Topic: Bovada removing bitcoin as payment option (Read 295 times)

It is true that a lot fewer people are seeing Bitcoin as a usable currency any more and it is becoming simply a traded commodity. I guess if you are a pure speculator then it is better as a commodity like Gold, which is much easier to move around and has a very liquid market of buyers. However volatile assets like Bitcoin can be a bad thing (or a good) for gamblers depending on which way the price moves. The general trend has been up for a long time now, so if you bet money and lose - you lose even more as the price continues to rise after you handed over your crypto to the casino. It'd be better to bet in something like USDT instead that you know has a fairly reliable value that will not fluctuate anywhere near as much.

The owners of a casino can operate it in any way they want, after all it is their property, however since they are operating something which needs the support of the public to succed then it would make sense if they consulted their customers about some important moves before actually doing them, some speculate this has to do with some new regulations but that does not really explain why they kept altcoins while dropping bitcoin support at the same time.

ralle14 cleared things up, check his post(1). Bovada is not removing BTC as a payment method on its platform. they are only removing "mBTC" denomination. depositing in BTC will still be available according to the subreddit thread ralle14 shared on his post.

For me the moral of this story is their connection to Calvin and his connection to Craig Wright is enough for me to say it's time to find a new option to use going forward.  I have to say I've been very happy with Bovada since I started using them several years ago, they've always had very solid customer support etc, but I just can't support the possibility of their ownership, personally.

They should do a poll or a consensus at least even if their decision is final so they know the sentiment or opinion of their players, It's their loss anyway, My country is restricted in that country and I'm not very familiar with this casino, anyway they will soon find out if many players will prefer to play on other casinos because of their decision to do away with Bitcoin, I hope there will be no more casinos who will act like that

They do not give the real reason they stopped accepting bitcoin and members could only follow their new rules if they still want to play there. Even if there is a conflict with the regulator, they will not tell the public about that problem and keep it for themselves. But hopefully, that is just temporary so their members will hear something related to that news and if Bovada can accept bitcoin again, that will make their members happy.

mBTC denomination is only for whales, even uBTC denomination is too expensive for me. I did uBTC bet when the price was $6k-$7k, but now it's just no way!
Therefore, it has no effect as long as users can deposit BTC and play with its fiat value, which is pretty much best practice on crypto casinos.
Anyway, if they really remove BTC as deposit/withdraw method, then it's their loss as we can pick other hundreds of crypto casinos to play.

They probably don't like losing so much bitcoin out of their pockets especially right now that the prices are going high and at the same time the prices are hovering at values that's really significant and has no sign of going down much further than that. I think it's actually a good thing, gamblers won't waste their bitcoin and can hold on to it much longer.

I'm sure that they're doing it for a reason. It's either they're affected by the regulation or having a hard time dealing with high gas fees. Whatever it is, I don't think it would affect Bitcoin negatively but it would rather affect their site especially if they have a huge number of Bitcoin users.

What a stupid move. Why would you remove a method of payment that is efficient, quick, safe and had already implemented in their platform that is what may cost more money at the beginning. They do not seem to have given an explanation which means that there may actually be a fault or a security hole in their implementation and this may then be a forced solution to it. Oddly enough they do accept other cryptos.

This is shocking news most especially to those bovada users. I don't really see any reasons other than regulation or business issues that lead them to remove bitcoin as a payment option. I don't really think it would be because of transaction fees, because if so, then they should also remove ETH, right? Given the high transaction fee ETH has right now, being one of the top coins alongside bitcoin, this is just pure gibberish if it was the reason, but I doubt it. Maybe they have problems with bitcoin regulation? Or maybe they have personal issues they are attending to right now, and one of the possible ways they see to deal with it is to remove bitcoin temporarily.

Let's just hope it's just for the meantime only. Otherwise, users who find conflict in such sudden moves will have no choice but to change a betting site. After all, there are so many platforms to engage with. I must say that the competition amongst the betting sites is strong and close. Hence, gambling sites should always think of all the possible repercussions of their planned action before doing so, because there are customers that would be affected. If they would disregard the welfare of their customers, they might end up losing so much. A notice would surely be much appreciated most especially since this industry is connected with money.

Maybe there's a conflict on the regulatory requirements, you know the regulations change from time to time and I believe Bovada would love to continue accepting bitcoin if there's no problem with their regulators. I'm trying to find the reason online but there's no article stating about it, so we will be left speculating here.

Maybe the removal of bitcoin to its payment options is as  a result of the drop in  bitcoin price which happened recently and also technically speaking is a lose of money on their side, so they could be trying to prevent this.


But from where they are operating from thought cryptocurrencies are no enemy of the law....so i dont think this is the reason.

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But are they scraping off bitcoin entirely or they will still accept deposits & withdrawals in bitcoin but not show balances in mBTC.

have heard of the Bovada gambling site, which operates in the United States and I have never played on the Bovada gambling site, I have a question for the OP.

• Do you have a balance in your Bovada account or have you contacted the admin or the team in charge of the Bovada site about the change in payment options.
• If you have a balance there, have you ever made a withdrawal of your Bitcoin assets into USD.

I see this the second case they do: Bovada Online Casino Shuts Down MatchPay Service
regarding changes to MatchPay and Bitcoin payment options.

Perhaps, the only way you can quickly solve this problem is to contact them, in this case.

Probably due to the legality of the Bitcoin? But that's odd that they still accept other cryptocurrency, I am not a player of Bovada but as long as other cryptocurrency is allowed I think you can easily swap the mBTC you have on your account. Do they have built in exchange on their website?

Hmm odd. I see no need to remove it really and it's not like they're completely removing cryptocurrency as an option right? Cause if so, then I hardly doubt it's a regulation issue since it should touch upon the entire cryptocurrency stuff that they use, and not just Bitcoin. If however, they only accept Bitcoin then I guess the move they did is rather acceptable. Still I don't think it'd be that much damaging, Bitcoin is one of the options for crypto gambling but isn't really the best option, just a rather odd thing i guess.

Seems like a weird move to me as usually BTC is the first and in some cases even the only cryptocurrency that is accepted as a method of payment by many businesses. I also don't think that it is because of some new regulations or some new laws because in that case every cryptocurrency would be affected and not only BTC. My guess would be that the BTC chain is just to slow for them if they need to transfer BTC funds between multiple addresses regularly then it can be annoying if you have to wait hours for your transaction to go through.

I have always believed that anonymity is part of the general life of any person.  For example, people often hide data about their diseases, medical data and no one doubts that this is correct.  There are many reasons why a player wants to remain anonymous and this is perfectly understandable.
In this case, I think this is a requirement of the regulators who made a warning, and the casino is simply forced to do this in order to continue to exist at all, I do not think that this is due to the size of Bitcoin commissions.  
We can only be glad that devs warned users about this disgusting news many days in advance.  
There is time to look for a new casino and withdraw your deposit.

Maybe not?  If we take as a basis and believe in those new circumstances that are stated above

I'm also thinking about this one since mBTC is quiet different if you convert it into BTC so thanks for this clarification.

I just can't see why they will remove BTC as a payment option, are they being investigated by regulatory board? Anyway, there's still a lot of options on their site and BTC is still there, maybe they are just updating the system.

A very strange story ...

Bitcoin is the first and most popular cryptocurrency in the world.  It is very strange to refuse to accept deposits in bitcoins and (at the same time) continue to accept deposits in another cryptocurrency.  What could be the reason for this decision?  

I have no options ...

Bitcoin is not an anonymous cryptocurrency.  Bitcoin is a pseudo-anonymous currency.  There are numerous attempts to analyze Bitcoin transactions by third parties.  Maybe the ban is related to these circumstances?  

Bitcoin also has comparatively high fees compared to other cryptocurrencies.  

However, this is not a very compelling reason to impose a ban.

P.S.

But the presence of Craig Wright in this story explains a lot ...