How to set up your own crypto deposit system with Bookiemarket
What is CryptoDeposits by Bookiemarket?
Introducing CryptoDeposits, the latest innovation by Bookiemarket, enables easy online Bitcoin transactions. This feature places you in direct control, eliminating third-party fees and the need for physical meetings. You become your payment processor. CryptoDeposits is especially recommended for experienced users seeking alternatives to well-known peer-to-peer platforms like Venmo or Zelle.
How do CryptoDeposits work?
CryptoDeposits integrates with Electrum, an ultra-secure cold wallet software that stores Bitcoin while disconnected from the internet. All transactions are encrypted and completely isolated from your network, so no private information ever leaves your device. Your public receiving addresses are the only information shared with the network, and, as usual, basic information about each transaction is recorded in the blockchain ledger.
You will receive a notification to approve or deny each transaction. Players can use any major crypto wallet, including popular apps like Coinbase and Venmo. Once approved, the credit balance will be loaded into the player's account. If the player wants to withdraw, they can request our system. You will receive a notification to approve the withdrawal and send the Bitcoin through your cold wallet.
There are two CryptoDeposits account types: Credit Deposits and Balance Deposits. The first, Credit Deposits, lets players use crypto to fund plays as needed. You can even offer deposit bonuses to incentivize players to add more credits. This is similar to exchanging a larger bill for tokens at the video game arcade. The second, Balance Deposits, allows you to issue a credit balance to your players. You can control how long deposits and wins take to mature. This is similar to spotting a friend some tokens to play with, as long as they return the same number at the end of the day.
How to set up CryptoDeposits on your sportsbook in 4 steps
- Get a cold wallet
- Choose privacy Level
- Generate and upload addresses
- Set Account type
Step 1: Get a cold wallet
A cold wallet is a secure way to manage your online deposits and maintain the privacy of your funds. Various applications can be used to set up a cold wallet system, but we recommend using Electrum, a free and open-source application licensed by MIT. After installing Electrum, you must generate multiple receiving addresses to receive Bitcoin transactions. The number of addresses you create will depend on your desired level of privacy.
How to use a cold wallet with CryptoDeposits
Step 2: Choose the Privacy Level
You have several options to set your level of privacy
Low
The lowest level of privacy is having only one receiving address, where all players send payments to this one address. However, this is not recommended, as all transactions will be visible to all players.
Medium
BKM recommends using one address per player to balance privacy and ease of management. This way, only the player and the agent can see the address's activity. This default setting does not require configuration, but you must generate a separate address for each player.
High
Setting one address per transaction provides the highest level of privacy, but it requires managing a larger number of addresses. As a result, it may take longer for your cold wallet to load.
To maximize privacy in your crypto settings, select "Yes" from the option "Unassigned Address after Deposit." This will ensure that each deposit you receive is assigned to a unique, unassigned address. After you've made this choice, you can just generate the necessary addresses for your transactions.
Calculating the number of addresses
To determine the number of receiving addresses needed, you first need to decide on your desired level of privacy. Then, calculate the number of addresses based on the number of players using CryptoDeposits.
For example, if you want medium security for 10 players, you will need 10 addresses, one for each player.
If you want maximum security for 10 players, create at least 10 to 20 addresses, and continue generating more addresses as they are used up.
Step 3: Generate receiving addresses and upload
Generate your receiving addresses using your cold wallet.
After you generate your receiving addresses, add them to your Bookiemarket account by clicking on the upload new addresses button under the deposit addresses page.
Tip: To make use of Bookiemarket, it is recommended that you open both your wallet application and Bookiemarket simultaneously and arrange the windows side by side. When you generate a new address, click the copy icon and paste it into the Bitcoin address section of Bookiemarket. This will create a list of deposit addresses that are not assigned to a specific player.
When a player makes a deposit, the system will assign a deposit address to the player.
Step 4: Set account type to player
Setting the account type for players
To set the account type for a player, navigate to their player profile settings. There are two options available in the Crypto Deposit System:
- Credit Deposit & Withdraw - Players must deposit before they can play. With CryptoDeposits, players can instantly add play credits online, and agents can offer customized deposit bonuses.
- Balance Deposit & Withdraw—Players can play first and pay later. You can issue recurring credit balances to players and use CryptoDeposits to settle up later. You have control over the maturity period for deposits and winnings.
You can choose from 4 different account type settings to manage collection and payout features for each of your players.
All set!
Once you complete the setup. Check out the FAQ links below.
FAQ
How do players deposit and withdraw with CryptoDeposits?