How To Open A Bitcoin Wallet For Bovada
With Bitcoin and major crypto currencies now all the rage, it was only a matter of time before major sportsbooks started accepting the coin as a payment method. Of course there are several advantages when using a Bitcoin account at Bovada Casino, chief of which is the non-payment of charges. Bovada now accepts bitcoin, which is a digital currency that's gaining widespread acceptance. Proof of this acceptance is evident in the major retailers and financial institutions that now deal in it. Decentralized currencies like bitcoin provide users with anonymity and a host of other advantages, which is why bitcoin makes a lot of sense for an online casino that caters to U.S. players.
Bitcoin is now the preferred method of depositing funds into your Bovada account among players because it is free to do so. There are ZERO transaction fees for making a deposit via Bitcoin.
How to make a Bitcoin Deposit at Bovada
Now let's look at what bitcoin is and how you make a bitcoin deposit at Bovada.
How Bitcoin WorksBitcoin is a digital currency that's distributed through peer-to-peer mechanisms. If that seems unclear, then think of it as electronic money that you can send to a friend or online retailer over the Internet. This method is very fast and free of fees because it doesn't involve any central banks or financial institutions.
It's also very secure. P2P may not seem very secure to the uninitiated, but it is because of how bitcoin works. Bitcoin transactions include a public key and one or more private keys. Only you have your private key, and that key is never transmitted to anyone else's computer. No one can withdraw money from your account without that private key.
Making a Bitcoin Deposit and putting money in your Bitcoin Wallet
Why would you want to use bitcoin to make a deposit at Bovada? Because it's the only deposit method that has NO TRANSACTION FEES! If you are an active player moving money in and out of your account, these fees can seriously add up. But with bitcoin now as an option, you can save a lot of money and have much more freedom.
To make a bitcoin deposit at Bovada, you have to first acquire bitcoin. There are numerous ways to acquire bitcoin. The most common way is a bitcoin exchange. These exchanges are services that let you convert other currencies, such as the U.S. dollar or British pound, into bitcoin. Bitcoin that you purchase are stored in your bitcoin wallet. Bovada now accepts bitcoin transfers from your bitcoin wallet - and with zero fees. You can acquire bitcoin through an exchange or other method, and then deposit it into your account at Bovada. We recommend buying bitcoin with Coinbase.com. However, you are not allowed to use Coinbase for any gambling. Just use Coinbase to buy or sell Bitcoin. Once you have Bitcoin, you can transfer it to another Bitcoin wallet such as an online wallet like Blockchain.info or a wallet on your smartphone such as BreadWallet. This bitcoin stuff may sound complicated, but it's not - if you do all your bitcoin transactions through Coinbase. But remember, you are not allowed to gamble with Coinbase bitcoin, so just use Coinbase to buy or sell bitcoin.
Coinbase simplifies a lot of things. Typically, your bitcoin wallet is installed locally on your computer or mobile device. With Coinbase, rather than the hassle of installing and maintaining your bitcoin wallet on your desktop or phone, you can manage an online bitcoin wallet through your account at Coinbase.com. This removes the worries of making backups of your bitcoin wallet, getting your computer hacked, losing your mobile device, etc. Your bitcoin wallet is no longer installed locally, but online at Coinbase.
Coinbase also eliminates the hassle of buying and selling bitcoin in an open marketplace. With the Coinbase wallet, you "buy" bitcoin by depositing another currency at Coinbase's current rate. Then that bitcoin is available to you for merchant purchases or transferring to other people. Coinbase allows for bank transfers as well as transfers from major credit cards and debit cards. Your account can be left unverified in order to maintain utmost anonymity. However, an unverified account may have daily transaction limits and transaction delays. Just remember that Coinbase does not allow you to use your account for gambling. So you will need another bitcoin wallet to transfer to. For this, we recommend blockchain.info and BreadWallet.
Making Your Bitcoin Deposit at Bovada
Prior to making a bitcoin deposit at Bovada, you'll need a valid Bovada account. Note that your account doesn't necessarily need to be fully validated in order to make a deposit, but it may need to be for a withdrawal.
Next, you'll need to have a bitcoin wallet connected to your Bovada account. As mentioned above, there are numerous bitcoin wallets to choose from, but we recommend Coinbase with great confidence.
Once you've registered a bitcoin wallet with Bovada, making a bitcoin deposit is a lot like making a deposit with your Visa or MasterCard. While logged in, go to the Deposit page on the Bovada website. Select bitcoin from the deposit method dropdown. Enter the deposit amount, and click to continue. Bovada will show you the exchange rate and provide you with an appropriate Bovada Bitcoin address. Copy the Bovada bitcoin address. If you're using a PC or similar device, click the Launch Bitcoin Wallet button. Coinbase.com and other wallets will request a transaction address. Simply copy-paste the Bovada Bitcoin address provided, and click submit. On a mobile device, you can simply scan the provided QR code.
Return to the Bovada website, and click the button labeled "I've Completed My Deposit." If you entered all information correctly, the transaction should process momentarily, and your Bovada account should now be funded!
Depositing funds into your Bovada account with bitcoin still qualifies you to receive all the Bovada welcome bonuses - which adds up to $4,750! You can receive a 100% deposit bonus of up to $3,000 from the Bovada Casino, then a 100% deposit bonus from Bovada Poker for another $1,000, and then a 50% deposit bonus for up to a $250 sports bonus!