Bitcoin

Introducing Bitcoin

Bitcoin is a form of cryptocurrency. You will surely have heard it mentioned in the news over the last few months but unless you are one of those people who have followed the development of cryptocurrency closely, you may not know what it is all about.

Essentially, Bitcoin is a digital currency that is managed through digital encryption. It isn’t necessary to understand how this works, but the important thing to remember is that Bitcoin, like all cryptocurrencies, is decentralised. There is no centralised bank supervising the currency, making it faster, cheaper and more discreet to use than normal currency.

Bitcoin therefore gets its value from the relative supply, demand and rarity of the currency rather than being attached to a particular nation’s economy. As the first cryptocurrency to come to global attention, Bitcoin is the most popular and widely known.

Bitcoin in practice

So you like the sound of Bitcoin and want to try Bitcoin casino gambling, but how do you start? The first step is to buy Bitcoins using NZD. Bitcoin does fluctuate in value, so you may want to check the latest valuation before you buy. To hold your Bitcoin, you will need to set up a digital wallet, which you can do using a variety of programs, including Mycelium, Breadwallet, Copay or AirBitz, all of which are used by New Zealand players.

Setting up the wallet is easy. The program will do the work for you, but it is essentially the same process as setting up other types of e-payment wallets. Once your wallet is set up, keep a note of the address of the wallet and you are ready to try Bitcoin casino gaming.

What is a Bitcoin casino?

A Bitcoin casino is simply a casino that allows players to use Bitcoin to deposit, withdraw or play casino games. Bitcoin casinos essentially come in two types.

First there are the regular online casinos that have expanded to cater for Bitcoin players. These will look like any other New Zealand online casino but will also offer the option to play using Bitcoin. They may also offer special Bitcoin casino bonuses including free spins, deposit bonuses, welcome bonuses and so on, but these will not differ substantially from the bonuses available to players who use normal currencies for their online gaming.

This type of Bitcoin casino can be a good place for Kiwi casino gamers to start, as they offer you the ability to try out Bitcoin gaming, while being able to switch back to regular payment options if you choose. You may even find that your favourite New Zealand online casino may have started to offer Bitcoin payment, giving you the chance to try it out on a familiar site.

The second type of Bitcoin casino is the exclusive Bitcoin site. These are rarer and have been set up in response to the rapid growth in popularity of Bitcoin that occurred in 2017. As these sites cater exclusively to Bitcoin gamers, they will usually offer help and advice on setting up your Bitcoin wallet and using the cryptocurrency.

These sites are also starting to offer online casino games that are solely for Bitcoin players. This is a small niche in the gaming world at the moment, but it is likely that more and more Bitcoin-focused online games will be developed in the coming months, making these casinos more attractive to Bitcoin players.

Benefits Of Bitcoin Casinos

New Zealand players who opt for a Bitcoin casino will gain several benefits. For a start, the average Bitcoin transaction is handled much quicker than with regular banking methods. It can be frustrating to have to wait for your funds to be cleared when making a deposit or a withdrawal at an online casino, but with Bitcoin, transactions are more or less instant.

Bitcoin transactions also attract no fees. If you are playing at a Bitcoin online casino, you will not have to pay to deposit or download your currency. If you find that your online casino is attempting to charge a fee for Bitcoin transactions, then look elsewhere!

As Bitcoin is a cutting-edge technology, you will find that online Bitcoin casinos are often among the most technologically advanced in the New Zealand casino industry. That means you are likely to have a more user-friendly playing experience, and you may also be able to benefit from the most advanced games, particularly if you like to play via mobile.

It can also be the case that exclusive Bitcoin casinos are less regulated and taxed than traditional online casinos, which means they can make better bonus offers and higher payouts. It is important to check that the site you are using is reputable and licensed, but as long as you take this precaution, you could find a better deal at Bitcoin-only sites.

Disadvantages

The volatility of Bitcoin can make it less attractive to some New Zealand gamers. The price fluctuates from day to day and this means that online casino players have to keep an eye on the market and ensure that they don’t leave themselves too exposed to rapid price changes.

Bitcoin is still not a universally accepted payment method. That situation is changing, and more New Zealand online casinos are starting to offer Bitcoin payment, but for the time being, playing online casino games with Bitcoin will limit your choice of sites.

Conclusion

Bitcoin gaming may be fairly new, but it is growing rapidly and is fast becoming a popular way for New Zealand online gamers to play their favourite casino games. While the currency is volatile, it offers numerous benefits, including fast transactions and reduced fees, and is often associated with some of the most cutting edge casino games around. As the cryptocurrency revolution continues, Bitcoin casino gaming offers a glimpse of the future for Kiwi players.