Advantages and Disadvantages of Bitcoin Casinos in NZ
Bitcoin Casinos are popping up all over the world and that includes our beloved island. Even the best NZ online casinos in 2023 are incorporating cryptocurrency as one of their payment methods, which makes it not only a trending topic this year, but also a big step for the iGaming industry.
Let’s not only see how bitcoin actually works, but also what the advantages and disadvantages are of playing with the cryptocurrency in online and mobile casinos!
How does Bitcoin work?
Bitcoin is as unique as it gets and has become a modern currency that everyone wants to have.
The currency itself was created in 2009 by someone with the pseudonym Satoshi Nakamoto, who has remained anonymous to this day. What sets bitcoin apart from all other currencies is the fact that there is no middleman. This means that there is no bank.
But bitcoin is not just limited to casinos, as you can even use it to book hotels, order furniture, or buy your favorite video games. Although, the biggest hype right now is actually coming from trading, as the price has skyrocketed into the thousands over the past few years.
Advantages of Bitcoin Casinos
There are a lot of benefits to using bitcoin at an online casino. Besides just getting a casino bonus in cryptocurrency. Here are some positive things that you should always keep in mind:
- Independent: Nothing is attached to bitcoin. This means that the cryptocurrency is completely independent of the economic development of other currencies.
- Fees: Many banks and other payment methods around the world are known for their high fees. Especially when used in such places as online casinos. However, bitcoins are the opposite in this regard as they charge the lowest fees. This happens because, as you may already know, they are their own currency, and they can do whatever they want.
- Easy and simple: Using bitcoins for casino games may sound difficult, but it is actually easier than you think. All you have to do is create an E-Wallet and visit a store or internet site that accepts bitcoins.
- Anonymous gambling: One of the best advantages of bitcoin casinos is the fact that you are completely anonymous. If you end up paying with bitcoins, it means that your account details will not be sent with the rest.
Disadvantages of Bitcoin Casinos
Although lately, it seems that bitcoins might not have many disadvantages, there are some very important ones. Let's take a look at what you should look out for:
- Acceptance: Bitcoins are just starting their journey and they still have a long way to go. Therefore, they are not accepted in many places and that means you need to search carefully to find places that actually offer cryptocurrency transactions.
- Fluctuating exchange rates: If there's one thing that moves quickly on the stock market, it's bitcoins. The currency can gain or lose value in a heartbeat and no other currency moves as fast as this one.
- Need for security: Although bitcoins are known for their security, you need to remember that they are stored on your computer. Which can be hacked or attacked by a virus. This could mean that your bitcoins could be stolen. Therefore, most experts would recommend anyone who owns bitcoins to drastically increase the security of their system.