Cryptocurrencies have come a long way since they first appeared. While there are countless versions now, Bitcoin remains the original and in many ways is still the most popular and recognized. Check out our guide below for a detailed review of Bitcoin and how to use it at your favourite casino in New Zealand.
Always put safety first!
The first thing to keep in mind about any payment method or casino is safety and licensing. Read more about Bitcoin’s safety below.
About Bitcoin
Bitcoin is a type of cryptocurrency, a form of digital currency which makes it different from traditional payment methods. This currency can be used all over the world and isn’t limited to a single country, region, or financial institution.
Safety and security of Bitcoin
Cryptocurrency in general and Bitcoin especially are some of the most secure payment methods around. It’s difficult to get hacked or have your funds stolen. This is part of the reason why casino players prefer it.
Safety and security of casinos
It’s important that any casino you play at is also safe and licensed. It’s standard practice that you’ll have to provide some personal information when signing up at a casino, including documentation to prove your identity.
Here at NZ Casino we only promote safe and licensed casinos on our page that also features some of the best offers and bonuses for our players. So, when you check out one of our many featured casinos, you can be sure it’s been thoroughly investigated by our team.
| Did you know? |
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| Cryptocurrencies are generally considered secure and private payment methods. Part of this is due to the blockchain on which they operate. https://www.investopedia.com/terms/b/blockchain.asp |
How to use Bitcoin at online casinos
In this section, we’ll explain how to use Bitcoin at your favourite online casinos and more about how it works. Learn about important steps for depositing and withdrawing.
Are there any fees when depositing and withdrawing at a Bitcoin casino?
Fees are generally one of the first things people ask about. Thankfully, casino fees are largely a thing of the past. When using Bitcoin at an online casino, you shouldn’t have to worry about the casino itself charging you anything.
However, Bitcoin does have some small fees with transactions. The fees can vary, but typically you can expect to pay between 0.5% to 0.75%. Most payment methods will have some small transaction fees, so this isn’t a huge drawback where Bitcoin is concerned.
How to place a deposit and withdraw your winnings using Bitcoin
Your initial time using Bitcoin to place a deposit or withdrawal may be a bit confusing. There are typically a few extra steps involved when using cryptocurrency, but it’s still easy to grasp after the first time. Our quick steps below will help get you started.
Depositing
- If you haven’t done so already, you’ll need to purchase some Bitcoin or fund your Bitcoin wallet.
- Log into your casino account, then go to the payments section. Sometimes this is called ‘cashier’.
- Choose the Bitcoin option among the deposit methods.
- Enter your wallet address into the required field.
- Your funds should appear in your casino account within minutes.
Withdrawals
- Go to the cashier/payments section of your account. This time select the withdrawal tab.
- Choose Bitcoin as your withdrawal method.
- Once again, you’ll have to enter your wallet address into the field. Make sure it’s correct; otherwise, your money could end up somewhere else.
- Once you’re done, you should be able to see the funds in your Bitcoin wallet after it’s processed by the casino.
| Did you know? |
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| Most Cryptocurrencies will require a wallet address to complete deposits and withdrawals. As a result, it can have a few extra steps. |
Solutions to common issues when using Bitcoin at online casinos
You’ve started using Bitcoin, and unfortunately, you’ve run into a problem. It can happen with any payment method. Here are a few common problems you might encounter with Bitcoin along with some solutions you can try.
- I can’t withdraw my winnings
The most common reason players can’t withdraw their winnings has to do with wagering requirements. Each casino will require you to wager a certain amount before you can withdraw, especially if you claim a bonus or a Free Spins offer. If you go into the terms and conditions page, you should be able to find the specific wagering requirements for your casino.
- I can’t remove Bitcoin from my account
If Bitcoin is your only payment method, a casino may not allow you to remove it. This is especially true if you have any balance owing.
- I can’t verify Bitcoin
There’s usually no need to “verify” Bitcoin like some other payment methods. Typically, all you’ll need is your Bitcoin address to make transactions. The nature of Bitcoin makes it private and secure.
- I can’t change my Bitcoin details
Your Bitcoin address is what you use to make transactions, and it’s linked to your wallet. It’s usually not possible to change your Bitcoin address, but you can make a new wallet.
- I entered the wrong amount
If you entered too little, it shouldn’t be a big deal. You can simply make another transaction. If you deposited too much by accident, you could contact customer support to explain the situation. They may be willing to refund part of your money.
- I entered the wrong address
Unfortunately, there may be little that can be done in this case. Funds and transfers over Bitcoin and the blockchain are usually not reversible. You must enter your address correctly each time.
- I made my deposit/withdrawal a long time ago and still don’t see the funds in my account
When it comes to withdrawals, online casinos usually take at least 24 hours to process these requests. So, it’s normal if you don’t get your withdrawal right away. However, if it’s been several days, it’s worth contacting customer support at the casino.
Deposits, on the other hand, should appear quickly. If not, it’s possible you didn’t enter your wallet address correctly.
| Did you know? |
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| Mobile Casinos use cryptocurrencies such as Bitcoin as one of the most popular payment methods through mobile. |
Pros and cons of using Bitcoin at online casinos
Bitcoin offers many advantages as a payment method. In the table below, you can see a summary of the main pros and cons of Bitcoin, followed by a more detailed explanation.
| PROS | CONS |
|---|---|
| Bitcoin is the most widely accepted cryptocurrency | Cryptocurrency (including Bitcoin) is still largely unregulated |
| It’s a safe and secure payment option | There can be high volatility in the market |
| You don’t have to provide as much personal information to use it as most traditional payment options | Transfers can’t be reversed |
| Deposits and withdrawals can be carried out quickly | If the wrong address is used to transfer Bitcoin, you may lose your crypto |
| Bitcoin is accepted all over the world | |
| Fees are generally low |
Bitcoin vs. other payment methods
If you don’t currently use Bitcoin, you might be wondering why you should switch to Bitcoin over more well-known methods like e-wallets, bank cards, bank transfers or prepaid cards. We’ll cover the main advantages here compared to the other options.
The main advantages of Bitcoin include the speed of the transactions, security, privacy and lower fees. Compared to Visa and bank transfers, for example, you won’t have to wait days for a withdrawal to be processed.
The only real drawbacks are that crypto casinos aren’t as numerous as the other casinos, but there are still plenty to choose from. Also, Bitcoin is largely unregulated and can be volatile. Otherwise, it’s becoming an increasingly popular option among casino players.
| Features | Bitcoin | Visa/MasterCard | e-Wallets (Skrill/Neteller) | Prepaid Cards | Bank Transfer |
|---|---|---|---|---|---|
| Low Transaction fees | ✔ | ✖ | ✔ | ✔ | ✖ |
| Popular | ✔ | ✔ | ✔ | ✔ | ✔ |
| Secure | ✔ | ✔ | ✔ | ✔ | ✔ |
| Quick Transaction | ✔ | ✖ | ✔ | ✔ | ✖ |
| Regulation | ✖ | ✔ | ✔ | ✔ | ✔ |
| Did you know? |
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| Bitcoin can be “mined” or purchased from other users. |
Conclusion
Bitcoin is the original cryptocurrency and in the eyes of many still the most reliable and popular – and that is why many of the newest casinos in New Zealand are also including Bitcoin as a payment method.
The advantages over typical payment methods are numerous, with the downsides only being a few. Hopefully, you were able to learn something new, especially if you’re trying to find out more for the first time. Ultimately Bitcoin can prove to be a safe, secure and reliable payment option.