Bitcoin Webinar Part 4: Risks & Rewards

[SBR Forum]

Bitcoin Webinar Part 4: Risks & Rewards
In part four of the bitcoin educational series, Sportsbook Review's Peter Loshak and bitcoin expert Justin discuss the risks and rewards associated with the popular digital currency. Sportsbook Review welcomes feedback from sports bettors interested in using bitcoin, as well as questions that readers may wish to see answered on future bitcoin segments with Justin.

Part one focused on the basic question of what is bitcoin. Part two covered how to purchase bitcoin, and part three covered how to convert bitcoin to cash.

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[jjgold]

Loshak in good form

We have to hope gov't does not get involved and ruin this like paypal

[KVB]

Agreed JJ.

[raiders72001]

Great video!

[jjgold]

Nitrogen does have a nice set up

gamblers dream the way it is laid out

[bobbywaves]

Will there be a part 5, will 3rd party fees be discussed? I realize books don't charge transaction fees, but what about the conversion/transfer wallet fees from bitcoin to cash/bank account & vice versa?

[Optional]

Had not thought about that comparison that you can lose your wallet and cash but still have a backup of your bitcoin wallet if you lose your phone.

[ChuckyTheGoat]

This Justin guy deserves some recognition.

Stats on this guy?

[jersonc]

[ronald]

Great info here.

Thanks.

[BWest]

Bitcoin founder has publicly called Bitcoin a failure. Cited infighting and greed as the reasons. Bitcoin has split into Core and Classic. Transaction verification times can be ridiculously long. Really need clarification before jumping in with both feet. Not a coincidence that some online entities deal only in Bitcoins. And when they decide that it is serves their interests to disappear as occurred recently, to whom do you look too. Just one person's experience. I had very high hopes for Bitcoin. A distributed system of trust is what keeps Bitcoin viable. A few bad apples.

[jjgold]

[raiders72001]

Bitcoin founder has publicly called Bitcoin a failure. Cited infighting and greed as the reasons. Bitcoin has split into Core and Classic. Transaction verification times can be ridiculously long. Really need clarification before jumping in with both feet. Not a coincidence that some online entities deal only in Bitcoins. And when they decide that it is serves their interests to disappear as occurred recently, to whom do you look too. Just one person's experience. I had very high hopes for Bitcoin. A distributed system of trust is what keeps Bitcoin viable. A few bad apples.

This is untrue. Mike Hearn had absolutely nothing to do with founding bitcoin. Some are worried that in the future that transactions will take longer due to the maximum block size.

In order to increase the block size, Mike Hearn and others wanted to switch to Bitcoin XT. Mike Hearn couldn't get enough support for the switch so he became disgruntled.

What he did is disparage bitcoin so that he could make money selling bitcoin and starting a boom to ethereum. Ethereum has increased in value 500% in the last 6 weeks. Ethereum now has the second highest market cap of all crypto-currencies only behind bitcoin.

http://coinmarketcap.com/

[raiders72001]

For those wanting to trade ethereum this is the biggest exchange for trading ethereum. https://poloniex.com/exchange#btc_eth

I'm not recommending it to anyone at this time but I personally made recent investments in ethereum although it wouldn't shock me to lose it all.

I started buying at $4.63 so I missed the boom.

[Bitcoin Justin]

For those wanting to trade ethereum this is the biggest exchange for trading ethereum. https://poloniex.com/exchange#btc_eth

I'm not recommending it to anyone at this time but I personally made recent investments in ethereum although it wouldn't shock me to lose it all.

I started buying at $4.63 so I missed the boom.

Raiders - I'm curious if have you tried ShapeShift https://shapeshift.io/ ? It has become my favorite way for speculating on altcoins, as there are no signups, no accounts, near-instant conversion, and you don't need to keep any money with them, so limited need to trust them (one of the major risks with any exchange that you also use as a wallet, like Poloniex). As you mentioned, I don't recommend investing in altcoins unless you are prepared for huge swings up and down.

[InsiderHer]

Raiders is correct, Dr. Craig Steven Wright aka Satoshi Nakamoto was the true creator of bitcoin.

[Alexdaranger]

hey guys so i just wanted to make something clear for myself. so i made a account on coinbase (like suggested) and linked my bank account to the coinbase. from there i made a deposit of 20 dollars and i have to wait four days (until thursday) for the bitcoin to be in my wallet. i plan on using Bovada to make a bitcoin deposit. so my 2 questions are.. 1 security. i know that this was mentioned in the video above, but with this feature linked to my bank account should i be worried?(i do have the double verification set up with my phone) and 2 if i wanted to transfer bitcoin to USD on coinbase do i just go sell bitcoin and select the amount. and the money will be put into my checking account?

[The Giant]

hey guys so i just wanted to make something clear for myself. so i made a account on coinbase (like suggested) and linked my bank account to the coinbase. from there i made a deposit of 20 dollars and i have to wait four days (until thursday) for the bitcoin to be in my wallet. i plan on using Bovada to make a bitcoin deposit. so my 2 questions are.. 1 security. i know that this was mentioned in the video above, but with this feature linked to my bank account should i be worried?(i do have the double verification set up with my phone) and 2 if i wanted to transfer bitcoin to USD on coinbase do i just go sell bitcoin and select the amount. and the money will be put into my checking account?

Bovada doesn't take bitcoin, do they?

[Alexdaranger]

yes, they do.

[The Giant]

yes, they do.

Wow, you're right. I had no idea. Do you have to call in to do it, or can you get an address online?

As for your other question, I think you did everything okay. And yeah, when you sell you just convert it to cash and then back to your bank.

[raiders72001]

Raiders - I'm curious if have you tried ShapeShift https://shapeshift.io/ ? It has become my favorite way for speculating on altcoins, as there are no signups, no accounts, near-instant conversion, and you don't need to keep any money with them, so limited need to trust them (one of the major risks with any exchange that you also use as a wallet, like Poloniex). As you mentioned, I don't recommend investing in altcoins unless you are prepared for huge swings up and down.

I haven't tried that one yet but may jump in. I use BTC-e, Kraken and Poloniex.

[raiders72001]

Volume in the last 24 hrs for BTC $102.5m and for ETH $51.3m.

After that it's LTC $1.4m

[The Giant]

Wow, you're right. I had no idea. Do you have to call in to do it, or can you get an address online?

As for your other question, I think you did everything okay. And yeah, when you sell you just convert it to cash and then back to your bank.

Okay, I figured out how to get the address.

I had no idea Bovada used bitcorn. Very nice.

[Alexdaranger]

ok, awesome. yeah, just waiting on the few days left for my bank to process the transaction, then you just paste your wallet code to there deposit Id line, or scan your phone and its in. seems awesome, no more trying to go out and figure out ******** cards !

[The Giant]

ok, awesome. yeah, just waiting on the few days left for my bank to process the transaction, then you just paste your wallet code to there deposit Id line, or scan your phone and its in. seems awesome, no more trying to go out and figure out ******** cards !

Exactly. Just make sure you use a blockchain wallet in between.

Coinbase to Blockchain to Bovada.

[Alexdaranger]

Ok, thank you defentially will, this is because of security and tracking correct?