[GREG1021]

Okay so I watched the webinars on bitcoins and decided to give it a go. Opened an account at coinbase, per the webinar , and linked a bank account to buy Bitcoins...
It's a little confusing, so I started an online chat with one of their agents..he got ma on the right track and I was back at it.
Here's the crazy thing....the online chat rep informed " DO NOT USE BITCOINS OR COINBASE FOR ONLINE WAGERING"???
I thought that was the whole purpose of it...which I know that with all online gambling it's technically illegal for the most part but this really makes me wonder if I used bitcoins, could my money disappear???
Is that a legitimate concern?

[DR225]

The purpose of bitcoin is being able to move money anonymously, cheaply and quick. I didn't see the webinar so I'm not sure if they covered this but make sure you move your bitcoins from your coinbase wallet to another third party wallet (google them) before moving them to your gambling site. Coinbase will eventually ban you if you send the money straight from coinbase to the gambling site. And yes, your money could disappear if you send it to an illegitimate gambling site (same as $ but the ones listed on sbr are seemingly safe). I think it could also disappear if you store your coins in a 3rd party wallet on your hard drive and your hard drive/computer dies. Bitcoin security can get complicated with stuff like paper wallets but if you store your bitcoins at your coinbase wallet, they are most likely safe.

[GREG1021]

The purpose of bitcoin is being able to move money anonymously, cheaply and quick. I didn't see the webinar so I'm not sure if they covered this but make sure you move your bitcoins from your coinbase wallet to another third party wallet (google them) before moving them to your gambling site. Coinbase will eventually ban you if you send the money straight from coinbase to the gambling site. And yes, your money could disappear if you send it to an illegitimate gambling site (same as $ but the ones listed on sbr are seemingly safe). I think it could also disappear if you store your coins in a 3rd party wallet on your hard drive and your hard drive/computer dies. Bitcoin security can get complicated with stuff like paper wallets but if you store your bitcoins at your coinbase wallet, they are most likely safe.

Wow...so even best case scenario sounds a little scary!

[unde0087]

Ya, you will be fine if you send your withdrawal to a third party, then to your wallet and under no circumstances should you ever lead on the money is being used for gambling or you could get that money frozen or taken. No option is legal if you are an American so there is always some risk but bitcoin is the best way of getting deposits/withdrawals sent fast without big fees

[SBR Forum]

Bitcoin expert Justin, whom SBR Peter Loshak interviewed, recommended that users only use Coinbase as an exchange but also suggested Circle as a good exchange, and suggested AirBitz as a good mobile wallet.

Forum member Raiders also had a good post concerning Coinbase that bettors may be interested in.

It's best to go through an intermediate wallet. Coinbase knows your personal information. They have an algorithm that determines suspected gambling sites. All transactions leave a trail, unless you go through a mixer. When Coinbase sees transactions going right to a suspected gambling site, they are going to ban you.

If you go through blockchain.info, Coinbase has no idea who owns that wallet at blockchain.info. If the blockchain.info keeps depositing to gambling sites, Coinbase can suspect it's you, but they don't know for sure.

If you are using an intermediate wallet, the worst that they now do is send you an email asking who you do transactions with. As long as you reply to Coinbase with something other than illegal purposes, they won't ban you.

Don't give an exact name if they ask you. Just a general answer works and they will leave you alone.

Part 1: http://www.sportsbookreview.com/foru...tors-care.html
Part 2: http://www.sportsbookreview.com/foru...e-bitcoin.html
Part 3: http://www.sportsbookreview.com/foru...coin-cash.html
Part 4: http://www.sportsbookreview.com/foru...s-rewards.html

[themike78]

To me this whole idea of bitcoins being anonymous is B.S. If it is anonymous how the hell can coinbase know you are sending money to gambling sites? I like bitcoin a lot because it is quick to move money back and forth but this whole idea that it is anonymous just is not true.

[Russian Rocket]

To me this whole idea of bitcoins being anonymous is B.S. If it is anonymous how the hell can coinbase know you are sending money to gambling sites? I like bitcoin a lot because it is quick to move money back and forth but this whole idea that it is anonymous just is not true.

Gambling sites typically generate new addresses for deposits, but once you send the money there, they typically empty it out and put it into their "hot wallet".When you withdraw funds from a gambling site, the money comes from a hot wallet. Coinbase can easily detect if you are using a gambling site because they have a database of these hot wallets.

Even if you say get ten transactions from 10 diff addresses and only one of them will be HOT. Coinbases' software will link all 10 together and send an alert.

[trytrytry]

"move money anonymously" = that is not really true

[5918mike]

Wow...so even best case scenario sounds a little scary!

I'm new to it also, been through the process a couple times now and I love it, wouldn't do it any other way. You have the account at coinbase linked to your bank account and to get instant transactions go ahead and link a back-up credit card. Now get a wallet, airbitz, blockchain, a lot of choices. Move the money from your bank account to coinbase, then to your wallet, and to the book or casino. Withdraw just the opposite, book / casino to your wallet, to coinbase, to your account. It's really that easy.

[KVB]

"move money anonymously" = that is not really true

Agreed. The elephant in the room not really getting addressed is the part about linking to a verified bank account. While it's probably true for all currencies, without the current banking system we still can't operate in the Bitcoin space.

There is nothing anonymous about the current banking system.

[GREG1021]

I'm new to it also, been through the process a couple times now and I love it, wouldn't do it any other way. You have the account at coinbase linked to your bank account and to get instant transactions go ahead and link a back-up credit card. Now get a wallet, airbitz, blockchain, a lot of choices. Move the money from your bank account to coinbase, then to your wallet, and to the book or casino. Withdraw just the opposite, book / casino to your wallet, to coinbase, to your account. It's really that easy.

Thats the answer I was looking for, Id be interested to hear from others on this….
Whats really so GREAT about it? Just that its INSTANT?

[Ted Sheckler]

Thats the answer I was looking for, Id be interested to hear from others on this….
Whats really so GREAT about it? Just that its INSTANT?

Depending on the book your using, it's either "instant" or it's 30 minute wait to get money to the book. Payouts at the non bitcoin books still take a couple days.

It is great. Best thing for anyone without the debit card payout option. Very high max payout in case you hit it big or bet big and need to move large amounts.

5dimes used to be my book, now I'm slowly moving towards Bookmaker, because my bitcoin experience with them has been much better.

[big joe 1212]

Thats the answer I was looking for, Id be interested to hear from others on this….
Whats really so GREAT about it? Just that its INSTANT?

The thing that makes it so GREAT is that you can move money from your bank account into a book from your couch. You don't have to make any calls and there are no errors. It's 100x better than going to Walmart and standing in line with a bunch of scumbags and getting a retarded Walmart clerk. No frustrations at all with BTC.

It's a little confusing at first, but after a couple of transactions, you'll be an expert. Start out with buying just $50 or $100 if you're uncomfortable.