Bitcoin has been gaining a lot of popularity as a form of payment across the Internet, and to the joy of many Bovada customers, Bitcoin is now a supported payment method at Bovada.
Brief Introduction to Bitcoin
Bitcoin is a digital currency that only exists in electronic form. It is based on a “peer-to-peer” system where people transfer Bitcoins directly between each other without going through any kind of intermediary. Because of this, there is no central bank or institution in charge – which also means there are no costs or transaction fees associated with the currency! This is good for us as you will see shortly.
Where to bitcoins come from? This gets complicated and I’m not sure I even fully understand it, but bitcoins are electronically “mined” by super computers doing work – processing algorithms to support the bitcoin system. But what’s more important to us is that bitcoins can be purchased and sold, and traded for goods and services easily, securely and privately.
Bitcoin is accepted by more than 100,000 merchants, including major online retailers like Overstock.com and financial services like Paypal. And Bovada now accepts Bitcoin as a payment method!
No Transaction Fees
When you use Bitcoin as your deposit method at Bovada, there are NO transaction fees! The biggest complaint about Bovada is the processing fees. Now, you don’t have to pay any.
Compare Bitcoin to other popular deposit methods at Bovada:
Getting Started with a Bitcoin Wallet
Before you can make a deposit into Bovada with bitcoins, you must first have a bitcoin wallet. There are many different bitcoin wallets available for either your desktop computer or mobile device. Typically, you install the bitcoin wallet on your computer or mobile device and then the currency is stored on your device. However, if your computer’s hard drive fails or you lose your phone, you lose your bitcoin wallet and all the money/bitcoins in the wallet… unless you have backups!
So the bitcoins are stored in your bitcoin wallet, and your bitcoin wallet is a piece of software locally installed on your computer or mobile device, so if you use this type of wallet, it is imperative to have good backups.
There is another type of bitcoin wallet that you can use, which is an online wallet such as Coinbase. Coinbase is different than the typical bitcoin wallet because it is an online service where you can open an account and buy and sell bitcoin, and transfer bitcoin to another bitcoin wallet. And the most useful aspect of Coinbase is that you can easily and immediately buy and sell your bitcoins for cash, and easily transfer funds to and from your associated bank account!
The problem with Coinbase is that it DOES NOT ALLOW ANY GAMBLING. So you can buy bitcoin at Coinbase, but you will need to transfer it to another bitcoin wallet, such as Blockchain.info.
Coinbase basically simplifies the complicated processes of buying and selling bitcoin, but when it comes to depositing to Bovada, you should do it from a bitcoin wallet other than Coinbase.
Deposit into Bovada with Bitcoin
Once you have a funded bitcoin wallet, you can select Bitcoin as a payment method when making your deposit at Bovada.
From within the cashier, select the Bitcoin option and enter the amount you would like to deposit. The minimum amount you may deposit is $20 and the maximum is $5,000.
Then on the following screen, you will find Bovada’s Bitcoin Address. This is the bitcoin address you must transfer funds to. Copy this address.
Now, go to your bitcoin wallet and go to the Send/Request screen. Here you will paste the Bovada Bitcoin Address and then enter the same amount you would like to transfer and Send Funds.
Then return back to Bovada and click the I’VE COMPLETED MY DEPOSIT button. After a minute or two, your Bovada account will now be funded!
Withdrawing with Bitcoin
Much like depositing with Bitcoin, you must supply your wallet address to Bovada so they know where to send your funds.
Copy and paste your bitcoin wallet address when processing your withdrawal from Bovada. Your first withdrawal of the month is free of any processing fees. However, as with the other withdrawal methods at Bovada, subsequent withdrawals are subject to a small processing fee.
Welcome Bonuses with Bitcoin
Depositing funds into your Bovada account with Bitcoin STILL qualifies you for all of Bovada’s welcome bonuses. You can receive up to $4,250 in welcome bonuses! Receive a 100% casino bonus of up to $3,000 (read our review of the Bovada Casino bonus here), plus another 100% poker bonus for up to $1,000, plus a 50% sports bonus for another $250 (read our review of the Bovada Sports bonus here).
If you do not yet have an account at Bovada, click here to open your account.