How Long Before Bitcoin Spreads into Online Bingo

A few years ago, Bitcoin and other cryptocurrencies were an alien concept for most people and very much in their infancy. But fast forward to 2018, and you have some of the best forex brokers and regulated online casinos that do accept Bitcoin as a funding option, so clients can trade or play without having to divulge their credit card or e-wallet information. However, the biggest question hovering the iGaming industry at the moment is how long before bingo operators jump on this bandwagon.

If you take a closer look at some of the bingo sites reviewed on BingoFind.com, there’s currently just one that allows Bitcoin as a deposit option. How long before that list grows?

Maybe it will never catch on the same way it has with other industries since online bingo patrons tend to be older women who are less likely to be familiar with Bitcoin and its brethren, let alone invest time to find a crypto exchange in order to purchase digital currencies. Additionally, the Gambling Commission has issued some cautions against digital and virtual currencies, warning prospective users that while they are recognized by such institutions such as the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs) they are still unregulated and consumers must be aware of the risks before forging ahead.

What are the Benefits of Bitcoin?

There’s been so much talk about Bitcoin holders in recent times and their plans to invest in technology and other start-up companies. But what makes this cryptocurrency so attractive? Here are three of the main advantages.

Firstly, due to its advance blockchain technology, Bitcoin offers its users complete anonymity, meaning purchases cannot be traced back to the clients. Secondly, all cryptocurrencies, including Ethereum, Ripple, Litecoin and Bitcoin Cash, remain out of reach from the hands of banks and other government controlled financial institutions. Finally, unlike other merchants including Visa and MasterCard, as well as PayPal, Neteller and Skrill, Bitcoin has minimal transaction and exchange rate fees. This way, large transfers are not burden by huge transaction fees.   

However, with the aforementioned advantages, comes a major drawback. Unlike other payment gateways, none of the cryptocurrencies are protected by a third party, meaning if your crypto exchange wallet was ever to be hacked, it would be impossible to get your money back. According to a recent report, during the first half of 2018, a total of $1.1 billion worth of crypto was stolen from their owners.