Cryptocurrency vs Real Money at Online Casinos

Cryptocurrency vs Real Money at Online Casinos

With the term “cryptocurrency” now entering the mainstream, it’s important to develop a solid understanding of what a cryptocurrency is and how it functions. Instead of using physical money, crypto transactions exist solely in the digital realm. With Bovada now accepting deposits from a number of digital currencies such as Bitcoin, Litecoin and Bitcoin SV, we’ll walk you through the basics of crypto and help you get setup to take advantage of Bovada bonus codes and other special promotions.

What is Cryptocurrency?

The simplest definition for a cryptocurrency is that it’s a form of digital money, but there’s far more to it than that. One of the most important aspects of a cryptocurrency is that they’re not controlled by any central authority like a bank or government, but instead utilizes blockchain technology to create a decentralized network.

A blockchain is a type of database that stores large amounts of information in chronological order. All of the data is encrypted with cryptography to ensure data privacy, hence the term “cryptocurrency”. As mentioned, the data on a blockchain network is decentralized, meaning it’s not controlled by a central authority like FIAT currencies. The information is shared publicly among all users in the blockchain network, providing full transparency for everyone involved.

With no need for approval from a government or financial institution, blockchain transactions provide users with far more autonomy when compared with traditional payment methods. Using a peer-to-peer network, cryptocurrencies can be sent directly between two parties.  These transfers can be completed with some minor processing fees, yet are far less than most traditional financial institutions would charge.

In regards to security, cryptocurrencies offer exceptional reliability; the information from every single transaction is stored into blocks and time-stamped for the entire network to view. In addition, every transaction involving cryptocurrency requires a two-factor authentication process. A two-factor authentication means that in addition to entering your username and password, you would also need to enter a unique authentication code sent to you via email or SMS text message.

Depositing with Bitcoin at Bovada is quick and easy. The entire process can be done by completing the following five steps:

  1. Setup or open a Digital Wallet. A digital wallet or e-wallet is where you can hold all your cryptocurrencies and easily deposit directly to Bovada.
  2. Setup or open your Exchange Account. There are a ton of Exchange platforms available on the web, so be sure to do some research before choosing the one that’s right for you. Check out CryptoVantage for some recommended exchanges.
  3. Purchase a cryptocurrency using your newly created Exchange Account. If you prefer, you can link your debit card directly with your exchange.
  4. Transfer the cryptocurrency to your Digital Wallet in three easy steps:
    1. Select ‘Withdraw’ or ‘Send’ inside your Exchange Account
    2. Paste or scan your cryptocurrency’s Digital Wallet address into the box provided
  • Press ‘Receive’ in your Digital Wallet

(Before making a new deposit using a cryptocurrency, make sure to generate a new wallet address prior to completing your deposit.)

  1. All that’s left to do now is complete the transfer to your Bovada account. This Bovada Bitcoin Transfer guide will show you exactly how it’s done.

Cryptocurrencies have become an extremely popular investment tool over recent years, but there are a number of things you can do with a digital currency. As a digital payment method, crypto is becoming more widely accepted throughout the world with each passing day. There are more and more big companies accepting payment in crypto, including Microsoft, Home Depot, Starbucks and of course, Bovada. While the dollar may not be going anywhere anytime soon, the popularity of cryptocurrency is clearly on the rise.

Cryptocurrency that Bovada Accepts       

With Bovada accepting cryptocurrencies, there’s never been a better time to set up an account and get in on the action. It doesn’t matter if you prefer betting on sports, poker or casino games because Bovada has it all! If you plan on making a crypto deposit anytime soon, you should know that Bovada currently accepts three different cryptocurrencies: Bitcoin, Litecoin and Bitcoin SV. In order to find out which option is best for you, let’s take a closer look at each of these cryptocurrencies accepted at Bovada.

  • Bitcoin (BTC)

Initially launched way back in 2009 by Satoshi Nakamoto. This name is an alias and the true founder of this revolutionary currency remains a mystery to this day. The stated goal of the digital currency is to secure payments with a peer-to-peer network that eliminates the need to involve a third party like a bank or government. The crypto’s popularity has grown immensely as the value of the coin has skyrocketed in recent years. BTC has a market cap of over USD $700 billion, which puts it at the top of the crypto market. Its circulating supply is at just under 17 million, while the maximum supply of coins is capped at 21 million. As mentioned above, BTC is accepted by a number of companies throughout the world and offers a number of benefits to users. The digital currency is consistently making headlines as it continues to impact the way people think money should work. Depositing with BTC is a great option for all players and comes with tons of bonus codes and special promotions

  • Litecoin (LTC)

Founded by computer scientist and former Google employee Charlie Lee in 2011. Lee based the blockchain technology for Litecoin off the BTC network and released the alternative coin to the public after minting just 150 coins Litecoin was originally designed to be used for smaller transactions; according to Lee, Litecoin was created to be “the silver to Bitcoin’s gold”. The market cap for Litecoin is only around USD $13 billion, but the alt coin has a circulating supply of approximately 58 million and a massive maximum supply of 84 million coins. From a technological standpoint, Litecoin offers much faster transaction speeds compared to most cryptocurrencies, completing up to 56 transactions per second (compared to a maximum of just 7 with BTC).

  • Bitcoin SV (BSV)

A result of the hard fork of Bitcoin Cash that took place in 2018, BSV (which stands for Bitcoin Satoshi Vision) was created for improved scalability and to go back to the original BTC design outlined in Satoshi Nakamoto’s original white paper. BSV was founded by prominent developer Craig Wright and currently has a modest market cap of just under USD $4 billion. It has a circulating supply just under 19 million and a maximum supply of 21 million coins. Among several key differences, BSV can scale much easier as the block size of this cryptocurrency stands at a massive 128MB. It also offers lower transaction costs, which many believe will be the key to popularizing the digital currency.

Bitcoin vs Real Money

While cryptocurrencies like Bitcoin are relatively new compared to traditional FIAT currencies, they offer a number of distinct advantages. Bitcoin is especially helpful at Bovada as there are a number of special promotions and bonus codes available when you deposit with the digital currency. It’s important to develop a solid understanding of all the advantages that come with using crypto at Bovada, so we’ve put together a summary of all the key benefits.

  • Bovada Bonus Codes

One of the best parts about using Bitcoin are Bovada’s deposit bonus codes and special promotions. Bovada actually rewards you for playing with Bitcoin, giving you more incentive to make your deposits with the digital currency. Bovada bonus codes offers a $750 Bitcoin Sports Bonus Code for new members depositing for the first time, and the bonus is 25% more than the standard Sports Welcome Bonus for players who deposit with cash. For players who prefer betting at the casino, there’s also a $3,750 Bitcoin Casino Bonus Code for new members making their first deposit.

  • Faster Deposits

Whether you’re betting on sports or hitting up the casino, nobody enjoys having to wait for their deposits to be to their account balance. When depositing with crypto at Bovada, your funds are exchanged into US Dollars and available to play with almost immediately. It should only take 60 seconds for the funds to be transferred over, meaning you can place your bets in no time! Even in the rare instance where the payment network is experiencing some congestion, your funds will still be available in no more than 15 minutes. If you’ve ever been in a hurry to load funds onto your account before kickoff, you can understand how important speed can be when making a deposit. With such an efficient deposit process, Bitcoin is the fastest way to load money on your Bovada account.

  • Easy Withdrawals

There’s no better feeling then winning a big bet, except perhaps the moment when you get to withdraw all your winnings. With Bovada Bitcoin withdrawal, you can cash out faster than ever before and you’ll never have to wait for payday again! It takes only 15 minutes from the time your funds are processed and deducted from your account, giving you access to your funds in the blink of an eye. This is far quicker than the check by courier method, which can take 10-15 business days to arrive. Bitcoin withdrawals are a great option for both casino and sportsbook players and will allow you to get your money back quickly and easily.

  • Less Fees

At Bovada, we understand that you work hard for your money and don’t want to see a chunk of it wasted on fees. One of the biggest advantages of using crypto for your Bovada deposits is that we do not charge any fees when you load your account using Bitcoin or Bitcoin Cash. This is a huge advantage to players, giving them more money to bet on sports or hit the casino. The only fees you’ll need to pay when depositing with either of these cryptocurrencies is the network (miner) fee, and possible a fee when transferring funds from an exchange platform, but these fees are far less than what you would pay when depositing with a credit card.

  • Better Security

Part of the reason that cryptocurrencies such as Bitcoin have grown so popular is that they offer unmatched privacy and security. The Bitcoin network has never been hacked and the networks ledger system doesn’t track any personal information, only the cryptocurrency addresses from each sender and receiver. By making your deposits at Bovada using crypto, you can maintain a higher level of privacy and be sure your money is always safe and secure.

  • 100% Guaranteed

Reliability is important whenever depositing money online. At Bovada, Bitcoin deposits have a 100% success rate, meaning we guarantee that the funds will be loaded onto your account balance every time. While certain credit card companies may restrict some online transactions and force you to shuffle through multiple cards to find one that works, this will never be a concern when depositing with Bitcoin.

Why you Should Choose Bitcoin at Bovada?

At this point it should be getting pretty clear; Bitcoin is the best choice when it comes to playing at Bovada. The digital currency offers players complete anonymity, increased security and less fees. It also provides faster deposits and easy withdrawals for all players. As if all that weren’t enough, Bovada sweetens the pot with their special Bitcoin Bonus Codes. These promotions help put a bit of extra money in your pocket and gives you a better chance of cashing in. For more information on the Bitcoin Bonus Codes, go to https://www.bovada.lv/bitcoin-promotion.

With so many reason to play with Bitcoin, it’s easy to see why cryptocurrencies have grown so popular in recent years. Bovada is ahead of the curve compared with most online sportsbooks and casinos, recognizing how convenient these digital currencies can be for players. So the next time you go to make a deposit on your Bovada account, choose Bitcoin or any of the other accepted cryptocurrencies and take advantage of all the special benefits that come along with it!