What is Bitcoin and How to Bet Online with Bitcoin

What is Bitcoin and How to Bet Online with Bitcoin
What is Bitcoin and How to Bet Online with Bitcoin

Bitcoin is a new digital form of cash. More specifically, Bitcoin is a decentralized currency and payment ecosystem that uses updated peer-to-peer technology to function without any involvement of banks or types of central authority.

Introduction

The network manages and issues all transactions collectively. Bitcoin is open-source with an utterly public design. Everyone can participate in Bitcoin, but no person or entity owns or controls Bitcoin.

Bitcoin has many unique properties that allow for rapid transactions. This includes ‘One Confirmation Deposits’ and ‘Fast Withdrawals’ as well as many refreshing uses. Other payment methods do not feature any of these uses.

Thanks to Bitcoin, the wait for your deposits to clear and the company to send you your money is over. Withdrawals can be made promptly if you have deposited and won.

You can purchase dollars, Yen and many other currencies using Bitcoin. Litecoin uses a very similar process.

Bitcoins are the most popular cryptocurrencies out there because of their acceptance, easy accessibility, and feasibility in most marketplaces.

How much is Bitcoin worth? 

It’s reported that more than 2,300 diverse types of cryptocurrencies are traded regularly among the masses. Cryptocurrencies keep on flourishing, raising physical cash through preliminary coin contributions.

The overall worth of all cryptocurrencies today is about $251.5 billion. The total value of bitcoins alone is about $165 billion.

The price of a single bitcoin, the most popular cryptocurrency, is roughly around $9,547.04.

Are cryptocurrencies legal yet
Are cryptocurrencies legal yet

Cryptocurrencies, as of now, are only legal in the United States. Some countries like Zimbabwe, South Africa, Costa Rica, Singapore, Brazil, and UAE allow restricted usage.

However, countries like China, India, Canada, Thailand, Vietnam, etc., have declared it completely illegal.

The banning, nevertheless, depends on the government and their legislation.

Gambling with Bitcoin

You already know about online gambling, and you know about Bitcoin. But do you understand the two have been combined to bring you double the fun of these two thrilling technological developments?

The online gaming world is rapidly changing, not just the excellent 3D games and live dealer tables that players worldwide enjoy but also the various payment methods and currency options available when making deposits and withdrawals. Life is now much easier, faster and potentially also more lucrative.

This all requires just a slight adaptation on your part.

Switching from credit cards to Bitcoin payments will make things faster and more secure. You may find that your winnings could prove to be even bigger than before.

What is Bitcoin gambling?

You may be relieved to hear there is no considerable difference between gambling with Bitcoin and playing with standard government-issued currency.

The difference is entirely in the payment method and the speed at which payments are processed. Rather than using your credit or debit card to pay for something, it is more like buying something in a cash-only market or shop.

Bet with Bitcoin
What is Bitcoin gambling?

There are so many apparent benefits to this. Firstly, deposits and withdrawals are practically free. Casinos may require a nominal processing fee when gambling with bitcoin. It is a minimal fee compared to other major credit card companies.

Chargebacks are almost impossible, making Bitcoin extremely safe to use along with the processing speed of payments.

Lastly, there is no incriminating paper trail. The system is entirely transparent, and you cannot see personal data.

This leaves your security and privacy intact. You are, however, able to see where the payments originate from.

It’s evident as to why so many players have already made the switch over to gambling websites offering Bitcoin payment methods.

How is Crypto gambling better than traditional gambling?

How is Crypto gambling better than traditional gambling
How is Crypto gambling better than traditional gambling

Cryptocurrency offers a range of upsides to operators and players alike. The speed and security of transactions are much better when crypto is used for banking. 

Thereupon, the safety can often be used for cheating players, accounts being hacked, and otherwise adverse side effects.

If you find that a web casino has cheated you in the past, you’ll dispute the payment together with your bank, whether you played at a regulated casino or an offshore site. 

However, once you deposit money with a crypto payment method, you rely on the operator to treat you fairly. Once crypto is shipped, it’s gone, and this could be the primary and first consideration for any online crypto gambler.

While security has downsides for players and operators, it allows for faster payments and significantly lower fees.

The fees associated with MasterCard processing are often costly, especially for offshore operators that require bypassing banking rules and regulations. With cryptocurrencies, however, the costs are very minimal.

The speed and security of crypto also make pay-outs far more on time rather than waiting weeks or months to be paid via paper check by mail. Cashouts at online crypto casinos are often paid out within hours. 

This is often one of the foremost attractive benefits to prospective players. While speedy payments are a net positive for players and operators alike, the stealth nature of those payments can cause trouble.

Some casinos offer 2-way authentication and other means of adding additional security to your account, and it’s recommended that you cash in on those options to ensure that your funds are kept safe.

What are the uses of Bitcoin in gambling?

What are the uses of bitcoin in gambling
What are the uses of Bitcoin in gambling

To start gambling with crypto, you must buy coins or tokens from an exchange.

Bitcoin is far and away from the foremost popular choice for crypto gambling. However, many online casinos accept altcoins like Lit coin, Ethereum, Bitcoin Cash, or Dogecoin.

To buy Bitcoin, you’ll need to make an account with an exchange, which you’ll use to buy crypto with real cash. These exchanges allow you to buy Bitcoin and other cryptocurrencies, which can then be transferred to the crypto gambling site of your choice.

Many crypto gambling sites would ask you to send crypto to your casino wallet to play games, so it’s great to familiarize yourself with this process beforehand.

The use of cryptocurrencies in online casinos like Bitcoin in gambling has completed almost full circle.

While sports betting, particularly within the US, isn’t as easily accessible as other sorts of gambling, most of these crypto casinos are not acceptable from different brands that have been present for over a decade.

From casino games like blackjack, roulette, baccarat, and spaces to further contemporary technology like Live Dealer betting, online casinos accept crypto and deal with everything imaginable.

Litecoin -Bet Online with Bitcoin

Litecoin is another strain of Blockchain Technology. Similarly to Bitcoin, Litecoin is also a peer-to-peer cryptocurrency. It enables instant, near zero-cost transfers to any part of the globe.

Complementary to Bitcoin, Litecoin is a proven medium of commerce with substantial industry backing, liquidity, and trade volume. Due to a more frequent block generation, Litecoin can handle larger volumes of transactions than Bitcoin.

The result of this is merchants receive their money in hand quickly. They must also wait for fewer extra confirmations when transacting in more enormous volumes.

Litecoin
Litecoin

Bitcoin Gambling Sites -Bet Online with Bitcoin

Not all gambling sites require registration, You can deposit your bitcoins right away, no sign-up needed. This creates an anonymous account without verification, just your public address.

A former Google employee, Charles Lee, released Litecoin on October 7th, 2011, via an open-source client on GitHub. The main difference is the increased number of maximum coins produced, slightly modified GUI, different hashing algorithm and quicker block generation times.

Get started immediately, and all the new Bitcoin you win will be returned to you.

Read also: 4 Reasons to Make Your Sports Bets Public

Bitcoin Gambling sites
Bitcoin Gambling sites

How do you deposit with Bitcoin to play at online casinos in NZ?

To deposit with Bitcoin to play at Bitcoin Casinos NZ, first, you need to have Bitcoins. So, to play at Bitcoin casinos, you need Bitcoins, and the easiest way to get them is through a Bitcoin exchange. So how that works is:

  • Create a wallet at the Bitcoin exchange: You only need a verifiable email address to get started.
  • Once you’ve selected and signed up for an exchange, you can begin buying or transferring money to your exchange bank account.
  • Once the money is deposited, you can choose to ‘Buy’ or ‘Trade’ the bitcoins. The pricing will always vary depending on supply and demand.
  • Once the bitcoins are purchased, you can transfer them from the exchange to your wallets.

There are different methods through which you can purchase Bitcoin. Also, there are many currencies you can use to buy Bitcoin from other exchanges.

After buying bitcoins, you can use them anywhere and enjoy anonymity and safety. Another thing is that you can exchange your Bitcoin into fiat currency through any of your selected Bitcoin exchanges online.

In New Zealand, you can get Bitcoins from this Exchange or from here or click here to visit Crytopia to get BTCs

Find BTC ATMs in New Zealand here.

How to make a deposit with Bitcoin to play at online casinos NZ
How to deposit with Bitcoin to play at online casinos in NZ

Now that you have bitcoins in your wallet, making a deposit becomes easier.

  • Log in to your casino account and click on the Cashier tab.
  • Then, select Bitcoin in the Deposit menu.
  • Click the Copy Address button to copy the Bitcoin address provided, which you need at Coinbase or any exchange.
  • Alternatively, scan the QR code with your mobile if you use a mobile wallet for your crypto.
  • Open a new browser tab and go to Coinbase or an exchange where you have bitcoins. Sign in to your account and click the Send button at the top of the page.
  • Enter the desired deposit amount and paste the Bitcoin address (copied from the online casino) into the recipient (To:) field.
  • Select Pay with Bitcoin before hitting the Send button.
  • Next, review the transaction and hit Send now. Optionally fill in verification details before hitting Confirm to complete.
  • Your funds will appear in your casino account momentarily. You are now ready to play pokies or casino games after making your first deposit via Bitcoin.

About the author

Michaela Scott

Michaela Scott

Michaela Scott stands as one of the leading voices in New Zealand's online gaming scene.

With a tenure spanning nearly a decade at PokiesMobile NZ, Michaela's contributions range from meticulously crafted game reviews to in-depth industry analysis.

Hailing from Christchurch, she brings a mix of local insights and global perspectives to her writings.

Her dedication to staying ahead of industry trends and her unparalleled expertise make her pieces both educational and enjoyable.