When it comes to online casino payments in New Zealand, there are two major options: traditional or crypto payments. Which one is superior to the other? Well, it depends on various factors that we will discuss in this guide.
We’ll look at the key differences between cryptocurrencies and traditional payment methods and their pros and cons to help you decide the best option. Let’s go!
A Quick Intro to Online Casino Payment Methods
As a Kiwi player, you can fund your account using cryptocurrency or traditional payment methods. A
cryptocurrency is a digital asset operating on a blockchain network that banks or governments don’t regulate. Popular cryptocurrencies accepted in online casinos in New Zealand include:
- Bitcoin
- Litecoin
- Ethereum
Traditional payment methods include bank transfers, debit and credit cards, and e-wallets like PayPal and Skrill. These methods may vary, but in this article, we’ll generalise and discuss how they compare to cryptocurrencies.
Comparing Crypto and Traditional Casino Payment Methods
When choosing between traditional and crypto casino payments, you must consider factors like speed, security, and fees. Let’s examine each in more detail below.
Processing Speeds
Depositing funds using cryptocurrencies is usually instant but can take a few minutes to reflect in your account. If it’s your lucky day, you can withdraw your winnings and receive the funds instantly or within a few hours. The withdrawal time varies depending on the casino.
On the other side, traditional payments, especially bank transfers, take 1–3 days. The timeline can even be longer if you’re making an international transaction. Not to forget that bank transactions normally don’t process during weekends or holidays.
Security and Privacy
Crypto is arguably the most private and anonymous casino payment method available. When paying with crypto, you don’t need to share your personal details with the gambling platform, ensuring anonymity. Moreover, crypto transactions are decentralised and run on the blockchain network for advanced security.
Traditional payments like bank transfers usually require uploading your personal information, like your ID number and bank details. These payment methods employ standard security procedures like SSL and firewalls for security. However, fraudsters may still access users’ personal information.
Cryptocurrencies are the best option if you prefer anonymity and safeguarding your personal information while playing at online casinos.
Transaction Fees
Though deposits are typically free when using traditional payment methods, you might incur withdrawal charges. The fees depend on the casino and banking provider, but usually go higher for international transfers or when exchanging currencies.
Crypto casino payments, on the other hand, have zero or low processing fees. And if you’re a high roller, you’ll be in for a treat since these digital currencies mostly don’t have deposit or withdrawal limits. Some online casinos may have processing fees and withdrawal limits, so it’s good always to check the T&Cs.
Volatility
The major downside to crypto casino payment is the currency’s volatility. Bitcoin, Ethereum, and other coins are highly volatile, meaning their value can rise or fall in seconds. In other words, your winnings can either lose or gain value, depending on the market.
Though this can be an advantage or disadvantage, it causes uncertainty and unpredictability when making online casino payments. Fiat currency (government-issued currency) is stable and predictable. So, if you don’t want surprises, traditional payment methods might be a better option.
Accessibility
Traditional payment methods face restrictions based on local regulations. Some e-wallets might also be unavailable in some regions, which limits players. The lengthy processes of opening and verifying accounts can also frustrate players.
That’s unlike cryptocurrencies, which players can usually access globally. If you’re always on the go, crypto enables you to transact across borders without needing to exchange currencies.
Table Comparison of Crypto vs Traditional Online Casino Methods
The table below shows a side-by-side comparison between traditional and crypto online casino payments.
| Cryptocurrency | Traditional Payment Methods | |
| Processing Speed | Instantly or within minutes | May take up to 5 business days, depending on the banking method |
| Deposit | Free | Free |
| Withdrawals | Free | Up to 5%, depending on the casino and provider |
| Deposit/Withdrawal limits | High or no transaction limit | On average, NZ$10–NZ$50,000 |
| Privacy | Enhanced | Low |
| International Access | Global access | May be unavailable in some regions |
| Bonuses and Promos | Available | Available (typically more) |
Pros of Crypto Payments
- Enhanced privacy and anonymity
- Secure and decentralised transactions
- Low transaction fees
- Instant deposits and quick withdrawals
- High (or no) deposit and withdrawal limits
Cons of Crypto Payments
- Highly volatile
- Not yet accepted by all online casinos
Why Crypto Payments Are Becoming Popular Among Players
Using crypto for online casino payments has been steadily gaining popularity among players over the past few years. The reason? Players enjoy instant deposits and quicker withdrawals than traditional banking methods. Not forgetting that the transactions have zero or minimal fees.
But what has really made cryptocurrencies more popular is the security and privacy they offer. With crypto, you can play your favourite games at popular casinos among Kiwis without disclosing your personal information.
Though crypto brings all these benefits, many players still stick with the traditional payment methods due to their stability and familiarity. It’s also straightforward to use, the options are available on most sites, and the funds don’t risk losing value.
Choose What Works Best for You
The decision to go the crypto way or stick with the traditional methods will depend on your preference and playing style. If you like features like speedy transitions, private gameplay, and low costs, go for cryptocurrencies.
But if you value stability and aren’t much of a tech-savvy player, traditional methods might be a better option. Evaluate your gambling style, regional restrictions, and preferences, and choose what works best for you.