Bitcoin

What is Bitcoin in simple terms?

Bitcoin is the best-known cryptocurrency in the world. It’s a form of digital cash that can be bought and sold on exchanges in real time just like foreign currencies. Once you have Bitcoin, you can use it to purchase goods or fund your account at ACR Poker.

Since Bitcoin transactions are peer-to-peer, there is no intermediary or middleman like a bank to deal with. With Bitcoin, funds transfer directly from the sender to the receiver. Although Bitcoin is the most popular digital currency, there are hundreds of other cryptocurrencies available today.

How does Bitcoin operate?

You can buy, sell, and transfer Bitcoin through various wallets and exchanges, which are essentially online marketplaces for crypto. The most popular exchanges not only let you purchase Bitcoin using your credit card, debit card, or bank account, but you can also buy Bitcoin using another cryptocurrency.

After buying Bitcoin, you can quickly send your cash to anyone that accepts Bitcoin, including ACR Poker. No matter where you send your Bitcoin, it’s important to know that each transfer uses a unique address to make sure it goes to the right place.

At ACR Poker, we automatically convert your Bitcoin transfer to US dollars, as all our games operate in USD. When it comes time to withdraw your winnings, we’ll convert your US dollars back to Bitcoin and send it to you. Upon receipt, you can hold that Bitcoin in your wallet, send it elsewhere, or withdraw it to your bank account.

What is a blockchain?

A blockchain is a digital ledger that is both public and distributed. The Bitcoin blockchain in particular tracks every Bitcoin transaction in the world. Whenever anyone sends Bitcoin, the transaction gets posted on the blockchain. Before the transaction is processed, specialized computers known as miners must solve a complicated mathematical problem. These miners are what makes the Bitcoin network secure since transactions need to be confirmed by multiple miners across the system, making the network difficult to attack. Since the blockchain is public, Bitcoin offers a high level of transparency.

What is a Bitcoin Exchange Wallet?

A Bitcoin Exchange Wallet is a piece of software, which either takes the form of a downloadable app or operates as a website, that allows you to store, buy, sell, transfer, or receive crypto. There are more than 100 different Exchange Wallets. The best one for you will depend on where you live and your particular needs.

Keep in mind that there are exchange sites that offer limited functionality. You will find some exchanges that act solely as wallets, meaning you can store your Bitcoin but you can’t send it elsewhere, and other exchanges let you send and receive bitcoin but give you no means to store your crypto. Please use our Cryptocurrency Exchange search tool and comparison table above to find a suitable wallet.

What are Bitcoin’s benefits?

The beauty of Bitcoin is that it’s both digital and decentralized. That means you can send or receive Bitcoin without relying on banks or other middlemen. Bitcoin gives you more control over your money and you’ll pay less in fees. When sending money with Bitcoin, the only fee you’ll need to worry about is the miniscule miner’s fee.

Whether you are looking to fund your poker account or claim your winnings, Bitcoin is faster, more secure, and cheaper than the other methods we offer. It’s the best way to get in the game at ACR Poker.

Can Bitcoin be used anonymously?

Bitcoin is best described as pseudonymous. When you send or receive Bitcoin, the address you use isn’t tied to your personal identity. It’s a lot like writing with a pen name, operating with an alias, or using a pseudonym. Just keep in mind that cryptocurrency exchanges can trace a bitcoin address back to a user’s personal profile. Generally, exchanges only conduct these traces for security purposes, to comply with ‘know your customer’ rules, or to prevent money laundering. For a greater degree of anonymity, you can use a Bitcoin ATM to purchase and send crypto.

Approximately how many people use Bitcoin worldwide?

Although it is impossible to know the exact number of Bitcoin users, a study released by Crypto.com in 2021 estimates that there are more than 200 million cryptocurrency users across the globe. Given that Bitcoin is the most popular blockchain asset, it’s safe to say that the majority of those crypto users have at least dabbled in Bitcoin.

Bitcoin is the world’s most popular cryptocurrency. It’s essentially a type of digital cash, which can be bought and sold on exchanges in real time just like foreign currencies. You can buy and sell Bitcoin as easily as you can buy or sell British pounds, Euros and Japanese yen on global foreign exchanges.

After buying Bitcoin, you’ll be able to use it to fund your account at ACR Poker. Bitcoin is also the quickest way to cash out your ACR Poker winnings. Overall, it’s the most reliable, safest and quickest payment method available on our site.

Bitcoin might look complicated, but it’s actually straightforward. When funding your ACR Poker account with Bitcoin, you’ll first need to purchase Bitcoin from an exchange. After sending us the Bitcoin you just purchased, we’ll convert it to US dollars upon receipt. When you cash out your winnings using Bitcoin, you can transfer it to US dollars and withdraw the funds to your bank account upon receipt. It’s really that easy.

Our players love using Bitcoin for both deposits and withdrawals. After accepting our first crypto deposit in 2015, Bitcoin quickly gained popularity with our community. Today, the majority of our players fund their accounts and cash out using Bitcoin. That’s because it’s fast, easy and secure. Try it today for yourself.

Since Bitcoin deposits and payouts aren’t processed by banks, you won’t have to worry about some financial institution blocking your payment. Instead, Bitcoin transactions use a peer-to-peer network. There’s no middleman involved and transactions are authorized in minutes after a series of digital confirmations.

Here are Bitcoin’s biggest benefits:

• Fast and easy
• No fees charged by ACR Poker
• Quicker payouts and higher limits
• Fewer rejections and delays

Whether you’ve just crushed a big tournament or simply want to take a little money off the table, Bitcoin is the quickest way to cash out. When you choose a cryptocurrency like Bitcoin, you’ll also be able to withdraw more money, more often, compared to traditional payment options.

How do I deposit with Bitcoin at ACR Poker?

Assuming you’ve already purchased your Bitcoin or have some available in your Exchange Wallet, you can visit the ACR Poker Cashier and click on deposit. Next choose Bitcoin, enter the amount you wish to deposit and click ‘get address’. You’ll need to copy this address and visit your Exchange Wallet. Although wallet interfaces vary, just look for the withdraw or send option, select Bitcoin, enter the amount, and paste the address into the relevant field.

How long do Bitcoin deposits take?

The amount of time it takes to complete a Bitcoin deposit varies depending on network volume. On average, you can expect to wait 10 to 60 minutes, but it could take longer. Before we post your deposit to your account, the transaction must be approved on the blockchain.

Are there any deposit fees with Bitcoin?

At ACR Poker, we don’t charge any fees for Bitcoin deposits. Still, there is always a miner’s fee associated with Bitcoin deposits. Luckily, it’s usually very inexpensive and just a fraction of what you’d pay using other payment options like an international bank transfer.

When sending money to ACR Poker or anywhere else, you’ll need to add the fee on top of the amount that you want your recipient to receive. The fee usually varies based on the number of pending transactions across the Bitcoin network at the time. The more transactions there are, the higher the fee will be.

Where can I check the status of my Bitcoin deposit?

You can see the status of your Bitcoin deposit by visiting blockchain.com/explorer. Just click on the magnifying glass at the top of the page and paste the Bitcoin address where you sent your funds. Please note that deposits require at least six confirmations prior to approval.

Can I buy and send Bitcoin using my debit card or credit card?

Absolutely! In fact, using a credit or debit card is the fastest way to buy Bitcoin and most transactions are approved in minutes. Compare that to a bank transfer, which can take several business days, and it will be obvious why you’ll want to use a credit or debit card.

If you’re looking for a place to buy Bitcoin, then check out the cryptocurrency exchanges listed above. You can also use our search tool to help you find the crypto exchange that’s right for you.

Can I buy and send Bitcoin with cash?

You can definitely buy and send Bitcoin using cash. Just visit one of the many Bitcoin ATMs in your area. With tens of thousands of Bitcoin ATMs in the USA and many more worldwide, you won’t have to go far. Buying Bitcoin is as simple as following the onscreen instructions and feeding your cash into the ATM. You can either store the Bitcoin you purchase in your own digital wallet or send it directly to ACR Poker.

If you have any more questions about Bitcoin or anything else, our friendly support staff are ready to help you. Just visit https://www.acrpoker.eu/support/ to get started.

Can I do withdrawals via Bitcoin?

Of course! Bitcoin and the other cryptos we offer are our recommended payout option. New Bitcoin users first have to open an account at an Exchange Wallet. See our wallet guide in the ‘Cryptocurrency Exchanges’ section for details. Once your wallet is set up and verified, visit the ACR Poker Cashier and click on ‘Withdraw’ and then ‘Bitcoin’ to request a withdrawal.

What cryptos are available for withdrawals?

Bitcoin is the most well-known crypto in the world and our most popular crypto option. However, we offer Ethereum, Dash, Litecoin and Bitcoin Cash. Just select ‘Withdraw’ and then ‘Cryptos’ in the cashier to see the complete selection.

How long will my Bitcoin withdrawal take?

All cryptocurrency withdrawals are processed quickly. However, Bitcoin payouts are extremely fast, averaging less than an hour.

How often / how much can I withdraw via Bitcoin?

You can make one Bitcoin withdrawal per day and a maximum of five per week. The most you can request on each withdrawal is $10,000.

Are there any fees on Bitcoin withdrawals?

ACR Poker does not charge any fees on Bitcoin withdrawals. However, there could be small fees charged by your Exchange Wallet when converting Bitcoin to Fiat currency (USD, Euro etc.). There are also fees if you decide to use a Bitcoin ATM.

Can I transfer Bitcoin to my bank or PayPal account?

You can’t send Bitcoin directly to your bank or PayPal account. You need to set up an Exchange Wallet and ACR Poker will send your Bitcoin there once you withdraw. At the Exchange Wallet, you can then convert the Bitcoin into USD and send it to your bank or PayPal account.

What if I enter the wrong crypto address when doing a withdrawal?

Each crypto transaction has a unique address and should only be used once. It is strongly recommended that you copy and paste the Bitcoin address when entering it in the Cashier and never type the address by hand. A wrong address means the funds will be transferred to the wrong destination and could be lost.

What if I mistakenly use a Bitcoin Cash (BCH) address instead of Bitcoin (BTC), or vice versa.

Bitcoin is different from Bitcoin Cash and thus they have different addresses. Make sure the cryptocurrency type you are requesting through the Cashier is the same one you are providing the address for. If they are different, the withdrawal will not be successful and the funds could be lost.

Why did I get less on my withdrawal than I anticipated?

Bitcoin fluctuates in value, just like other currencies. This fluctuation can sometimes be in your favor and sometimes the opposite. We recommend that once you make your withdrawal via Bitcoin, you convert it to a fiat currency (USD, Euro etc.) right away and don’t just have it sit in your wallet. This will help you avoid being affected by fluctuations.

Should I pay taxes on Bitcoin withdrawals?

We do not provide legal advice on tax matters and suggest you contact a professional financial advisor or tax professional in your country. Those in the United States may get the answers to their questions on the IRS website.

Remember, if you have a question that was not covered by this FAQ section, our Customer Service team is standing by to help. Please contact them at support@acrpoker.eu.

STEP 1 – Select an Exchange Wallet

The first step to depositing is to buy Bitcoin, which you can do through a Bitcoin Exchange Wallet. Note that you will need to verify your identity and other personal details when signing up for your Exchange Wallet account. To learn more about Exchange Wallet options, see our Cryptocurrency Exchanges section. We also have step-by-step guides in the Exchange Guides section.

STEP 2 – Buy Bitcoin

With each Exchange Wallet, you first fund the account with USD or another fiat currency and then use it to buy Bitcoin. In the Exchange Wallet, look for the ‘Deposit’ section and/or the ‘Buy/Sell’ section. For the quickest approval time, we recommend purchasing Bitcoin with either a debit or credit card, which can take only a few minutes. Conversely, a bank transfer can take 1-5 business days.

STEP 3 – Send Bitcoin

Once you have your Bitcoin and want to send it to your ACR Poker account, go to the Cashier and follow these steps.

1. Click on Deposit.
2. Choose Bitcoin.
3. Put in Deposit Amount.
4. Click GET ADDRESS.
5. Copy this address.
6. Go back to your Exchange Wallet.
7. Head to the Withdraw or Send section.
8. Select the type of crypto (i.e. BTC) and enter the amount.
9. Paste the address into the field given.

Once the Bitcoin has been sent, it takes about 10-60 minutes for the funds to be credited to your ACR Poker account.

IMPORTANT!

Each Bitcoin transaction has a unique address. It is strongly recommended that you copy and paste the Bitcoin address (use the copy/paste icon in the Cashier). Do not type the address by hand. If there is an error with the address, you might send the Bitcoin to the wrong receiver and the funds could be lost.

Always head to the ACR Poker Cashier for a new Bitcoin address when sending Bitcoin. Never use the same address more than once!

Bitcoin isn’t just the fastest way to get your money in the game, it’s also the quickest way to get paid at ACR Poker. To cash out your winnings, just follow the steps below.

STEP 1: Get your Bitcoin receiving address

If you’re new to Bitcoin, you’ll need to set up your Exchange Wallet before cashing out. Keep in mind that most Exchange Wallets require you to verify your ID and link your bank account or debit card, which could take a few days. Fortunately, this is a one-time process and you’ll be able to take advantage of quick Bitcoin payouts once you fully set up your wallet. Also, you’ll want to make sure your chosen exchange supports withdrawals, as not all exchanges do. For more information, visit our Exchange Guides above.

Once you’ve set up and verified your Exchange Wallet, visit the ‘Deposit’ section of the Exchange Wallet website or app. The layout and exact terminology will vary depending on which Exchange Wallet you are using.

From the ‘Deposit’ section, choose the type of currency you want to receive from ACR Poker. Be sure to select Bitcoin or BTC if that’s your desired method. If the currency or address differs from what you provide to ACR Poker, you run the risk of permanently losing your money.

Next, you’ll need to locate or generate your Bitcoin address and copy it. Don’t bother writing this address down on a piece of paper. To avoid errors, you’ll want to use the copy and paste features that are built into your device.

STEP 2: Request your Bitcoin withdrawal from ACR Poker

1. Launch the poker client and log into your ACR Poker account.
2. Click on the red My Account button located on the bottom right hand corner of the screen.
3. Click on the Withdraw button and choose Bitcoin from the list of withdrawal options.
4. Enter the amount you wish to withdraw in US dollars.
5. Paste your Bitcoin address, which you generated in Step 1 above, into the box.
6. Make sure you read our disclaimer before proceeding.
7. Click verify withdraw to submit your request.

STEP 3: Convert the Bitcoin you received to USD and transfer the cash to your bank

Under normal circumstances, payouts at ACR Poker are processed in less than an hour. However, all payouts are subject to review, and could take longer.

Once the Bitcoin arrives in your Exchange Wallet, you can easily withdraw it to your bank account. Be on the lookout for an option called Sell or Trade. Given the volatility of Bitcoin, it’s a good idea to convert your Bitcoin back to US dollars as soon as possible.

Next use the ‘Withdraw’ option to move your funds from your exchange wallet to your linked bank account, e-wallet, or PayPal. Please note that not all Exchange Wallets support all methods.

If you still have questions, please visit https://www.acrpoker.eu/support/ right now. Our Customer Service team is standing by to help.

Bitcoin is among the safest and most secure banking options available today, provided you use it properly. Whether you are depositing or withdrawing funds, you will need to abide by some straightforward security tips to use cryptocurrency safely. Let’s examine bitcoin’s security features and review our tips.

Bitcoin Security Features

• Bitcoin uses a blockchain or digital ledger that is both public and distributed. Thanks to the high level of transparency, Bitcoin transactions can’t be tampered with.
• Bitcoin transactions are encrypted and backed up on the blockchain to ensure that your funds are secure.
• Bitcoin transactions will never include your personal information. That means you won’t have to worry about identity theft or other cybercrimes when you use Bitcoin responsibly.

Bitcoin Security Tips

• Never share your passwords with anyone and be sure to keep them in a safe place.
• Take advantage of two-factor authentication. It gives you an extra layer of protection on top of your password.
• When sending payment to ACR Poker, never use the same Bitcoin address more than once. Be sure to consult the cashier before sending your funds.
• Never type your Bitcoin address by hand. Instead use the copy and paste feature of your operating system to avoid typos.

Before sending or receiving your payment, always double or triple check the address. If you send your payment to the wrong address, there is no way to void the transaction. Your funds could be lost permanently, unless the unintended recipient agrees to return them to you.

The details above are strictly for educational purposes and are provided solely to assist players with depositing and withdrawing funds at WPN sites. Information provided on this website should not be considered investment advice, trading advice, or financial advice.

WPN does not recommend the purchase, sale, or custody of any cryptocurrency, commodity, or security. Users are responsible for performing their own due diligence prior to purchasing, holding, or selling any of the aforementioned assets. Always consult a licensed advisor in your jurisdiction before making any investment decisions.

Neither WPN nor its employees, agents, and owners are licensed investment advisers, brokers, or dealers, nor do they hold any pertinent title or distinction with regard to investing. WPN neither promotes, engages, or facilitates futures, options contracts, or other types of derivatives trading.

WPN and its subsidiaries do not offer legal advice. Any and all advice should be obtained independently of visiting WPN and any of its sites. Only licensed legal professionals can provide legal advice. WPN does not offer legal advice regarding the contents on its website.