Cryptocurrencies

You’ve probably heard of cryptocurrencies like Bitcoin. You’ve also probably heard of the ‘cryptocurrency revolution’ and wondered when it is going to happen or if you missed it.

In truth, cryptocurrencies have never really taken off as much as ‘experts’ predicted. People don’t understand them, how to get them, or even how to use them. However, if you do learn a little about what cryptocurrencies are, how to get them and how to use them, you can learn how to use them at online bingo, casino and slots sites.

In short, cryptocurrencies are digital coins, in the same way mp3s are digital music files and mkvs are digital video files. You can transfer digital coins from your computer (or your cloud-based digital wallet as is the norm these days) to another digital wallet. When it comes to online bingo or casino sites you transfer them to the site’s digital wallet in order to get funds into your online wagering account.

Why Use Cryptocurrencies?

Advantages:

Transactions are 100% secure

When you transfer money using a bank or an eWallet, there’s always a third party involved. Some company has to provide the means of getting money from your bank account (for example) to the bank account of the merchant you are paying. This means any transfer runs the risk of interception by hackers, who may end up stealing your financial details.

With a cryptocurrency, you are providing the transfer service yourself. You are creating a direct, peer-to-peer connection between your digital wallet, and the receiver’s digital wallet. It is only when both wallets are confirmed open that the transfer takes place, and the transfer is over in milliseconds.

Transfers are fast

There is no quicker way to get money into a bingo or casino account than by using a cryptocurrency. As just mentioned, transfers take milliseconds.

Disadvantages:

Cryptocurrencies are volatile

If you put £5 in your wallet, forget about it, then find it a year later, you’ll probably find that is it worth about £5. If you have 5BTC (Bitcoins) in a cloud wallet and leave it a year, you might find it is worth 50BTC, or 500BTC, or 0.05BTC, or nothing. Investing in cryptocurrencies is a risk.

Not many online bingo sites or casinos accept cryptocurrencies

There is probably no particular reason why online bingo, casino, and slots sites seem a little loathe to accept cryptocurrencies. The main reason is probably a lack of demand.

There are extra hoops to jump through

If you want to use a cryptocurrency then you will need a cryptocurrency wallet. Although setting one up is hardly complicated, it is still an extra step. You will also need to exchange your country’s currency for a cryptocurrency via an online cryptocurrency broker.

Is Cryptocurrencies Banking Friendly?

Deposits

Depositing using cryptocurrencies is extremely easy, once you have a Bitcoin (for example) wallet set up and have ‘bought’ some Bitcoins to put in it. When you want to make a deposit via Bitcoin at an online bingo or casino site, you will be given the ID of the bingo site’s own Bitcoin wallet. You then go to your wallet, open the bingo site’s wallet and transfer the cryptocurrency across. Your ‘money’ will then appear in your bingo site account immediately.

Withdrawals

Withdrawing is just as easy, if not easier. The cryptocurrency bingo or casino site will already have details of your cryptocurrency wallet, or you can just enter them at the time of transfer. Because no banks or financial services companies are involved with the transfer of cryptocurrencies, withdrawals should be instantaneous.

Fees

There are no fees to open and set up a cryptocurrency wallet. You will pay a small charge when you ‘buy’ your chosen cryptocurrency.

Any online bingo or casino site that accepts Bitcoins (for example) should not charge for deposits. It should not charge for withdrawals either, but unfortunately, some choose to do so. If you are choosing an online bingo or casino site primarily because it accepts cryptocurrencies, you should of course always favour one that makes no charges for cryptocurrency withdrawal.

Opening an account

There’s no need to open a cryptocurrency account. As previously indicated, you will need to set up a cryptocurrency wallet. In previous years such a wallet would be a piece of software that sat on your computer. Unfortunately, if for some reason your computer’s hard drive was wiped or damaged, you would lose your wallet and the amount of cryptocurrency it contained with zero chance of recovery. One man once lost 7,500 Bitcoins when he threw away his laptop in 2015. At the time they were worth $56 million.

These days most people keep their cryptocurrency wallets in the cloud.

Our Final Thoughts

The ‘cryptocurrency revolution’ never quite happened, which is a shame. If more people were open to cryptocurrencies and the easy way they can be used to pay for goods and services online, cryptocurrencies would be more popular.

At the moment if you are in the UK then you are severely limited by the number of available bingo sites and casinos that accepted cryptocurrencies. You will have more luck though with international-facing online casinos, although few of those have UKGC licences, as is required for UK players.