Until it is as simple to use as money, cards and apple pay, no one bar criminals/betting from the USA is going to use it.
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Nice post.I have been a bit of a contrarian to the whole bitcoin thing, but I decided to give it a try. I opened the wallet and exchange account and linked a few funding methods prior to my test. The transaction took a few minutes from funding the account to transferring the btc to the wallet to sending to the book. It was pretty easy. It reminded me of the good old NetTeller days TBH.
I lost a couple bucks on the transaction from cash >BTC>book>cash but it wasn't really a big deal.
A word of warning - DO NOT DO THIS WHEN YOU ARE DRINKING
You will fukk it up.
The downside is that you really have no recourse if you fukk up the address/get hacked/etc. Also the volatility of BTC is a concern which I have voiced before.
All in all not bad.
I tried BTC twice. Both over at 5Dimes. I used Coinbase to blockchain yadda yadda yadda... anyways... I was hoping to build up my "instant limits" I think they start you at $100. I heard you could build it as high as $1,000 instant. But I'm only at $200 instant now. Every time I log into Coinbase... the parameters change. Now it says... I must chip a way.... and deposit $2,000 worth to go to my next "instant limit". I think that part sucks.
Regardless, let's say someone wanted to hit a VERY QUICK line during a 2nd half... or you have only 10 minutes to wager before a game goes off the board? BTC Deposit to a sportsbook isn't the wisest choice.... it could take an hour to 2 hours of processing time. Unless you use a book like Nitrogen... etc... which I haven't tried yet. But can someone confirm Nitrogen is practically automatic when depositing BTC?
So, let's say you don't have any funds in a book... and you are like DAMN!!! I know this game is going to win. You need to find something fast to get your account funded. BTC funding doesn't allow this at most books... unless you use NITROGEN or any BTC based sportsbook.
Oh, and when it's all said and done... by the time you swap BTC back and forth to make a deposit. You lose about 1.2-1.3% of the deposit... transaction fees.Comment -
Yeah Money I can confirm that...depositing to Nitrogen literally takes minutes. I've deposited only once over there, but the entire transaction from end to end was under 2 minutes.
Nitro is a great book IMO...I just hate the fact that you keep your money in BTCs. So any fluctuations in BTC price would obviously affect your balance.Comment -
How about the times where bitcoins are hacked/stolen, how is that safer than a bank?
https://www.cryptocoinsnews.com/bitp...tcoins-stolen/
Bitpay and Bitstamp paid everyone even though they lost a lot of money.
Some of the exchanges now buy cyber-insurance although it's not always good. The CEO of Bitpay was hacked. The hacker got all of his personal credentials and transferred $1.8m in bitcoins.
The insurance company didn't pay since it wasn't a hack to Bitpay, someone stole the account numbers and passwords of the CEO to make transactions.
Another thing is that some of these claimed hacks are inside jobs.Last edited by raiders72001; 01-30-16, 08:38 AM.Comment -
Nitrogen and Betcoinsports are two books that have instant deposits and withdrawals. If you play in the poker room and move money from the poker room to sportsbook, it may take longer for withdrawals. It seems that they want to make sure that nothing fraudulent occurred in the poker room before making a payout.Comment -
People probably still hoping for once click deposits like Neteller or Paypal
One Wallet direct to book with BitcoinComment -
Yes the limits at circle were 300 for me. I hadn't considered that issue but if you only want to hold the btc for a short time, you would need to get your limits increased. Heritage took maybe 10-15 minutes to process. I think just like you need multiplebooks you probably need multiple funding options.Comment -
Sounds like you are assuming regular bank accounts dont get hacked. If so you would be very wrong. I'd bet they get hacked at a higher frequency than BTC wallets. But the big difference is that most banks reimburse you for any losses so we feel safe anyway.How about the times where bitcoins are hacked/stolen, how is that safer than a bank?
https://www.cryptocoinsnews.com/bitp...tcoins-stolen/.Comment -
You'd be surprised, but actually banks don't have to reimburse you if your account got hacked.
I'm not sure how it works in Australia, but in US, FDIC insurance does not protect you against identity theft or unauthorized use of your bank account, debit card, or checks. The purpose of FDIC is only to protect you from mismanagement (or bad luck) on the part of your bank.
Bank accounts are insured by the FDIC up to $250,000, but only in the case of bank failure -- and only for actual bank deposits, not for other products, such as money market funds, that might also be on deposit in the bank.
Some of these other products -- for example, securities on deposit at a brokerage house -- may be covered by the Securities Investor Protection Corporation (SIPC), another federal agency that reimburses clients for securities lost up to $500,000 when a firm fails.
But these federal agencies do not insure for loss from cybertheft. The FDIC Website says, "If a third party somehow gains access to your account and transacts business that you would not approve of, you must contact the bank and your local law enforcement authorities, who have jurisdiction over this type of wrongdoing." In other words: You're on your own.
Most banks however will still reimburse you, but they're not doing it because they have to, but more because they're obviously trying to save their face and not lose their clientele.Comment -
This is dirturbing Opti, to say the least. It looks like they lost control and can't get it back. Based on what I've read, I wouldn't be surprised if the central banks haven't infiltrated.
Further, this could be a cause of delays in processing, and it could get worse.
In my opinion, this should be addressed in the Webinars, perhaps in depth.
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You are welcome!Comment -
Hi FlipsideRM, this is Justin from the video. Depending on your bank, and which exchange you use, it should take between 1-4 business days. With Circle.com, you can get $300 intantly with credit card, and this limit increases over time.
If speed is an issue, you can have bitcoin within hours by buying with cash at bitquick.co or LibertyX.Comment -
KVB, Mike Hearn dramatically announcing to the world that he doesn't want to work on bitcoin anymore is slightly similar to an English professor saying that he is done with English, it is never going to be a perfect language. Mike did highlight some great points on some of the issues that bitcoin developers need to overcome in the next 12 months, but did so in an unproductive manner.This is dirturbing Opti, to say the least. It looks like they lost control and can't get it back. Based on what I've read, I wouldn't be surprised if the central banks haven't infiltrated.
Further, this could be a cause of delays in processing, and it could get worse.
In my opinion, this should be addressed in the Webinars, perhaps in depth.
I would recommend the analysis from Pantera for insight into bitcoin development.
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This is from Bitcoin Justin's link. It explains why Mike Hearn posted that the sky is falling.
Full nodes on the network check transactions and validate blocks, relaying information about these to other nodes. There are also lightweight nodes which simply listen for transactions which affect them, trusting that blocks from miners are generally OK, thereby reducing the resources required to run them. A normal bitcoin transaction is 250 bytes worth of data. There is a hard-coded 1 Megabyte (MB) limit on the transactional data included in blocks . This limit was introduced years ago as a means of preventing denial-of-service flooding of the young network.
Why Is There an Issue with Scalability/Block Size?
Bitcoin adoption is increasing and hence the number of transactions is increasing. Hitting the 1 MB block size limit is in sight.
Over the past year, there have been increasing number of full blocks, in some cases causing transaction backlogs for a few hours, meaning longer than usual delays for transactions to clear. More recently, there have been instances of deliberate flooding of the network with normal-fee transactions over the course of several days (any transactions paying less fees than these flooding transactions, which were many at the time, were forced to wait hours for processing).
Data published by blockchain analysis website TradeBlock in June 2015 demonstrated that the average size of blocks had increased from around 125KB to 425KB since 2013.Comment -
Both articles informative. Keep em coming guys.
Justin welcome to the Forum.
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Why does Blockchain take so long to confirm transactions?
I have Unconfirmed transactions and it's been 20 minutes. Is this typical??Comment -
Make sure to pay a miner's fee. I pay between .0001 (4 cents) and .0005 (20 cents). This is the only fee that is paid for normal bitcoin transactions. It's up to the book on whether they will charge you more. The bitcoin books charge either zero or .0001 (4 cents) to process withdrawals. It differs with fiat books.
It depends upon the book on how much I'll pay. Some books need 0 confirmations to credit your account and others may take up to 6 confirmations. I'll pay .0001 for books that require 0 confirmations and .0005 for books that require more confirmations.
If you are using a blockchain.info wallet, click the "custom" button on the left hand side. A "miner's fee" box will open. Type in the amount that you would like to pay.Last edited by raiders72001; 01-31-16, 04:13 AM.Comment -
A lot of times people think that they are losing money on bitcoin transaction when it's just that there are different prices at different exchanges.
If you have 1 BTC in one wallet and 1 BTC in a different wallet, the balance may show a different dollar amount. The amount shown is the price at the exchange used.
Most fiat books use the BitStamp price and bitcoin books use https://bitcoinaverage.com/#USDLast edited by raiders72001; 01-31-16, 04:29 AM.Comment -
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Very interesting info. Thanks for your time Raiders. What's odd... I've used blockchain twice for 5D. Just 2 separate $100 amounts... different dates... and it went through... confirmed... within 5 minutes. No miners fee etc. Don't recall these "confirmations" you're referring too. It either said "Unconfirmed" in RED. Then "Confirmed" in Green. Currently... just sent a small amount to BetDSI... in my blockchain wallet... it's still saying "confirmations" at 14!!!! I don't recall blockchain doing this??? Is this something new?
Again, really good info from you. I greatly appreciate it! BTC can be very confusing....
By the time BetDSI credited the funds.... I lost about $4.50 on trying to send $200.00 (INSTANTLY)
Losing 2.25% sucks.
Just to let you know... I go Coinbase to blockchain wallet.
Then blockchain wallet to BetDSI.
After everything completed... which was about 40 minutes total... lost 2.25%Comment -
Green means that money was sent to you. Red means that you sent money to someone else.
Right after you send money, it will say unconfirmed and then when confirmations start coming in shows each confirmation. You are seeing 14 so soon you will see 15. After so many confirmations, the confirmations will disappear.
BTC is confusing to all of us at first. You don't want to put a foot in the water since it seems too difficult. After a while it gets really easy.Comment -
Is there anything wrong with going circle straight to sports book? Seems like extra work to go circle-block chain-sports book just got a deposit. I can see where it would be smart to do it on a payout but why a deposit?Comment -
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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.Last edited by raiders72001; 01-31-16, 01:47 PM.Comment -
You're a real asset to this forum Raiders
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Warriors !!!Comment -
Who is ready for part two?
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