Bingo With Bitcoin – By now you have likely heard of bitcoin, but did you know that just recently several top online bingo halls and casinos started accepting it as a form of deposit and withdrawal? What makes this option so attractive is the fact that it is decentralized, meaning there is no one that owns or controls Bitcoin. It does not run through a banking system, so it is not like an eWallet or bank account. This has many benefits, the first being that transactions are instant. On top of instant transactions, they are also very cheap to process. For players, this means instant withdrawals, and lower deposit and withdrawal limits.
Also known as the internet of money, Bitcoin.
Bitcoin is a virtual currency that is available to consumers around the globe. This type of currency isn’t new, it has been around for quite some time. In fact, the first physical transaction took place in 2010 when a man bought a pizza with Bitcoin, famously known as the first real Bitcoin transaction. Today, online Bingo players can use this fascinating type of currency to purchase Bingo cards online and to play for real money. The most interesting thing about Bitcoin is that it is instant. To use it, all that is needed is an internet connection. On top of being instant transactions are also private, there are no bank statements or other means of viewing your purchases. This gives users privacy and complete control over their funds.
In recent news, the price of Bitcoin climbed higher than the value of an ounce of gold which placed Bitcoin on the radar of those interested in the financial industry. This, along with very low transaction fees have led to more businesses accepting Bitcoin. While the currency is still somewhat new, it is still volatile, but the price fluctuation will have little effect when using the currency for playing online, as most online casinos and bingo halls convert the bitcoin into your countries local currency for gameplay, and then back to bitcoin only when cashing out. If you instantly exchange your Bitcoin for fiat currency, this will have little effect.
Using Bitcoin is simple. You simply need to sign up for an online wallet or download a downloadable wallet to your computer. Once you do this a secure and private bitcoin address will be generated for you. You can use an exchange to fund this address, then simply send the bitcoin to the casino or bingo hall of your choice with ease.
Being that accepting Bitcoin benefits the businesses that accept it, as well as the users who use it, many Bingo halls and Bitcoin casinos will offer an added bonus just for using this method of depositing. However many of these casinos and bingo halls will still accept traditional deposit methods, such as eWallets or credit cards. But once users see the benefits of Bitcoin, these older types of transaction methods may fall by the wayside, and not just for online gambling, but for the internet as a whole. Many people believe that this new technology will change the way we do business online, with many big companies getting on board with accepting Bitcoin.
Before attempting to use Bitcoin for your next Bingo transaction, we recommend opening up a wallet and doing a few small test transactions to learn just how this new technology works. Once you do we are confident you will be amazed, as it is fairly simple and will put you ahead of the crowd when it comes to the future of internet transactions.
For more information on Bitcoin and how to use it, visit; https://bitcoin.org/en/