Learn how to use Bitcoin in online casinos

The creation of Bitcoin is attributed to a programmer (or group of programmers) under the pseudonym Satoshi Nakamoto. The currency and its system were created between 2008 and 2009 as the first fully decentralized form of electronic money. This means that o Bitcoin it is not linked to and controlled by any government or financial institution . It was the first digital currency in what would become a series of currencies that today also includes Ethereum and Litecoin, among others.

When we talk about traditional currencies, such as The New Zealand Real (BRL), we know that it is issued only by the Central Bank of New Zealand. To carry out transactions made with the Real, you must either have cash (available in New Zealand banks), or use an alternative method, such as debit card, checks, slips, among others.

The Bitcoin system allows you to carry out financial transactions without intermediaries ( peer-to-peer electronic cash system ). This means that the currency is directly transferred between users, who do not need a bank, card or cash to transact the currency.

All transactions made, however, are published and verified by all users of the network in a distributed database, known as “ blockchain “. O blockchain it is decentralized, which means that there is no entity or body responsible for the administration of currency and transactions.

However, as an exchange currency, Bitcoin undergoes fluctuations in value, just like the Real and other foreign currencies. But what influences its value is not inflation or devaluation, but market supply and demand.

In January 2013, for example, just one Bitcoin (BTC is the official acronym for the currency) was worth about 13 US dollars. In November of the same year, after increasing interest and popularity around the world, it was worth about a thousand dollars. From 13 to a thousand is a considerable oscillation.

Through the acronym BTC, you can follow the real quote of the currency every day. Since its valuation in 2013, it has become better known, especially among investors. Today, it is accepted as a payment method not only on betting sites, but also on other online services.

Now in 2019, just one Bitcoin is worth just over 28 thousand Dollar (NZD). As an example, an investor who bought three coins in 2013 for $ 39 would now have the equivalent of $ 84,000 (NZD).

But, as we mentioned, the value of the currency is not fixed, and every investment has high risk. It is also worth noting that its price is the same in all countries, without exception. In this way, if you bet from New Zealand using BTC, you don't lose a penny in the conversion rates to dollars or euros, which are the currencies usually used in casinos.

For those who appreciate their anonymity during online betting, this can be one of yours better payment options . We explain below how the system works, but briefly, when you create an account to buy and sell digital currencies, your data is encrypted. In this way, no one really knows who is making the transactions. While all transfers are completely Public, your personal data and that of other merchants is unavailable, i.e. secure and hidden.

What is important to understand about the currency is that it is 100% digital. If you buy Bitcoins you can, in the future, sell them for Dollar (NZD) or other currencies, but as long as you have Bitcoins, the value remains only on the computer screen.

Most governments have not yet taken a position on the use of currency as money. It is not officially recognized and regulated and exists only in digital form, which may scare some investors.

We will focus here on how to use the Bitcoin in online casinos .

First of all, if you don't have coins yet, you need to create an account to carry out your transactions. Let's call this account BTC wallet. If you are new to the subject, we recommend researching and reading a lot about cryptocurrencies before making any investment, due to the complexity of the subject.

There are several sites on which it is possible to register to open a BTC wallet. We won't list any here, but you'll easily find several of them available for New Zealand and in English.

Generally speaking, you can have two types of wallets: one completely online, which you access from your web browser; and the other installed on your computer, as a desktop program. While some claim that the web version is better for bettors, it is also said that the desktop version is safer. The choice of which one to use is yours.

When you open your account, you will need an email and a password. Afterwards, you will also need to create an address (such as an ID that identifies your account) that you will use to make your transactions. As with online wallets like PayPal, where you only need your email and password to receive and send money, you will use your unique ID to carry out your transactions.

Once your wallet is created, it's time to buy coins to start using it. But don't worry! You don't have to have 28 thousand Dollar (NZD) to get started! It is possible to buy hundredths of Bitcoin, and today most transactions are made in the hundredths, as the value of the cryptocurrency has grown greatly in recent years.

To buy Bitcoins, there are a few options:

1. Probably the very site on which you created the wallet offers a market for buying and selling coins. In this, you can use various payment methods, including credit card, to buy the amount you want in BTC.
2. Buy directly from another user for a predetermined amount.
3. It is also possible to find sites where to exchange services for currencies.

The question of the legality of transactions and the safety of the user can leave many with the flea behind the ear. And rightly so! Security is a factor that must be taken into account, after all, no one wants to be a victim of fraud.

We can say, however, that among most of the payment methods used in casinos, making transactions with Bitcoin is one of the safest. This is because there is no third party involved in the transaction, as is usually the case.

When making a transaction using Cryptocurrency, you transfer directly using your ID to the casino ID. This in itself excludes the possibility of data theft. Put on top of this the fact that the currency has an extremely efficient security system, and you end up with one of the safest methods to make transactions online!

It is also worth mentioning that you must be playing in a safe and reliable online casino . To determine the security of a website, it is enough to evaluate some basic requirements, such as the SSL certificate, which automatically protects any sensitive information sent by the browser. Usually, the very bad reputation of a casino is enough to know whether or not it is worth betting on it.

Even so, the New ZealandCasinos team evaluates dozens of betting sites and casinos. We only recommend to our readers those that we believe are trustworthy. At the end of this page, you see the list of sites that accept Bitcoin as a form of deposit and / or withdrawal , and you can also check the score that each of them received in our evaluation.

Using BTC wallet as a deposit and withdrawal method in casinos and bookmakers has some advantages and some disadvantages. See what they are below.

ADVANTAGE

• Deposits made with BTC are usually instantaneous.
• Withdrawals, despite taking longer than deposits, are among the most agile.
• Some sites offer great incentives for deposits made with the currency.
• As a direct method of transferring money, it can be one of the safest and most anonymous options of placing bets online.

DISADVANTAGE

• Buying BTC is actually an investment. Like any investment, it can end up being either positive or negative. Since BTC is an exchange cryptocurrency, its value never remains the same, it is always rising and falling in short periods of time.
• Transfers made with your BTC wallet cannot be canceled if you change your mind later.
• Possessing knowledge about cryptocurrencies (and possibly the investment market) is a must before you decide to get coins.

Although cryptocurrencies are a broad topic and a bit difficult to understand for beginners, making deposits and withdrawals from BTC wallet is a fairly simple process. With your individual ID, it is possible to make and receive payments using the currencies.

See below for the step by step to deposit at a casino or bookmaker.