In recent years, Bitcoin has gained enormous popularity and searching for ‘Bitcoin Casino’ brings up millions of hits on Google. In a bitcoin casino, you can gamble with bitcoins or other cryptos, instead of NZD, EUR, USD or other currencies. Bitcoin casinos, like all other online casinos, are currently still illegal in New Zealand. Even after the regulation of the gambling market in New Zealand, bitcoin may not be accepted by licensed casinos.
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| Bitcoin Summary | |
| Currencies | NZD and AUD |
| Funding source | Bank account |
| Available in New Zealand | Yes |
| Pay to online merchants | Fees vary |
| Hidden costs | No |
| Available for deposit at New Zealand casinos | At some casinos |
| Available for withdrawal | Yes |
| Deposits processing time | Instant Cash |
| Eligible for bonuses | Yes |
| Withdrawal processing time | Instant |
What is Crypto?
Cryptos are digital money which are used as alternative payments for regular currencies such as the US dollar or the British pound. Also, they represent a valuable digital asset that can be invested.
Bitcoin is the most famous crypto. Despite its increasing popularity, it still does not have the status of money in New Zealand. The legal status of bitcoin in New Zealand is still a medium of exchange.
Cryptos are stored on a blockchain which is a digital system used to record data. Data on a blockchain is stored in blocks, which are lists of transaction details.
In addition to Bitcoin, there are many cheaper and famous coins such as Ripple, Ethereum, and Litecoin.
What Is Bitcoin?
Bitcoin is the world’s most famous crypto. Although it is not yet seen as a reliable payment method in New Zealand, it is in other parts of the world.
Bitcoin is the first decentralized digital currency that is based on a peer-to-peer network and does not require any intermediary or central hubs.
The digital currency Bitcoin was founded in 2009 by Satoshi Nakamoto, a pseudonym of an unknown person or group. No one knows exactly who is behind the creation of Bitcoin.
The value of one Bitcoin fluctuates wildly. After the market collapsed at the end of 2018 and Bitcoin dropped from $17,000 to $2,500, it has since risen sharply again. In early January 2021, the virtual coin reached its current all-time high of $34,600. However, due to the poorly performing crypto market, the leading digital currency collapsed below $16,000.
Are There Any Well-known Casinos That Accept Bitcoin?
Finding an online casino where you can pay bitcoin directly is not an easy task. The most famous online casinos in the world do not yet offer Bitcoin or other cryptocurrency option.
One of the most famous bitcoin casinos is the mBit Casino, which was founded in 2014. It falls under the regulation and supervision of the Curaçao government. The offer at the casino is huge with no fewer than 2,600 different slots and a live casino. At mBit Casino you can deposit and/or pay out other cryptos such as Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and Tether in addition to Bitcoin. Other online casinos that offer bitcoin are KingBit, SlotV Casino, and 1xBit.
Although no major online casino accepts Bitcoin or other crypto counterparts, there are plenty of e-wallets that can act as intermediaries between crypto users and fiat currency-accepting parties. Some of the most well-known examples of such wallets are:
- Skrill
- Neteller
- MuchBetter
You can create a new account with any of these e-wallets. After that, you can fund your account with any crypto you want. This way, you will be able to convert your digital coins into dollars or euros and use them to charge your casino account. However, it is important to note that e-wallets charge exorbitant fees for depositing/transferring Bitcoin to other currencies.
How to Play at Bitcoin Casinos?
- Convert Real Money Into Bitcoins
Since we do not use Bitcoin in daily life, users have to transfer their balances from fiat money to Bitcoin through one of the online exchange portals such as Binance or eToro.
- Choose How to Store Your Bitcoins
You can then keep your purchased coins in your hot wallet or store them to your cold wallet.
- Send Bitcoins to the Casino Address
Now, go to the cashier section of your casino and select Bitcoin. You will be transferred to your e-wallet where you can transfer your money to the casino.
Pros of the Bitcoin casino
Playing at a Bitcoin casino with Bitcoins or other cryptos has many advantages, including:
- Depositing and cashing out are completely free, and there are no technical costs associated with making transactions;
- It can be completely anonymous. At a Bitcoin casino, you could even sign up with a different name because Bitcoin is anonymous. Signing up with a different name also cannot affect a possible payout, because a Bitcoin address does not contain a name;
- Bitcoins are 100% safe. They are stored in your own cold/hot wallet. So, you are solely responsible for their security;
- You don’t have to wait long for a payout. Since there are no other parties involved, you should receive any payout almost immediately in your wallet.
Cons of the Bitcoin casino
The advantages of a Bitcoin casino may seem interesting, but the concept of a decentralized currency also has disadvantages.
- It is illegal in New Zealand to gamble with bitcoins.
- The value of Bitcoin and other cryptos is very volatile; the value can increase enormously in a short time, but it can also decrease enormously. As a result, you can suddenly play for much more or less value than you deposited.
The Top Crypto Exchanges for NZ Users
As mentioned earlier, to be able to buy bitcoins, you need an account on a trading platform. There are hundreds of exchanges, but which one is particularly suitable for New Zealand users? We’ve found three platforms that are particularly suitable for newcomers and beginners. These platforms support trading in New Zealand with simple payments in NZD and USD as well.
eToro
The eToro exchange sees itself as a social trading platform. This means that investors can easily copy the strategy of other successful investors with the CopyTrader function. In addition to cryptos, shares and ETFs as well as derivatives can also be traded with eToro.
| PROS | CONS |
| Simple user interface | Trading in US dollars |
| Apps for Android and iOS | Not all financial products are suitable for beginners |
| Interactive platform with trading data | |
| CopyTader function | |
| Courses for newcomers |
Binance
Binance is originally a Chinese crypto exchange, but since crypt was banned in China! The platform has been based in Malta and thus in the European Union. It is one of the most innovative and extensive trading platforms for cryptos ever.
| PER | CONS |
| Wide range of cryptos and trading opportunities | Even complicated financial products that are not suitable for beginners |
| Mobile apps for iOS and Android | |
| Platform with its own crypto and NFT marketplace | |
| Low fees and low minimum deposit |
Conclusion
Despite the huge advantages of cryptos, they have not achieved mainstream use yet. The iGaming industry is one of the most dependent on cryptocurrency. Before you decide to switch to Bitcoin or any of its digital cousins, you should know that no known casinos support it. In addition, not all casinos that support this payment method are unlicensed or licensed in Curaçao. Therefore, you should be careful when choosing a crypto casino.
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