Bitcoin Casinos NZ
A Bitcoin casino refers to any online casino or a gambling company that accepts Bitcoin payments. In some cases, Bitcoin can be the only payment mode accepted at a specific Bitcoin casino. However, quite a good number of Bitcoin casinos accept payment using other types of cryptocurrencies such as Litecoin, Ripple, Ethereum, among others.
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In the recent past, several Bitcoin casinos have begun to develop their tailor-made services and games to entertain players who choose to do transactions using Bitcoins. This is how Bitcoin casinos work. The casinos have software programs that can run without a lot of human intervention. The programmed platforms offer random results, thus making it more fair and transparent to win some cash.
A significant number of Bitcoin casinos have their gambling software providers, and they go a step further to explain to gamblers how the algorithm works in order to earn the players’ trust. In New Zealand’s gambling market, Bitcoin online casinos that deal with Bitcoin payment only are more popular than Bitcoin casinos that accept fiat currency.
Benefits Of Using Bitcoin In NZ For Gambling
Ever wonder why a significant number of players prefer to play at Bitcoin casinos these days. Read on to find why.
No banking charges and lower fees: Typically, running a Bitcoin online casino offers a lot of prospects to the operators since the banking charges have no impact on the operator’s profit. As a result of this processing of Bitcoin transactions, both withdrawals and deposits are close to free or completely free. In return, Bitcoin casino players enjoy much lower fees than traditional casinos.
Low operating costs and better bonuses: The low operating cost makes it cheap to run a Bitcoin casino, which comes with massive benefits to players. In short, low operating cost enables casinos to offer crypto gamblers more bonuses and promotions than the typical online casinos.
Faster processing: Since cryptos are decentralized assets, it is much easier to process their transaction. Therefore Bitcoin payments are faster to process, a crucial factor making Bitcoin casinos popular among gamblers.
Reduced chances of fraud: Most online casinos are adopting cryptos as the only payment option since crypto coins have enhanced security measures. The crypto payment online casino help to keep gambler’s identity away from casino servers, thus bringing anonymity. This makes it challenging to manipulate Bitcoin transactions, thus lowering the chances of fraud in the process.
Pros And Cons Of Using Bitcoin In Online Casinos
Anonymous gambling: One of the main benefits of Bitcoin online casinos is the anonymity that they provide. While selling, buying or transferring this crypto coin, you do not necessarily have to share your detail. This has remained a top reason why gamblers choose crypto casinos like the Bitcoin casinos.
Several ways to sell and buy Bitcoin: Another benefit of using Bitcoin at an online casino is its several ways of buying and selling. To play at a Bitcoin casino, you first need to have BTC coins. Fortunately, nowadays, it is very easy to sell and buy Bitcoin as there are already many credible wallets available in the market. Additionally, even e-wallets such as Skrill are currently supporting the selling and buying of Bitcoin.
Popular compared to other cryptocurrencies: Though the number of crypto casinos is constantly growing, not all crypto coins in the market are supported by the crypto casinos. However, because Bitcoin is the most popular and widely used crypto coin in the gambling market, it is much easier to find a crypto casino that supports Bitcoin compared to other cryptocurrencies.
Fast Payment: Bitcoin offers the fastest deposits and payouts, supported by both the international iGaming brand and the mobile Bitcoin casino sites. In simple terms, there are no restrictions when you are using Bitcoin. You can fund your casino account irrespective of the operator’s type and location.
No taxes: In NZ, gambling is perceived as a hobby, so taxes are not applied for players after winning. The rule applies to online casino players who choose to use Bitcoin. If you are there wondering if you will be required to pay taxes by gambling with Bitcoin, the answer is no.
Only a few legal online casinos accept Bitcoin deposits: one of the main disadvantages of using Bitcoin to gamble online is that the number of operators who accept Bitcoin is low. Though the popularity of Bitcoin gambling is constantly increasing, still, currently, the selection of legal online casinos that work with Bitcoin is meagre.
Transaction fees: The Bitcoin payment on online casinos often has processing fees. To be specific, there are some transaction fees that gamblers are required to cover while transferring coins. However, it is good to note that these charges are still much lower than those applied in other payment methods. On average, the charges range between 1 and 1.5 percent.
Price Volatility: Another main issue of using Bitcoin and all other cryptocurrencies to gamble at online casinos is their high price volatility. For instance, you can buy a certain number of coins today at 20 NZD, and their value drops by even a half within a day.
The Different Types Of Bitcoin Casino Bonuses
Some of the Bitcoin casino bonuses include:
Welcome bonus: Most Bitcoin online casinos offer players an attractive welcome bonus. Mainly, casinos offer this bonus as an appreciation token and can be in form of a match bonus or free spin. This kind of bonus has different names such as welcome package, registration bonus, and signup bonus.
Cashbacks: Many Bitcoin casinos reward you through cashback after losing. The reward gives you a chance to play without making any deposit. Some sites will offer you cashback daily, while others accumulate all your losses and reward you monthly or weekly.
Free spins: Another type of bonus that Bitcoin online casinos give to players is the free spins bonus. Different casinos use various criteria to award players free spins. For instance, you can be awarded a free spins bonus after making a deposit or reaching a specific level in the VIP program.
Loyalty rewards In Bitcoin online casino, if you qualified to get a welcome package after signing up at the casino, you also stand a chance to get a loyalty reward after sticking at that casino long enough. Loyalty reward allows you to enjoy specific privileges like enhanced withdrawal limits.
Steps Of Using Bitcoin At Casinos
When you decide to gamble at a Bitcoin casino, you first need to understand how to use Bitcoin as they operate a little bit differently than the traditional money transfer. This is what you need to know if you want to play at Bitcoin online casino.
- Create a Bitcoin wallet: Creating a Bitcoin wallet is similar to creating e-wallets like Neteller. Therefore ensure you have an e-mail address and your phone ready for verification.
- After opening a Bitcoin wallet, link the wallet to your bank account to enable you to buy crypto coins using fiat currency.
- Fund your Bitcoin casino account and start to play your preferred casino games using Bitcoin.
- Log in to your casino account and navigate to the banking section
- Choose Bitcoin for pay out
- Enter the wallet address and specific amount you want to withdraw
- Click ok to confirm the transaction.
Summary of Bitcoin casinos
The success and phenomenal popularity of Bitcoin have made many NZ online casinos accept Bitcoin as a valid payment method. To be specific, currently, Bitcoin gambling is on-trend in New Zealand’s gambling market. New Zealand’s Bitcoin online casinos have been continuously rising, and players seem to be loving Bitcoin casinos. There is a reasonable justification for this promising trend, of course. To be precise, Bitcoin gambling comes with many benefits to players, thus leading to its popularity. One of the leading benefits of gambling with Bitcoin is anonymity. Therefore, since many players need total privacy and a clean bank record, most NZ players are shifting from traditional casinos to Bitcoin casinos. Although Bitcoin online casino provides you with a quick, easy, and safe way to make money, make sure you are aware of your involvement before parting with your money.
- What is an online Bitcoin casino?
Online Bitcoin casinos refer to a gambling site that allows players to make payments using Bitcoin. To use this cryptocurrency, you need to have a crypto wallet.
- Do all online casinos accept Bitcoin?
Not all online casinos support Bitcoin as a payment option. Currently, the overall number of Bitcoin casinos is relatively modest. However, some iGaming brands are recognizing the benefits of cryptocurrency; hence, gambling option for Bitcoin players is constantly growing.
- Are Bitcoin casinos legal?
There are two main factors to consider regarding the legality of Bitcoin casinos. First, you need to research whether online gambling is allowed in your country. Second, ensure you find out whether Bitcoin is legal in your country. In general, there are a lot of legal and regulated Bitcoin casinos.