Bitcoin Casino: Is BTC the Future for Online Casinos?

It's been over a decade since cryptocurrency developers launched the first Bitcoin Casino on the market. Playing casino games has since then never been the same.

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By Lars WahlstrΓΆm - Updated 2023-09-18

Reading Time: 19 minutes

Bitcoin Casino: Introduction and What's the Advantage of Gambling with BTC?

Experts speculate that the online gambling market will reach over NZ$127 billion by 2027. As a result, industry specialists believe more and more gamblers are likely to use BTC in crypto casinos.

Bitcoin gambling sites present a revolutionary discovery for a generation of new players compared to traditional online casinos. Be that as it may, it's time to closely examine what the best crypto casinos offer.

Bitcoin is a decentralized digital currency because it doesn't need banks and other financial institutions for users to transfer it. It exists only on a public ledger called the blockchain.

Unlike a fiat currency, you can't find BTC in a physical form, which you can feel and touch. Bitcoin exists only digitally, and users store it in special wallets.

Online crypto casinos have become a welcome trend due to the various advantages providers offer for using cryptocurrency payment methods.

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Kiwis have also been flooding the best Bitcoin online casinos taking advantage of the benefits. Market analysis in 2019 has shown that around 4% of the world's transactions were related to online gambling.

This digital currency has, in essence, made Bitcoin casino games available to anyone. It simplifies the way people move real money online. It gives somebody that is unbanked access to top casinos when they wouldn't have it otherwise.

Bitcoin Casinos Banner

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The Advantages of BTC on Bitcoin Casino Sites

Firstly, Bitcoin is an anonymous asset, unlike the USD, for deposits and withdrawals of winnings. When you get used to it, you will appreciate the fast and simple payouts of Bitcoins casino operators.

Bitcoin is fast compared to credit cards and banks, where you must wait for days to get your money. Besides, the transaction history is publicly verifiable, giving a BTC casino a method to track payments.

These are certainly the most remarkable advantages an online casino has that accepts BTC:

  • Security: Using Bitcoin for online gambling and sports betting is safe because digital data is encrypted and made inaccessible. When you move Bitcoin to a cryptocurrency casino, the network verifies that you haven't made a mistake and can safely proceed. 
  • Low Fees: Cheap transaction fees are welcome benefits to casino fans. No other payment options have such small fees for processing and withdrawing as BTC. Additionally, using cryptos such as BTC, USDT, or ETH will save the online gambling industry billions of dollars in fees annually.
  • Anonymity and Privacy: Traditional online casinos guarantee privacy and anonymity when players use cryptocurrency assets. That allows you to protect and hide your gaming action from banks and other prying eyes, e.g. You unquestionably retain the freedom to do with your money as you want.
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What About Casino Bonuses and Transaction Speeds?

Casino Bitcoin sites can undeniably offer bigger casino bonuses than fiat casinos. That means better welcome bonuses, deposit bonuses, cashback, and reload bonuses, for example. Because crypto casinos save a lot of money by using cryptocurrencies, their players benefit from it.

We have seen that free spins and first deposit bonus promos are also higher on the best casinos. Not only do you get bigger casino bonuses, but also faster payouts and withdrawals.

For example, some of the best crypto online casinos have instant withdrawal systems. You indeed get access to your money in seconds. Compared to non-crypto casinos, you might have to wait hours to get your winnings.

Finally, BTC online casinos are global, meaning you can access their wide game selection anywhere. Fiat casinos are strictly regulated and could block you for that reason. However, cryptocurrency casinos generally don't suffer from geographical restrictions. Still, always read the terms to see if there are reasons why you aren't allowed to gamble there.

Which One is the Best BTC Casino?

If you are looking for the best crypto online casinos, then you are in the right place. After all, the sites below have superb withdrawal limits and an excellent selection of online slots and table games.

These are the ten best Bitcoin casino platforms for players:

  • 7Bit Casino
  • Katsubet
  • Mirax
  • ICE Casino
  • Tonybet
  • King Billy
  • Wolfy
  • Slot Vibe
  • BC.Game
  • RocketPot
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Understanding Bitcoin

Bitcoin is the world's oldest cryptocurrency and, thus, the first use case of blockchain technology. Users move coins peer-to-peer and in a decentralized manner when transacting over the network. Bitcoin's creator has, without a doubt, managed to remain anonymous to this day.

Before you can send and receive Bitcoin, you need a corresponding Bitcoin wallet. The software generates your BTC addresses that you can then give to others to get paid. The wallets do most of the work. Thus, you don't need to worry too much about it.

The wallet keeps track of your transactions and balances, but you can also look them up on blockchain explorers. A Bitcoin explorer is a public data record showing all transactions people have ever made. Think of it as an address book or a personal notebook.

Similarly, when you transfer coins to someone else, the network requires signing the transaction with the correct private keys. This signature, therefore, presents digital proof you are the owner of those coins and are allowed to spend them.

Understanding Bitcoin

The Benefits of Using Bitcoin and Similar Crypto Payment Methods

BTC isn't only the perfect asset for crypto casinos. You can use it worldwide for many purposes.

Firstly, Bitcoin works whenever there is an internet connection and without 3rd-party intermediaries. For example, you can use a Bitcoins casino from a desktop or mobile device wherever you are.

Secondly, government agencies can't block or freeze blockchain transactions or take them from your wallet.

You can use it anonymously if you don't connect your name to Bitcoin transactions (for example, online casinos). In other words, Bitcoin's public data records don't contain private and identifiable user data.

Other popular cryptocurrencies such as Litecoin, Bitcoin Cash, Ethereum, Dogecoin, or Tether function similarly.

Bitcoin is both fast and inexpensive to transact. Compared to card payments or banks, providers who accept crypto get access to their money much faster.

Even if debit/credit cards seem fast, merchants must wait 2-3 business days before receiving their funds in their bank accounts. Fiat currency indeed moves slowly.

A BTC transaction, however, is usually confirmed in 10-20 minutes. Bitcoin is also irreversible, and there are no chargebacks. Therefore, online casinos and sportsbooks can feel safe that players can't reverse deposits.

Meanwhile, PayPal and similar e-wallets have systems allowing users to request chargebacks months after transaction finality.

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How to Create a Bitcoin Wallet and Buy Bitcoin

What Type of Wallet to Pick

Before you can play at a Bitcoin casino, you need a wallet to store your winnings. There are different types of Bitcoin wallets, and not all of them are equally safe, e.g. Still, most wallets can be classified as:

  • Software wallets
  • Hardware wallets
  • Online wallets

Bitcoiners, for example, can use software wallets on desktop computers or phones as mobile apps. These applications work on multiple OSs, such as Windows, Linux, iOS, Android, Mac, etc. In essence, developers created them to store coins and save the users' transaction history.

In short, hardware wallets are special electronic gadgets that keep sensitive data on unique chips. These devices keep your keys offline, thus, boosting the security of your funds.

Online wallets are always online, and because of that, they are less secure. Additionally, you only get an online account and no access to the essential private keys to sign transactions. In any case, the owners and developers control the signing keys of online wallets.

There are better ways to handle your finances, so we recommend not using online wallets.

How to Create a Bitcoin Wallet and Buy Bitcoin

Setting Up and Buying Your First Bitcoin

Now that you have decided on the type of wallet, you need to set it up.

  1. Firstly, download the Bitcoin wallet from the official website.
  2. Secondly, create a new wallet and go through the setup process, which involves backing up your seed/private keys.
  3. Generate a new address because that's where you will deposit your BTC.

Finally, it's time to acquire Bitcoin, which you will later transfer to a gambling platform to play casino games.

You can purchase Bitcoin in numerous ways in New Zealand. For example, you can use a trusted cryptocurrency exchange such as Binance. You can also buy your coins P2P or from a Bitcoin ATM in your city. Moreover, some gamblers buy them directly from crypto miners.

You can buy bitcoins using many payment options. For instance, you can use debit/credit cards, e-wallets, bank transfers, etc.

How to Use BTC on Bitcoin Casinos in 2023

Kiwis have many crypto casinos to choose from. So before you decide, check out the best Bitcoin Casinos in New Zealand in 2023.

After that, follow these instructions to deposit with Bitcoin:

  1. First, log in or register on the Bitcoin gambling platform you want to use.
  2. Then click on the ‘deposit,' β€˜payments,' or ‘cashier' button.
  3. Find and select ‘Bitcoin' among the available payment methods, then copy the displayed Bitcoin address.
  4. Open your Bitcoin wallet, then paste the copied address into the designated field.
  5. Double-check that the pasted address corresponds to the one displayed on the BTC crypto casino.
  6. Lastly, enter the amount you wish to deposit and broadcast the transaction.
  7. Once you complete the transaction, your Bitcoin wallet will transfer the coins to the crypto casino.

Withdrawals from Bitcoin gambling platforms work similarly.

  1. When ready to withdraw, click on the ‘withdrawal,' β€˜payments,' or ‘cashier' button.
  2. Select to withdraw Bitcoin and then enter the correct amount.
  3. Open your Bitcoin wallet because you need to generate a new withdrawal address.
  4. Copy and paste the Bitcoin address into your online Bitcoin casino account.
  5. Regardless of the amount, check that the provided details are correct.
  6. Finally, click the withdrawal button and wait for the casino team to process the transaction.
  7. You will notice an incoming transaction in your Bitcoin wallet when the crypto casino broadcasts the transaction.
How to Use BTC on Bitcoin Casinos

Bitcoin VS Traditional Payment Methods on Bitcoin Casinos

BTC Casino sites certainly have the incentive to support Bitcoin and similar cryptocurrencies. A survey conducted by CoinDesk in 2020 has shown that approximately 20% of Bitcoin users have gambled online with BTC. Online gambling is, in fact, the most popular way people use this coin.

However, the best casinos have expanded beyond only using crypto. They also support fiat currencies, credit cards, and various e-wallets. All of these payment methods undoubtedly have advantages and disadvantages.

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Payment MethodAdvantagesDisadvantages
BitcoinAnonymous and private transactions; Global and borderless payments; Transaction finality in 1-2 hours; Low network fees; Huge deposit bonuses; Instant deposits and withdrawals; No chargebacks.Unregulated currency; Requires learning how to use; Volatile; Not as widely accepted as fiat.
Bank TransfersWidely available in casinos; Easy to use; Regulated.High network fees; Geographical restrictions; Long waiting times; Requires identity verification and personal info; Chargebacks.
Debit/Credit CardsAccepted worldwide; Instant deposits; Suitable for small stakes and high rollers.High merchant fees; Slow crypto casino withdrawals; Private and financial data stored on online casinos.
E-walletsMinimum personal info shared with casinos; Free/cheap withdrawals; Substantial spending limits.Strict regulations; Not globally available; Easier to hack.

Network Fees and Speed of Bitcoin Transactions

Cheap and almost non-existent fees are undoubtedly desirable features among citizens. Because Bitcoin doesn't have centralized control, you save a great deal on fees. Still, there are some costs you should learn about before you start playing casino games with BTC.

Every transaction needs to be confirmed, and that surely costs money. There is plenty of computational power devoted to securing Bitcoin and verifying transactions. Therefore, the person initiating the transfer to a casino Bitcoin site pays for the network fees.

In addition, online casinos can charge players withdrawal fees. Before you start using a BTC casino, investigate if there are withdrawal fees, network fees, and other costs. Also, read the terms and conditions or consult customer support if you have questions.

An equally important element to consider when dealing with BTC and online casinos is the speed of transactions. After all, most players want control of their winnings as soon as possible, and Bitcoin makes that possible.

The Bitcoin blockchain can handle around seven transactions per second. When you create and send a new transaction, its status remains unconfirmed. To be confirmed, however, a miner needs to include it in a new block on the blockchain. It takes 10 minutes, on average, to mine a new Bitcoin block.

Moreover, we consider a BTC transaction final when it has six blockchain confirmations. Still, the best NZ crypto casinos will instantly process transactions and update account balances, even before the first confirmation. 

Network Fees and Speed of Bitcoin Transactions

How to Find the Best Bitcoin Casinos

If a Bitcoin casino is to land on our recommended platforms list, it must undergo testing. We will only suggest it if it passes our rigorous requirements and casino reviews and meets all criteria. 

How to Find the Best Bitcoin Casinos

The Review Process to Rate the Best Bitcoin Casinos

To demonstrate, this is what we look for in BTC casino platforms.

Security for Players

It's vital that the site runs a secure operation and can handle sensitive data. Personal information and financial records must be stored safely and securely because they can't land in the wrong hands.

To ensure that, we check that a trusted vendor licenses the cryptocurrency site. In addition, the Bitcoins casino operators must provide a fair gambling environment and provably fair games. Lastly, SSL encryption technology is a must because it encrypts the data you share with the crypto casino.

The Portfolio of Casino Games

A vast game selection is mandatory when we review all casino Bitcoin websites. Therefore, we want to see table games like roulette, baccarat, or blackjack. If you prefer casino online live dealers games, we will confirm the casinos have an extensive offer of the best live casino games.

For example, slot games, dice, or video poker fans will also find what they want.

Still, a good game offer is incomplete without progressive jackpot slots with massive prize pools. Players love popular jackpot titles, which can trigger huge payouts.

Following that, we want to see big names among gaming providers. Each software creator brings something unique, and our players should be able to try them all. Standalone mobile apps are preferable when gaming on the go. Whenever possible, we like to see them among casinos. 

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Casino Bonuses and Promotions

We found that new players decide on a casino based on the bonuses they have on offer. It's, of course, an advantage to gamble with more money in your bank. Firstly, the welcome bonus must be attractive and offer plenty of free spins on entertaining slot games. But we are also looking at cashback bonuses, no-deposit bonuses, and regular sports and casino tournaments. 

Besides casino bonuses, a good Bitcoin casino has fair wagering requirements that you can easily understand and meet. We think some casinos can perform better in this regard because their rollover conditions can be over 60X. Whenever we notice excessive or complicated rules, we will point that out in our casino reviews.

In conclusion, casinos should reward loyalty and include specialized promos for high rollers. We regularly try out the VIP programs in NZ online casinos to see if they are worth it.

Deposits, Withdrawals and Payment Options on Bitcoin Casinos

You can undoubtedly find out plenty about a cryptocurrency casino by the way they handle your money. During the testing stage, we make real-money deposits since we want to know how fast and secure it is. After that, we request a payout and observe how long the casinos take to process it.

Additionally, online casinos have minimum and maximum withdrawal limits. The threshold should be far since the casino needs to be accessible to both small-time players and high rollers.

Many crypto casinos combine cryptocurrencies with traditional fiat currency options, e.g. We would surely like to see that as it gives players additional choices and more options.

We, therefore, believe that the following payments should be available on a quality BTC casino:

Payment TypePayment Method
CryptocurrenciesBitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Monero, Dogecoin, Dash and Tether.
Debit and Credit CardsVISA, MasterCard, American Express.
E-walletsNeteller, MuchBetter, ecoPayz, PayPal, WebMoney, InstaDebit.
Bank Transfers and Instant BankingWire Transfers, eCheck, iDebit.

Customer Support and Responsible Gambling

Our players feel better knowing a dedicated support team is ready to help if needed. Once in a while, we all need some reassurance and guidance. You can contact a trained support agent via live chat, email, or phone.

Players can share private information during such conversations, and it's, thus, essential that such data is protected.

We only recommend online casinos that don't leak customer data, share it, or sell it to 3rd-party partners. Besides, the support must be easy to talk to and available around the clock.

Lastly, all casino Bitcoin operators we recommend follow Responsible Gambling guidelines. The sites need to inform the players if they are spending too much money or time gambling. In case that happens, you need to have the option to limit your betting activities.

Bitcoin Casino Mobile Support 

Mobile gaming has undoubtedly gotten a lot of traction in the last decade. To ensure a pleasant experience, we test each casino with phones and tablets. The most important factor is not detecting gameplay differences between desktop and mobile devices.

We use both Androids and iPhones to see if the experience is different. The NZ online casinos we suggest are optimized for mobile and tablet use. A point often overlooked is standalone mobile apps. They offer simplicity of use on devices with smaller screens without the need to constantly log in/out of the casino.

Availability for All Players

To begin with, regulators can license crypto casinos in different territories and make them unavailable to certain players.

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Are There Any Bitcoin Casinos I Should Avoid in 2023?

In brief, not all cryptocurrency casinos meet our requirements. We can, therefore, not recommend them to our players. There can be various reasons why these platforms aren't up to the task. For example, their bonuses aren't as advertised, there are problems with payments, or their games aren't fair.

In light of that, we suggest staying away from these 10 Bitcoin casinos:

  • Captain Jack Casino
  • CoolCat Casino
  • Pure Vegas
  • 1X2 Gaming
  • Cats Eye Casino
  • 50 Stars
  • Balzac Casino
  • Classy Coin
  • Eldorado Palace
  • Casino Fiz

A Shortlist of the 5 Best Bitcoin Casinos

Only if the Bitcoin casino passes our testing phase will we shortlist it as an excellent destination for gambling. With this in mind, here are the five sites that made the cut:

  • 7Bit Casino
  • Katsubet
  • Mirax
  • ICE Casino
  • TonyBet

How to Remain Anonymous When Playing on Casino Bitcoin Websites?

A good Bitcoin casino allows players to use its services without verifying their identities because they stand for anonymity. If the Bitcoin casino doesn't require KYC, then there is no connection to your identity.

There are, of course, many ways you can increase your privacy. Never reuse old Bitcoin addresses and generate new ones whenever you deposit and withdraw from gambling sites. If you keep your winnings in BTC when withdrawing, no one can see the source of the funds.

Some crypto casinos have community chats allowing players to talk to each other and the admins. Don't share personal information publicly or anywhere else unless instructed to do so by customer support.

We also want to highlight the importance of keeping identifiable information away from wallet services, such as online wallets. Bitcoin wallets can function perfectly without other parties knowing who you are. Use a VPN whenever possible and if the casino allows VPN usage. Some casinos don't mind it, but you should speak with support first and read the terms of use. 

How to Remain Anonymous When Playing on Casino Bitcoin Websites?

How Can Bitcoin Casinos Protect My Privacy and Security?

Everything begins with registration, after all. The casino should only ask players to provide a password and email address during sign-up. Blockchain gambling doesn't even require that.

Casinos ensure user privacy and security by not collecting and storing player data. For example, the user policy should guarantee that no data is ever sold or shared with government agencies.

It would help if you didn't use a casino that lacks SSL encryption since your data isn't protected. That can cause leakage of personal or financial information. At the same time, it's desirable if the platform features 2FA authentication. If someone found out your password, 2FA would, thus, disable access to your account without an additional security code.   

The casino sites we recommend take security seriously and undergo frequent security checks, e.g. These inspections are performed by industry experts and are meant to find vulnerabilities in the casinos' everyday operations. The casino security department, for instance, needs to be trained to fight known threats and malpractices.

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Bitcoin Casinos and Taxes

It must be remembered that you don't need to pay taxes for holding Bitcoin or your winnings in crypto. However, depending on where you live and what you do, you must pay certain taxes.

Firstly, gambling with crypto isn't a taxable event. But if you win, you could be asked to pay capital gains tax. Such are the rules in the USA, for example, where players pay Federal and/or State taxes. Luckily, gambling winnings aren't subject to taxes in New Zealand.

However, if the gambler converts the cryptocurrency to a fiat currency, like NZD, they must pay capital gains tax.

The tax is only payable if you record a gain from the conversion. For example, you win NZ$10.000 in BTC on online slots. If you swap your Bitcoin for fiat after a month and receive NZ$12.000, you will pay a capital gains tax on the earned NZ$2.000.

But if you recorded capital losses from your gambling activity, you don't pay capital gains tax. Summing up, you can write off those losses when you submit your tax report.

Bitcoin Casinos and Taxes

How to Report Bitcoin Winnings and Pay Taxes on Them

You can use specialized tax software to track winnings and report your capital gains and losses. You can connect the apps to your wallets and casinos, e.g. and have them work out the rates.

Always talk to a tax expert or your local tax office. You want to ensure you are respecting local laws and regulations. What's more, report all your gambling during a tax year. Understand the rate you need to pay depending on your income and precisely calculate what you owe.

Bitcoin Gambling and What the Future Holds

Bitcoin is already a big cost-saver. Still, it can become even cheaper in the future. Crypto enthusiasts will surely develop new coins and tokens that will reduce transaction costs further. Also, the Lightning Network allows instant transactions between two parties with a fraction of the old fees.

We are witnessing traditional fiat casinos adopting blockchain technology because of increased interest in supporting cryptocurrency payments. Since a blockchain is decentralized, it doesn't have a centralized point of failure.

Future online casinos could, in fact, all be based on blockchain tech. With this in mind, there is no fear of a casino becoming unavailable because a central server malfunctioning.

Decentralized gambling would feature hundreds and thousands of computers hosting casinos worldwide.

VR gaming is also gaining popularity every day. VR casinos allow you to walk around a virtual establishment and play online slots or live casino games. They look remarkable, not to mention they are perfect substitutes for physical casinos.

Biometric technology, such as face and touch ID, guarantee another layer of security to online casino accounts. Accessing hacked or stolen accounts could become the past if casinos have bimetric means of authentication.

Casino owners are also integrating smartwatches into their casino offers. Players can use them to place bets quickly or deposit and withdraw from the Bitcoin casino, e.g.

Bitcoin Gambling and What the Future Holds

How Can New Government Regulations Affect Cryptocurrency Gambling?

Regulatory frameworks can, all of a sudden, change and affect New Zealand gamblers who play with Bitcoin. The world governments can, in essence, make several significant modifications:

  • Introduce bigger taxes.
  • Strictly regulate or ban Bitcoin gambling.
  • Introduce mandatory KYC verification on licensed Bitcoin casinos.

Taxation can unquestionably affect both players and casino operators alike. Heftier taxes could result in greater operating costs for crypto casinos. That could affect everything, such as the quality of the service or the offered RTP on casino games.

More taxation and stricter regulations would also mean less profit for players. Additionally, you would need to spend more time filing taxes. A country could also ban Bitcoin, crypto, and all related services altogether. We are confident that won't happen in New Zealand due to the quality supervision of the industry already.

Mandatory identity verification could likewise affect BTC casino gambling negatively. Many players prefer their right to anonymity, but governments could take that away to battle money laundering.

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Conclusion

Bitcoin is a safe and secure digital currency with many use cases, such as online gambling. You enjoy anonymity, low fees, and fast transactions when you gamble with BTC. But the greatest benefit, in our opinion, is the casino bonuses you can get playing with cryptocurrencies.

Welcome bonuses and significant free spins promotions await players on casino sites. The catalogue of games, indeed, leaves nothing to be desired. There are slot games, live casino games, and table games; e.g. We are sure that Bitcoin gambling will unquestionably dominate the online casino industry in the future.

If you want to read more about Bitcoin and online gambling, then take a look at the following sources:

FAQ

What is a Bitcoin Casino?

Bitcoin Casinos are online gambling platforms where you can deposit and play with cryptocurrencies such as Bitcoin, Litecoin, e.g.

Is Bitcoin gambling available in all NZ online casinos?

Not all casinos accept BTC, but you can find a list of the best Bitcoin casinos on our website.

Are Bitcoin crypto casinos licensed?

Regulators from locations such as Curacao, Malta, Gibraltar and the UK license many casinos.

Is it expensive to gamble with Bitcoin?

Cryptocurrency gambling can significantly save you money on transaction fees, making it cheaper than gambling with fiat.

Are there bonuses on Bitcoin casinos?

Yes, and the crypto bonuses are even better than on traditional online casinos.

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