Bitcoin & Crypto Casinos

Ever since Satoshi Nakamoto introduced Bitcoin in 2008, the world of digital currencies has been steadily gaining traction. While Bitcoin remains the most well-known, there exists a diverse range of digital currencies, collectively known as cryptocurrencies. These virtual currencies serve both as a means of trade and investment, presenting opportunities for traders and investors alike.

Cryptocurrencies in Online Casinos

Cryptocurrencies like Bitcoin and Ethereum have gained equivalence to traditional currencies such as the New Zealand dollar and euro, allowing them to be utilized in online casinos that support digital currencies, like Bitcoin casinos. This trend has long been established in Trustly casinos, where transactions in dollars ($) and verification through BankID have become crucial for New Zealand players. In the past, it was possible to deposit, withdraw, and even activate casino bonuses using Bitcoin or other cryptocurrencies. However, due to recent regulatory changes in the New Zealand gambling market, we no longer recommend bookmakers that accept Bitcoin. Opting for casinos with a New Zealand license is essential for your safety, and we strongly discourage the use of crypto casinos. We advise exploring alternatives such as:

1. Casinos with a minimum deposit of $25.
2. Casinos offering swift payouts within 5 minutes.
3. Casinos providing bonuses without wagering requirements.
4. New Zealand casinos that offer a secure and enjoyable gaming experience.

Advantages and Disadvantages of Using Cryptocurrency at Casinos

Advantages:

1. Payment Freedom
2. Absence of Fees

Disadvantages:

1. Reduced Consumer Protection
2. No Guarantee of Withdrawal
3. Lack of Tax-Free Games

Rating Criteria for Cryptocurrency Payment Methods

To ensure transparency and integrity in our rating, we’ve considered the following factors:

1. Background and Security: We assess the safety of using cryptocurrency, considering its history, opinions, and news coverage. Additionally, we examine where casinos offering cryptocurrencies are typically licensed.
2. Functionality and Usability: User-friendliness is crucial, and we evaluate how easy it is to use cryptocurrency for gaming purposes. This includes an overview of the elements required for gameplay, accessibility, and a balanced list of pros and cons.
3. Availability in New Zealand Casinos: Given our focus on New Zealand casinos, we consider the feasibility of using cryptocurrency at these establishments.
4. Smoothness of Deposits: We examine the process of making deposits with cryptocurrency to assess its ease and efficiency.
5. Withdrawal Options and Timelines: We determine whether it’s possible to make withdrawals using cryptocurrency at casinos that support this payment method, outlining the steps involved and the expected timeframes.
6. Comparison with Other Payment Methods: We provide a comprehensive list of alternative payment methods to facilitate informed decision-making.

How to Play with Cryptocurrencies

Playing at a cryptocurrency casino closely resembles the experience at a regular online casino. The primary distinction lies in the option to deposit and withdraw funds using digital currencies. However, it’s important to acknowledge the associated risks, especially when dealing with casinos lacking a New Zealand license. Initiating gameplay with cryptocurrencies involves three key steps:

1. Choose the Cryptocurrency: Select the digital currency you wish to use for gaming.
2. Secure a Wallet: Acquire a digital wallet, which acts as a secure storage solution for your chosen cryptocurrency.
3. Purchase the Currency: Acquire the desired amount of cryptocurrency through a reputable online exchange service or from fellow members.

Security Considerations

While cryptocurrencies themselves are generally considered secure, it’s essential to exercise caution. Unlike New Zealand-licensed casinos, playing with cryptocurrency entails a degree of risk due to the absence of consumer protection. In the event of a scam or similar incident, retrieving lost funds may prove impossible.

Bitcoin at New Zealand Casinos

As of early 2019, the New Zealand gambling market introduced regulatory changes, establishing new laws for local bookmakers. This framework, which emphasizes player protection and requires BankID verification for initial deposits, effectively disallows the use of Bitcoin at New Zealand-licensed online casinos. Transactions at these casinos are conducted exclusively in New Zealand dollars directly from the player’s bank account. Before acquiring cryptocurrencies, it’s imperative to secure a wallet tailored to your needs. Wallets come in various forms, such as web-based solutions or mobile applications. Consider the security features of each option before making a selection.

Depositing with Cryptocurrency

To deposit with cryptocurrency, select a casino that supports this payment method, create an account, and proceed to the deposit page. From there, choose your preferred cryptocurrency and follow the provided instructions. The process for verifying deposits may vary depending on the wallet and cryptocurrency in use.

Withdrawing with Cryptocurrency

If you’ve made a deposit with cryptocurrency, you can typically make withdrawals as well. The withdrawal process mirrors that of other payment methods. Navigate to the withdrawal page, specify the desired withdrawal amount, and complete the verification steps. The duration until you receive your funds may vary between different casinos.

Future Prospects for Cryptocurrencies and New Casinos

While the New Zealand gambling market is currently highly regulated, the potential for crypto-enabled gameplay may resurface in the future. The emergence of concepts like Metaverse casinos suggests that new forms of currency and payment methods may become integral to the gaming landscape.

Pros and Cons of Casinos with Cryptocurrency

Advantages:

1. Potential for Value Appreciation
2. Anonymity and Privacy
3. Reduced Transaction Costs

Disadvantages:

1. Volatility and Price Fluctuations
2. Limited Consumer Protection
3. Lack of Regulatory Oversight

In conclusion, while cryptocurrency has its merits, its use in online casinos is no longer feasible for New Zealand players due to regulatory constraints. To ensure a safe and secure gaming experience, we recommend exclusively playing at New Zealand casinos with a valid gaming license. These casinos provide enhanced consumer protection, secure payments, and responsible gaming measures.  

Frequently Asked Questions about Bitcoin in Casinos