Bitcoin is a unique digital currency that is becoming increasingly ubiquitous in the world of online finance. Bitcoins were developed in 2009 with the aim of removing the need for centralised banking systems when making transactions online. Instead, Bitcoins work as a peer-to-peer currency with no middle man and therefore no costly processing fees or exchange rates.
Deposits and Withdrawals
To make a deposit at an online Bingo site using Bitcoins you’ll need purchase some Bitcoins. This can be done using a Bitcoin exchange, where you can pay using any currency to receive your Bitcoins at a universal exchange rate. Once you have your Bitcoins you’ll be able to deposit them at an online Bingo website in exchange for Bingo credits.
When you wish to withdraw your winnings from the Bingo site they’ll be converted back into Bitcoins and deposited into your Bitcoin account.
Currently not many online Bingo sites accept Bitcoins, but an increasingly number of online Casinos are accepting the digital currency so it is only a matter of time until you can use Bitcoins to pay for anything and everything online.
- Secure and anonymous transactions protect players against fraud.
- Bitcoin payments can be made quickly and easily from anywhere in the world with an internet connection, as they don’t require any authority to confirm them.
- International payments can be made quickly and cheaply, without any enormous exchange rate costs.
Bitcoins are, almost certainly, the type of universal currency we will all be using in years to come; however, for now, many Bingo players find them a little bit too futuristic. The most important factor when choosing an online payment method is that you are happy with and feel safe using.