This page was Last Updated on September 28, 2022 by bingoguy
Everyone is talking about Bitcoin Bingo! If you haven’t been living under a rock, you will have heard about it daily, on the news, and all over the internet. We want to give you all the information you need to decide if you should be playing online bingo with bitcoin.
Bitcoin is a reliable, easy, secure, fast, and cheap way to send and receive funds! If you have never used any type of cryptocurrency before, it might seem overwhelming at first. Once you understand how it works and try it out for yourself, you will see how simple it is! Bitcoin allows fast and effortless transactions to and from your Bingo account.
Bitcoin Bingo Basics
What is Bitcoin?
Bitcoin is essentially online money. You can send it from your computer, tablet, smartphone, or another device, to anyone, anywhere in the world, day and night. For a more detailed explanation, you can check bitcoin.org.
What is a Bitcoin Wallet?
A Bitcoin wallet is software that enables users to receive, store and send coins. It’s the Bitcoin equivalent of a bank account. You will want to protect it the same way you do with your bank account.
What is a Bitcoin address?
A Bitcoin address, or simply address, is an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3, that represents a possible destination for a bitcoin payment. It may look something like this one: 1FfmbHfnpaZjKFvyi1okTjJJusN455paPH (that has transacted billions of dollars worth of BTC). You can create a QR code from your Bitcoin address as an easy way to share or store it.
What is Bitcoin Exchange?
Bitcoin exchange website allows you to buy bitcoin so you can use it for a deposit, make a purchase or sell bitcoin for cash. To do this, you need to link your bank account, so you will receive the funds directly to your bank. Some exchanges also offer a wallet option. They may allow you to buy and sell crypto with a credit card, but be careful as the fees are usually very high.
Is Using Bitcoin Safe?
Bitcoin is a very safe, fast, and inexpensive way to transfer money. But, there is one very important point that you should know; a Bitcoin transaction cannot be reversed. It can only be refunded by the person receiving the funds. This means you should take care to do business with people and organizations you know and trust, or who have an established reputation.
Also, you should be extra careful when entering the address because if you get it wrong, you could lose everything. Make sure to double and triple-check addresses before sending.
How long do transactions take?
It will depend on the traffic flowing through the Bitcoin network (the exchanges). Under normal traffic level, this will be 10 or 15 minutes. But in instances of heavy traffic, it may take hours.
If your transaction is pending for too long and still not confirmed, it means the transaction may not have gone through. You can check the status of all block-chain transactions here: https://live.blockcypher.com/
Are there any fees for using Bitcoin?
Yes, there are transaction fees or network fees when you send or receive Bitcoin. These are essentially processing fees paid for recording the transaction. The average daily transaction fee this year has been as low as $1.78 and as high as $62. The fee changes depending on how much traffic is on the network. It is best to make transactions when the traffic is at a low period, which means your fees will be lower.
Here is a short explainer video so that you can learn more:
Get Ready to Play Bitcoin Bingo in 5 easy Steps
- STEP 1 – Set up a Bitcoin wallet (This is no more difficult than setting up an email account). You can learn more at Coinbase (https://www.coinbase.com/signup). This is a good place to start as they are a public company with millions of account holders. This is a trustworthy site, but feel free to use any site that you feel comfortable with.
- STEP 2 – Add funds to your Bitcoin wallet using your Credit Card or Bank Wire.
- STEP 3 – Log into your Bingo account, go to the CASHIER section and then select Bitcoin.
- STEP 4 – Enter the dollar amount that you want to deposit and click confirm.
- STEP 5 – On your screen, you will see the Bitcoin amount you have to send in BTC (Bitcoin currency) and the “Address to Send to”.
- FINAL STEP – Go back to your Bitcoin wallet and send the funds using the info provided in Step 5 above.
Once you have done this a few times, you will realize how simple it is. As soon as the Bitcoin arrives in your account, you are ready to start playing bingo.
We hope that you now know how to play online bingo with bitcoin. Aside from the above benefits, most no deposit bingo sites encourage the use of bitcoin. This means they are offering special incentives to all players who want to give it a try. Cryptocurrency is starting to become mainstream. Get ahead of the crowd and start playing bitcoin bingo today.