Online bingo games are the games of choice to many players from all across the world. When trying to play their favourite games, however, players are bombarded with choices, choices they need to make to get seamless gaming experience. The process of choosing the right bingo site to join starts with licenses continues with software and ends with the bonuses and promotions offered. However, an essential part of that process is the choosing of the right payment method to use, as well.
What’s great about bingo sites is that they usually offer players a large choice of payment solutions to use. As of over a decade ago, they have even started offering digital currencies. Bitcoin is the one to thank for when it comes to the last part. This is the world’s first-ever cryptocurrency that revolutionized online banking as we knew it, and came in handy when it comes to playing online bingo with it.
Why is Bitcoin an excellent payment method to use at an online bingo site?
Introduction to Bitcoin
Invented in 2008…
…by a person or a group of people known as Satoshi Nakamoto (the real identity of the creator is not clear to this day), Bitcoin is the world’s first cryptocurrency. The creator wanted to make a currency that would be entirely digital and no physical representation of it was ever created. However, the creator also wanted to create a money exchange system that would work on a peer-to-peer principle, therefore, involving no intermediaries, and no authorities to oversee the transactions. Banks are completely eliminated from the process of transacting with it.
This principle…
…opened the digital currency the way to make online transactions fully anonymous. Of course, given the fact it is based on blockchain technology, there’s a ledger where all transactions are evidenced. But, since no real identities are revealed, the anonymity persists.
Users can acquire coins…
… in many ways. Previously, you could only get coins via a process called mining, a process that created coins by using all of their power and resources, while today, you can exchange coins with a peer or buy them with fiat currencies, in addition to mining them yourself. Bear in mind that due to all this, its value continuously fluctuates so you can never actually be sure of the value of the coins you’re holding.
Still…
…despite its value, millions of people all across the world are using Bitcoin for their daily transactions. And as such, it is a payment method offered across hundreds of online bingo sites and is being added as an option across new bingo sites. You can find sites that function entirely on the blockchain technology, but you can also find such where Bitcoin is one of the many offered payment methods. Regardless, if you’re considering using it to buy bingo tickets or bingo cards with it, you should know that you have plenty of bingo site choices to pick from and join.
Getting Started
To start transacting with Bitcoin, you would, of course, first need to get yourself some coins. As mentioned, there are several ways to do that, but the most convenient and easiest way to do it would be purchasing them with fiat currencies, say US dollars.
There are many exchange platforms…
…where you can buy your coins, but the ones users usually go to are Bitstamp, Coinbase, and Bitifinex. You’ll see that upon purchasing, you would need to create a wallet at these platforms where you’ll store your coins. There are also many wallet options you can consider, such as paper wallets, desktop, hardware, mobile wallet or the most used one, the eWallet.
Create your wallet…
…and you’ll be given two addresses. One of them would be your private key address, while the other one your public key. These are essentially alphanumerical sequences that you need to keep safe, away from wandering eyes. You’ll need them, and you’ll see that they are crucial when transacting with Bitcoin. So, whatever you do, do not lose these keys.
What’s great about this payment solution…
…is that, as you can see, there’s no bank involvement of any kind. Sure, when purchasing your coins, you can use credit, debit cards and eWallets, for instance, but none of that information is ever shared with the online bingo site when you start using Bitcoin to fund your bingo account. But, bear in mind one thing here. Since no bank is involved, and the whole process of transacting goes directly from one Bitcoin user to another, there’s no one to control these transactions, and so transactions with it are irreversible. So keep in mind that when transacting with Bitcoin, you have to be 100% sure of the keys, the addresses if you don’t want your coins to end up on someone else’s account, and if you don’t want to lose them for good.
Depositing and Withdrawing
One of the greatest things about using Bitcoin to play online or live bingo games is that you can make both deposits and withdrawals with it. With most alternative payment methods, you can only make deposits. But since this digital currency functions like an eWallet essentially, where you have an account, a return address, you can also make withdrawals with it.
To make a deposit…
…you would first have to find an online bingo site that accepts Bitcoin. Since today, there are plenty of Bitcoin bingo sites, you should not have a problem finding one that suits you, powered by giants like Dragonfish and Playtech, for instance, developers who create the most fun, themed bingo variants and types.
Once you join the online bingo site…
… you should visit its Cashier/Banking page, and click on the Deposit section. You will see Bitcoin’s logo, so click or tap on it. A new pop-up window will appear where you’ll need to log in to your wallet and write the bingo site’s public key to make the transaction. Don’t forget to specify the amount of coins you would wish to fund your online bingo account with. Keep in mind that transactions are irreversible, and make sure you write everything right, especially the public key. After you confirm the transaction, you will see that in a couple of minutes, you’ll have the coins on your bingo account.
When it comes to withdrawals…
…you would have to use the same procedure. This time, however, instead of the bingo site’s public key, make sure you enter your key. Enter the amount of coins you would wish to withdraw, and send the request. Again, before you request the withdrawal, make sure to write your key right, and double-check the alphanumerical sequence, because once you send the request, and the bingo site approves it, the coins will be sent, and you don’t want your winnings to end up on someone else’s account.
Withdrawals with Bitcoin are the fastest out there, similar to withdrawals with eWallets. In the past, Bitcoin was the fastest payment method to use across online gambling sites, but eWallets have become a competition in this regard. Regardless, when withdrawing with this cryptocurrency, you will have your winnings on your wallet in a matter of hours.
FAQ
Are all Bitcoin bingo sites basically blockchain bingo sites?
No. Blockchain bingo sites are entirely based on the blockchain technology, and there are only a few of them, while most Bitcoin bingo sites are not, since they also function with fiat currencies and other payment methods, and Bitcoin is just one of the many options.
Does Bitcoin offer a Customer Support team?
No, unfortunately, it does not. Due to its nature, Bitcoin does not offer a Customer Support service, so for whichever question or problem you may experience at the bingo site, you would have to contact the site’s Customer Support team.
Do deposit or withdrawal limits apply when transacting with this cryptocurrency?
When it comes to Bitcoin itself, no. However, keep in mind that online bingo sites may limit the amount of money you can deposit and withdraw. So before you start using it, make sure you find more info on this matter, either in the FAQ section or on the Banking page.
What are the major disadvantages of using this digital currency?
One of the main disadvantages is the fact that its value constantly fluctuates. Also, transactions with it are irreversible, and this can be pretty worrisome for players who have made the wrong transaction. Other than that, all you can get with this payment solution are perks.
Are there country restrictions to using Bitcoin?
Being a digital currency, Bitcoin does not come with restrictions. However, some countries, due to its decentralized nature, have decided to forbid it across their borders. Before you start using it, therefore, make sure you double-check whether you are allowed to transact with it in your country.
Could I play completely anonymously with this cryptocurrency?
If you find an online bingo site that does not require a sign-up procedure, or you can play at using a pseudonym or a nickname, and you don’t need to share any personal info with it, then yes, you can play completely anonymously with this cryptocurrency.