Pros and Cons of Bitcoin and Other Crypto Deposits at Bovada

It’s time to welcome another cryptocurrency to the Bovada family. You can now use Ethereum to do your crypto betting at Bovada Casino; the second-largest digital coin in the world (based on market cap) joins Bitcoin, Bitcoin Cash, Bitcoin SV, and Litecoin on our list of accepted deposit and withdrawal methods. Each of these coins has its positives and negatives, so let’s take a moment to look at them and see which ones you might prefer.

Bitcoin Deposits/Withdrawals at Bovada


Imagine looking at your to-do list from five years ago and seeing “Place Crypto Bet at Bovada.” Back then, you had only one choice: Bitcoin, the first viable cryptocurrency on the market. Bitcoin betting is still the right choice for most users and by far the most popular, with a market cap (the value of all coins in circulation) exceeding US$600 billion at press time. Definitely use Bitcoin to make your transactions at Bovada Casino if this will be your first venture into the world of cryptocurrency.

The big difference between Bitcoin and all the other digital coins is that it’s the original. Bitcoin was invented in 2008 and launched the following year, giving users a fast and reliable way of exchanging funds without having to rely on a third party. It’s like the Wikipedia of digital money; there are other ways to do it, but none of them have as many users. And yes, you can bet with Bitcoins just like you would with US dollars or any other money. At the same time, while the transaction fees your Bitcoin wallet provider will charge are much lower than with other deposit methods (Bovada itself doesn’t charge any fees for this service), many of the newer coins on the market offer even lower fees.

Ethereum Deposits/Withdrawals at Bovada

That includes the No. 2 coin on the market. Ethereum, which first went live in 2015, works a lot like Bitcoin – with some subtle but important differences. In addition to lower fees, people can use the Ethereum platform to run DeFi (Decentralized Finance) programs, thus removing the need for brokerages and exchanges as well as banks. Ethereum can also be used to sell digital assets known as NFTs (Non-Fungible Tokens). This is why Ethereum is the most-used digital coin on the market, even though it only has about one-third of Bitcoin’s market cap at $214.1 billion.

You might also find it easier to deal with the ups and downs of Ethereum’s price compared to Bitcoin’s. More people are actually using Ethereum to conduct transactions; at this point, Bitcoin is still seen by most as a store of value, which leads to speculative buying and bigger market swings. It’s definitely the most popular of the non-Bitcoin options, but even with Ethereum, you might find yourself paying larger fees than with other digital coins. 

Litecoin Deposits/Withdrawals at Bovada

Litecoin has a much smaller market cap than the Big Two at just $7.8 billion, making it the No. 13-ranked coin in the world. But it punches well above its weight. Litecoin became one of the first “alt-coins” on the market when it was launched in 2011, using almost exactly the same structure as Bitcoin – but with some smart design tweaks to make it even faster. It takes about four times as long for the Bitcoin platform to complete its key tasks.

Not only does Litecoin work more quickly, but it also has about four times as many coins in circulation than Bitcoin – making it easier to divide up into smaller transactions. If you’ll be making multiple small deposits to play at Bovada Casino, Litecoin might be your best choice; if you’re moving larger amounts of money less often, Bitcoin has what you need.

Bitcoin Cash and Bitcoin SV Deposits/Withdrawals at Bovada

There are two other very useful cryptocurrencies you should consider for your Bovada transactions: Bitcoin Cash and Bitcoin SV. These aren’t alt-coins per se, but spin-offs of the original Bitcoin known as “hard forks.” Bitcoin Cash was the first to break away in 2017; everyone who had Bitcoin at that time was given the same amount in Bitcoin Cash, with the latter working on an updated version of the Bitcoin platform that was also designed for faster and less expensive transactions. Enough people used the newer option to make it the world’s No. 12-ranked digital coin, with a current market cap of $8.2 billion.

One year later in 2018, Bitcoin SV (short for “Satoshi Vision”) was spun off from Bitcoin Cash in a similar manner. Their platform is designed for scalability, meaning it has the power to handle larger blocks of information than the original Bitcoin, allowing it to process more transactions – thus leading to smaller fees. However, Bitcoin SV’s market cap ($2.2 billion, No. 38 overall) is also smaller than the other coins listed here, and it isn’t as widely available to buy.

When deciding which of these coins you want to use at Bovada Casino, take into consideration whether you’re more interested in cryptocurrency as a store of value or a way to do business. If you fall into the first category, then you’ll naturally prefer Bitcoin, which has some built-in features that suit your purposes. On the other hand, if you’re more interested in crypto as a medium of exchange, consider the other coins – and remember, you can use more than one.

Now that you have the skinny on Bitcoin, Ethereum, Litecoin, Bitcoin Cash & Bitcoin SV, it’s time to take the plunge and put some crypto in your Bovada Casino account. You can find out more about how to use these digital coins by consulting our Bitcoin FAQ and Help guides, as well as our comprehensive tutorials. Don’t forget to claim your enhanced $3,750 Bitcoin Casino Bonus if you’re making your first deposit at Bovada. See you at the tables.