Bitcoin has become a very popular way to make deposits and withdraw your winnings at the best online NZ casinos in recent years. This alternative payment method might be a little strange to some, but learning about it is well worth your time since there are many benefits associated with it. Here is the Casino Billions guide on everything to do with Bitcoin.
What is Bitcoin?
Newbies to Bitcoin often start out with this simple question: what is it? Well, Bitcoin is a decentralised digital currency. There are no countries, banks, or organisations that control the value of Bitcoin, rather the price is determined via market value only.
First created in 2009, there will only ever be 21 million Bitcoins in circulation, which means that inflating the currency by creating more of it is impossible. It is by far the most popular online currency, and for good reason.
Since Bitcoin is a digital currency it does function differently to the NZ dollar. The Bitcoin code is run on thousands of different computers across the world and all of the coins are found on the blockchain. The blockchain is also responsible for making all transactions anonymous, so both the buyer and sellers privacy is protected.
Another important aspect to understand about Bitcoin is you are able to buy them in parts, which means you don’t have to fork out a large sum to buy a whole one.
How Bitcoin Works
Traditional currencies need 3rd party payment processors to complete transactions (such as Visa and Mastercard) when depositing and withdrawing monies from online casinos. Bitcoin is special because it is completely peer-to-peer, so no other parties need to be involved.
If you wish to deposit money to your top NZ online casino of choice it will be completed in a few simple steps.
- Once the transaction is initiated, the Bitcoin code is scanned to make sure the person sending the Bitcoin has enough to do so and isn’t scamming.
- After this is confirmed, the transaction is added to the blockchain where it can’t be reversed or meddled with.
- Now your Bitcoin has been transferred!
Buying Bitcoin can seem a little complicated, but the steps are quite easy to follow. All you have to is:
- Make an account on one of the many websites that offer cryptocurrency exchange and verify your details.
- Choose an amount of NZD that you wish to deposit to your account.
- Visit the “trade” part of your chosen exchange site and click on Bitcoin.
- Confirm your payment and you have just bought your first Bitcoin.
Using Bitcoin at Online Casinos
Energy Casino is one of the best NZ online casinos that offer Bitcoin as a payment method, and using it is super easy. All you have to do is make your way to the deposit page, enter the amount of Bitcoin that you would like to deposit (that you have previously purchased) and your Energy Casino account will instantly have your monies inside.
Withdrawing your winnings as Bitcoin is also a breeze and it is common for withdrawal fees and waiting times to be much smaller compared to a regular bank withdrawal.
Since you are now informed about all that Bitcoin has to offer it’s time to hit the online casino and play some of your favourite online casino games (such as Roulette, Blackjack, or the pokies). Good luck, have some fun and check back with us here at Casino Billions for all things to do with NZ online casinos.