Welcome to our brand new New NZ Casinos reviews’ blog! Each week we will cover the most important topics in gaming and bring you our expert advise and in depth analysis of the industry.
In today’s blog post we look into a topic that is dominating headlines worldwide.. Bitcoin. More precisely, we outline the pros and cons of using bitcoin when you game. Since 2009 Bitcoin (BTC) has become the darling of cryptocurrencies. For example, one Bitcoin in 2010 (it wasn’t even officially traded in 2009!) was worth $0.39. Fast forward 7 years and 1 Bitcoin is worth an astonishing $14,270.95!
With this global surge in the value of Bitcoin across the globe the number of casinos (and other businesses) who accept bitcoin is rapidly increasing. From pokies to roulette, blackjack to poker, Bitcoins are accepted across a huge range of games from many casinos. So, why choose to pay in Bitcoin? Check out our quick fire points below on the pros and cons of using Bitcoin at online casinos.
Zero or No transaction fees. With no middlemen, such as bank or credit card intermediaries, involved you will not be charged for using Bitcoin. Say goodbye to high transaction fees or blocks on credit card transactions.
Speed of transaction. Usually speaking Bitcoin transactions are instantaneous and allow you to get down to some serious gaming quicker than other deposit methods. What does make Bitcoin slightly different from other payment methods is that each transaction needs to be confirmed from the central index. This usually takes no longer than 5 minutes to confirm the deposit.
Decentralised nature. With no central regulating authority Bitcoins cannot be taken away from you or your account cannot be frozen unlike flat currencies. You owe your money and how you control your transactions.
Secure. Bitcoin is one of the most secure cryptocurrency and do not require any personal data being submitted thus protecting you from identity theft.
Privacy. With no personal information attached to your bitcoin wallet (the place where you store your Bitcoin) the public do not know what you have purchased. However, each transaction is centrally recorded and transparent meaning that balances can be viewed.
Inflation proof. The number of Bitcoins to ever be issued is limited to 21 million and Bitcoin volume growth is predictable, so they cannot be churned out like fiat currencies and poured into economy.
Of course, a pros and cons list wouldn’t be complete without the cons! As with all of our advice we want out players to have all the information at their fingertips not only to make better decisions but to become better players through better decisions. So, what are some of the cons in using Bitcoin as a payment method?
Bitcoin can be volatile. Bitcoin can be very unstable. As we have seen, Bitcoin has made incredible gains upward but this has not been without drops. It is not uncommon for the currency to drop up to 5% in one day which means that if you deposit the value may be less when you withdraw and convert to other currencies.
It’s a “new” currency. Bitcoin is still in its early stages and is being developed constantly. This means that features are being added and it is becoming more accessible.
Not as common as other payment methods. With the cryptocurrency still in its infancy, not all of your favourite casinos may accept it as a payment method. Having said that, many casinos and businesses are increasingly taking up Bitcoin and its user base is growing each month.
One very important thing to consider when using Bitcoins at an online casino is whether the casino allows you to actually gamble using Bitcoin as an in-game currency, or whether it converts Bitcoin deposits and withdrawals to or from another currency to use at the casino. If it is the latter, bare in mind Bitcoin’s fluctuating exchange rate to flat currencies. Therefore if you want to avoid any currency exchange fluctuations you are best off choosing a casino that supports Bitcoin natively as an in-game currency.
So there you have it, the pros and cons of using Bitcoin in online casinos. Do you use Bitcoin to game? Would you use Bitcoin as your preferred payment method? Let us know your thoughts and join in our growing community by commenting below!