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Bingo Sites that Support Bitcoin
If you are considering how to fund your online bingo account, then maybe you want to learn about online bingo with Bitcoin deposit. Bitcoin is another way to transfer money online, and could possibly be the most ideal for you. So read on and find out more about Bitcoin bingo deposit option!
What is Bitcoin?
Bitcoin is defined as a “decentralised peer-to-peer cryptocurrency”. Sounds like a mouthful, doesn’t it? But don’t worry, it’s actually pretty simple to understand how Bitcoins work for new online bingo rooms. Bitcoin is a digital currency with no physical counterpart in the real world. This means that you can’t find a direct conversion rate between a Bitcoin to, say, a British sterling pound.
The term “decentralised” means that there is no central authority that handles or regulates the Bitcoin currency, unlike real currencies regulated by banks and markets. The term “peer-to-peer” means being involved with the entire Bitcoin network, which has around 2 million users. Lastly, the term “cryptocurrency” refers to the Bitcoins being encrypted with the SHA-256 algorithm. The SHA-256 algorithm was developed by the National Security Agency back in 2001, and is the same algorithm used for credit card transactions online.
There are only a finite number of Bitcoins in the entire world – which is 21 million. Having a finite number means that Bitcoins as a currency is not subject to artificial devaluation, just like a governments’ fiat currencies.
To explain even further, we will take a look at the advantages of bingo deposit Bitcoin, and how to use it for your online account.
Advantages of Using Bitcoin for Online Bingo
When it comes to using bingo deposit Bitcoins, the key advantages are anonymity, security, and freedom of payment.
1) Payment Freedom and Low Fees
When it comes to using Bitcoins, the service is available 24 hours a day, 7 days a week. This means that money is instantly transferred from one party to another. You don’t need to wait for “regular working days” for money to be processed.
In addition, Bitcoin fees are tiny when it comes to sending or receiving money, because there is no third-party acting as a middleman. This means that Bitcoin bingo deposits allow you to be in full control of your money.
2) Great Security
Security is one of the things that Bitcoin boasts most about. As mentioned earlier, Bitcoins are called cryptocurrency, which means each Bitcoin transaction is encrypted using top-notch algorithm – the same used by major credit card brands.
If you value your security, then you will love bingo sites that support Bitcoin. All Bitcoin payments can be made without personal information tied to the transaction. Without personal information, Bitcoin offers a strong protection against identity theft, and helps maintain your right to privacy when you play at the best UK online bingo sites.
How to Use Bitcoin for Online Bingo
Are you convinced that Bitcoin is the perfect choice for you? Then here’s how to start using Bitcoin for your online bingo account deposits!
First, you have to make a Bitcoin wallet. A Bitcoin wallet is very similar to an electronic wallet. Basically, this is where you store the Bitcoins when you are not using them. You can choose the downloadable Bitcoin wallet app on your desktop or mobile device.
Next, you have to purchase Bitcoins on online Bitcoin exchanges. There is a database of Bitcoin exchanges online, where you simply have to type in your country and you will be shown a selection of available exchanges. Make sure that the exchange you are buying from is legitimate by checking the real-world identity of the operator.
Lastly, just log into your online bingo site (just make sure you are playing at one of the bingo sites that support Bitcoin) and then deposit some of your Bitcoins to start playing lots of rounds of incredible online bingo games!