Bitcoin for Beginners

Below are step-by-step guides for using some of the most popular wallets*

• + Coinmama
• + CEX.io
• + Binance
• + Edge App
• + Paybis

*Instructions for more exchanges coming soon!

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 real money funds 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 real money.

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! 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 visit the Cryptocurrency Exchanges page to find the best option for you.

*For faster deposits, we recommend using a credit or debit 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 offered for making your 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 here: Cryptocurrency Exchanges. Once your wallet is created and verified, you can go to the Cashier -> Withdraw -> Bitcoin to request a withdrawal.

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.

Depending on the service you use, it varies from 1% to 3%. When using Bitcoin ATMs this could be 5% or higher.

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.

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.

STEP 1 - Choose a wallet. To send Bitcoin, you first need to buy Bitcoin. This is done through what is called a Bitcoin exchange, or a wallet. There are several wallets available. To find the one that best works for you, please check the Cryptocurrency Exchange guide near the top of this page.

STEP 2 - Buy Bitcoin. All wallets aren’t identical, but the overall concept is the same – use your credit/debit card or bank account to buy Bitcoin on an exchange wallet site. The amount of Bitcoin you receive is based on the current market exchange rate. You can also convert the Bitcoin back into cash at any time.

STEP 3 - Send Bitcoin. Once you decide how much Bitcoin you want to send, visit the BookMaker Cashier and go to Deposit → Bitcoin to get a unique Bitcoin address. This is a randomly generated code used to determine where the funds are sent. Take this address back to your online exchange wallet and finish the transaction from there.

Once you have sent the Bitcoin, it typically takes only 10-30 minutes for the funds to be credited into your BookMaker account.

A Bitcoin address determines where the funds are being sent. Every single Bitcoin transaction you make uses a unique address. These addresses make Bitcoin more secure than using your bank account. While a bank account number is fixed, you never use the same Bitcoin address twice, so there is far less chance information could be compromised.

We strongly recommend copying and pasting Bitcoin addresses. 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 in those cases the funds will 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!

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

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

• • 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.

• • Always keep your passwords private and stored in a safe place
• • Always use two-factor authentication in addition to your password
• • Always cut-and-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 it unless the other party agrees to send it back to you.

Just like cash and credit cards, you should take certain precautions to ensure that your Bitcoin wallet is safe and secure. It is your responsibility to adopt best practices in order to protect your money. Here are a few advanced security guidelines:

• 1. Only keep a small working balance in your Bitcoin wallet. Limit your exposure to potential theft by keeping your Bitcoin wallet balance low. To limit your exposure to potential muggings, you wouldn’t walk around the streets with thousands of dollars in cash in your pocket. So just like an actual wallet, only keep a working amount of money in your Bitcoin wallet.
• 2. Regularly back-up the hard drive that contains your Bitcoin information. If your computer or hard drive fails, you can lose your Bitcoin forever! By making regular back-ups of your data, you always have another way to access your Bitcoin.
• 3. Always keep a back-up of the secret key to your Bitcoin wallet. When all else fails, your secret key allows you to access your Bitcoin wallet. Be sure to store your secret key where only you can access it. You can even create a QR code (which is like a fancy laser bar code) to help you retrieve your secret key if your device is lost or stolen.
• 4. Create a back-up plan for your loved ones in the event that you are suddenly incapacitated. Your Bitcoin can be lost forever if your loved ones don’t know where to find the locations and the passwords of your Bitcoin wallets. It’s a best practice to have a way for your loved ones to recover your funds in case you’re unable to do it yourself.
• 5. Create an offline (cold storage) wallet for your Bitcoin. An offline wallet (known as cold storage) provides the highest level of security for your Bitcoin. You can either store your Bitcoin on a device that never connects to the internet, or you can print out your Bitcoin and store them in a fire safe or bank safe deposit box.

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.