When you want to begin gaming there is one major aspect that can sometimes be a hurdle or barrier to playing what and when you want, and that is payment methods. Not every casino accepts every type of payment, so you may need to do a little searching to find a casino that allows you to use your preferred method of payment. That is why we created this page for all you kiwis; to make it easier for you to find a casino that accepts the type of payment you want to use and to understand the benefits and costs associated with using that payment method. For this example, we are looking at the payment method of Bitcoin.
Bitcoin is the original cryptocurrency that took the electronic financial world by storm over the last 11-12 years. It started from one hacker’s concept of a virtual currency that operated outside the confines of the political world and worked completely independently of the constrains and influence of those types of entities. It started out being worth one dollar per coin and grew exponentially at one point reaching $20,000NZ and making a lot of people extraordinarily rich in the process. It is unknown who the original technical mind behind the currency was as they are only known by the name Satoshi. The fully decentralized currency was designed to run outside of any type of central bank or be backed by any sort of third party.
Setting up a Bitcoin E-wallet is simple and requires no personal identifying information to do. You simply visit the Bitcoin website and create a wallet that will have a series of letters, numbers, and symbols making up the randomized address that is associated with your wallet. Do not lose this series as it is your only way to access your account. You will have one called a public key that you use to share with the online casinos that use Bitcoin to make your deposit and then for them to send you funds when you withdraw money and another private key that you use to access those funds once they are in the wallet.
You can also set up a Bitcoin wallet with a secure third-party software service that will offer you with various money management tools and access to online currency exchanges. Using these exchanges, you can transfer your earned Bitcoin currency into any currency in the world, after paying a small fee for the transaction. Once you have exchanged for your chosen currency, you can then transfer to a bank account, a PayPal account, or other money access account of your choosing that works with your chosen currency exchange system.
It all may sound confusing because there is a lot to learn when it comes to using a cryptocurrency at all for anything, but once you have grasped the basics of it all it really is quite simple to utilize. Plus, it offers the pinnacle of anonymity when gaming online or doing any online financial transaction using Bitcoin as the currency.
Since it is not in any way attached to your identity and the only way to access the money you have in a Bitcoin wallet is to have the exact combination of symbols, letters, and numbers for both the public and private keys so that they both match, the safety and security of your money is really up to you. As long as you a very careful about not entering that information over any public network where others can see what you are doing, then you should be safe and secure in with your Bitcoin E-wallet balance.
There is a growing number of retailers with both physical and virtual locations that now accept Bitcoin for payment. That is because both its popularity and legitimacy has grown rapidly, especially over the last few years as cryptocurrencies that have built upon Satoshi’s original idea that started this whole movement have begun springing up all over the place. None, however, have had the impact, popularity, or widespread legitimacy as Bitcoin has gained.
Depositing with Bitcoin
To make a deposit to your chosen online casino that accepts Bitcoin, you simply need to have set up an E=wallet somewhere that holds Bitcoin currency. You can obtain one of these directly from the Bitcoin website itself or set up a digital or desktop version of an E-wallet through a variety of financial services and cryptocurrency exchanges. The key to making a deposit is getting the public key that they provide that corresponds to your wallet.
Once you have that key combination, which is just a series of letters, numbers, and symbols, you can proceed with the deposit by visiting the deposits/payments section of the chosen online casino. When you reach that page it will ask for your public key to your wallet and this is where you will either type in or copy and paste in that public key along with the number of bitcoins you wish to deposit.
The actual NZD amount of the deposit will fluctuate with the value of Bitcoin – which changes every second of every day – so it is hard to provide an NZD amount for your deposit and you will need to consider the relationship of the two currencies at the moment of your deposit to consider the value of your deposit and how much you wager in terms of Bitcoin from that point further.
Withdrawing with Bitcoin
To make a withdrawal using a Bitcoin-based casino, or any casino that will pay out in Bitcoin, you again need to have an E-wallet set up in Bitcoin currency. There are different wallets that all provide individual means of security. Some of them are much safer than others, so be sure to do your homework before funding any of these types of E-wallets.
Once you have that setup you can process your withdrawal by providing the casino again with your public key combination that is that completely randomized series of letters, numbers, and symbols that makes it exceedingly difficult for anyone to guess your wallet addresses, both public and private, and steal your Bitcoin. So, if the wallet you are using is safe from outside eyes, then your Bitcoin will be safe in that wallet.
There are even hardware wallets that are much like the old thumb drives we used to all carry around with data on them, that are impossible for hackers to access unless they have your keys and your wallet is currently plugged into a computer somewhere at the very moment of attack. This makes these wallets exponentially more secure than any other type of currency transaction anywhere else in the world. This, along with the complete anonymity of Bitcoin in general, is one of the major draws to this rapidly growing and ever-expanding currency theory.