Until the end of September, BetOnline is offering both new and existing players 5% above market rate for deposits made using Bitcoin.
Since the beginning of 2019, the price of Bitcoin has recovered significantly from its pre-Christmas low of $3,265, and now stands at around $10,200 – confounding critics´ claims that last year´s crash signified the end of cryptocurrencies, but not yet fulfilling optimists´ prophecies that the price of one Bitcoin will increase to beyond $20,000 by the end of the year.
Critics and optimists are still at loggerheads about what the future holds for Bitcoin. While some analysts claim the Bitcoin market is on the verge of another decline, others suggest an increased hash rate indicates short term confidence in the cryptocurrency. Unfortunately, the conflicting advice doesn´t help if you are trying to profit from a Bitcoin investment.
If you are unsure what to do with any spare Bitcoin you have – or you like getting extra value from your online action – it could be beneficial to you to make a Bitcoin deposit into your BetOnline account. This is because, until the end of September, BetOnline is offering 5% above market rate to both existing players reloading their accounts and new players making their first deposit.
How the BetOnline Bitcoin Offer Works
When you fund a BetOnline account using Bitcoin, you are asked to select the dollar value you would like to deposit rather than the Bitcoin value you would like to deposit. This is because balances at BetOnline are maintained in U.S. dollars to accommodate players still making deposits using credit cards or any of BetOnline´s other deposit options.
To take advantage of the 5% extra offer, visit the BetOnline cashier and confirm you wish to make a Bitcoin deposit. You will then be asked to click on one of the dollar value options or enter a dollar value manually – not forgetting to enter the BetOnline Poker bonus code “VIP1000” if this is your first deposit. Then click on the red “deposit now” button.
The next screen gives you the Bitcoin address to send your deposit to and the amount in Bitcoin to send. As you can see from the example, I´ve decided to top up my account with $100, for which I have to deposit BTC 0.00931314. This figure takes the 5% extra into account, because if the market rate was applied, the amount I would need to deposit would be BTC 0.00980330.
It´s important to note is there is a one-time rollover requirement for all deposits at BetOnline. This is to prevent players making a deposit in order to benefit from the 5% extra, and then withdrawing their funds immediately. In respect of first time deposits, details of how the 100% bonus for new players is cleared can be found in my BetOnline Poker review.
What if the Price of Bitcoin Changes?
If the price of Bitcoin changes while you have funds deposited at BetOnline, you neither benefit from a price increase nor lose from a price decrease. As mentioned previously, balances are maintained in U.S. dollars, so when you request a withdrawal, the amount you request is in U.S. dollars – even though the payment is made in Bitcoin to your Bitcoin wallet.
By eliminating any concerns about currency volatility while your funds are maintained in U.S. dollars, you can focus on playing your best game at BetOnline Poker. Sure, you may miss out on any increase in the value of Bitcoin while playing at the site, but the opportunity exists for you to win more by playing poker than you could even gain by the price of Bitcoin increasing.[prbutton room=”betonlinepoker”][/prbutton]