- What Bitcoin Is
- Why Bovada Now Accepts Bitcoin
- Which Bitcoin Wallet Should I Use?
- How to Make a Bitcoin Deposit
- How to Make a Bitcoin Withdrawal
- Bitcoin Transaction Limits
- No Transaction Fees
- Bitcoin Transaction Processing Times
- Advantages of Using Bitcoin at Bovada
- User Reviews
Bitcoin is often called the currency of the Internet, and this form of money is now gaining widespread acceptance among online casinos. Bovada is the latest casino to add bitcoin as an option for both deposits and withdrawals.
Considering that Bovada is the largest casino and bookmaker online that welcomes players from the United States, this change is a significant move forward for many players.
Once you make a deposit into your Bovada account with Bitcoin, you may use that deposit at all of Bovada’s services, including the Bovada Sportsbook, Racebook, Poker Room, Casino, mobile versions, etc.
Read our complete Bovada review here.
What Bitcoin Is
Bitcoin is essentially electronic money, and it’s an alternative to state-controlled currencies like the U.S. dollar and British pound. In more technical language, bitcoin is a peer-to-peer or P2P digital currency. Bitcoin is entirely created and held electronically. It isn’t controlled by any one institution, and you can transfer your bitcoin to people as well as merchants, such a Bovada.
A common and understandable concern among people new to bitcoin is whether or not it’s secure. Bitcoin has a strong record of privacy and security, and this is evident in some degree due to its acceptance by major financial institutions and retailers. What makes bitcoin secure is that it uses a two-key system. One key is public, but the other is known only to you.
Why Bovada Now Accepts Bitcoin
Bitcoin is gaining widespread acceptance throughout the world, so the currency makes sense for any company that caters to online consumers.
For Bovada specifically, it makes sense because it’s a currency gaining acceptance among online players at an even faster rate than the general populace. It has particular appeal for U.S. gamblers due to the restrictive online gambling laws in the USA.
Most importantly, since Bitcoin is a digital currency with no central institution, there are no fees or obstacles involved with using the currency. For us players, this is huge because those saving are passed down to us! There are no transaction or deposit fees when using Bitcoin. Bovada charges a fee when depositing via credit card, but zero fees when using Bitcoin!
Which Bitcoin Wallet Should I Use?
You’ll need a bitcoin wallet. If you don’t already have one, you’ll need to create an account. There are numerous bitcoin wallets and services you can choose from.
First off, you will have to buy Bitcoin. For that, we like using Coinbase. Coinbase makes buying and selling Bitcoins simple and straightforward.
However, Coinbase does not allow any gambling transactions. So you cannot use Coinbase as your Bitcoin wallet for transactions with Bovada.
For that, we recommend having an account at Blockchain.info.
Coinbase has over 3.7 million customers, supports 32 countries, and has exchanged over $3.2 Billion in Bitcoin. Blockchain has over 11 million wallets with customers in over 120 countries.
How to Make a Bitcoin Deposit
Once you have a bitcoin wallet, add the wallet address to your Bovada account, and then bitcoin will be a deposit option.
In the Bovada cashier, select Bitcoin as the deposit method and then enter the amount.
The next screen will show you the Bovada Bitcoin address to send your money to. This Bitcoin address is unique to Bovada. Copy the Bovada Bitcoin address and then launch your personal Bitcoin wallet.
Paste the Bovada Bitcoin address into your wallet and enter the amount to send to Bovada.
This step can be done via your desktop or your mobile device depending on what Bitcoin app you may have on your mobile. There is a QR code you may scan with your mobile app to process the Bitcoin deposit.
In your Bitcoin wallet, paste the Bovada Bitcoin Address in the Recipient field, enter the amount to send, and send funds.
How to Make a Bitcoin Withdrawal
As above, you need to have a bitcoin wallet associated with your Bovada account. With that requirement met, bitcoin will simply be one of your withdrawal options. When you select it, Bovada will give you the withdrawal amount by sending it your bitcoin wallet.
You will have to provide the Bitcoin wallet address to Bovada so Bovada knows where to send your funds to. Copy your Bitcoin wallet address and paste it when making your withdrawal.
Bitcoin Transaction Limits
Bitcoin transactions may have limits from the wallet provider. Your bitcoin wallet can be either unverified or verified.
Unverified accounts are typically very limited to small transactions, such as $100 per week. Verified accounts, on the other hand, can withdraw as much as $50,000 a day.
With regards to deposits, Bovada has a minimum deposit amount of $20 and maximum deposit amount of $5k.
Bovada does not limit bitcoin withdrawals. As long as you’ve successfully made a bitcoin deposit, you can make a full withdrawal via bitcoin.
No Transaction Fees
Bovada does not charge any fees for bitcoin deposits. Bovada also does not charge fees for bitcoin withdrawals specifically.
However, Bovada does charge a $50 transaction fee for the second and any subsequent withdrawals in a given month. Additionally, if a bitcoin transaction ever has to be resent, Bovada reserves the right to charge a reprocessing fee.
Bitcoin Transaction Processing Times
Relative to comparable financial transactions, bitcoin transactions occur fast, and the Bovada cashier system does a good job of taking advantage of this.
You can make a bitcoin deposit and have that money available to you in your Bovada account within a minute or two. This speed holds true with withdrawals as well, and this is perhaps one of the great allures of using bitcoin at Bovada. If you’re an established customer making a withdrawal during standard business hours, you can get a withdrawal in minutes.
Advantages of Using Bitcoin at Bovada
Perhaps the greatest advantage of using bitcoin for many is the anonymity associated with it. Bitcoin offers privacy with all its transactions. And you typically do not need to provide any personal details when using a bitcoin wallet.
As mentioned, the transactions are very fast. Being able to request and finalize a withdrawal within minutes is basically unheard of.
And of course, another huge advantage is that there are no transaction fees sapping your bankroll. Depositing with Bitcoin is free and your first withdrawal of the month is also free.
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