Bitcoin for Beginners

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Remember, our Bitcoin team is standing by to assist you with anything you need. Feel free to contact them at 1-855-535-4947 or through Live Chat.

Bitcoin is a form of digital cash, or cryptocurrency. Bitcoin is traded on exchanges the same way US dollars and other currencies are traded on the Forex exchanges around the world. You can buy and sell Bitcoin just like you buy and sell other currencies.

Once you’ve bought Bitcoin it can be used to easily make deposits and payouts at BookMaker.

Bitcoin is completely secure and more reliable than any other deposit/withdrawal method we offer.

Today, over 90% of our customers use Bitcoin for funding their BookMaker accounts and receiving withdrawals, and if they can do it, so can you!

In simple terms, you buy Bitcoin and send it to us. Then, your Bitcoin is converted into real money to fund your BookMaker account. When you request a withdrawal, the process is reversed: we send you Bitcoin which you convert to real money. You can then move those funds into your bank account, or withdraw them as cash from a Bitcoin ATM near you.

It’s that simple!

Bitcoin transactions are not processed through banks. This means there is no entity to delay or block your deposits or payouts from going through. Bitcoin transactions work through a peer to peer network and are authorized within minutes through a series of digital confirmations.

The biggest benefits of using Bitcoin?

• • Quick and convenient
• • We do not charge any fees
• • Fastest payouts with the highest limits we offer
• • No unnecessary delays or possible rejections

When you win at BookMaker, you need to be able to get your payouts as soon as possible, and Bitcoin is the best way to get your money out, period. With Bitcoin, you can request payouts more often, and for much higher amounts than any other method.

Bitcoin is a form of digital currency, which can be bought and sold, and used to purchase goods and services around the world. A transaction made using Bitcoin is done peer to peer, meaning the Bitcoin are transferred from sender to receiver directly, without the involvement of any bank or other financial institution. In addition to Bitcoin, there are dozens of other digital currencies available, which collectively are known as cryptocurrencies.

Bitcoin is bought, sold and transferred through different sites known as “Wallets” or “Exchanges”. On these sites you can purchase Bitcoin using your card or bank account. Once you have the Bitcoin, it can be transferred anywhere that accepts Bitcoin, including right here at BookMaker. Each transfer uses a unique address to determine the destination of the funds. As soon as Bitcoin is received at BookMaker, it is instantly converted to fiat currency (e.g. USD, EUR, etc) to be used on the site. The process for withdrawals is simply reversed: BookMaker sends Bitcoin to your wallet, which you then convert back to fiat currency.

The blockchain is a public ledger that tracks all Bitcoin (and other cryptocurrency) transactions in the world. All transactions are posted to the blockchain. For a transaction to be processed, a computational problem must be solved. This is done by specialized computers, known in the crypto world as “miners”. Mining adds security to the network by spreading the power to confirm transactions across multiple miners, making the entire system difficult to attack. The fact that the blockchain is public also adds a level of transparency, contributing to the overall integrity of the network.

An exchange wallet is a small personal database, hosted on a website or downloadable app, and is used for storing, buying, selling, transferring and receiving Bitcoin. There are dozens of these sites out there, and depending on your needs you’ll want to choose the right one for you. Some sites are wallets only, where you can store Bitcoin but not trade it. Other sites are exchanges only, letting you transfer and receive Bitcoin, but not store it. And some sites allow you to both store and trade. For help, just check the Cryptocurrency Exchanges section above.

Bitcoin is digital and decentralized. With Bitcoin you have the liberty to exchange value without intermediaries being involved, which means greater control of your funds and lower fees. It’s faster, cheaper and more secure than any other method offered at BookMaker. And when it comes to withdraws, there is no better option. Bitcoin payments are delivered the same day, have no fees and you can place up to 5 payments a week.

Bitcoin is pseudonymous. Sending and receiving Bitcoins is like writing under a pseudonym. The addresses used to send/receive Bitcoin are in no way directly linked to a person’s identity, however exchange sites can trace these addresses back to a user’s personal identity. This is done mainly for the purpose of anti-money laundering and other security measures. Also, please remember if you wish to remain as anonymous as possible you can send your funds using cash, from a Bitcoin ATM.

The most popular Bitcoin wallet and exchange provider, Coinbase, reportedly has over 13 million users, which would suggest that the total number of Bitcoin users is somewhere between 13 million and 22 million worldwide.

Once you have Bitcoin available in your exchange wallet, you must generate an address from the BookMaker Cashier to send the Bitcoin to. Just head to the Cashier, select ‘Deposit’ → ‘Bitcoin’, enter the amount and hit ‘GET ADDRESS’. The address will be generated and you can copy it using the copy icon to the right of the address. You then go back to the wallet where you have the Bitcoin and select the option for sending the Bitcoin out. (This may be labeled “Send”, “Withdraw”, or something else, depending on the wallet you use). Paste the copied address and send the amount you want to deposit to your BookMaker account. That’s it!

On average, it takes about 10-30 minutes. In some rare cases this may take longer. All deposits must go through the standard approval process on the blockchain before being posted to your BookMaker account.

BookMaker does not charge any fees for depositing with Bitcoin. Your exchange site may charge a fee for buying Bitcoin. Whenever that happens, BookMaker will reimburse those fees on any deposit of $100 or more, just as long as you send a copy of the receipt within 24 hours from when you deposited.

You can check the status on any Bitcoin transaction by going to the blockchain website and entering your deposit’s address: https://www.blockchain.com/explorer. Deposits require 6 confirmations to be approved.

Yes, you can! In fact, we recommend it because purchases with a card are approved in a matter of minutes, while purchases through bank transfer can take several business days to be approved. Depending on the amount that you would like to deposit, you will have several sites to choose from. Not all exchange wallets accept cards as payment, so please check the Cryptocurrency Exchanges section near the top of this page to find the best option for you.

*For faster deposits, we recommend using a debit or credit card that is not attached to a checking account*

Yes. There are currently over 3,000 Bitcoin cash machines (ATMs) worldwide with approximately 2,000 in the USA alone. LibertyX is a company that also offers cash payments with their own ATMs and Cashier stores. With either of these options you can pay directly in cash, in person and have the funds sent in Bitcoin to your BookMaker account.

If there is anything else you’d like to know, but it wasn’t covered in these FAQs, please check the sections below, or contact our dedicated Bitcoin team anytime on Live Chat or at 1 855-535-4947.

Absolutely! In fact, Bitcoin and other cryptocurrencies are the best methods for making payouts. If you haven’t used Bitcoin yet, you will first need to create an account with an exchange wallet. You can find a complete guide to wallets in the ‘Cryptocurrency Exchanges’ section near the top of this page. Once your wallet is created and verified, you can go to the Cashier -> Withdraw -> Bitcoin to request a withdrawal.

In addition to Bitcoin, which is the most popular cryptocurrency on the market, at BookMaker we also offer dozens of different cryptocurrencies to choose from, including Ethereum, Litecoin and Bitcoin Cash. Simply select ‘Crypto Currencies’ in the Cashier when requesting a withdrawal to see all available currencies.

Withdrawals using Bitcoin or other cryptocurrencies are processed quickly. They can take up to 48 hours, but in most cases are ready much faster.

Unlike other methods which only let you withdraw once a week, with Bitcoin you can request up to 5 payouts every week. And you can receive up to $10,000 on every withdrawal.

BookMaker does not charge any fees for getting payed in Bitcoin, but depending on the exchange wallet you use, there may be minor fees for converting funds from Bitcoin to Fiat (US Dollars) currency. These fees vary from 1% to 3%. When using Bitcoin ATMs this could be 5% or higher. At the moment we do not cover those fees as they are coming from the exchanges and not from us.

Banks and E-wallets (such as PayPal) do not accept Bitcoin directly. When you withdraw from BookMaker, you first receive the Bitcoin into your exchange wallet. On the exchange website, you convert the Bitcoin into US Dollars, which you can then move into your bank account or E-Wallet. Your bank will simply see dollars being transferred to your account, they do not see a transfer in Bitcoin or any other cryptocurrency.

A wrong address, or even a small typo on an address, will result in the funds being transferred to the wrong destination. All crypto addresses are unique and should be used one time only. To avoid any errors, it is highly recommended to copy paste the address when entering it in the Cashier. Addresses should never be typed out manually, as this increases the chance of a mistake being made.

Bitcoin Cash is not the same as Bitcoin, and therefore the addresses are not the same either. Please be very careful that the type of cryptocurrency you are requesting through the Cashier is the same cryptocurrency you are providing an address for. If these do not match, the withdrawal will not be successful and it may not be possible to retrieve the funds.

Just like any type of currency, fluctuations in value can occur with Bitcoin. If you make a withdrawal, but leave the Bitcoin in your exchange wallet for too long, it is possible a change in the value of Bitcoin may affect you. (The change could be in your favor, but it also could go against you if the value drops). For this reason, we highly recommend that when you request a withdrawal, you convert your Bitcoin to Fiat currency (US Dollars, Euro, etc.) as soon as possible. This way you can avoid being affected by fluctuations.

At BookMaker, we are not in a position to provide legal advice on these matters. Any such advice should be sought from a professional financial advisor, independent from BookMaker. If you are in the United States, you can also refer to IRS official website in order to get all the answers regarding crypto taxes.

If there is anything else you’d like to know, but it wasn’t covered in these FAQs, please check other sections on this page, or contact our dedicated Bitcoin team anytime on Live Chat or at 1 855-535-4947.

STEP 1 - Choose an Exchange Wallet.

To send Bitcoin, you first need to buy Bitcoin. This is done through what is called a Bitcoin exchange wallet. When registering an account, you’ll need to verify your identity and other personal details. To see a comparison of exchange wallets, check the Cryptocurrency Exchanges section near the top of this page. Step-by-step guides are found in the Exchange Guides section above.

STEP 2 - Buy Bitcoin.

Exchange wallets aren’t identical, but the overall concept is the same – you fund the account with USD or other fiat currency and use this to buy Bitcoin. In your exchange wallet, just look for the ‘Deposit’ section and/or the ‘Buy/Sell’ section. NOTE: It is highly recommended to use debit/credit card to buy your Bitcoin! Purchases made with a card normally take only a few minutes, while using a bank wire/transfer may take anywhere from 1-5 business days.

STEP 3 - Send Bitcoin.

When you’re ready to send Bitcoin to fund your sports account, open the BookMaker Cashier and follow these steps.

1. 1. Go to Deposit
2. 2. Deposit Bitcoin.
3. 3. Enter the Amount.
4. 4. Hit GET ADDRESS
5. 5. Copy this address
6. 6. Take the address back to your exchange wallet.
7. 7. Go to the Withdraw or Send section.
8. 8. Choose the type of cryptocurrency (ex: BTC) and enter the amount.
9. 9. Paste the address into the field provided.

Once you have sent the Bitcoin, it typically takes 10-60 minutes for the funds to be credited to your BookMaker account.

IMPORTANT!

Every Bitcoin transaction uses a unique address. We strongly recommend copying and pasting Bitcoin addresses (use the copy/paste icon in the Cashier). Do not try typing an address by hand. If you make a mistake with the address, it is possible to send the Bitcoin to the wrong receiver and the funds may be lost.

Always go to the BookMaker Cashier to get a new Bitcoin address when sending Bitcoin. Never use the same address more than once!

STEP 1: Get your Bitcoin receiving address

If you’re setting up an exchange wallet for the first time, you’ll need to verify your ID and link your card/bank account. For more details, check the Exchange Guides and Cryptocurrency Exchanges sections on this page.

Make sure to select an exchange which allows withdrawals, since there are some exchanges that do not have this option.

On your exchange wallet, find the ‘Deposit’ section. (Here, you might see a menu with different currencies. You’ll need to choose the type of cryptocurrency you want to receive from BookMaker, for example Bitcoin). Next, generate (or simply locate) your BTC Bitcoin address and copy it.

IMPORTANT! Always use a receiving address for the exact type of cryptocurrency you will be withdrawing from BookMaker. If the address and the currency are different, your withdrawal will be lost.

STEP 2: Request Withdrawal from Bookmaker

1. 1. Log in to your Bookmaker account.
2. 2. Open the Cashier, select the Withdraw tab, and choose Bitcoin.
3. 3. Enter the Amount.
4. 4. Paste the receiving address you generated from your Bitcoin exchange account.
5. 5. Request a Verification code to be sent to your phone number on file.
6. 6. Enter the Verification code.
7. 7. Submit your request.

STEP 3: Convert the Bitcoin to USD and transfer to your bank

Normally, the process for us to approve and send a Bitcoin withdrawal to your exchange account is 2-3 hours, but this could take up to 48 hours.

Once you have the Bitcoin in your exchange wallet, choose the ‘Trade’ or ‘Sell’ option to convert the Bitcoin to USD. It is recommended to do this right away to avoid any loss to fluctuations in the value of Bitcoin.

Finally, use the ‘Withdraw’ option to transfer the USD to your linked Bank Account (takes 1-3 days) or (if available) to a PayPal or other E-Wallet Account (immediate).

For assistance, contact our Crypto Department anytime on Live Chat or at 1 855-535-4947.

When used correctly, Bitcoin is one of the safest and most secure ways to make deposits and withdrawals.

Like any method of online payment, if not used responsibly there can be some risk. But follow a few simple security guidelines and you’ll be able to use Bitcoin without any concerns.

Security Features

• • Transactions are recorded on the “blockchain” (a public, distributed ledger) which makes them more transparent and harder to tamper with.
• • Bitcoin is backed up and encrypted on the blockchain to ensure the security of your money.
• • Since personal information is left out of the transactions, users aren’t as exposed to threats such as identity theft.

Security Advice

• • Always keep your passwords private and stored in a safe place.
• • Always use two-factor authentication in addition to your password.
• • Always copy/paste Bitcoin addresses - don’t type them by hand.
• • Never send Bitcoin to the same BookMaker address more than once.

Be sure to double-check the address where you are sending or receiving your Bitcoin. If you send to the wrong receiver, there’s usually no way to retrieve the funds, unless the other party agrees to send them back to you.

Information on this page is to be used only for educational purposes and for the purpose of funding and withdrawing from your BookMaker.eu account.

BookMaker does not offer, promote, or encourage the purchase, sale, or trade of any security or commodity. Nor does BookMaker promote, facilitate or engage in futures, options contracts or any other form of derivatives trading.

BookMaker, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, nor hold any relevant distinction or title with respect to investing.

BookMaker does not offer legal advice. Any such advice should be sought from a professional financial advisor, independently of visiting BookMaker.