I'm a little confused here. My first bitcoin payout from Bovada was processed in a couple of days, which I was over the moon about. I've waited 4 days for my last payout and now they've sent me a message saying that I need to provide them with a new bitcoin address. Does this mean I have to download and install a new btc wallet app on my phone? This is going to be a real pain in the ass if I have to do it every time I want to cash-out.
If you have already received a payout from Bovada, go your bitcoin wallet and simply cut and paste the new bitcoin address into your Bovada account. Bitcoin addresses are typically refreshed by wallets each time a bitcoin payment is received. You DO NOT need to download a new wallet application in order to attain a new bitcoin address.
I think it is for privacy. It makes it much harder for the authorities to trace transactions if you use a new bitcoin address for each deposit.
The bitcoin blockchain is an open ledger that records all transaction. Bitcoin transactions tracking and analysis services are getting more advanced so you should always use a new address for each deposit to protect your privacy. Particularly if you are using a wallet to buy drugs or gamble.
A new address does NOT mean a new wallet. I use a Trezor and there is a "New Address" button that will generate as many new addresses as you need.
Bovada have always paid me within 24 to 48 hours. Provide them with a new address for each payout and you won't have an issue.
Does it have to be an address that was never used by anyone or just an address that you've never used at Bovada in the past?
Ideally you should use a completely new address that was never used before for your own privacy, however, I think you should be OK if you provide Bovada with an address that you haven't supplied them before.
They request a new address each time to protect your privacy and to stop online wallets from shutting down your account.
they are doing this for your own protection so don't complain. there are cryptocurrency analytics companies out there who are getting very good at tracking payments and linking them up with KYC/AML accounts at places like coinbase. when you use the same address, you are making it easier to track you and you lose your anonymity.