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Bitcoin FAQs

Bitcoin is unchartered territory for some; most avoid it in fear of it's complexity, when in reality - it is fairly straightforward when you get down to it. It's natural to have questions or concerns when it involves transferring hard-earned real money into a new type of currency that lives on the internet. We answered a few common questions that we see every day, and hope it helps you with your Bitcoin experience:

In his original white paper describing the inception and development of Bitcoin, the cryptocurrency’s composite inventor Satoshi Nakamoto explicitly outlines his objective as the creation of an online payment system which requires no third party involvement whatsoever.

In fact, the very first line of that touchstone paper – entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” – states the following in no uncertain terms:

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

The type of online payments envisioned by Nakamoto in this passage is left unspecified for a reason, as it really covers any transaction over the internet that buyers wish to conduct independently. This includes deposits to online betting platforms – like sportsbooks, casinos, and poker rooms – which may be impeded, rejected, or otherwise interfered with by fiat currency financial institutions.

Whether you’re an experienced online bettor who knows that Bitcoin is the next major industry innovation, or a beginner who just likes the lack of deposit fees, you probably have plenty of questions to be answered before getting started.

With that in mind, we’ve compiled a few of the most frequently asked questions about using Bitcoin for online betting sites, along with easy to understand answers:

Why Would I Make a Bitcoin Deposit When My Debit or Credit Card Usually Works?

The key word in that common query is “usually,” because even the most well established online betting platforms occasionally have issues with player deposits.

The problem isn’t even the websites, but rather the bank or lending institution backing your debit or credit card. Even though online gaming is on a major rebound in terms of regulation and legalization on the statewide level, many banks still block or hold transactions they believe to be funding an online betting account.

The overwhelming majority of online betting enthusiasts living in the United States have had deposits rejected or investigated over the last few years. For some, the problem is a regular occurrence, one which can interfere with their hobby or profession.

That problem has been solved though, as the development of effective cryptocurrency systems like Bitcoin ensures that no “trusted third party” – or a transaction facilitator like a bank or PayPal – is needed to fund an online betting account.

Then Who Facilitates My Online Betting Bitcoin Transaction?

You do of course.

The core construct of Bitcoin transactions is based on the blockchain ledger system, so depositing to an online betting site requires no third-party payment system to move your money.

Instead, you simply obtain the wallet address for your favorite site, which will be easily found on the Deposit - Bitcoin page. Depending on your wallet of choice, you may also scan a QR code using your smartphone camera to obtain the payee address. From there, the transaction works like any other privately conducted Bitcoin transaction, as you’ll open your own wallet, input the betting platform’s address, and select a deposit amount.

At that point, the transaction will be validated using the usual miner-based solving process, your transaction block will be added to the blockchain, and your funds will be available for use.

But Bitcoin Purchases Have Long Wait Times, Right?

Not really, although they may not always be instantaneous.

Due to the strict requirements of the blockchain validation and addition system described above – which involves high-powered supercomputers conducting billions of calculations per second to solve intricately encoded equations – the usual wait time for a transaction block to be verified and added to the blockchain is 15 minutes.

Thankfully, that process can be accelerated by increasing the payment fee issued to the miner which is attached to your Bitcoin deposit. Transaction blocks which offer higher fees attract miners willing to validate the transaction much more quickly, so the wait time can be less than a minute in most cases.

But even if you are forced to tap your fingers for a few minutes waiting for your transaction to be validated, it still beats losing entire sessions because your bank rejected the deposit outright. With a Bitcoin deposit, a little time spent waiting also ensures that the deposit will be completed every time out.

Wait a Minute, What’s This About Fees?

Not to worry, the fees mentioned above aren’t the traditional transaction fees you’re used to paying for the “privilege” of using a debit or credit card.

Instead, the word fee in this case simply refers to an additional sum tacked on to Bitcoin purchases at the sender’s discretion. These fees provide miners with the incentive to validate transaction blocks and add them to the blockchain, and in fact, the entire cryptocurrency model depends on senders including fractional fees (usually 0.0001 BTC, or $0.04 for most transactions) to incentivize Bitcoin mining.

The best part is, the sender here is the online betting platform – not you. So depending on the site you frequent, they’ll include a nominal fee to help spur the blockchain building process along, while your initial deposit incurs no fees at all.

For the online betting operators, these fees of $0.04 pale in comparison to the rates charged by credit card processors, so they’re happy to offer Bitcoin deposits over the old methods.

And for you, the bettor, nearly every major online betting shop out there offers completely free Bitcoin deposits with zero fees whatsoever. This is true for both deposits and withdrawals.

No Fees Works for Me, But Can I Still Claim Cool Deposit Bonuses?

Most definitely, and as you’ll discover, the deposit bonuses attached to Bitcoin deposits are typically sweeter than the fiat currency alternatives. Online betting platforms are saving considerable sums by accepting Bitcoin transactions, because they don’t have to pay any middlemen in the form of a bank or payment processor.

So they have plenty of incentive to aggressively market the relatively new addition of Bitcoin functionality. It’s not just a new way for sites to transfer money to and from players, it’s a cheaper way. Online betting companies have every reason to convert regular depositors to Bitcoin, and offering generous bonuses is a tried and true method of motivating consumers.

If you’re reading this page, you’ve probably already noticed that the major online betting brands have rolled out full-fledged marketing campaigns to advertise Bitcoin deposit as a safe, secure, and reliable option. Those selling points are all true of course, but the average consumer needs something tangible to consider changing their purchasing habits.

That’s where the bigger bonuses come in, giving rookies and regulars alike an added reward for making a Bitcoin deposit rather than their usual funding method.

So Where Can I Get Started?

Like we said, almost every established online betting site out there has jumped aboard the Bitcoin bandwagon, so you won’t lack for options by any means.

Check out our page on betting sites that accept Bitcoin, where you’ll find a full rundown of the most reputable and respected companies now offering Bitcoin as a regular transaction method.