Bitcoin Review

Confused by the whole concept of Bitcoin? Don’t feel bad, so were we, and let’s be honest, some of us still are! If you think about it, most of us don’t even know much about how the history of our local currencies. We just know that they work and we start spending. The truth is, there are certain aspects of Bitcoin Protocol, like cryptography and digital signatures, which one must understand to have a full grasp of how this works. Do you really care? All you need to know is how to use it and why you should, right?

With that said, our aim is to get you comfortable enough to play bitcoin bingo sites reviews by covering what this cryptocurrency is, how the heck it works, how you can get some and a very helpful video for those of you that prefer an audible introduction.

The First All-Digital Currency in the World

Upon its introduction, Bitcoin was the first all-digital currency in the world. When it was first launched in 2008, people were skeptical about it.

A man or a group of people calling themselves Satoshi Nakamoto invented the cryptocurrency over a decade ago, with the aim to decentralize online banking as we knew it. The creator wanted to make the money exchange system better, faster and more anonymous, working on a peer-to-peer principle, instead of depending on banks and third-party financial institutions. 

What is Bitcoin and How Does it Work?

So, here’s the part that gets slightly into the interworking of the network. We’re barely scratching the surface here but if you’re not interested, skip to this section and head straight to the benefits of using Bitcoins and find out how to get your virtual hands on them.

Ah, yes, what is Bitcoin? It’s a digital value, which works based on the exchange of digital information using cryptic algorithms. You’re used to holding a note or bill in your hands but in the case of Bitcoin, this digital currency takes no physical form. In fact, it can represent much more than money but let’s stick with cash for the purpose of Bitcoin gambling. The system allows us all to join our computers to conduct the bookkeeping.

No person, company or organization is in control of the value either. Wait a minute, no one owns the Bitcoin network? How could this be? In the US, the Federal Reserve controls the US dollar but there is no one like banks, government and other middlemen behind the scenes of a cryptocurrency. The ledger of our common currencies is closed to the public however, this is not the case with Bitcoin. The Bitcoin ledger, known as the blockchain, may be seen by everyone making it impossible to cheat by adding or taking anything away plus transactions are conducted with unique digital signatures of the users. Every user has a copy of the blockchain so if everyone’s ledgers do not match at all times, a transaction will be refused.

What’s so Great About it?

Transacting using Bitcoin does not require a merchant account and may be done via any device with an internet connection. Users are assigned a Bitcoin address, which you can share to send or receive payments. The shroud of privacy has somewhat been lost as identification verification procedures are often required for higher transaction limits. As for the payments, there are delays in sending and receiving since weekends and holidays that affect standard payment processing do not apply here.

In terms of software, SoftSwiss is a provider that offers bitcoin casino games specifically designed for the use of this virtual currency including a Provably Fair system to ensure fariness. In fact, they’ve built a platform dedicated to it. There are far more casinos dedicated to this currency than there are bingo sites. Having said that, many games compatible with this and many other types of currency are available among various bingo operators. For example, BetSoft creates a range of compatible slot games.

How do You Get Bitcoin?

The time has come to try this out but first, you’re going to need is a Bitcoin e-wallet, known as a Bitcoin exchange. They will accept deposits from US funding accounts such as a direct debit to your bank account or a credit card transaction. Outside of the US, the sky is the limit. Other opportunities to obtain Bitcoins include mining or even working for it but the simplest way is to buy some from a Bitcoin exchange. An example of one to try is Coinbase.

Once you’ve opened an account with the e-wallet of your choice, you will be assigned a Bitcoin address, which you can find in your profile or when you send/request money. Depending on the transaction amounts, the Bitcoin exchange will require you to submit copies of your identification, driver’s license or passport, before use.

While previously getting coins was only possible by mining, today you can purchase them using fiat currencies.  

Bingo Deposits with Bitcoin

  1. Go to the bingo site’s Banking/Cashier section.
  2. From the list of accepted payment methods choose Bitcoin. 
  3. You will see the bingo site’s public key/address here, so copy it.
  4. In a new window, log in to your Bitcoin wallet. 
  5. In the designated field, paste the bingo site’s public key. Enter the amount you’d like to deposit.
  6. Confirm and wait up to 30 minutes for the deposit to be processed.

Bitcoin Bingo Cashouts

Repeat the similar deposit steps to make a withdrawal with Bitcoin.

  1. Go to the bingo site’s Banking/Cashier section.
  2. Choose Bitcoin withdrawal and enter the cashout amount.
  3. Obtain your public key from your wallet and paste it in the cashier.
  4. Confirm and wait for the bingo site to approve the withdrawal request.

We can’t stress enough how important it is to double-check your address, since transactions cannot be reversed. Once the bingo site sends the Bitcoin, there’s no turning back, so if you enter the wrong address, your winnings will be lost for good.

External Links

Now, you’re ready to start playing bingo! Get started with any of the sites on this page and visit the resources listed below to help you enter the Bitcoin pool.

Bitcoin Website

HowtoBuyBitcoins Website

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Bitcoin Bingo Sites FAQs

What is the value of Bitcoin?

Check the daily value at reputable sites such as Coinbase.

Can you gamble with Bitcoin?

Yes, many operators accept cryptocurrencies, specifically Bitcoin. It is free to deposit and withdraw your balance. The deposit is automatically converted to your chosen casino/bingo currency, such as USD, EUR or GBP, unless the operator runs on a platform compatible with virtual currency games and bets.

Is Bitcoin legal?

While not officially backed by any government entity, Bitcoin trade is permitted among participants in most countries. In the US, for example, Bitcoin is considered a ‘convertible decentralized virtual currency’, which is classified as ‘property’ for tax purposes.

Are there any Bitcoin bonuses?

In some instances, operators will feature offers including Welcome Offers, Cashback and Reloads geared toward Bitcoin depositors. These are designed to increase the value of your deposit by increasing it by a specific percentage and/or adding slot spins. BTC bonuses are more widely available among online casinos rather than bingo operators. As always, offers are subject to terms and conditions.

What is 'Provably Fair'?

Fairness and randomness are critical to online gambling. Typically, a Random Number Generator (RNG) is used to ensure this with each bet with traditional online gambling. When it comes to Bitcoin compatible games, bet outcomes can be verified on the spot by the player. Odds are not involved here. The Provably Fair technology randomly generated outcomes. Some providers incorporate RNG software in combination with a PF system. Generally speaking, verification involves a 'server seed' and 'client seed'. The operator allows the player to prove that the client seed affected the server seed in an unpredictable manner. A Provably Fair system is unique based on the provider and may involve additional aspects.

Can you convert Bitcoin to cash?

Yes. Transfer your e-wallet balance to a bank account or sell it using a cryptocurrency exchange. You may also conduct transactions with compatible merchants/services if you prefer.

How do I deposit using bitcoin?

The first thing to do is set up a bitcoin e-wallet. Head to the bingo cashier and select the Bitcoin deposit option. Obtain the operator’s Bitcoin address and copy/paste to your digital e-wallet to send the requested balance to your bingo account. This is often completed instantly, but may take several minutes to appear in your account. Tip: depending on the amount and whether this is your first transaction, the wallet may delay your transaction for security measures.

Why should I not buy Bitcoin?

In terms of disadvantages, the main issue with Bitcoin is the potential for the value to drop significantly. It often recovers with time, however, it’s an aspect to consider.

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