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How to cash out Bitcoin to Fiat: a review of various methods and a manual. How to transfer money out the crypto exchange accounts and wallets by means of exchangers and payment systems

If so, I wouldnt withdraw straight to coinbase.they might ban your account. Withdraw from sportsbook to blockchain, exodus, electrum wallet, then send to coinbase to cash out 09-24-17 04:47 PM #6. Bovada Payout and Account From Bovada. BCH, Allows to Cash either by using Bitcoin I put it off Deposit Information with a and withdrawing multiple times, either by using Bitcoin your funds are processed Review - Is Bovada.lv When it 2. Bovada, 5Dimes, BetOnline and all the traditional online bookies require their players to go through a AML/KYC process when they request a withdrawal for the first time. It doesn't matter if you request a payout via bank wire, check or BTC. When you request a withdrawal, the funds are deducted from your account immediately. All requests are then reviewed, in the order in which they are received and the timeframe depends on the type of request you submit. Once approved, delivery times may vary from one withdrawal method to another. On January 4, 2018, Bovada said: 'The above mentioned withdrawal was returned as beneficiary bank says beneficiary details are incorrect.' 'We’ve credited the funds back to your Bovada account, minus the $50 wire return fee.' On January 5, 2018 I asked Bovada in a chat session what was wrong, and they refused to provide any details.

Cryptocurrency exchanges, cloud services, exchangers, payment systems are all engaged into a huge network, called the Cryptocurrency Universe. Applications and wallets, bank cards, accounts of the digital networks, like WebMoney or Perfect Money, all of them make up a system of depositing, exchanging and withdrawing the money. From this review, you will learn how all market participants interact, how to withdraw Bitcoin from the wallet, and if there are any alternatives to the exchanges and wallets.

How to cash out Bitcoin from the wallet

Cryptocurrencies are getting more and more popular as a trading instrument, and there are appearing more and more mediators in the crypto market. The difficulty in the interaction between all market participants is that there are no common rules and no common standard. Each crypto exchange works only with certain payment systems; each exchanger supports only a certain set of cryptocurrencies. The way of depositing and withdrawing the money can sometimes be so complex that investors lose much money due to the commission fees, to say the least. There is no standard scheme how to withdraw Bitcoin from a wallet or an exchange account, because the rules in the crypto exchanges are changing all the time: new schemes are appearing, the commissions are changing, and so on. I’m going to suggest a general manual how to withdraw Bitcoin to the bank card; you are welcome to enrich and extend it in the comments.

How to withdraw BTC to bank card and convert it into Fiat currencies

It can seem that it is more reasonable to describe the way of depositing money, rather than withdrawing it. Before you cash out your cryptocurrency to Fiat, it should be somehow deposited into your trading account. And so, it is the easiest to withdraw it in the same way as you deposited it. But, in fact, it is not that simple. First, it is far easier to deposit the money than to withdraw it. For example, you can transfer a payment of almost any appointment from your credit card, but you can’t receive it. Second, the cryptocurrency may be added to the wallet as a result of mining. That is, there hasn’t been the account depositing, in fact.

First, I’ll describe a general scheme of the relationships between all crypto market participants. There are two ways of storing your coins:

• Wallets. They are a kind of application, software that is installed on a computer. Cryptocurrency is a kind of code that will be recorded in the application (it is a very simplified outline). There are also online wallets, placed on different services, but you’d better utilize only cold ones, downloaded from the official website of the cryptocurrency developers.
• Accounts on crypto exchanges. An investor is registered and verified on an exchange and tops up the deposit, depending on the options, available on the exchange. For example, you can just transfer Fiat money from your credit card to the banking details, provided by the exchange. Or, you first transfer it to a digital wallet (WebMoney, Perfect Money etc.), and from the wallet, you transfer it to credit card or cash out via a currency exchange store.

How you can withdraw Bitcoins:

• Transfer it from exchange to wallet;
• Transfer it from exchange or wallet to credit card via exchanger;
• Transfer it to card through the exchange;
• Transfer it from the exchange or a cold wallet to an account in digital payment systems.

How to transfer Bitcoins to Blockchain Bitcoin Wallet

Blockchain (Bitcoin Wallet) is a Bitcoin wallet, proved by time, that allows storing Bitcoins outside the exchange, on your desktop or a mobile gadget. The first step is creating the wallet:

• go to the official website of the wallet, blockchain.com;
• select the operating system, you are going to install application to;
• click “Create new Blockchain wallet”, enter your email address and the password.

You now have the wallet. I’ll describe how to transfer your Bitcoins to the Blockchain wallet on the Exmo example:

• Convert all the cryptocurrencies, you hold on the exchange, into Bitcoins
• In the section “Wallet”, by BTC, click “Withdraw”, fill in all the forms, entering your wallet address.

Exmo and other exchanges also provide withdrawing the money to digital wallets or directly to a cash card. For example, before you transfer Bitcoins to the bank card, you need to exchange them into U.S. dollars or the currency you need; next, you choose the withdraw method, Visa/MasterCard, and enter the card information. After the transaction has been formed, you’ll receive the confirmation email. The money will be transferred to your card in the period from a few hours to three days since the confirmation.

How to transfer Bitcoins from the Blockchain wallet (Bitcoin Wallet) to the card via exchanger

You can cash out cryptocurrency from the cold wallet with any e-currency exchanger; there are a few hundreds of them. That matter is how to avoid scammers and reduce commission costs. I suggest you use the monitoring website bestchange.com. It provides a list of reliable exchangers with the comments by real investors.

How you withdraw BTC to the card:

• On the left panel, you select a cryptocurrency to withdraw and a particular direction: Visa/MasterCard, QIWI, etc. On the left panel, there will be the list of exchangers that support the transaction.
• On the exchanger website, you check the reserve available (if you exchange BTC fro another cryptocurrency) and study the FAQ section.
• You select the exchanger, based on the following parameters: commission fees and exchange rates, official ranking of the exchanger wallet (BL - for WebMoney, TS - for Perfect Money), the mode of exchange (manual, semi-automatic, automatic), and go the website of the exchanger.
• You must register on the site. Next, you enter the account number or the card number, the money is to be transferred to.

The transaction speed is different. A fast or instant transaction is considered to be within 10-15 minutes; but it may take a few days. By the way, this monitoring provides withdrawing money through exchangers directly from EXMO, avoiding wallets.

How to transfer Bitcoin to a cash card, Visa, MasterCard, and digital wallets

The most common E-wallets are: WebMoney, Qiwi, Perfect Money. You transfer cryptocurrency to e-wallets in the same way as to cold wallets or cards. The differences are whether you need verification at the moment of withdrawing or not, the commission amount and whether an exchange (or exchanger) provides it. The same is with cash cards. On the website of an exchange or exchanger, you select the corresponding option and enter the banking information.

Conclusion. All these methods are quite easy. When you have just learnt about the schemes of the money transfers, you may be confused; but exchanges, exchangers and wallets provide a clear interface, simple, intuitive navigation and instructions for converting. And the general scheme of cryptocurrency withdrawing has been described in the article. But there are still some difficulties, you will sort out after some practice:

1. The more mediators are in the network the higher the risk is to lose your money:

• Before you transfer the cryptocurrency from the Bitcoin wallet, find out, whether it is available in the payment system itself. For example, PayPal often blocks any transactions in cryptocurrencies. At best, the payment won’t be transferred to the card; at worst, the entire account will be blocked.
• Check the reliability of the exchangers, you work with. Scammers often pretend to be exchange services. Investors transfer the money, but they don’t get Fiat for various reasons. It can be the topic of a separate article, how to choose the right exchanger.
• Remember, that crypto exchanges’ accounts can be hacked, or there can be a network failure. And there is nobody to address; there are no courts, regulators or ombudspeople in the cryptocurrency world.

2. The more there are mediators, the more commission fees are. Wallets, exchanges and exchangers work with a certain number of partners. For example, to transfer the money to the card, you may need a chain, like “Exchange- Exchanger A - Exchanger B”. There is often a problem of not how to withdraw Bitcoins from a wallet, but how to do it with minimum risks and costs.

A far more convenient alternative is trading cryptocurrencies in Forex. Brokers usually provide over 12-15 methods to withdraw the money without any side intermediates. Even though, brokers don’t provide withdrawing real cryptocurrency to the wallet, this option is still more reliable and less costly, in terms of commission fees. I suggest you study it in more detail, reading the terms for trading major cryptocurrency pairs on LiteForex website. Crypto exchanges, wallets or Forex: what would you chose for investment?

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Contents

• Which Bitcoin Wallet Should I Use?
• How to Make a Bitcoin Deposit
• Bitcoin Transaction Limits
• No Transaction Fees

Bitcoin is often called the currency of the Internet, and this form of money is now gaining widespread acceptance among online casinos. Bovada is the latest casino to add bitcoin as an option for both deposits and withdrawals.

Considering that Bovada is the largest casino and bookmaker online that welcomes players from the United States, this change is a significant move forward for many players.

Once you make a deposit into your Bovada account with Bitcoin, you may use that deposit at all of Bovada’s services, including the Bovada Sportsbook, Racebook, Poker Room, Casino, mobile versions, etc.

Read our complete Bovada review here.

What Bitcoin Is

Bitcoin is essentially electronic money, and it’s an alternative to state-controlled currencies like the U.S. dollar and British pound. In more technical language, bitcoin is a peer-to-peer or P2P digital currency. Bitcoin is entirely created and held electronically. It isn’t controlled by any one institution, and you can transfer your bitcoin to people as well as merchants, such a Bovada.

A common and understandable concern among people new to bitcoin is whether or not it’s secure. Bitcoin has a strong record of privacy and security, and this is evident in some degree due to its acceptance by major financial institutions and retailers. What makes bitcoin secure is that it uses a two-key system. One key is public, but the other is known only to you.

Why Bovada Now Accepts Bitcoin

Bitcoin is gaining widespread acceptance throughout the world, so the currency makes sense for any company that caters to online consumers.

For Bovada specifically, it makes sense because it’s a currency gaining acceptance among online players at an even faster rate than the general populace. It has particular appeal for U.S. gamblers due to the restrictive online gambling laws in the USA.

Most importantly, since Bitcoin is a digital currency with no central institution, there are no fees or obstacles involved with using the currency. For us players, this is huge because those saving are passed down to us! There are no transaction or deposit fees when using Bitcoin. Bovada charges a fee when depositing via credit card, but zero fees when using Bitcoin!

Which Bitcoin Wallet Should I Use?

You’ll need a bitcoin wallet. If you don’t already have one, you’ll need to create an account. There are numerous bitcoin wallets and services you can choose from.

First off, you will have to buy Bitcoin. For that, we like using Coinbase. Coinbase makes buying and selling Bitcoins simple and straightforward.

However, Coinbase does not allow any gambling transactions. So you cannot use Coinbase as your Bitcoin wallet for transactions with Bovada.

For that, we recommend having an account at Blockchain.info.

Coinbase has over 3.7 million customers, supports 32 countries, and has exchanged over $3.2 Billion in Bitcoin. Blockchain has over 11 million wallets with customers in over 120 countries.

How to Make a Bitcoin Deposit

Once you have a bitcoin wallet, add the wallet address to your Bovada account, and then bitcoin will be a deposit option.

In the Bovada cashier, select Bitcoin as the deposit method and then enter the amount.

The next screen will show you the Bovada Bitcoin address to send your money to. This Bitcoin address is unique to Bovada. Copy the Bovada Bitcoin address and then launch your personal Bitcoin wallet.

Paste the Bovada Bitcoin address into your wallet and enter the amount to send to Bovada.

This step can be done via your desktop or your mobile device depending on what Bitcoin app you may have on your mobile. There is a QR code you may scan with your mobile app to process the Bitcoin deposit.

In your Bitcoin wallet, paste the Bovada Bitcoin Address in the Recipient field, enter the amount to send, and send funds.

How to Make a Bitcoin Withdrawal

As above, you need to have a bitcoin wallet associated with your Bovada account. With that requirement met, bitcoin will simply be one of your withdrawal options. When you select it, Bovada will give you the withdrawal amount by sending it your bitcoin wallet.

You will have to provide the Bitcoin wallet address to Bovada so Bovada knows where to send your funds to. Copy your Bitcoin wallet address and paste it when making your withdrawal.

Bitcoin Transaction Limits

Bitcoin transactions may have limits from the wallet provider. Your bitcoin wallet can be either unverified or verified.

Unverified accounts are typically very limited to small transactions, such as $100 per week. Verified accounts, on the other hand, can withdraw as much as $50,000 a day.

With regards to deposits, Bovada has a minimum deposit amount of $20 and maximum deposit amount of $5k.

Bovada does not limit bitcoin withdrawals. As long as you’ve successfully made a bitcoin deposit, you can make a full withdrawal via bitcoin.

No Transaction Fees

Bovada does not charge any fees for bitcoin deposits. Bovada also does not charge fees for bitcoin withdrawals specifically.

However, Bovada does charge a $50 transaction fee for the second and any subsequent withdrawals in a given month. Additionally, if a bitcoin transaction ever has to be resent, Bovada reserves the right to charge a reprocessing fee.

Bitcoin Transaction Processing Times

Relative to comparable financial transactions, bitcoin transactions occur fast, and the Bovada cashier system does a good job of taking advantage of this.

You can make a bitcoin deposit and have that money available to you in your Bovada account within a minute or two. This speed holds true with withdrawals as well, and this is perhaps one of the great allures of using bitcoin at Bovada. If you’re an established customer making a withdrawal during standard business hours, you can get a withdrawal in minutes.

Advantages of Using Bitcoin at Bovada

Perhaps the greatest advantage of using bitcoin for many is the anonymity associated with it. Bitcoin offers privacy with all its transactions. And you typically do not need to provide any personal details when using a bitcoin wallet.

As mentioned, the transactions are very fast. Being able to request and finalize a withdrawal within minutes is basically unheard of.

And of course, another huge advantage is that there are no transaction fees sapping your bankroll. Depositing with Bitcoin is free and your first withdrawal of the month is also free.

User Reviews

Please leave a review and share your experiences!

To deposit into coinbase, try going to pro.coinbase.com, then click the DEPOSIT button, then click on BTC Bitcoin, select Crypto Address, click the I UNDERSTAND button. Coinbase will then give you a BTC Wallet Address which you can send your bitcoins to from Blockchain or some other wallet.

Ok so im brand new to bitcoin. As well as block chain and coinbase. I believe i have figured out how to withdraw from bovada to block chain, at the moment bovada has my withdrawal under review. I am just lost on how to transfer from block chain to coinbase. I havent been able to locate an address on coinbase like i did on block chain. Please, anyones help will be greatly appreciated. Thanks!

How To Withdraw Money From Bovada Using Bitcoin

Its going on 7 or 8 days since i put in for a bitcoin withdrawal and still not processed. Should i be getting concerned? So much for 24-48 hours

How To Withdraw Money From Bovada Bitcoin Halving

How To Withdraw Money From Bovada Bitcoin Money

Dude, if you're sending bitcoin cash to a bitcoin address, then that is all your fault. The fact that you had and tried to use bitcoin cash is hilarious.

How To Withdraw Money From Bovada Bitcoin

TEN MONTHS AGO, accidentally sent bitcoin cash to a bitcoin address with Bovada. 22 communications, as on 21Sep19 trying to get it fixed. Still. Nothing.