Quote:
Originally Posted by karamazonk
Ok, crypto noob here again. Why doesn't bovada charge a fee for bitcoin deposits? From what I can tell, it's just a straightforward deposit from one's wallet into bovada with some minimal fee charged by the wallet and/or exchanger which doesn't accrue to bovada at all. Am I missing something here? Are they not charging a fee in order to incentivize deposits that wouldn't be made otherwise?
Also at what point does the $ become USD? What if I tell bovada I want to deposit BTC worth $500 and send that from my wallet but during the period of exchange the value of BTC changes one way or the other? From what I can tell you let bovada know what USD you will be depositing then your wallet sends the same, but what if you send the entire contents of your wallet and the value of BTC has changed in a short window, will you just deposit less on to bovada OR keep the excess in your wallet?
Quote:
Originally Posted by COKE_MAN
To incentivize deposits.
When the BTC price was in the hundreds before the 2017 run up and the current market we are in now, they used to give you a certain amount of time to guarantee your amount. So, say you wanted to deposit $500, they would tell you to send .12345 btc to their address in the next whatever timeframe. They may have adjusted that now that the price fluctuates so much by the minute. I haven't deposited in a while, so I don't know that current policy
Yeah, that's still how it's done. They give you a 15 minute countdown to initiate the transaction, during which the exchange rate is locked in.
And yeah, they don't charge extra for bitcoin deposits because they want you to use bitcoin.
With bitcoin you're directly sending money to them, no bank or credit cards involved. So they don't need to pay a 3rd party processor to come up with creative ways of charging your card that your bank will approve of. And when you send bitcoin there's no chance of the transaction being declined for lack of funds or reversed later. There are no chargebacks with bitcoin. Once the transaction is confirmed you can be 100% sure it's legit and final. So they end up saving a lot of money by eliminating that risk.
Those are the same reasons why it's in your interest to get your withdrawal sent via bitcoin rather than a check.