consuming and involve fees.
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