Many online casino players in New Zealand want to get with the times and use the popular cryptocurrency Bitcoin (or one of its alternatives such as Bitcoin Cash or Ethereum). Well, the good news is that more and more online casinos are opening up to the idea of allowing Bitcoin transactions for depositing and withdrawing. The reason for this is because it’s relatively fast compared to outdated methods such as wire transfers, it’s anonymous and it’s super secure.
If you are using Bitcoin, then you already know about how to fund your Bitcoin eWallet via one of the popular services such as Kraken. If you’re new to the game, however, things can be a little bit confusing at first. If we take Kraken as an example, you must first sign up for an account with them (they have mobile apps to make this easier to manage, by the way), then you can follow the onscreen instructions for transferring funds in your chosen currency, be that New Zealand Dollars, US Dollars, British Pounds and so on, to Kraken’s own bank account. Once you have funded your account, you put out a request to exchange your fiat currency into Bitcoin or Ethereum, etc etc. You’ll get the going exchange rate, but as the market fluctuates, another user may not be willing to make the exchange at the rate given, so you may have to try again, or offer an exchange at a lower rate. It sounds super complicated, but the apps really do guide you on what to do and when, plus there are lots of automation tools to keep the process simple.
Once you have Bitcoins in your eWallet, find a casino that accepts them and deposit in the normal way, selecting Bitcoin and how many of them you want to transfer into your casino account. Then, unless the casino is ultra modern, your Bitcoins will be exchanged to a fiat currency automatically so that you can get on with playing your favourite video pokies.
All Bitcoin casinos are sites that enable you to fund your account with the cryptocurrency. Compared to other currencies, Bitcoin is special because it is not tied to a particular bank or even a particular currency – therefore it can be used worldwide and this makes things a little easier for casinos that are willing to embrace the future and offer this payment method to their customers. Everything is stored in a digital ledger that every Bitcoin user has stored on their computers and mobile devices – this technology is called blockchain and is one of the main reasons that it has made headlines around the world as the price goes up and down over time.
There are also ‘hybrid’ casinos, which for all intents and purposes allow transactions in multiple currencies as well as Bitcoin or one of the other cryptocurrencies. In fact, there are some online casinos in New Zealand managing their own finances through Bitcoin and they allow their customers to both make a cryptocurrency deposit into their casino account and withdraw their winnings via the same method. Nevertheless, Bitcoin is very rarely used as the main currency on a site, so your funds may well be converted into dollars while you play at the online casino.