whats the deal with bitcoins?

[FilletMaster]

The conventional books are converting to cash. The bitcoin value is insignificant. A bitcoin book such as Jetwin also allows you to deposit bitcoins and convert to another currency.

When I open account at Jetwin.. do I register using btc or usd as currency? Of course I will be depositing and withdrawing via bitcoin but I want to convert to cash to wager. much simpler to use dollar amounts when wagering for a noob lol

[raiders72001]

When I open account at Jetwin.. do I register using btc or usd as currency? Of course I will be depositing and withdrawing via bitcoin but I want to convert to cash to wager. much simpler to use dollar amounts when wagering for a noob lol

USD

[FilletMaster]

USD

Can you convert to USD @ nitrogen? Looks like Jetwin has no college football lines and crazy lines in general lol.



Thanks for all your info & help and to all the others as well. Going to give this bitcoin a shot, should be up and running in couple days. Let you all know how it goes..

[muldoon]

Can you convert to USD @ nitrogen? Looks like Jetwin has no college football lines and crazy lines in general lol.



Thanks for all your info & help and to all the others as well. Going to give this bitcoin a shot, should be up and running in couple days. Let you all know how it goes..

Nitrogen is strictly bitcoin

[evo34]

Doesn't that apply to any currency that isn't your native one? People depositing in Euro's and seeing it dive against the US don't face the same thing?

Same type of risk, but very different magnitude. BTC is about 100 times more volatile than the Euro. Additionally, you can hedge your Euro/USD exposure using financial contracts. Not so with BTC, though that may eventually change if an ETF gets approved.

[darys]

why blockchain.info? Why can't I deposit and withdraw directly using coinbase wallet and sportsbook?

1. Buy bitcoins through Coinbase.com or Circle.com. Link to bank account.

2. Set up a blockchain.info wallet.

3. Transfer bitcoins from Coinbase or Circle to blockchain.info wallet.

4. Make all deposits and withdrawals between your blockchain.info wallet and sportsbook.

5. To cash out transfer bitcoins from your blockchain.info wallet to Coinbase or Circle.

Misc.

A. Circle and Coinbase start off with fairly low limits that increase with time.

B. Localbitcoins.com is a great place to buy/sell. I've done Paypal transactions as well as depositing into someone's BkofAma account and having them put money in my bank account.

C. With localbitcoins, make sure that you are dealing with someone with a 100% reputation and many transactions. There have been a couple of chargebacks with Paypal/

D. LibertyX has locations where you can buy bitcoins in person. Free up to the first $1000 and 1% after that.

E. It seems very complicated at first but after a couple of transactions, it's very easy.


I'll post other ways of obtaining bitcoins later, more in detail that avoid red tape. There are also many wallets besides blockchain.info

[Optional]

why blockchain.info? Why can't I deposit and withdraw directly using coinbase wallet and sportsbook?

Coinbase have reportedly closed some accounts citing players transferring to sportsbooks as the reason.

[DonZ]

Can you convert to USD @ nitrogen? Looks like Jetwin has no college football lines and crazy lines in general lol.


Thanks for all your info & help and to all the others as well. Going to give this bitcoin a shot, should be up and running in couple days. Let you all know how it goes..

They publish odds for College Football around 3 days before the game starts. For me odds -105/-105 are quite adequate.

[TheMoneyShot]

Another reason why I'm not SOLD WITH BTC yet... what's the conversion rate/loss each time you move your load from one book to another? BS if you're telling me it all equals out based upon the fluctuation of the market... sometimes you score an extra $20... sometimes you lose an extra $20. I don't want to hear that garbage. Guarantee 50% of you traders/movers are losing $20 here and there... and you guys aren't calculating total loss from conversion.

Every time I make a deposit with a book... and/or move my bankroll around... I negotiate with the book... no way I'm losing any portion of it at anytime. If anything... it's extremely minimal.

There is nothing "convenient" when you're losing constant dollars on the back end. What's the point? Because it's fun to trade a FAKE COIN every day? I think some of you are addicted to movement. Can't sit still.

[Buffalo Nickle]

If you place a BitCoin order in the evening, when does your price get established using Circle/Coinbase? Are there market hours? For example, last night I strongly considered placing order at $226. But I didn't know if I would get this morning's price or if I would have gotten something close to that.

[shhhcago]

If you place a BitCoin order in the evening, when does your price get established using Circle/Coinbase? Are there market hours? For example, last night I strongly considered placing order at $226. But I didn't know if I would get this morning's price or if I would have gotten something close to that.

I would like to know this. What about transfer in circle to my bank account for payout. Do I get bitcoin price as soon as I hit button or when is it locked in.

[swordsandtequila]

Another reason why I'm not SOLD WITH BTC yet... what's the conversion rate/loss each time you move your load from one book to another? BS if you're telling me it all equals out based upon the fluctuation of the market... sometimes you score an extra $20... sometimes you lose an extra $20. I don't want to hear that garbage. Guarantee 50% of you traders/movers are losing $20 here and there... and you guys aren't calculating total loss from conversion.

Every time I make a deposit with a book... and/or move my bankroll around... I negotiate with the book... no way I'm losing any portion of it at anytime. If anything... it's extremely minimal.

There is nothing "convenient" when you're losing constant dollars on the back end. What's the point? Because it's fun to trade a FAKE COIN every day? I think some of you are addicted to movement. Can't sit still.

Post #57...

[TheMoneyShot]

Oh I get it.

Any time you want to show me proof that you never lost anything on the back end... you let me know.

[Legions36]

Another reason why I'm not SOLD WITH BTC yet... what's the conversion rate/loss each time you move your load from one book to another? BS if you're telling me it all equals out based upon the fluctuation of the market... sometimes you score an extra $20... sometimes you lose an extra $20. I don't want to hear that garbage. Guarantee 50% of you traders/movers are losing $20 here and there... and you guys aren't calculating total loss from conversion.

Every time I make a deposit with a book... and/or move my bankroll around... I negotiate with the book... no way I'm losing any portion of it at anytime. If anything... it's extremely minimal.

There is nothing "convenient" when you're losing constant dollars on the back end. What's the point? Because it's fun to trade a FAKE COIN every day? I think some of you are addicted to movement. Can't sit still.

How come you think you can use Bitcoins to send to and from books without ever losing money if you don't actually own the amount of coins your sending? You still need to have a few coins already at the exchange waiting to be sold or cash waiting to be bought when your sending and receiving, that will save you the headaches of losing money over and over. It doesn't take a rocket scientist to figure this out. Even if you bought just 1 coin to use and it loses half of its value over time when u send all the time it pays for itself, you can even have blockchain.info send you a text when you get the money from the book then you know its time to sell at the exchange already ready to go within minutes, you only lose the cost of conversion which Coinbase 1% and i think that is to much so i feel better at other places that charge less.

[raiders72001]

Oh I get it.

Any time you want to show me proof that you never lost anything on the back end... you let me know.

Withdraw bitcoins for free at a sportsbook. Have them send it to your blockchain.info account. Transfer bitcoins from blockchain.info to localbitcoins. Sell at localbitcoins and make a profit.

[raiders72001]

If you place a BitCoin order in the evening, when does your price get established using Circle/Coinbase? Are there market hours? For example, last night I strongly considered placing order at $226. But I didn't know if I would get this morning's price or if I would have gotten something close to that.

The price is locked in when you initiate the transaction.

[swordsandtequila]

Oh I get it.

Any time you want to show me proof that you never lost anything on the back end... you let me know.

I'm too fuking tired to explain it again. I'll just say in my case my funds are never bitcoin long enough to matter. Deposits and withdrawals are instant. The only fee is the conversion fee (1% @ Coinbase for example). I don't give 2 shits what happens to the value of bitcoin while my funds are in US dollars. If I withdraw $500 then I get $500 worth of bitcoin. The actual price of bitcoin doesn't matter, it's still $500. Sell instantly and take the cash. Yes, the price fluctuates but not $100 every second. At worst it's a couple bucks, at times you come out ahead. If you like to gamble, wait it out and sell at a higher price. Speaking for myself, my time is worth more to me than a few dollars either way. But hey, if you'd rather deal with Canadian checks, aliases, bans, oblivious customer service reps, then knock yourself out.


(It should be obvious, but understand I'm speaking of fiat books that take bitcoin, i.e. Jetwin, Heritage, etc.)

[TheMoneyShot]

How come you think you can use Bitcoins to send to and from books without ever losing money if you don't actually own the amount of coins your sending? You still need to have a few coins already at the exchange waiting to be sold or cash waiting to be bought when your sending and receiving, that will save you the headaches of losing money over and over. It doesn't take a rocket scientist to figure this out. Even if you bought just 1 coin to use and it loses half of its value over time when u send all the time it pays for itself, you can even have blockchain.info send you a text when you get the money from the book then you know its time to sell at the exchange already ready to go within minutes, you only lose the cost of conversion which Coinbase 1% and i think that is to much so i feel better at other places that charge less.

Withdraw bitcoins for free at a sportsbook. Have them send it to your blockchain.info account. Transfer bitcoins from blockchain.info to localbitcoins. Sell at localbitcoins and make a profit.

Raiders... you're probably one of the smartest... if not the #1 smartest dude who understands bitcoin in, out, sideways, upside down... ok ok you get the idea. You can make up the difference if you got into a jam. You know how to sell... to make extra $

I'm too fuking tired to explain it again. I'll just say in my case my funds are never bitcoin long enough to matter. Deposits and withdrawals are instant. The only fee is the conversion fee (1% @ Coinbase for example). I don't give 2 shits what happens to the value of bitcoin while my funds are in US dollars. If I withdraw $500 then I get $500 worth of bitcoin. The actual price of bitcoin doesn't matter, it's still $500. Sell instantly and take the cash. Yes, the price fluctuates but not $100 every second. At worst it's a couple bucks, at times you come out ahead. If you like to gamble, wait it out and sell at a higher price. Speaking for myself, my time is worth more to me than a few dollars either way. But hey, if you'd rather deal with Canadian checks, aliases, bans, oblivious customer service reps, then knock yourself out.


(It should be obvious, but understand I'm speaking of fiat books that take bitcoin, i.e. Jetwin, Heritage, etc.)

All I'm saying is... if everyone claims they are losing 1% or 2% here and there... on the back end... it all adds up. It sucks to move money around... and it's hard doing it day in and day out. Bitcoin is probably the easiest. No question about that. But one fuk up move from a book... or a user... and it could cost you $50 one day. Let me give an example... and I don't know how 100% true this example is... but let me just give it to you...

Let's say you have funds at 5D and it's about $2,000 USD (American).... and you're going to take out the entire $2,000 in bitcoin. Now, you're watching the BTC ticker and you have it locked in at each bitcoin is worth $250... so you expect to receive 8 Bitcoins. And you place this "instant payout service request".... come to find out 5D claims it was worth only $247 each bitcoin at the time you requested... and they pay you out... so if I'm doing my math correctly... you just lost $24 on the back end for no reason. All it takes is a book to screw you on the back end... a delay... anything to cheat you out of the going rate.

To me... it's not worth the headache.

If a book gives me 1 free payout a month... I'll take that chk and cash it at the bank. I know exactly what I'm receiving... and there's no loss on the back end.

[Buffalo Nickle]

I would like to know this. What about transfer in circle to my bank account for payout. Do I get bitcoin price as soon as I hit button or when is it locked in.

Checked on this and you get the price as of the time your order is submitted. So you get the most immediate price and then the funds transfer at that price.

[FilletMaster]

Agree w money on raiders knowing what he's doing. Any bitcoin noob messing around on localbitcoins trying to sell.. is likely to get a spork up the a&# and lose everything with no recourse. Lot of vultures/scammers out there......

[FilletMaster]

Well after a week I finally moved some bitcoin..

Thanks again to everyone that helped with step by step instructions.

Could only get $50 to start at Coinbase. Waited 6 days to be cleared from bank account (will add C.C. for instant buy from now on)

Transferred to Blockchain, then to Jetwin.

By the time it arrived at Jetwin, I had lost $4 along the way lol.

Anyways, going to get some more bitcoin and hope to get buy limits up sooner than later. Stocking that coin for NFL opening weekend.

[Nittany Lion]

Well after a week I finally moved some bitcoin..

Thanks again to everyone that helped with step by step instructions.

Could only get $50 to start at Coinbase. Waited 6 days to be cleared from bank account (will add C.C. for instant buy from now on)

Transferred to Blockchain, then to Jetwin.

By the time it arrived at Jetwin, I had lost $4 along the way lol.

Anyways, going to get some more bitcoin and hope to get buy limits up sooner than later. Stocking that coin for NFL opening weekend.

Go to circle.com and create an account to buy Bitcoin with, I just got into Bitcoin myself and Coinbase limits are too low to fund my account for NFL/College football. I was going to buy Bitcoin for cash at a local Bitcoin ATM machine here in Colorado Springs until I found out they charge a 9% fee....fuk that. I was then going to use libertyx.com to buy local Bitcoin for cash but all of a sudden it shows no available stores here in Colorado Springs (libertyx.com/locations) whereas a week ago it showed 15 places. I e-mailed LibertyX to ask them wtf happened and they said their agreement with the Ace Cash Express chain of stores has stopped and they are going to find another provider, so much for me buying Bitcoin locally.

I created an account on circle last night to buy more Bitcoin and linked my bank account, today they approved my account. When I log into my Circle account it shows $2,500 weekly limit for buying Bitcoin, much better then Coinbase. Also, with Circle they don't charge any fees for anything whereas Coinbase charges a 1% fee. It seems like Circle might be the best place to buy Bitcoin, the only thing I don't like about Circle is when you buy Bitcoin it takes several days for it to be transferred to your account because of the banking transaction time frame. So if the value of 1 Bitcoin goes down over the course of the week you're going to get hit. At least with Coinbase I can transfer money to my account and then once there is money in my account I can buy Bitcoin instantly, so I'm not locked into any kind of Bitcoin price. I don't see anything like that for Circle.

[3runhomer]

Great info in this thread...it helps reading others experiences and the steps they have taken. I am about to venture into the bitcoin world...and from what I'm reading, need to have:

1) Coinbase or Circle account
2) Blockchain account

-A few questions:

1) How quickly can you get limits increased at either coinbase or circle? I would like to be able to move a decent chunk of change around...
2) I'm guessing that it is alright to give your bank account and cc info to coinbase and circle?
3) There is no need to use a VPN with either coinbase or circle...correct? (for US customers)

[Optional]

Hard to know the ramifications for sure in advance but both Circle and Coinbase seem legit enough to give your banking info to.

They have your ID anyway so not sure what purpose hiding your location with a VPN might be. They won't cash out for us foreigners.

[Texans365]

Great info in this thread...it helps reading others experiences and the steps they have taken. I am about to venture into the bitcoin world...and from what I'm reading, need to have:

1) Coinbase or Circle account
2) Blockchain account

-A few questions:

1) How quickly can you get limits increased at either coinbase or circle? I would like to be able to move a decent chunk of change around...
2) I'm guessing that it is alright to give your bank account and cc info to coinbase and circle?
3) There is no need to use a VPN with either coinbase or circle...correct? (for US customers)

Using VPN to access payment processors is always a bad idea. Fraud filters in most cases will ban your account.

[stevietron]

I have 2 doubts about bitcoin.

1) It's really safe to use?
2) Can i transfer bitcoin cash to real cash?

Thanks.

[shhhcago]

You can transfer to your bank acct in few days or trade it for cash on local:bitcoin website. People will buy them off you for a fixed price.

[HappyHounds]

...

[Optional]

Great first post HappyHounds.

Welcome.

[HappyHounds]

...

[HappyHounds]

If you place a BitCoin order in the evening, when does your price get established using Circle/Coinbase? Are there market hours? For example, last night I strongly considered placing order at $226. But I didn't know if I would get this morning's price or if I would have gotten something close to that.

If you use Circle or Coinbase, you will get the Coins at the NOW purchase price. However, if you use automated clearing house or a method that isn't instant (or go over your instant limit), you won't get those coins until the transaction clears. That's where you do risk some volatility. For example, purchase $2500 via ***** on Friday, you might not get the coins until Wednesday or Thursday---and that is when you can lose (or gain) value.

That's the downside of these brokerage bitcoin places... You need to get your limits up, or you do risk some volatility as you wait to use your coins. If you use a true Exchange where you're already funded, you'll get the coins instantly obviously.

[cftball2011]

Ok so once I get bitcoin into my LibertyX account I then add the bitcoin to my blockchain walllet?

[A4K]

Ok so once I get bitcoin into my LibertyX account I then add the bitcoin to my blockchain walllet?

You buy pins at LibertyX and then load them into your account.

[bullheaddad]

Has anyone gone directly from circle,coinbase, or liberty x directly to the book? Ive heard that doing that can get ur account shutdown, anyone know if its true?

[raiders72001]

Has anyone gone directly from circle,coinbase, or liberty x directly to the book? Ive heard that doing that can get ur account shutdown, anyone know if its true?

You can go directly if you want. My Coinbase account was shut down. It helps to go Coinbase/Circle to wallet to book but they can still shut you down.

Nitrogen is a book that I know of that you'll be safe using and you account won't be shut down. They use many wallets for payouts. Change your deposit address at Nitrogen. It only takes one click and you can do it up to 5 times a day.