SUPPORT

Answers to the usual questions, and a way to reach us. Most of what people write in about is on this page.

FREQUENTLY ASKED

21 questions

GETTING STARTED

What is 5050BIT?
How does a bet work?

Set a wager and pick heads or tails. Your wager is locked while the bet waits. When somebody takes the other side, the coin resolves and the winner takes the pot less our fee.

Create a bet
Do I need a crypto wallet?

No. Your balance is held on the platform, so you can deposit from an exchange and never install a wallet.

Deposit

DEPOSITS

Which currencies can I deposit?

Bitcoin, Ethereum, Tether and Solana. Each has its own address, and an address only accepts the currency named above it.

How long does a deposit take?

Until the network confirms it: usually about 30 minutes for Bitcoin and a few minutes for Ethereum and Tether. The wallet shows the confirmation count while it is in flight.

Wallet
What if I sent the wrong coin, or used the wrong network?

Coins sent on the wrong network are usually lost, and no transaction on any chain can be reversed. If it has already happened, send us the transaction hash and we will see what can be done.

Is there a minimum deposit?

Yes, and it is different per currency because it tracks the network fee. The minimum is printed on the deposit screen beside the address.

Deposit

WITHDRAWALS

Why is my withdrawal pending?

A person reviews every withdrawal before it is sent. It is slower, and it is what stops a stolen account being emptied in one click.

Track it in the ledger
How long does approval take?

Usually within 24 hours. You are emailed when it is approved and again when the transaction is broadcast, with the hash.

What fees are there on a withdrawal?

The network fee only. We do not charge one. It is an estimate at the time you request, and you see it itemised before you confirm.

Withdraw
Are there limits?

There is a daily limit per currency, shown on the withdraw screen with how much of today's allowance is left. MAX never fills in more than you are allowed to send.

BETS

What is the platform fee?

5% of the pot, taken from the winner's payout only. On a 0.2500 BTC wager the pot is 0.5000, the fee is 0.0250, and the winner receives 0.4750 — a profit of 0.2250. Every payout preview itemises it.

Can I bet against myself?

No. Your own bets never appear in Open Bets or Quick Match, and a share link to one will not let you take it.

Can I cancel a bet?

Any time before somebody takes it. The wager returns to your available balance immediately and no fee is charged. Once it is matched, the coin resolves.

My bets
What if nobody joins?

The bet stays listed and your wager stays locked until you cancel it. Locked funds are always shown beside your available balance so they are never lost track of.

FAIRNESS

How do I know the coin is fair?

Because you can check it. We publish the hash of a server seed before you bet, so we cannot change the seed afterwards; the result is HMAC-SHA256 of that seed with your own client seed and a nonce.

How it works
How do I verify a result?

Open the verification tool and pick the bet. It recomputes the result in your browser and checks the revealed seed against the hash we published beforehand.

Verify a result
Why can't I see the server seed for a bet I just settled?

A server seed covers every bet placed while it is active, so revealing it early would tell you the outcome of your next bet. Rotate the seed and it is revealed immediately, along with everything it resolved.

Rotate your seed

ACCOUNT

How do I turn on two-factor authentication?

Settings → Security. You will scan a QR code with an authenticator app, confirm one six-digit code, and save ten backup codes. Withdrawals then ask for a code.

Security settings
I've forgotten my password.

Use the forgotten-password link on the sign-in screen. If 2FA is on you will still need a code or a backup code after resetting.

Why is my account frozen?

A freeze is a review, not a closure: your balance stays visible and untouched, and betting and withdrawals pause until it is resolved. Support can tell you what is needed.

STILL STUCK?

Email us

support@5050bit.com

Include your username and, for anything about money, the transaction or bet id. Replies usually land within a day.