How to Use Bitcoin for Sports Betting Video Tutorial

[MikeTizzy]

i have just transfer BTC from coinbase to my new Blockchain. Its still pending, how long does this usually take until i see it in Blockchain? i wanna test efficiency of the deposit to a good sportsbook.

[TheMoneyShot]

i have just transfer BTC from coinbase to my new Blockchain. Its still pending, how long does this usually take until i see it in Blockchain? i wanna test efficiency of the deposit to a good sportsbook.

Coinbase to your Blockchain wallet correct?

There are 2 things you need in order to judge precisely...

1. Size of file

2. Amount of fees used in BTC or Satoshi.

If you can find those amounts... post.


It all depends on how many pending transactions the network is receiving... and also the amount of fees you paid. The higher the fees... the more of a priority your transaction is.

[MikeTizzy]

where is size of file? and yes there was like a 3 dollar fee or something.

Fee
0.00033848 BTC


12/4/2017 5:27 PM
PENDING

[MikeTizzy]

its been like 30 mins, i thought this would be faster sending from coinbase to my blockchain??

it

[funnyb25]

its been like 30 mins, i thought this would be faster sending from coinbase to my blockchain??

it

Click the transaction and see how many confirmations there are. I just did this both way. Took 3 confirmations to receive from Coinbase to Blockchain, and 6 the other way. Should take about an hour with regular fee.

[MikeTizzy]

thanks funnyb25, wow my transaction slip on coinbase shows 0 confirmations lol

[Optional]

its been like 30 mins, i thought this would be faster sending from coinbase to my blockchain??

it

Click the transaction and see how many confirmations there are. I just did this both way. Took 3 confirmations to receive from Coinbase to Blockchain, and 6 the other way. Should take about an hour with regular fee.

A new batch of transactions are sent to be confirmed every 10 mins.

So at the fastest your first confirmation should come within 10-20 mins.

That's if the network is functioning smoothly. Which seems to be never in recent weeks.


In real life I have found around 40 mins is pretty normal.

A large byte size transaction, without a corresponding large miners fee, might take a few hours, or even a day sometimes.


But in my experience. Just from making sure I use a optimal fee each time, it has never taken more than around 40 mins ever.

[funnyb25]

thanks funnyb25, wow my transaction slip on coinbase shows 0 confirmations lol

It is a test of patience, especially if new to this like we both are due to the "unknown"

[MikeTizzy]

ok its in Blockchain now, took 45 mins i think. Its wierd how u lose some dollars and such with fees, i wonder if there is a better way to transferring BTC or other digi currencies around?

[MikeTizzy]

I dont like after each transfer or buy starting from the beginning all the way to our sportsbook account, the amount keeps getting lower basically. Its kinda lame.

[Optional]

ok its in Blockchain now, took 45 mins i think. Its wierd how u lose some dollars and such with fees, i wonder if there is a better way to transferring BTC or other digi currencies around?

Bitcoin has become slow and expensive as a money transfer instrument.

The main programmers behind it have positioned it more as a "store of value" and investment product than as an efficient money transfer platform. Micro payments are not even possible anymore.

BitcoinCash costs max of 1 cent for any size send and is always complete in minutes.

Ether similar.

Something like one of those will eventually become the main transactional crypto currency we use for transfers instead of Bitcoin.

I doubt Bitcoin will ever get back to being fast and cheap as we all thought was supposed to be the plan at the start.

[TheMoneyShot]

I dont like after each transfer or buy starting from the beginning all the way to our sportsbook account, the amount keeps getting lower basically. Its kinda lame.

I agree. Took me the longest time to trust wagering with a BTC only book. The way Bitcoin is making gains all the time... you get the $ right back. Patience and wait it out.

Book has all the advantages in the world when you send them BTC and they convert it to USD.

[Optional]

I dont like after each transfer or buy starting from the beginning all the way to our sportsbook account, the amount keeps getting lower basically. Its kinda lame.

You dont like paying anything for the service?

There is a miners fee each transfer.


The only other reason the vlaue would change is a change in exchange rate as you are moving it.

Sometimes this benefits you and sometimes it hurts you.

[MikeTizzy]

very good posts and discussions here, i like it! Lots of angles of investments and usability within this cryptocurrency market.

[mrpapageorgio]

Bitcoin has become slow and expensive as a money transfer instrument.

The main programmers behind it have positioned it more as a "store of value" and investment product than as an efficient money transfer platform. Micro payments are not even possible anymore.

BitcoinCash costs max of 1 cent for any size send and is always complete in minutes.

Ether similar.

Something like one of those will eventually become the main transactional crypto currency we use for transfers instead of Bitcoin.

I doubt Bitcoin will ever get back to being fast and cheap as we all thought was supposed to be the plan at the start.

I'm optimistic Litecoin will serve that role.

[ChuckyTheGoat]

I'm optimistic Litecoin will serve that role.

Papa, how hi can Litecoin go?

[mrpapageorgio]

Papa, how hi can Litecoin go?

Way above my pay grade to predict the final price. You're better off throwing darts in terms of that. I do agree though with some on this forum that have commented you'll see litecoin in the mid to upper $100 range in 2018.

https://www.sportsbookreview.com/forum/players-talk/3399107-crypto-currency-discussion-p39.html

[Optional]

I'm optimistic Litecoin will serve that role.

It appeared to be the first one to see the opportunity and then aim for it I think.

Papa, how hi can Litecoin go?

Way above my pay grade to predict the final price. You're better off throwing darts in terms of that. I do agree though with some on this forum that have commented you'll see litecoin in the mid to upper $100 range in 2018.

https://www.sportsbookreview.com/for...ssion-p39.html

Hopefully it won't go on the rise too far.

A mid range value coin that doesn't have a lot of volatility is probably best as a transfer platform.

[alta]

I'm looking thru my options for where to have SBR send my BTP contest winnings(bitcoins).
1. If I want to deposit the bitcoins in a Sportsbook, I should have SBR send to my Blockchain.info acct.
This would be the only reason to have bitcoins sent to blockchain.info. Because if I want conversion to cash and withdrawal to personal bank it has to be done via an Exchange, right?
2. If I want to invest in other cryptocurrencies I should have SBR send directly to an Exchange acct I have like Binance or Kucoin.
From the Exchanges, like Binance or Kucoin, if I don't invest all that SBR sends I can convert to cash and withdraw to personal bank, right?
3. Are there fees charged everytime one transfers from Wallet to Exchange, Exhange to Wallet, Exchange to Bank, Bank to Exchange?
4. I opened accts at blockchain, binance, & kucoin in anticipation of what I might possibly do with BTP winnings. I have yet to actually use these accts or be involved with bitcoin.
5. I've read much negativity about Coinbase(wallet + exchange) due to slowness, and the recent security breach at Electrum(software wallet) so they have been pushed futher down list of available options.

Feedback from you Crptocurrencie aficionados would be appreciated

[Optional]

I'm looking thru my options for where to have SBR send my BTP contest winnings(bitcoins).
1. If I want to deposit the bitcoins in a Sportsbook, I should have SBR send to my Blockchain.info acct.
This would be the only reason to have bitcoins sent to blockchain.info. Because if I want conversion to cash and withdrawal to personal bank it has to be done via an Exchange, right?
2. If I want to invest in other cryptocurrencies I should have SBR send directly to an Exchange acct I have like Binance or Kucoin.
From the Exchanges, like Binance or Kucoin, if I don't invest all that SBR sends I can convert to cash and withdraw to personal bank, right?
3. Are there fees charged everytime one transfers from Wallet to Exchange, Exhange to Wallet, Exchange to Bank, Bank to Exchange?
4. I opened accts at blockchain, binance, & kucoin in anticipation of what I might possibly do with BTP winnings. I have yet to actually use these accts or be involved with bitcoin.
5. I've read much negativity about Coinbase(wallet + exchange) due to slowness, and the recent security breach at Electrum(software wallet) so they have been pushed futher down list of available options.

Feedback from you Crptocurrencie aficionados would be appreciated

1) Yes. Have SBR send to your personal wallet at blockchain.info and then deposit it to a bookmaker. And yes, blockchain.info does not provide a cashout service, so you would normally send it on to an exchange to sell for US$ and sent to your bank account. Another way would be to walk up to a bitcoin ATM machine and transfer directly from your blockchain.info wallet to the machine and get cash that way.

2) I don't know Kucoin but you cannot cash out to your bank account from Binance. After doing your trading there you would still need to transfer your crypto currency to an exchange like Coinbase.com or Gemini.com, or use the ATM machine, or some other method.

3) Each transfer requires miner fees. So yes, every hop is another ~$15 (approx at the moment).

[mikejamm]

Anybody have an average as to what the fees are on Gemini vs Coinbase or blockchain? Is one any better than the other, just try'in to find the best exchange with the shortest transfer times and lower fees. Thanks.
Maybe start a thread to keep track of fees on the different exchanges, depending on which one you're using?

[Optional]

Anybody have an average as to what the fees are on Gemini vs Coinbase or blockchain? Is one any better than the other, just try'in to find the best exchange with the shortest transfer times and lower fees. Thanks.
Maybe start a thread to keep track of fees on the different exchanges, depending on which one you're using?

Gemini is slightly cheaper than Coinbase. I don't think either is any faster than the other.

Blockchain.info is only just implementing purchase/sale for US$ as we speak. Don't know about fees ther as yet.

[mikejamm]

Thanks Opti. Every little bit of info helps. Even with the market correction, still believe this is a good investment long term.

[bresham1]

Which exchange is best for europeans?

[PSD999]

Which exchange is best for europeans?

Bitstamp for BTC / euro

[Yjacket22``]

I totally disagree with the fees mentioned in the video. I've only used coinbase twice and bought and sent small amounts of around 50 dollars. After all was done only about 30 actually got there. They charged me to buy it, to send it, and a miner's fee of 16. Don't know where she get one percent at??

[Optional]

Current optimum fee is around $2

You must have done this a month or more ago during the public rush to be charged that much.

Bitcoin is not really suitable for $50 depositors. Try finding a book that uses Litecoin, Ether or BitcoinCash as a micro stakes bettor. The fees are in the cents.

[mrpapageorgio]

Current optimum fee is around $2

You must have done this a month or more ago during the public rush to be charged that much.

Bitcoin is not really suitable for $50 depositors. Try finding a book that uses Litecoin, Ether or BitcoinCash as a micro stakes bettor. The fees are in the cents.

Next time send the bitcoin to your intermediary wallet through GDAX (their investment exchange platform), they don't charge a fee to send bitcoin. I haven't had to pay more than $1 lately in miner fees when sending from my intermediary. If you buy using your checking account (ACH) it's 1.5% (minimum $2), if it's credit card, it's 4% plus whatever fees your credit card charges.

[vitalogist]

What’s the best and fastest app for a small timer like me trying to send a couple hundred to 5Dimes? I’ve tried Coinbase / Square Cash / Blockchain and it works but sometimes takes longer than I want it to for the deposit to go through.

[Optional]

What’s the best and fastest app for a small timer like me trying to send a couple hundred to 5Dimes? I’ve tried Coinbase / Square Cash / Blockchain and it works but sometimes takes longer than I want it to for the deposit to go through.

Blockchain.info has just started offering buy/sell there for US people, as well as their wallet.

I have no reports about how well it works yet but it might be worth a try.

Where is your delay currently? Waiting for Coinbase to clear your deposit dollars?

[Pinoy-T-X]

@Optional

i have a question , I understand to withdraw btc form the books , it goes sportsbook > Mycelium > bitpay wallet > bit pay debit card.
now, my question is how do I make a deposit with bitcoins to the sportsbook?
thanks in advance.

[Optional]

@Optional

i have a question , I understand to withdraw btc form the books , it goes sportsbook > Mycelium > bitpay wallet > bit pay debit card.
now, my question is how do I make a deposit with bitcoins to the sportsbook?
thanks in advance.

You have an extra step there Pinoy.

You do not need to use Both Mycellium and the Bitpay wallet.

Just withdraw from your book to Mycellium and load the Bitpay card directly from that wallet. No need to ever use the BitPay wallet for anything. And I would not as they have usage charges on it.


Depositing with Bitcoin, first step is to decide how you want to convert cash to bitcoin. Most people join either Coinbase.com or Gemini.com and link their bank account so they can transfer dollars in and out of the exchange.

Coinbase/Gemini will convert your cash to bitcoin and once they have you send it your Mycellium wallet. And from there deposit it into your book.


If you want to keep it super easy and away from your bank account, then do a google search for "bitcoin ATM near me". You just take along your phone, the machine will scan your mycellium wallet receive address, and you then just pay for how much you want.

This is a bit more expensive than Coinbase/Gemini but leaves you pretty much free of the regualr banking system, if that is your aim.

[k13]

I thought we weren't allowed to transfer from coinbase to a gambling site??

[Optional]

I thought we weren't allowed to transfer from coinbase to a gambling site??

You thought right.

Did you misread something in my post maybe? I am saying exactly that.

[Pinoy-T-X]

Thank you Sir Optional