From Fiat Online Casino to Bitcoin Casino as Bovada Adds Bitcoin Payment Method
As the innovative cryptocurrency, Bitcoin has had a large impression on several industries. Many would argue that the impact of the blockchain technology behind it has been even more significant. Online gambling is among the most affected sectors. While some people still feel distrustful of the virtual currency and its accompanying software, it has actually led to several enhancements (ie. Bitcoin Casino)
The major apprehension with conventional online casinos and sportsbook is that data such as; gaming results, winnings and payouts are deliberately hidden or partly hidden from public scrutiny. The integration of Blockchain technology into this industry is expected to resolve these concerns and many other problems that the online gambling community has been facing since the extension of gambling business to the internet. Hence, the foundation of bitcoin casino and bitcoin payment methods from existing online casinos
Online Casinos have in the past been accused of using ruses and scams to steal from customers’ right in front of their eyes. Who has never heard the statement, the house always wins? Proven cases of fraud make online gambling something to keep away from. You see, if a gambler knows that the odds are stack against him/her because of lack of transparency, he/she will keep away. And if gamblers stay away, the casinos or sportsbook will not make money.
The introduction of Blockchain technology and bitcoin casino will boost trust among customers and enable them to bet with confidence since Blockchain smart contracts verify records on a shared ledger that cannot be manipulated therefore increased transparency. Online fraud causes account for significant loses in the gambling industry. A player may decide to be “smart “and defraud the operator when making a deposit or withdrawing money from the casino. Worse still swindlers can hack the casino’s system through the servers’ back door.
Bovada Bitcoin Payment Method
Blockchain technology deciphers this problem by providing secure ways of transactions. Blockchain’s distributed ledger makes it an impossible task to manipulate anything in the system. Your winnings are automatically calculated and sent to you. The other noticeable item that Blockchain has brought on board is the use of cryptocurrency as an alternative payment method. A good example of a gambling site where the use of crypto has been introduced is Bovada.
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 bitcoin deposit at Bovada. Bitcoin is a digital currency that is distributed through peer-to-peer mechanisms. If that seems vague, 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. Bitcoin transactions include a public key and one or more private keys. Only you have your private key and that private key is never transmitted to anyone else’s computer. No one can withdraw money from your account without that private key.
To make a deposit at Bovada, you must 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 and then deposit it into your account at Bovada.
-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.
-There are numerous bitcoin wallets to choose from but Coinbase is highly recommended. 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.
-Once logged in, go to the deposit page on the Bovada website. Then, select bitcoin from the deposit method dropdown.
-Enter the desired amount and click continue. The site will display the exchange rate and provide you with an appropriate Bovada Bitcoin address.
-Copy the address. Click the Launch Bitcoin Wallet button.
-Coinbase.com and other wallets will request a transaction address. Simply copy-paste the Bovada Bitcoin address and click submit.
-Return to the Bovada website and click the button labeled “I’ve Completed My Deposit.” The transaction should process momentarily and your Bovada account should now be funded.
-Keep in mind that depositing funds into your Bovada account with bitcoin still qualifies you to receive all the Bovada welcome bonuses.