What are Bitcoins?
If you are searching for a bitcoin casino, then it is likely that you are already familiar with how this currency works. However, in case anything is unclear we will briefly go over some of the key points. Bitcoin is what is known as a cryptocurrency, that is, a virtual currency. Other cryptocurrencies exist, such as Ethereum and Litecoin, but this coin was the first and remains the most widely-used. While it is possible to find online casinos that accept this crypto, gambling sites that support other cryptos are extremely rare. The ISO 4217 currency code for bitcoin is XBT, but it is more commonly known by the unofficial code BTC. This currency has been invented by Satoshi Nakamoto and is operating on a peer-to-peer network. Transactions use what is called a private key, which must be kept safe in a wallet. This can be a physical device, which keeps the information offline until it is ready to use at a casino NZ, or a piece of software that stores the data electronically. In summary: Bitcoins enter circulation via so-called ‘mining’, a complicated technical process that the majority of users prefer not to undertake. These days, it is bought and sold using fiat currencies, and can be spent at online casinos that accept bitcoin and elsewhere on the web. This crypto is a decentralized monetary system, and the trading of the currency involves no banks or financial institutions. Thus, the price is not affected by fluctuations in fiat currencies. Please note that the value does fluctuate due to other factors.- Bitcoin is a virtual currency, AKA a cryptocurrency.
- The name comes from a combination of ‘bit’, the smallest unit of memory on a computer, and the word ‘coin’, denoting a piece of physical currency.
- It can be bought and sold with other currencies.
- It can be used for online transactions, including at some casinos in NZ.
- It is decentralized, so no banks are involved in any transactions.
- In order to use bitcoin, you must have a special wallet or client to store and spend from.
Bitcoins and Online Casinos – How does it Work?
In the previous section we saw that in order to use bitcoin, it is necessary to have a wallet with an address and private keys that allow you to make transactions. There are different types of wallet, as follows:- Web-based or cloud wallet. This is completely online, and nothing is stored on your devices.
- Mobile app wallets. These are usually an app version of the web wallets available.
- Desktop client. Software downloaded to your computer. This is the method that we would recommend when playing at online casinos that accept bitcoin.
- Hardware or paper wallets. These keep your data completely offline.
- Log into your gambling site account.
- Navigate to the payments page. The name of this page varies from site to site, for example it may be called ‘banking’ at your bitcoin casino.
- Select the payment method. The casino site will present the address of their own wallet as both a QR code and a line of text.
- If using a mobile device, you can use the QR code to give the address to your own wallet.
- If using another device, enter the text line to give the casino’s address to your wallet.
- Transfer the amount that you would like to deposit into your casino account. The transaction should take just a few minutes.
What Advantages and Disadvantages do Bitcoins Have?
Like any payment method, there are advantages and disadvantages. One major advantage that many players appreciate is that transactions offer almost total anonymity. Transactions bypass traditional banks and instead everything occurs online via code. Another benefit of using online casinos that accept bitcoin is that the cryptocurrency is independent of the value of other currencies. In the event that one or more of the major fiat currencies – such as euros, pounds, dollars or yen – should lose value, this will have little to no effect on the value of the coin. In addition, thanks to crypto wallets, making transactions and buying and selling are all very easy processes. There are also some drawbacks. The first is that it is still relatively rare to find online casinos that accept this payment method. The currency is still a newcomer to the world of finance, and so there are not yet that many online merchants or gambling sites where you can use them to make payments. However, this is starting to change already, and there are an increasing number of New Zealand online casinos that accept bitcoin. Another disadvantage is the quite extreme price fluctuations. This volatility does appear to have settled since around the middle of 2019. Finally, security can be an issue. Since they are stored in a digital wallet, they are vulnerable to attack by hackers. This can be avoided by using hardware storage (similar to an external hard drive or memory stick) and by keeping only a limited amount in your virtual wallet, which you can use to charge your account at a bitcoin casino.Advantages:
- Completely anonymous
- No involvement of banks
- Not dependent on price fluctuations of fiat currencies
- Very low fees
Disadvantages:
- Not easy to find sites that support bitcoin payments
- Value can fluctuate considerably
- Care must be taken regarding security
The Game Selection at Bitcoin Casinos
Online casinos that accept bitcoin have just as many games as any other gambling site, including the ever-popular pokies and jackpot slot games. BTC deposits can be used to claim bonuses and free spins too. As well as pokies from the best-known casino software developers in the world, there are a host of other classic games to be found at online casinos that accept bitcoin. This includes different versions of roulette, blackjack and baccarat, as well as the highly skilled game of poker. If you prefer a touch more authenticity, we can help you to find a bitcoin casino with live casino games. These live tables feature a real dealer, and the game is beamed direct to your desktop screen in high definition. Of course, mobile players will not be left out. Any will have either a dedicated app or access to the instant play mobile casino site.Online Bitcoin Casinos and Licenses
We have seen the advantages of using online casinos that accept bitcoin, namely anonymity and the fact that the transactions do not go through traditional banks. However, a word of caution is needed. These advantages can also create a drawback. As bitcoin is not a fiat currency – i.e. it operates beyond the boundaries of traditional financial markets – online casinos that accept bitcoin do not require a valid license. If a site accepts bitcoin as its only transaction method, it becomes more likely that it is operating without a license. For this reason, it is essential that players check that the selected operator has a license from a recognised oversight body. In this respect, we have done the work of putting together a list of New Zealand online casinos that accept bitcoin, all of which are fully licensed, secure and fair. Of course, it is possible that some unlicensed sites operate by the book, but if there is a problem then players have no recourse to make a formal complaint.Why is an Online Casino License Important?
A valid license from a recognised regulatory group is extremely important, to both the player and the vendor. For the casino, it is a guarantee of quality – players can quickly see that the site is legitimate and above-board. In order to qualify for and retain an online gambling license, operators must demonstrate that they are fully compliant with a number of strict requirements. Since gambling sites have a high turnover of money, it is vital that this money stays secure at all times. Not only this, but the personal and banking data of the players must also be protected. Gambling operators must use data encryption to protect transactions from interference, and to stop third parties gaining access to customer details. A license also ensures that the virtual games are entirely random and fair, and that the bitcoin casino site has not rigged any of the games to give an unfair advantage to the house. As we have seen, in order to be sure that you are using a safe site, choose only from our list of New Zealand online casinos that accept bitcoin.Frequently Asked Questions
What are bitcoin casinos?
Is a gambling site that accepts the cryptocurrency bitcoin for deposits and usually withdrawals as well.How do bitcoin casinos work?
Online casinos that accept bitcoin are similar to any other gambling site. The difference being that these sites support bitcoin transactions.Are online casinos that accept bitcoin safe?
Not always. The unofficial nature of bitcoin allows some gambling sites to operate without a license. That is why it is important to choose from our list of safe, recommended sites.What casinos accept bitcoin?
It can be difficult to find online casinos that accept bitcoin. If you are looking for which online casinos accept bitcoin transactions, then we suggest that you look at the list found on this site.Are there special bonuses when depositing with bitcoin?
That depends entirely on the operator that you choose. Have a look at our list to see if there are any special casino bitcoin bonus offers to be found.What is the best bitcoin casino in NZ?
What makes the best bitcoin casino is subjective. Depending on whether you prefer to spin the pokies or play a hand of poker at a live casino, each player will have their personal preference. Our list of online casinos that accept bitcoin includes an overview of what is available at each site, to help you decide.