Pros and Cons of Using Bitcoin at Online Casinos
- Wide acceptance: Bitcoin is commonly accepted as a deposit and withdrawal method at online casinos in New Zealand.
- Low deposit limits: While it can vary from one Bitcoin casino to another, you can often find lower minimum deposit limits with Bitcoin than other payment methods (around $3 – $5).
- Fast withdrawals: Once a casino has approved your cashout request to Bitcoin, it is normally received in your Bitcoin wallet within just 2 hours.
- Inconvenient: Bitcoin is a highly complex payment method and much more complicated to use at NZ casinos than fiat counterparts such as debit cards and e-Wallets.
- Slow deposits: Compared to fiat options that have instant deposits, there can be a waiting period of 10 minutes or more when using Bitcoin to deposit to online casinos.
- Deposit fee: Casino deposits with Bitcoin always come with a fee which will vary depending on the current workload on the blockchain. Normally, it is around $1 – $2.
- Highly Volatile: Bitcoin is a highly volatile currency which means that the value of it could potentially increase or decrease by 30% in just a week.
How to Make Casino Deposits and Withdrawals With Bitcoin
Follow these seven steps to deposit Bitcoin to an NZ casino:
- Visit and create an account with a casino supporting Bitcoin.
- Head to the deposit section of the site and select Bitcoin.
- Enter the amount you would like to deposit and confirm.
- Copy the Bitcoin address provided by the casino in the deposit window.
- Access your Bitcoin wallet and make the transfer to the casino’s address.
- Click confirm at the casino to confirm that the payment has been made.
- Wait for your Bitcoins to be credited to your casino account.
To withdraw casino winnings with Bitcoins, follow these nine steps:
- Log into your casino account using your registration details.
- Access your casino profile via the site menu.
- Choose the ‘Cash Out’ or “Withdrwal” option.
- Select Bitcoins as your payout method.
- Enter the amount to withdraw.
- Type in your Bitcoin wallet number.
- Confirm the transaction.
- Wait for the casino to process the payment.
- Receive your payment within 2 hours.
Is Bitcoin a Fast Withdrawal Method for Casino Payouts?
Yes. Bitcoin offers very swift transactions for withdrawals which results in casino winnings being credited to your Bitcoin wallet just minutes or hours after the casino has processed your payment. While the transaction time of Bitcoin can vary as it is dependent on the current load of the blockchain, it is rarely longer than two hours.
Therefore, the speed at which you receive your bitcoin winnings in your crypto wallet mainly depends on how quickly the online NZ casino pays out.
Why Does the Withdrawal Time With Bitcoin Vary Between Casinos?
The withdrawal time with Bitcoin varies between online casinos because these have different time frames in which they process payouts. In other words, the time it takes for them to send your funds once you have requested a withdrawal.
With some Bitcoin casinos in New Zealand, withdrawal requests are processed immediately. At other gambling sites, a cashout may not be completed for days.
The sooner a casino processes your payments, the quicker the Bitcoins will reach your crypto wallet.
How to Speed Up Casino Withdrawals With Bitcoin?
Once a Bitcoin casino has approved your withdrawal request, there is nothing you can do speed up the time it takes for the money to reach your Bitcoin wallet as this entirely depends on the blockchain’s current load. However, there are a couple of things you can do to ensure that the casino sends you your money as quickly as possible:
Play at a Casino Site That Pays Out Fast
As the processing time for withdrawals can vary widely from one Bitcoin casino to another, the most efficient way to ensure fast cashouts is to play at one of New Zealand’s fast payout casinos. These are casino sites that guarantee swift withdrawals within 24 hours at most. However, you can even get instant payouts from some of them.
Make Sure Your Casino Account Is Verified
To make withdrawals from Bitcoin casinos in New Zealand, players are normally required to go through KYC procedures. It may not be on the first withdrawal request, but it will happen at some point. This procedure includes providing the casino with a photocopy of an ID and proof of address.
If KYC is not completed at the time when the casino asks for it, any pending payout would be delayed as they would not process your cashout. For speedy casino withdrawals, it is therefore good to make sure your account is KYC-compliant at the earliest.
Become a VIP Player or High Roller
Online casinos often prioritize the quickest payouts for their highest-spending customers and Bitcoin casinos in New Zealand are no different. High-rollers and VIPs are almost always paid before other players.
While withdrawals for VIPs tend to get processed at the earliest, high rollers often have the option to speak with the casino’s customer support to have the payout sped up if it is taking too long.
Thus, being a loyal and high-depositing player is one of the best ways of getting faster bitcoin withdrawals at casino sites. Don’t gamble for more than you can afford to lose just to achieve this status though.
What Can Cause Payout Delays With Bitcoin?
There are several things that can cause your Bitcoin payouts from casinos to be delayed, which includes Bitcoin related factors as well as casino related ones.
- High traffic on the blockchain: Fast Bitcoin transactions rely on enough miners being available to handle the current load on the blockchain. During peak hours, when transactions are becoming too many for the miners, a queue will build up and this will delay your casino payouts.
- Not enough miners: If, for some reason, there are not enough miners on the blockchain to process the Bitcoin transactions, this could also cause a delay in your casino payouts.
- Spam attacks: People who want to sabotage can purposely delay all bitcoin transactions by making a ton of transactions back and forth to themselves. This would cause high traffic on the blockchain, thus delaying any casino payments.
- Insufficient KYC: A Bitcoin casino might at any time ask for certain verification documents that must be provided in order to process your withdrawals. Until these have been received and verified, any pending payouts you have will remain pending with the casino.
- Security checks: If a casino has any reason to believe that any of their rules have been breached, they can carry out a thorough security check before paying our funds, which can cause delays.
- High workload: Even the Bitcoin casinos with the fastest payouts can experience times where there is not enough staff in the payments team to meet the incoming withdrawal requests. This, for instance, could be due to sickness. As a result, some payout delays might occur.
- Wrong payment method: Most Bitcoin casinos in New Zealand would deny your withdrawal request if you attempted to cash out via Bitcoin but didn’t make your deposit with Bitcoin, causing delays. To comply with regulations, you must generally deposit and cash out via the same method.
- Maximum limit reached: Daily, weekly and monthly withdrawal limits may be a thing at the Bitcoin casino you’re playing at. If such a limit is reached, any new payouts would be delayed until the limit has been reset.
What Is the Minimum Casino Deposit You Can Make With Bitcoin?
The minimum deposit with Bitcoin can vary from one NZ casino to another. Those casino sites that allow gameplay and accounts to be in Bitcoin tend to have a minimum limit of 0.1 mBTC, 0,01 mBTC or 0,001 mBTC, with 0,01 mBTC being the most common one. How much this translates to in NZD varies depending on how much Bitcoin is worth at the moment. It should be around $3 – $5.
On the other hand, NZ Bitcoin casinos that allow deposits with Bitcoin but only support accounts and gameplay in NZD, usually have a minimum deposit limit of $10 or $20.
Can You Claim Casino Bonuses With Bitcoin Deposits?
The vast majority of Bitcoin casinos in New Zealand do allow you to claim casino bonuses by depositing with Bitcoin. There are a few casino sites that don’t but these are quite rare to come by. To be sure if a particular bonus can be claimed with a Bitcoin deposit or not, it is always recommended to read through the terms and conditions of the bonus as this would be stated here.
What Are the Fees With Bitcoin?
Transactional fees with Bitcoin will vary depending on the current load on the blockchain. On average, the fee is not more than $1 or $2. However, in April 2021 it peaked at more than $60.
This means that all casino deposits made with Bitcoin will come with a fee, which is normally not the case when using fiat options to deposit, such as e-Wallets and debit cards.
What Are the Limits With Bitcoin?
Bitcoin transactions are more or less unlimited which means that you can send and receive any amount you like without trouble. In reality, the blockchain does have a limit, but it’s such a large one that you would have to send close to a million of Bitcoins to reach it.
Is Bitcoin Safe to Use at Casino Sites?
Bitcoin transactions and the technology behind Bitcoin is safe and secure. No payment information is shared when depositing Bitcoin to an online casino or to any other platform. Transactions always happen from your Bitcoin wallet, which means that there are no sensitive details that can be leaked which would put your money at risk.
However, despite the secure nature of Bitcoin, there are many things that make Bitcoin less safe than other payment methods. First of all, transactions are irreversible. If you would send money to the wrong Bitcoin address or provide the casino with the wrong Bitcoin address when cashing out, the money would be lost forever.
How protected your Bitcoin wallet is, is also up to you, as with Bitcoin, the user has full responsibility. This is not the case with fiat payment processors that often have your back. Bitcoin is also highly volatile with its value constantly changing, which one could argue makes your money with it less safe.
Is Bitcoin Mobile-Friendly?
Bitcoin is as mobile-friendly as any other payment method these days. A wide selection of mobile wallets are available for Bitcoin which are used to store the currency and facilitate payments to Bitcoin casinos and other merchants.
What Are the Best Bitcoin Alternatives for Kiwi Gamblers?
For Kiwi online casino players, the best deposit alternatives to Bitcoin would be less the following:
These are popular e-Wallets that are much easier to use than Bitcoin, which comes with even faster transactions as both deposits and withdrawals are instant.
Does Bitcoin Decline Gambling-Related Transactions?
No. Since nobody owns the Bitcoin network, there is no one controlling the transactions and thus, a gambling-related one will never be declined. Once money is sent, it will go through no matter where it comes from or to whom it is going.
The only time a gambling-related Bitcoin transaction would be declined is if the Bitcoin casino you’re playing at would decline your payout for any reason. This could be for breaking terms and conditions, withdrawing with the wrong payment method or not having completed KYC.
Can I Withdraw Casino Winnings With Bitcoin?
Yes. Every NZ online casino that accepts Bitcoin for deposits will also allow you to withdraw your winnings using this method. However, if you used another payment processor for your deposits, such as debit cards, you would not be allowed to withdraw by Bitcoin. This is because most online casinos only allow cashouts to be made via the same payment method that was used to deposit.
Is Bitcoin Common in NZ Casinos That Pay Out Fast?
Yes. Finding Bitcoin as a deposit method at NZ casinos is almost as common as finding the most popular fiat methods, such as debit cards. This includes all types of casino sites, but is especially true for casinos focused on fast payouts as the payout time to Bitcoin is very fast thanks to its quick transaction speed.