What is Bitcoin? Bitcoin is a digital currency that was created in 2009 to make online payment transactions easier. Bitcoin decentralizes transactions by eliminating the traditional middle-men of payment processing: big banks and government entities, so it is similar to using cash except the transaction is being done online. Because Bitcoin transactions do not require personal information, it’s considered to be a safer payment platform as users are less exposed to fraud and identity theft. For these reasons we believe Bitcoin is a great addition to our payment options.
How can I use Bitcoin to fund my Jackpocket account?
1) First you need a Bitcoin Wallet. We recommend downloading the Coinbase or Copay app on your device, but you can use any existing Bitcoin Wallet.
2) Fund your Bitcoin Wallet by purchasing Bitcoins. You’ll be able to use your bank account or payment card to purchase Bitcoins. You must have at least $10 in your Bitcoin Wallet to fund your Jackpocket account.
3) Purchase Jackpocket credits. Go into your Jackpocket account and select “Fund Account” in the side menu, then select “Fund with Bitcoin”. There you will be able to fund your Jackpocket account directly from your Bitcoin Wallet. Your funds will be transferred within one hour as playable credits (in dollars) to your Jackpocket account.
Finally, if you decide to keep Bitcoins in your Bitcoin Wallet, just like with any other currency it can fluctuate in value. However, once you purchase Jackpocket credits with Bitcoin the amount you transferred will no longer be exposed to fluctuations in the value of Bitcoin, you will be transacting in dollars on Jackpocket just as if you funded from your bank account. And if you win, you can still withdraw your winnings directly to your bank account.
For more information on Bitcoin, please view our blog post.