Would you do a $1400 withdrawal with bitcoin?

[sumtingwong]

You need to change books... Heritage takes 15-20 mins to send BTC w/d and deposits are instant

There is 'talk' that Coinbase & Circle will monitor some accts and trace... If coming or going from or to a gambling site they will freeze acct until you give an explanation. Using a personal wallet as a middle man eliminates that from happening

definitely takes more than 20 minutes, no money yet

[Sam Odom]

I'm only holding about 5 also , got them just the other day when the price broke below 300.00

90% of the time I do quick turnarounds for moving $$$

To put things in perspective: The 1st bitcoins I bought were 5 dollars & change each

[Sam Odom]

definitely takes more than 20 minutes, no money yet

This is 5Dimes , right ?

[raiders72001]

At what point are the s portsbooks going to quit with Bitcoin? They have been doing it long enough to lose enough money to not make it worth it. They are holding onto a losing proposition. They are giving players cash in their accounts for something that is steadily decreasing. Its coming to an end very soon as an option for "transferring" funds.

Why do you say this? I do bitcoin transfers every day with sportsbooks. I started using bitcoin books over a year ago. Many true bitcoin books process withdrawals immediately, two hours at most.

[sumtingwong]

This is 5Dimes , right ?

Heritage

[raiders72001]

Heritage

Although good books, Heritage and 5 Dimes are fiat books dabbling in bitcoins. The true bitcoin books are anonymous and fast.

[Sam Odom]

must be the bitstamp thing...

I did 2 w/d from Heritage in Dec before Christmas... both were fully transacted and headed to my bank in 1-1.5 hrs

[capitalist pig]

nothing here

[Sam Odom]

The true bitcoin books are anonymous and fast.

But to be truthful here for other posters... when dealing with them ^ you are fully open to btc price fluctuation for good or ill


.

[sourtwist]

Why do you say this? I do bitcoin transfers every day with sportsbooks. I started using bitcoin books over a year ago. Many true bitcoin books process withdrawals immediately, two hours at most.

Unfortunately you completely missed what I was trying to say. Someone is left holding the bitcoin that is decreasing in value. Im thinking its the sportsbook.

[raiders72001]

But to be truthful here for other posters... went dealing with them ^ you are fully open to btc price fluctuation for good or ill

true. I think that I do transfers and withdrawals in a similar fashion to you.

[raiders72001]

Unfortunately you completely missed what I was trying to say. Someone is left holding the bitcoin that is decreasing in value. Im thinking its the sportsbook.

agree with this too. Players and books are both subjected to fluctuations. The bigger books obviously keep a large majority of their bitcoins in cold storage.

[Da_Engineer]

Come on guys, do you really think that the sportsbooks are holding BTC?

They have an program that does the withdrawals for them (I already have all the code to do this and I'm not even a huge company like this).

When you withdraw X dollars, they buy bitcoins at X dollars and send to your address, as stated I have a program that already does this, so for them to assume they have this is pretty safe. Because of the downward trend you might have a slightly higher chance of losing but the loss is something like 0.01% and if you are smart you can pretty much always come out with more money than what you cashed out.

[Da_Engineer]

And for all you guys that know for a fact that BTC is going down, then you can just go ahead and short the BTC and make tonnes of money.

The fact that the BTC goes up or down has nothing to do with the BTC itself. The BTC is the best thing ever for companies. You think they actually lose money with BTC? They make a lot more money with BTC than any other means of depositing. They have no fees and zero chance of fraud, do you have any idea how much this makes them money in the long run?

[raiders72001]

Come on guys, do you really think that the sportsbooks are holding BTC?

They have an program that does the withdrawals for them (I already have all the code to do this and I'm not even a huge company like this).

When you withdraw X dollars, they buy bitcoins at X dollars and send to your address, as stated I have a program that already does this, so for them to assume they have this is pretty safe. Because of the downward trend you might have a slightly higher chance of losing but the loss is something like 0.01% and if you are smart you can pretty much always come out with more money than what you cashed out.

Microsoft does the same. They accept bitcoins and then immediately convert to dollars.

There are some bitcoin books that hold bitcoins in cold storage as well as a hot wallet. I forget which ones but their bitcoin addresses have been posted so that their balance could be verified.

[sumtingwong]

just answer me this question.

the book will value the $1400 by the price of btc at the time they process the payment, not the price of btc when they took the money from my account, that would make no sense and not be fair.

I should only be exposed to loss after the money is in my wallet

[Optional]

just answer me this question.

the book will send me $1400 in btc at the time they process the payment, not when they took the money from my account, that would make no sense and not be fair.

I should only be exposed to loss after the money is in my wallet

Correct.

So if you send to Circle immediately and initiate a withdrawal to your bank the price of BTC will make little difference. There will be a slight 'vig' between the price Heritage bought coin at to send to you, and the price you will be paid when selling the coin.

[sumtingwong]

money was sent to my wallet and was for more than $1400. Heritage is the best book imo. Love them.

circle however has received the money but put it in "pending" and they are not in today. only answer phones from 10 - 2 pm so not sure what is up with that

You received $1,422.70 from
an external account on January 5, 2015

[sourtwist]

Come on guys, do you really think that the sportsbooks are holding BTC?

They have an program that does the withdrawals for them (I already have all the code to do this and I'm not even a huge company like this).

When you withdraw X dollars, they buy bitcoins at X dollars and send to your address, as stated I have a program that already does this, so for them to assume they have this is pretty safe. Because of the downward trend you might have a slightly higher chance of losing but the loss is something like 0.01% and if you are smart you can pretty much always come out with more money than what you cashed out.

Apparently you joined the forum solely for your bitcoin expertise. From now on, you will be the only one who can speak on this matter. I will step down now because you seem to think/know that books dont hang on to bitcoins long enough to take a loss on the downward fluctuation.

The floor is yours, mr expert

[Ted Sheckler]

money was sent to my wallet and was for more than $1400. Heritage is the best book imo. Love them.

circle however has received the money but put it in "pending" and they are not in today. only answer phones from 10 - 2 pm so not sure what is up with that

Once my BTC hit the account, I transferred, then that next place held the transaction as "pending" for 30 minutes, and as soon as it was done I sold them and already had my bank account verified from that place. Then it was a few days til it was available/showed up in my bank account. So maybe you don't have to call the place, and it will just be pending for a little bit.

[sumtingwong]

still pending since 3:20 pm EST but my wallet on the blockchain still say both transactions are unconfirmed

[raiders72001]

still pending since 3:20 pm EST but my wallet on the blockchain still say both transactions are unconfirmed

Not sure what they did but confirmations can take a long time if they don't pay a miner's fee. Most of the time I pay .0001 to .0005 BTC as a miner's fee. Most true bitcoin books pay the fee.

[sumtingwong]

<label class="control-label">Sent Time</label> 2015-01-05 20:19:16

<label class="control-label">Confirmations</label> Unconfirmed Transaction!

<label class="control-label">Double Spend</label> No Double Spend Detected

<label class="control-label">Transaction Fee</label> 0 BTC

<label class="control-label">Network Propagation</label> 60% - 990 Nodes - (Poor)

they didn't pay a miners fee.

[raiders72001]

The transaction fee is therefore an incentive on the part of the bitcoin user to make sure that a particular transaction will get included into the next block which is generated.

https://en.bitcoin.it/wiki/Transaction_fees

[Da_Engineer]

Apparently you joined the forum solely for your bitcoin expertise. From now on, you will be the only one who can speak on this matter. I will step down now because you seem to think/know that books dont hang on to bitcoins long enough to take a loss on the downward fluctuation.

The floor is yours, mr expert

lol no I did not join for that but I also am not gonna post on subjects I do not know about, therefore, I will probably post on mostly BTC related stuff. As my sportsbetting knowledge is far below most people on this forum.

I am also unsure why you feel so defensive. What I am saying are facts.

Either the book wants to gamble on the fluctuating bitcoin and holds on. (Highly improbable)

Or they simply have a program that takes a good programmer 2-3 days to do that will automatically buy bitcoins and send to the customer as soon as the cashout is made.

I am pretty sure you can determine for yourself which of the two the sportsbook is actually doing.

[Da_Engineer]

still pending since 3:20 pm EST but my wallet on the blockchain still say both transactions are unconfirmed

Normally it takes 30 minutes or so if it waits for 3 confirmations but once in a while it can take a long time. Yesterday it took me 2 hours to get my first confirmation in one of my transfers.

[raiders72001]

Either the book wants to gamble on the fluctuating bitcoin and holds on. (Highly improbable)

.

I can guarantee you 100% that this is untrue. You most likely understand bitcoins and realize that all transactions are recorded and can be viewed. I can't speak for all bitcoin books but there are some that hold bitcoins.

[TheMoneyShot]

Just like Sam Odom said... you need a book that gives you a payout of Bitcoin within minutes. I don't see any value of a book waiting 2-3 days for a bitcoin payout.

I'm still very skeptical of bitcoin. Too many people have jumped the gun with this internet currency. Cash is King. Always will be.

[Da_Engineer]

How can you guarantee this? I am not saying that it's impossible. I'm saying it's highly unlikely as there are very easy ways for them not to hold if they don't want to. Now whether they do or not, is a different story.

I personally hope you are right.

There is also no reason for a book not to give you BTC payouts within minutes unless they hold your payout due to lack of account verification or something like that which would apply to any type of payout. It should take them less than a minute to send you the BTC.

[trytrytry]

lol no I did not join for that but I also am not gonna post on subjects I do not know about, therefore, I will probably post on mostly BTC related stuff. As my sportsbetting knowledge is far below most people on this forum.

I am also unsure why you feel so defensive. What I am saying are facts.

Either the book wants to gamble on the fluctuating bitcoin and holds on. (Highly improbable)

Or they simply have a program that takes a good programmer 2-3 days to do that will automatically buy bitcoins and send to the customer as soon as the cashout is made.

I am pretty sure you can determine for yourself which of the two the sportsbook is actually doing.

imo

heritage holds a critical number (for them) of bitcoins in a reserve wallet and 5dimes does not hold really any significant amount.....thus it takes them 2 - 3 days to get you coins while heritage can be the few hours sort of thing.. depending on how many you ask for and how full their bitcoin balance is at the time...

[raiders72001]

Just like Sam Odom said... you need a book that gives you a payout of Bitcoin within minutes. I don't see any value of a book waiting 2-3 days for a bitcoin payout.

I'm still very skeptical of bitcoin. Too many people have jumped the gun with this internet currency. Cash is King. Always will be.

Try Nitrogen as a test. They require 0 confirmations. It's almost immediate. Some books require more, but 6 at most. It's becoming a competitive market.

[sumtingwong]

1 confirmation, 3 to go

[sourtwist]

imo

heritage holds a critical number (for them) of bitcoins in a reserve wallet and 5dimes does not hold really any significant amount.....thus it takes them 2 - 3 days to get you coins while heritage can be the few hours sort of thing.. depending on how many you ask for and how full their bitcoin balance is at the time...

Thank you for inadvertently explaining that heritage is a book that is LOSING money by having bitcoin as a deposit/withdrawal option. It is the exact point I was trying to make by saying that this option is not a viable one to continue the "transfer" of funds.

[sourtwist]

How can you guarantee this? I am not saying that it's impossible. I'm saying it's highly unlikely as there are very easy ways for them not to hold if they don't want to. Now whether they do or not, is a different story.

I personally hope you are right.

There is also no reason for a book not to give you BTC payouts within minutes unless they hold your payout due to lack of account verification or something like that which would apply to any type of payout. It should take them less than a minute to send you the BTC.

I thought the purpose of b itcoins being added as an option would be mostly for the purpose of instant transactions. If having to wait a couple days for a withdrawal, im choosing a more traditional option.

Also, if they are doing an instant payout, they have been losing money on a daily basis by keeping enough to payout quickly.

[sumtingwong]

wooo hooo its confirmed

made $36 in fiat since Heritage sent it.