Bitcoin FAQ

Due to its complexity, Bitcoin is unfamiliar to many people, but it is quickly rising to the top of the list of resources for online gamblers, sports bettors, and poker players.

When you get right down to it, though, it’s actually rather simple: Bitcoin is a digital money that facilitates internet transactions. While it’s normal to have doubts or worries when converting hard-earned cash into Bitcoin, the acceptance of cryptocurrencies is growing every day. We hope that our answers to a few common queries will improve your Bitcoin experience.

Why Bitcoin Instead Of Debit Or Credit?

The important word in that frequently asked question is “usually,” since player deposits can occasionally cause problems for even the most reputable online bookmakers.

The bank or lending organization that issues your debit or credit card is the real issue, not the websites themselves. Many banks continue to restrict or hold transactions that they suspect are supporting an online betting account, despite the fact that online gaming regulation and legalization are seeing a significant upturn at the state level.

Over the past few years, deposits for the vast majority of American internet bettors have been denied or the subject of inquiries. Some people have this issue frequently, to the point where it gets in the way of their interests or careers.

Even worse, credit card bans or rejections appear to be happening increasingly frequently over time.

Thankfully, Bitcoin is a blessing for online gamers as it eliminates the need for a third-party transaction facilitator like a bank or PayPal.

Who Facilitates My Bitcoin Transaction?

Of course you do.

Since the blockchain ledger system is the foundation of Bitcoin transactions, depositing money to an online bookmaker doesn’t require the use of a third-party payment processor.

Instead, all you need to do is get your preferred website’s deposit address, which can be located on the Deposit – Bitcoin page. You can also use the camera on your smartphone to scan a QR code to get the deposit address, depending on which wallet you choose. Proceed with the transaction by opening your own wallet, entering the address you got from the betting site, and choosing how much to deposit. It then proceeds as any other privately handled Bitcoin transaction would.

The transaction will then be included in a block and verified by the Bitcoin blockchain. Your money will be usable once that block is put to the network.

Are There Long Wait Times?

Not really, even though they might not happen right away.

The typical wait time for a transaction block to be validated and added to the blockchain is ten minutes because of the stringent requirements of the blockchain validation and additional system mentioned above. This system entails powerful supercomputers performing billions of calculations per second to solve complexly encoded equations.

Even so, it’s still faster than other options if you must wait for your transaction to be validated. Waiting for a little while also guarantees that a Bitcoin deposit will be processed.

What About Fees?

Fear not—the costs shown above are not the standard transaction fees you are accustomed to paying for the “privilege” of using a credit or debit card.

In this instance, the term “fee” merely refers to an extra amount that is added to Bitcoin purchases at the sender’s option. Miners are encouraged to validate transactions and add them to the blockchain by these fees. In fact, senders’ inclusion of fractional fees (often 0.0001 BTC) is essential to the cryptocurrency paradigm as a whole because it encourages Bitcoin mining.

For the bettor, almost all of the big online bookmakers provide entirely free Bitcoin deposits with no additional costs. This holds true for both withdrawals and deposits. But keep in mind that when you deposit Bitcoin at the betting shop, you still have to pay a charge to the Bitcoin network.

Do I Still Get Deposit Bonuses?

Indeed, and as you’ll find, there are appealing and lucrative deposit bonuses linked to Bitcoin deposits. By taking Bitcoin transactions, online betting firms are able to save a significant amount of money because they are not required to pay middlemen like banks or payment processors.

They have every reason to promote this relatively recent addition to the Bitcoin capability. Online bookmakers have every incentive to convert their loyal depositors to Bitcoin, and rewarding customers with large incentives is a tried-and-true strategy for increasing sales.

If you’re on this page, you’ve undoubtedly already seen that the biggest names in online gambling have launched extensive marketing campaigns to promote Bitcoin deposits as a dependable, safe, and secure choice. All of those selling points are valid, of course, but the typical consumer needs something concrete to think about altering their shopping preferences. Here’s where the large bonuses come in, providing an extra incentive for both newcomers and seasoned users to switch to Bitcoin.

Where Can I Get Started?

As previously mentioned, practically all reputable online bookmakers have embraced Bitcoin, so you won’t be short of options at all.

Visit our page on betting sites that accept Bitcoin for a comprehensive list of the most respectable and legitimate businesses that now accept Bitcoin as a regular form of payment.

Can I Buy Bitcoin With My Credit Card?

Yes, albeit different countries have different ways to make purchases.

Using a credit card is one of the most popular ways, but the maximum amount you may spend on a single transaction is usually between $100 and $200. It differs according on the site.

Although the majority of Bitcoins are bought via online exchanges (which we’ll discuss later), in reality, all you’re doing is officially changing a portion of your local cash into Bitcoin.

In some countries, you may even buy Bitcoin in person from ATMs (you will receive a code to transmit Bitcoin to your wallet).

Do I Need To Buy A Whole Bitcoin?

Not at all, and the majority of people don’t. Rather, you only buy a small portion of a Bitcoin.

Theoretically, you could buy one penny of Bitcoin, however most purchases require a minimum sum of $3–$10 due to buying fees.

Since most online casinos have a $20 minimum deposit requirement, you should definitely start with that amount.

How Do I Keep My Bitcoin Secure?

Knowing the technology is the first step to protecting your Bitcoin. You’ve probably heard terrifying tales of individuals losing millions of dollars’ worth of Bitcoin on hard drives, but as long as you follow precautions, you should be alright.

The first step in protecting your Bitcoin is selecting a reliable wallet. Wallets for bitcoins are unique in that they come in a variety of shapes and sizes, from moderately secure to extremely secure. You might not require the most secure wallet if you’re just rapidly making an internet deposit. Below, we’ll discuss the top wallets.

After you have a Bitcoin wallet, you should take all necessary precautions to keep it safe. If your wallet is physical, you must store it in a secure location. If you use an online wallet, avoid checking your balance when using unidentified public WiFi.

Keep in mind that you are your own bank when using Bitcoin. It is comparable to owning a tangible item, such as gold, in several aspects.

How Do I Get Bitcoin?

There are numerous techniques to obtain Bitcoin, with varying approaches being accessible in various nations.

The most often used method for obtaining Bitcoin is to convert cash into cryptocurrency using an online exchange.

The following are the most popular ways to obtain Bitcoin, arranged in order of popularity:

  • Exchange
  • Peer-to-peer platform (basically, Bitcoin classifieds)
  • Purchase from friends
  • Mine it (extremely challenging)

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