Using cryptocurrencies for bingo and gambling | London Daily News

The world of online gambling has evolved significantly with the rise of cryptocurrencies. These digital currencies, like Bitcoin and Ethereum, are being embraced on gaming platforms, including bingo, offering players a new way to engage with their favourite casino games.

Crypto offers various benefits, like faster transactions, greater privacy, and improved security, making it increasingly popular among players looking for a secure gaming experience.

History of Cryptocurrencies for Gambling

Before focusing on using cryptocurrencies for bingo, let’s first briefly touch on cryptocurrencies in the gambling industry.

Crypto entered the online gambling sector in the early 2010s with the introduction and rapid expansion of Bitcoin’s popularity. Bitcoin casinos quickly became preferred because of the anonymity and security they offered, which couldn’t be matched by fiat currency casinos.

Blockchain technology, the basis of cryptocurrencies, offers a decentralised public ledger system, which provides secure and transparent transactions to players seeking trustworthy online casinos.

As more cryptocurrencies emerged, so did their adoption across the gambling sector, from poker to slots. Bingo, the backbone of UK gambling culture, was also introduced to crypto, offering players more privacy and simpler transactions.

The Rise of Crypto Bingo

Crypto bingo is an innovative version of the traditional game, allowing players to wager and win with various cryptocurrencies. Many bingo sites not on Gamstop have embraced this payment method due to the benefits it offers players, but it is difficult for UK-licenced sites to accept crypto for now thanks to the UKGC’s licencing requirements.

For example, players get to enjoy almost instant deposits and withdrawals, without the delays associated with traditional banking systems. Crypto transactions also usually have lower fees, meaning a player can retain more of their winnings in their digital wallet.

With the widespread adoption of crypto like Bitcoin, Ethereum, Dogecoin and Litecoin, bingo platforms also started accepting these currencies. This transition from pounds sterling to digital assets was encouraged by the players’ demand for more privacy. It also benefited those outside of the UK who wished to access bingo sites without having to convert their local currency to one accepted by the site.

Whether playing 75-ball or 90-ball bingo, today players can access crypto bingo platforms from anywhere in the world, allowing international players to rub shoulders at a global level.

One key factor that is driving the growth of crypto bingo platforms is the level of anonymity they offer. Traditional bingo sites often require personal information for registration, including verification with identity documents. However, crypto bingo platforms only require basic information, protecting the player’s privacy.

How To Safely Play Bingo With Cryptocurrencies

Playing bingo with cryptocurrencies can be very exciting, but players should always take steps to protect their funds and data. Here are some tips to make sure you have a safe and enjoyable bingo experience:

1. Choose a reputable platform

The first step to playing bingo online with crypto is to find a reputable bingo platform. Make sure to only play on an established site with a trustworthy reputation and a section on the site on measures taken to ensure fair gaming.

Most reputable platforms will be licenced by a regulatory body, like the Malta Gaming Authority, which can give players peace of mind that the site follows fair play practices. In the UK, these sites should meet the requirements of the Gambling Commission.

Players should also read reviews on community forums and research the history of the platform. A reputable bingo site will enjoy favourable player feedback, offer customer support, and clearly state their policies on their website.

2. Secure your digital wallet

Before playing bingo using crypto, players should ensure that their digital wallets are secure. Only wallets that offer security features like multi-factor authentication and encryption should be used. Players should consider using hardware wallets, as these are a safer option for long-term crypto storage since they provide extra security by keeping private keys offline.

Players should also back up their digital wallets’ recovery phrases and make sure to store them somewhere safe. Since cryptocurrency transactions are irreversible, losing access to a wallet could mean losing access to all funds in it.

3. Check the platform’s security features

Players should ensure that a bingo website has proper security measures in place before registering on the platform. Secure sites will have SSL encryption, which protects player data as it’s transferred online. Bingo platforms should also offer secure login protocols and include information on when security systems were last updated to protect against cybersecurity threats.

Any reputable bingo platform that accepts crypto transactions will make use of random number generators (RNGs) to ensure fair gameplay.

Lastly, the site should have transparency regarding gameplay rules, odds, and payouts.

4. Monitor all your transactions

Players should regularly review their account activity to spot if there has been any unauthorised access or transactions. Reputable bingo sites will allow users to set up login and withdrawal alerts as well as offer 24/7 customer support in case issues have to be reported.

5. Stay informed

It’s no secret that the crypto market is a volatile one, with rapid price fluctuations – although some coins are more volatile than others. Staying informed about the latest market trends will help players make informed decisions on when to deposit, withdraw, or hold their bingo winnings.

Wrapping Up

Cryptocurrencies have completely revolutionised the world of online gambling by providing a faster, safer, and more private way to play casino games online. For players looking for freedom from traditional payment methods and added privacy, crypto bingo is a top choice.

However, as with all types of online gambling, it is important to proceed carefully. Players must only play on reputable platforms, with a secure digital wallet, and stay on top of the latest crypto market trends. With these precautions, players can fully enjoy the benefits of playing bingo with cryptocurrencies, like faster transactions, lower fees, and more anonymity.

Feature image by Philip Oroni on Unsplash