Bitcoin casino payments offer players from New Zealand a viable alternative to fiat currencies. If you’re new to the concept, or are simply interested in finding out more about playing at a site that offers this banking option, we’re pleased to provide you with all the information you need to decide whether this cryptocurrency is for you.
How Does the System Work?
The first thing you’ll need to do before you start playing at online Bitcoin casinos is purchase the cryptocurrency from an exchange, set up your own wallet, and verify this account. You can also generate Bitcoin by mining, but this process can be time-consuming, and labour- and technologically-intensive. Once you’ve obtained your Bitcoin you’ll be able to transfer them to a casino, where they will be converted into credits. This is done in much the same way as if you were using any other banking method, as it’s all considered to be real money.
After you’ve enjoyed playing all your favourite real money games with the cryptocurrency, you’ll also be able to withdraw it, making this a convenient way to bank. You’ll be able to cash out very quickly, with your credits simply being transferred deposited into your wallet.
The rest of the process will be familiar to you if you’re an experienced player, and an easy one if you’re not. Simply head to the Cashier section or equivalent of the site you wish to play at, select it as your Deposit or Withdrawal option, and follow the prompts.
Pros and Cons for NZ Players
The first advantage of using Bitcoin casino payments is the level of privacy it affords operators and players alike. No 3rd party is granted access to your personal and financial information, and you won’t encounter the kind of chargeback issues that are associated with standard credit card payments. The system is also almost 100% anonymous, which many players prefer.
Another big benefit is that online Bitcoin casino withdrawals and deposits are instant, so there’s no waiting around, and you can get right into the Roulette, Blackjack or other game you’re interested in playing.
The disadvantages of using this cryptocurrency are that it’s volatile, and the exchange rate and price index can move very fast in either direction. And although there are certainly more and more operators offering this banking method to players from New Zealand, it is still not accepted across the board. It is also a decentralised currency, and it is not regulated by standard governmental controls, so if anything goes wrong, you do not have official channels open for assistance.
A Growing Trend
Bitcoin casinos offer a range of benefits, but the biggest reason for the current surge in popularity is that this banking method is incredibly safe, thanks to the direct, peer-to-peer and Blockchain processes it uses. What this means is that there’s absolutely no chance of your information being skimmed during the transaction.
Bitcoin casino payments are also becoming popular thanks to the speed at which they go through and the fact that transaction fees are minimal.
Although there are not yet a huge number of casinos that accept this cryptocurrency, this number is growing, especially as regulators like the Malta Gaming Authority are starting to recognise and accept it as an official payment mechanism.