Last Updated on April 21, 2022 by bingoguy
Everyone is talking about Bitcoin Bingo! 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 a cheap way to send and receive funds! If you have never used any type of crypto currency before, it might seem overwhelming at first. Once you understand how it works and try it out for yourself, it is actually very simple! 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.
What is a Bitcoin Wallet?
A Bitcoin wallet is a software that enables users to receive, store and send coins. It’s basically the Bitcoin equivalent of a 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 transaction take?
It will depend on the traffic flowing through the Bitcoin network (the exchanges); normally can 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 blockchain transactions here: https://live.blockcypher.com/
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.
We hope that you now know how to play online bingo with bitcoin. Aside from the above benefits, most online bingo sites encourage the use of the bitcoin. This means they are offering special incentives to all players who want to give it a try. Crypto currency is starting to become mainstream. Get a head of the crowd and start playing bitcoin bingo today.