Bitcoin is changing the game for online casinos, and it’s never been better. Before Bitcoin was offered, receiving a withdrawal took several business days and would typically arrive by courier. As for deposits, people were at the whims of their credit card companies, which were notorious for blocking transactions. These “traditional” transaction methods are still available and always will be, but savvy casino players are jumping ship to take advantage of all the perks provided by Bitcoin.
If you’ve already seen our Bovada Bitcoin Guide, you know about the benefits of going crypto, so we’ll hop to the first step of the process: setting up a Bitcoin wallet. Also referred to as a digital wallet, the Bitcoin wallet facilitates cryptocurrency transactions by providing a digital address code. It’s through the wallet that you can send and receive funds once you’ve bought some Bitcoin or Bitcoin Cash (both are accepted in our casino) through one of several regulated Bitcoin exchanges. We’ll go through both of these steps in detail, so that you can join the Bitcoin movement and begin collecting bonus cash.
Setting Up a Bitcoin Wallet
Bitcoin is becoming so mainstream that digital wallets are incredibly easy to find now. Simply launch your app store, or Google Play, and type in “Bitcoin Wallet” for a flurry of results for both iOS and Android. Coinbase and Blockchain are good examples of wallets that also include an exchange server.
Installing your wallet on your smartphone takes just a few quick minutes once you determine the best one for you. Your email address will be verified, and you’ll need to create a secure password to access the wallet. Keep in mind that installing a wallet right onto your device is more secure than using a web-based wallet, which lets you log in to your wallet from any computer that’s hooked up to the internet. For a visual guide on downloading a digital wallet, check out the Creating a Wallet video in our Video Library.
Buying Bitcoin from Exchanges
With your wallet installed, you can begin to look for a regulated Bitcoin exchange to buy cryptocurrency. As mentioned, some wallets include an exchange in the package for a more streamlined product, but if you prefer to use one program for a wallet and another for an exchange, that works just fine. There are plenty of reviews on the most popular Bitcoin exchanges that include the pros and cons of each pick.
The Bitcoin exchange is a virtual platform that connects people all around the world who are trading between traditional “fiat” currencies and cryptocurrencies. If you go with a regulated one, the process of buying and selling Bitcoin is incredibly simple, as you just follow the prompts to buy or sell at market value. The unregulated exchanges put the onus on the users to negotiate trades with other parties.
Coinbase is a good starting point for the crypto curious, as it has an easy-to-navigate interface and the option to instantly buy with a debit card. You can also make a bank transfer, but that can take up to five days to process. After starting with Coinbase, some people move on to more advanced exchanges like Coinbase Pro, which offer lower fees. Check out the Buying Bitcoin video in our Video Library for a step-by-step visual on how buying Bitcoin at an exchange works.
Are there any Bitcoin Fees?
While there are typically no fees with Bitcoin wallets (including transferring money from one Bitcoin wallet to another), you’ll encounter Bitcoin fees when you buy Bitcoin at an exchange, even for millibitcoin (mBTC) transactions. These fees cover the costs of Bitcoin miners, who process transactions on the blockchain by solving computational problems.
An example of a fee that you may incur at Coinbase (an exchange known for having average transaction fees) is $3.84 on a $100 purchase. This is lower than cash advance fees for credit cards, which typically hover around the 5% mark. Fees for buying Bitcoin will always be visible on the purchase confirmation page, so there are no surprise charges. Keep in mind, Bovada doesn’t charge any fees for using Bitcoin at our casino or sportsbook.
Playing Online Casinos with Bitcoin
Bitcoin is the optimal currency for online casinos, like Bovada. The de-centralized nature of it means there’s no bank blocking transactions, nor are there credit card companies adding exorbitant fees to transactions. With an anonymous public ledger, Bitcoin allows you to use your funds as you wish in an efficient manner.
We’re confident that you’ll enjoy the Bitcoin experience as much as our other players do, so to help with that first Bitcoin transaction, we have a 125% match bonus available for casino players, and a 75% match bonus available for sports bettors. The casino bonus (BTCCW1250) is good for up to $1,250, and after you claim it, there are two more match bonuses available for the same amount (BTC2NDCWB). That’s a total of $3,750 if you max out all three casino bonuses.
All of the games in our online casino, including the Live Dealer ones, are available for real money payouts when you deposit with Bitcoin. You won’t even notice a difference when using Bitcoin to fund your roll, as the cryptocurrency is instantly converted to US dollars upon deposit in order to prevent any market fluctuations from affecting your balance.
If you have any residing questions regarding Bitcoin, chances are other people have already asked them; we’ve compiled a list of the most common questions we get and answered them in our Bitcoin FAQ, which covers topics like Bitcoin deposits, withdrawals, limits and fees. Our highly-trained customer service team is also well versed in cryptocurrencies and can address any concerns you may have. In the meantime, let the idea of going crypto simmer until you’re ready to make the leap.