Bitcoin Online Casinos NZ
Decentralization, low to zero fees, and secure and fast transactions are some of the top benefits of Bitcoin. These are the reasons players today are increasingly preferring Bitcoin as a payment solution at online casinos. We take a closer look at Bitcoin online casinos NZ, how to deposit and withdraw, the fees involved, and the bonuses you can look forward to, among other things.
What Is Bitcoin
Bitcoin is a virtual currency, unlike the NZ dollar or euro. It first became popular in 2009 after it was created by Satoshi Nakamoto and was the first cryptocurrency. Think of this currency as an online version of traditional cash.
Each Bitcoin is stored online in a digital wallet either on computers or smartphone apps. The digital wallet is what a bank is to the conventional currency. You can send and receive Bitcoins in your wallet and you can also buy services and products with this cryptocurrency. However, not all merchants accept this form of payment. But, you can play your favourite casino games with Bitcoin at plenty of online casinos.
Since cryptos are virtual decentralized currencies, no government or bank regulates them. Instead, the only regulation in this space is a network of people with computers who verify the transactions, also called a blockchain. Since there’s no physical mint, miners with powerful computers generate these cryptos. This process ensures the transactions are secure and creates new cryptos.
How to Deposit With Bitcoin at Online Casinos
Using Bitcoin as a payment method at online casinos requires you to go through three steps. We explore these steps in detail below.
- Create a crypto wallet account: Even before registering at a Bitcoin casino, you need to have your Bitcoins stored somewhere. A crypto wallet is what you need where you can sell and buy cryptos. One such wallet is Binance and you can store different cryptos including Bitcoin here just as you would store fiat currencies in a traditional bank.
- Fund your crypto wallet: After setting up your crypto wallet, it’s time to fund it and you can do that with real money. You can use e-wallets such as Skrill, Neteller, and PayPal or even bank cards for this. Some wallets even allow you to fund your account directly from your bank account.
- Deposit to your casino: Now that you have the Bitcoins, the next step is to fund your casino account. Simply head to the cashier page after logging in and choose Bitcoin from the list of deposit methods. You’ll then see a receiving Bitcoin address that you’ll use to send funds. This address normally looks something like this: 3FZbgi29cpjq2GjdwV8eyHuJJnkLtktZc5.
- Start playing your favourite games: The funds will be available in your account and you can start playing your preferred casino games.
⭐ Transaction Time
Bitcoin and cryptos in general are known for their fast transaction times. In most cases, the transactions are instant. However, the casino may take a few more minutes to process this transaction and make the funds available for playing. Note that this processing time varies from one casino to another.
⭐ Fees & Other Deposit Charges
There may be little to zero fees when using Bitcoin at online casinos. But, the crypto exchange you use will charge a fee. However, this could be as little as $0.005. This fee is often calculated by evaluating the time of the transaction. That means it can vary slightly based on the number of transactions in the blockchain at the time. Having said that, some casinos that accept Bitcoin may impose their own fees. Therefore, it pays to shop around before settling on a particular casino.
How to Withdraw With Bitcoin at NZ Online Casinos
Withdrawing funds with Bitcoin at NZ online casinos is more or less the same as depositing. Once you’re ready to cash out after a good run of wins while playing your favourite games, follow these steps.
- Log in to your casino account and navigate to the banking page. Note that if you have won money using a bonus, you may have to contend with how much you can withdraw from your account.
- Choose a preferred withdrawal method. In this case, choose Bitcoin and enter the amount you want to cash out.
- The casino will then ask you to provide your crypto wallet address. The best way to enter this address is to copy it from your wallet.
- The funds should be available in a matter of minutes after the casino completes its internal processing. You can later withdraw the funds to fiat or use them from your wallet.
⭐ Casino Processing Times
Most NZ Bitcoin casinos take between 24 and 48 hours to process withdrawal requests. This is also the standard time but it’s worth noting that some casinos take up to 72 hours. Therefore, we recommend that you check the terms and conditions of your preferred casino.
⭐ Transaction Times
One of the top reasons players nowadays prefer cryptos such as Bitcoin at online casinos is the transaction time. Withdrawals are almost instant while in some instances it could take a few minutes.
⭐ Fees & Other Withdrawal Charges
The best Bitcoin casinos don’t charge fees for withdrawals. Instead, these operators incur these charges so that you receive the same amount you requested. With that said, some casinos don’t cover these fees, which means you have to cater to them. Plus, the percentage fees charged varies from one casino to another.
Advantages of Bitcoin
- Faster transactions: Blockchain technology doesn’t rely on traditional systems to transfer funds. Instead, it depends on P2P protocols, allowing transactions to be almost instant.
- Low transaction fees: Again since there’s no central regulator, there are low to no fees charges when transacting using Bitcoin.
- Provably fair games: Online Bitcoin casino games use provably fair technology. This allows players to confirm the fairness of every result instead of relying on a third party.
- Transparency and security: Everyone can see crypto transactions on a public list. This allows you to trace the history of transactions making it transparent and also adds another security layer.
- Higher limits: You can transact higher amounts when using Bitcoin, making it a preferred choice for high rollers.
Disadvantages Using Bitcoin
- High currency volatility: Since there’s no central regulator, the value of Bitcoin is based on how much a buyer is willing to pay for it. In that case, its value is bound to experience massive fluctuations, which means you could lose money.
- Not all casinos allow cryptos: While cryptos are gaining popularity, there’s still a long way to go for more casinos to incorporate them. That means finding casinos that accept Bitcoin is still a slight challenge.
- No chargebacks: One of the biggest downsides when using cryptos such as Bitcoin is you cannot get a refund. Crypto transactions are largely irreversible and so a wrongful transaction means you lose the money.
How We Choose the Best Bitcoin Casinos
It can be a tough task to find the best Bitcoin casinos alone. That’s why we’ve taken up the mantle to analyze each casino and deliver a final list of the best sites to choose from. This is how we analyze and filter these casinos.
⭐ Payment Security
We take your online security seriously. That’s why we only pay attention to Bitcoin casinos NZ that have put measures in place to secure players’ confidential data. Our recommended online casinos use SSL encryption among other top-notch security protocols to safeguard players.
⭐ Bitcoin Fees
Many top Bitcoin casinos in New Zealand don’t charge a dime for withdrawals or deposits. However, this can vary as some sites may charge a small fee. Still, we recommend casinos that don’t charge at all and a few that charge the smallest of fees.
⭐ Bitcoin Transaction time
When searching for a suitable payment method, you want one that offers the fastest transaction times. This is also what informs how we choose the best Bitcoin casinos. Most cryptocurrencies including Bitcoin offer fast transaction times ranging between instant and a few minutes.
⭐ Minimum & Maximum Deposit Limit
One of the aspects we consider when choosing the best Bitcoin casinos is the minimum and maximum amount you can deposit in your account. Thankfully, Bitcoin can handle extreme transactions on both ends of the spectrum to cater to both high-rollers and budget players. However, it’s worth noting that these limits vary from one casino to another.
⭐ Bitcoin Withdrawal Processing Time
Casinos usually have a withdrawal processing time that varies based on your choice. The standard time is 24 to 48 hours. But from there, your preferred payment method determines how fast you’ll receive your funds. Bitcoin takes a few minutes to process your transaction, which is ideal for gamblers.
⭐ Game Selection
How many games are available when searching for a Bitcoin online casino? We always recommend a site that offers the complete cocktail including live casino games, video slots, table games, and progressive jackpots.
⭐ Bonuses and Promotions
It doesn’t matter which casino you’ll choose from our recommended list, you’re bound to find quality bonuses and promotions to boost your bankroll. In addition to the usual deals, players can also expect to find free spins bonuses or even a loyalty program for even better benefits. But you also want to read and understand the terms attached to each bonus.
⭐ Responsible Gambling
Our recommended list of casinos that accept Bitcoin has the best interests of players at heart. That means they have a dedicated responsible gambling page where players can find information about how to play responsibly. Furthermore, players can also find help should they fall into problem gambling. Some of the tools offered by these casinos include account limits and self-exclusion.
⭐ Licensing Authority
Even before checking the site’s security, we check for a valid license owned by the casino. This shows the operator adheres to a certain code of conduct through several checks set by the respective regulator.
Picking a Safe Bitcoin Casino
Safety comes first when choosing an online casino that accepts Bitcoin. However, security is a ball of multiple aspects that ultimately determine the overall safety of a casino. With that in mind, we have a list of top Bitcoin casinos you can choose from that have been passed as safe.
Alternatively, you can also dig into the bunch to find something that suits you better. If that’s the case, below is a checklist that will help you as you scour the internet for a preferred gambling site.
- Does the site have a license from a known regulatory authority?
- What type of payment methods does the casino offer? Are they safe?
- How about fairness and independence when it comes to game results? Are these games certified by the likes of eCOGRA or iTechLabs?
- Are the bonus terms favourable to allow you to cash out your winnings?
- How favourable are the general terms and conditions?
- Does the casino site use SSL encryption among other security measures to protect players’ data?
Verifying Bitcoin Wallets at Online Casinos
Verifying customer data is one of the key processes the best Bitcoin casinos subject their players to. One of the reasons for this is to combat money laundering and to adhere to other rules as set out by the regulator.
Keep in mind that the KYC (Know Your Customer) process varies from one operator to another. That includes the point at which you will be required to verify your details. In most cases, this will be when you request a withdrawal. For the casino, you’ll need to verify your identity and address. A government-issued document such as ID, passport, or driver’s license is enough to verify your identity while a utility bill or bank statement will get you through the address verification.
In other instances, you may have to verify your payment method. Casinos that accept Bitcoin will ask you to take a screenshot of the crypto wallet dashboard clearly showing your name. After submitting the required documents, the operator usually takes up to 3 business days to complete the verification process.
Bitcoin Casino Bonuses
You’ll find a range of casino bonuses and promotions available to Bitcoin users. Kiwis can even access exclusive bonuses reserved for players who deposit funds using Bitcoin. In most cases, these deals are available to newly-registered players. But various online casinos also offer these bonuses to existing players.
Some of the common deals Bitcoin casinos NZ offer include welcome bonuses that are often deposit matches. On top of that, you could also get free spins along with this package. Reload bonuses are also available and they are often deposit matches. You might also come across free spins at various casinos.
Cashback offers for players who lose a certain amount of money over a specified period are also part of the deals Bitcoin casinos have in store. Finally, no deposit bonuses also feature among the most common deals in these casinos. While bonuses may be a solid way of boosting your bankroll, it’s important to note that there are terms and conditions attached to them. Therefore, we advise you to read these terms before claiming the offers.
Are Bitcoin Casinos Safe to Play at?
Bitcoin casinos are safe to play at but it’s worth noting that a casino’s safety doesn’t depend on a payment type. Instead, it depends on several other factors. A valid license from a reputable regulator is one of these key factors. Then you also need to check for SSL encryption on the site to ensure your financial and personal details are safe.
Games with certified RNGs are another essential aspect that affects security at online casinos. Speaking of certification, most online casinos employ the services of third-party testing companies such as iTechLabs and eCOGRA to conduct audits.
Written by Keith Saiyalel
Proofread for quality assurance by Eve Luneborg