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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
What is Bitcoin and How to Bet Online with Bitcoin

What is Bitcoin and why it is so popular?

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.

The network manages and issues all transactions collectively. Bitcoin is open-source with a completely public design. Everyone can take part 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 a multitude of invigorating uses. Other payment methods do not feature any of these uses.

The wait for your deposits to clear and company’s to send you your money is over, thanks to Bitcoin. Withdrawals can be made promptly if you have placed a deposit and then won. You can purchase dollars, Yen and many other currencies using Bitcoin. A very similar process is used by Litecoin.

The reason why bitcoins are the most popular crypto currencies out there is because of its acceptance, easy accessibility, and feasibility in most market places.

How much is a bitcoin worth? 

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

The over-all worth of all crypto currencies as of 2020 is about $251.5 billion. The total value of bitcoins alone is about $165 billion as of march 2020.

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

Are cryptocurrencies legal yet?   

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, UAE allow the restricted amount of usage.

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

The banning, nevertheless depends from government and their legislation.

Gambling with Bitcoin

You already know about online gambling, and you know about Bitcoin. BUT, do you know that the two have been combined to bring you to double the fun from these two thrilling technological developments.

The online gaming world is rapidly changing, not just the excellent 3D games and live dealer tables that players from around the world enjoy, but 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.

Making the switch from credit card to bitcoin payments will make things faster and much 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 that there is not a huge 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 obvious benefits to this. Firstly, deposits and withdrawals are practically free. Casinos may require a nominal processing fee when gambling with bitcoin. In comparison to other major credit card companies, it is a very minimal fee. Chargebacks are almost impossible and this makes bitcoin extremely safe to use along with the processing speed of payments. Lastly, there is no incriminating paper trail. The system is completely transparent and you are not able to see any personal data. This leaves your security and privacy intact. You are however able to see where the payments originate from.

It’s obvious 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 oftentimes be used for cheating players, accounts being hacked, and otherwise adverse side effects.

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

Once you deposit money with a crypto payment method, however, you’re relying upon the operator at hand 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 its downsides for both players and operators, it allows for faster payments and significantly lower fees.

You will find the fees assocaited with MasterCard processing are often very expensive, especially for offshore operators that require bypassing banking rules and regulations. With cryptocurrencies, however, the fees 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 times 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/or other means of adding additional security to your account, and it’s recommended that you simply cash in on those options to assist make sure 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 out gambling with crypto, you need to buy some coins or tokens from an exchange.

Bitcoin is far and away from the foremost popular choice for crypto gambling, although many online casinos also will accept ‘alt-coins like Lit coin, Ethereum, Bitcoin Cash, or maybe Dogecoin.

To buy Bitcoin, you’ll need to make an account with an exchange using which you’ll buy crypto with real cash. These exchanges allow you to buy Bitcoin and other cryptocurrencies, which can be then 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 other 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 largely 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 is able to handle larger volumes of transactions than Bitcoin. The result of this is merchants receive their money in hand quicker. They also have to wait for fewer extra confirmations when transacting in bigger volumes.
 
Litecoin
Litecoin
 
Via an open-source client on GitHub, a former Google employee – Charles Lee, released Litecoin on October 7th, 2011. The main difference is the increased number of maximum coins being produced, slightly modified GUI, different hashing algorithm and quicker block generation times.

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. Get started right away and all the new bitcoin you win will be sent back to you.

Bitcoin Gambling sites
Bitcoin Gambling sites

Here are some of the most popular Bitcoin gambling casinos:

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

To make a deposit with Bitcoin to play at Bitcoin casinos NZ first you need to have bitcoins. So to play at Bitcoin casinos you obviously 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: All you need is 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 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 your bitcoins from the bitcoin 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 different exchanges. After buying bitcoins you will be allowed to use them anywhere you want 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 make a deposit with Bitcoin to play at online casinos NZ

Now that you have got bitcoins in your wallet to make 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 on 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 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 of your choice after making your first deposit via Bitcoin.