Bitcoin Experience

wiseplayer

Well-Known Member
#1
Since Betonline is fucking around again with my payouts I decide to use Bitcoin. Took out 3k. $2920 is now in my bitcoin account. $80 already gone. I sell $2k into my US Wallet. Say goodbye to another $30. You'd have to be a complete moron to use this method.
 

cogenman

Raider Nation for Life
#6
In just December 2016, one bitcoin was just $750. Right now it's $4300. So it comes down to timing too. Right now it's at an all time high. It can easily come down to $3000. But in the future it can also be $5000. The volatility is unbelievable with any kind of crypto currency. But understand your frustration. But long term if you have any bitcoin, I think you will be ahead of the game.
 

EFC1878

Well-Known Member
#7
I asked this in the 5Dimes thread but this also seems like a good place to ask: what, if any, fees are involved with making a bitcoin withdrawal? Not bitcoin price, but actual fees for sending money from wallet to coinbase, or from coinbase to bank account.

I really, really am not interested in using bitcoin but it appears my hand is kind of being forced by it being more and more difficult to move money around.
 

Nycskibum81

Well-Known Member
#9
On the bright side you have your money. I know sometimes the exchange rate moves against you but the comfort of having the funds in your control within a few hours of a payout request is worth it to me. 100/3000 is 3%. I can stomach that.
 

wiseplayer

Well-Known Member
#10
Here's my next question. Once it's in my bitcoin account or USD Wallet, how do I actually get it from there? Seems like a bitcoin email address is needed to get it to my banck account?
 

Nycskibum81

Well-Known Member
#11
You're going to need to link your bank account to whoever has your bitcoin wallet. I use coinbase and have it linked to multiple U.S. bank accounts.
 
#19
Crazy time, people want anonymous, credit worthy currency. The tribe and their central banks control the cartel are not happy and are imo shaking out weak hands to build position themselves. They would steal from their own mother.
 

KJ

Has Slept 5 Hours Total In Calendar Year 2018
#27
Hmm there may be no one in big business I trust more than Jamie Dimon, just me obv
 

hare1994

Well-Known Member
#31
Bitcoin is the only way to withdraw and deposit, IMO. No fees, only "fee" is small swing in price, that is, if your plan is to convert it to regular dollars as soon as you receive it. Fastest method and least number of hassles.
 

hare1994

Well-Known Member
#35
You realize some of the other fees are outrageous by these books, right? I had an ATM card and was spending like at least $6 per $200 pulled. With Bitcoin, really the only fee I pay is when I convert it to US dollar. It might dip in value a bit, but still less than traditional sportsbook fees. And, sometimes I MAKE money. I withdrew on Friday and bitcoin is already up more than 5-10% since then, which is more than the 2% conversion fee. So there's really no debate, mate. Again, literally no hassle.
 
#36
Hare, i dont begrudge you, info is solid, withdrawals are expensive, just trying to say even tho cryptos look like a one way ride, they wonr be forever. Way too much volatility for me for this purpose. Im also one that thinks blockchain is not anonymous, so it has little interest for me, particularly after an insane run over the last little bit. GL with it. Appreciate info.
 

hare1994

Well-Known Member
#37
No worries. Again, if you plan is to convert RIGHT AWAY, then I think there is a little risk. If you are hoddling and keeping, well, that's a different argument.
 
#38
How long does it take to complete transaction? Do you use rough estimates as to what the strike price will be for transaction with sportsbook?

IMF Head Foresees The End Of Banking As Bitcoin Surges Above $4400

"... the technology itself can replace national monies, conventional financial intermediation, and even puts a question mark on the fractional banking model we know today... So I think it may not be wise to dismiss virtual currencies."

http://www.zerohedge.com/news/2017-10-02/imf-head-foresees-end-banking-bitcoin-surges-above-4400
 

hare1994

Well-Known Member
#39
How long does it take to complete transaction? Do you use rough estimates as to what the strike price will be for transaction with sportsbook?

IMF Head Foresees The End Of Banking As Bitcoin Surges Above $4400

"... the technology itself can replace national monies, conventional financial intermediation, and even puts a question mark on the fractional banking model we know today... So I think it may not be wise to dismiss virtual currencies."

http://www.zerohedge.com/news/2017-10-02/imf-head-foresees-end-banking-bitcoin-surges-above-4400
I made a withdrawal request this morning, got it in my bitcoin wallet within a few hours. Since that time, bitcoin has gone up 0.42%. To sell that bitcoin and convert it to USD, it'll cost 2%. Sometimes I wait a few days and my value of my bitcoin upticks a bit to near that 2% so then I sell. Or I eat the transaction cost. Takes a day or two, MAX. In my bank account then. Hope that helps and makes sense.
 

cogenman

Raider Nation for Life
#41
Lol Bitcoin at all time highs $5190. Go fuck yourself Jamie Dimon.

But tbh, as a crypto investor, I don't think right now is a good opportunity to invest short term. These people pouring money into bitcoin are doing it because of the potential fork coming up. Basically if they fork, bitcoin owners can potentially get free coins of the 'new bitcoin'. I got some of the new bitcoins a few months ago that's now called Bitcoin Cash. It was a 1:1 deal. Meaning if you had 50 bitcoins, you also got 50 bitcoins cash. Free money.

Right now Bitcoin cash is trading at about $350 per coin. And this isn't the first time a coin has forked. When Ethereum forked, people got some of the new coin which was Ethereum Classic. Again, free money.

As an avid crypto currency investor I'd love for Bitcoin to take off. But I think this is temporary, just short term for guys looking for new coins. Long term though I think crypto is here to stay. Especially if mass adoption ever comes.
 

cogenman

Raider Nation for Life
#46
It's crazy. But I wouldn't buy at this point. People trying to get coins in the potential fork coming up. Once they get those free coins, I bet they unload their bitcoin and it goes closer to $4,000. But who knows with crypto.
 

cogenman

Raider Nation for Life
#47
http://fortune.com/2017/10/20/bitcoin-price-record-high-2/

Also, cryptocurrency investors are preparing for another Bitcoin hard fork next week, in which enthusiasts are planning to split off a second version of the digital currency known as Bitcoin Gold. The last time a Bitcoin hard fork occurred was in August, when a new currency called Bitcoin Cash was created from the original Bitcoin blockchain. In the wake of the fork, both the price of Bitcoin and Bitcoin Cash soared, making some investors see the next split as a buying opportunity to end up with two currencies for the price of one.

That is the last paragraph in that article and it explains why people are currently buying.
 
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