Bitcoin Newbie Guide?

**Optional** · 06-12-16, 05:41 PM

At the top of this forum you will find 4 pinned threads with a webinar for newbies

Part 1 is here: http://www.sportsbookreview.com/foru...tors-care.html

**tpark77** · 06-12-16, 06:02 PM

Thank you! I watched those videos but I was wondering if someone could give me step by step instructions.

**Optional** · 06-12-16, 06:33 PM

Create a https://blockchain.info/wallet/ to receive coins from the book.
Create a http://coinbase.com account and link your bank account to receive cash for them.

Request a withdrawal from the book to your Blockchain wallet.
Send bitcoin from that wallet to your Coinbase wallet.
Request a cashout at Coinbase.

**tpark77** · 06-12-16, 06:45 PM

The video recommended Airbitz and I downloaded that. So I go to the Request tab under My Wallet and enter the code under the QR into Bookmaker? Then I send from Airbitz to Coinbase and from Coinbase to my bank?

**Optional** · 06-12-16, 07:06 PM

Yes that's correct. Give the book the Airbitz wallet address to pay to.

I have not used Airbitz but I believe you can cashout from there directly btw.

But also can be used as a middleman account as Blockchain is in my example.

**tpark77** · 06-12-16, 10:51 PM

So Coinbase will block you for gambling right? Do I need to add another step between Airbitz and Coinbase or will that be enough?

**Jliao4** · 06-13-16, 03:13 AM

Originally posted by tpark77

So Coinbase will block you for gambling right? Do I need to add another step between Airbitz and Coinbase or will that be enough?

Coinbase will 100% block you if they detect that you are using their services for gambling related transactions. Usually it is enough to have one layer of seperation between Coinbase the Gambling website's wallet however I have read stories of them blocking people who have transferred from Coinbase > Personal Wallet > Gambling site.

Of course they would only put that much effort into tracking you like that if you're making multiple large deposits and withdrawals. If you are a high roller a better way to avoid getting "caught" so to speak it so seperate your buying and selling on two different sites. For example you might purchase all your bitcoin from Coinbase and sell all your bitcoin at Bitstamp. Of course this doesn't mean you can deposit straight from Coinbase into Nitrogen but it is much easier to come up with an alibi when your transactions go in only one direction.

Another wallet I would recommend is Mycelium on Android and for the best security use it on a non-rooted Android device. Android application sandboxing is something Google puts alot of money into making secure and I'd be much more willing to trust that my Android device remains uncompromised than my Windows PC. For longer term storage of your Bitcoin goodies, use Coinbase vault. Coinbase vault notifies you whenever a transaction out of your vault is attempted and holds the transaction a few days as an addtional safeguard.

If you have any more questions ask away as Bitcoin is something I have some experience wiht.

**raiders72001** · 06-13-16, 09:50 AM

Originally posted by Jliao4

Coinbase will 100% block you if they detect that you are using their services for gambling related transactions. Usually it is enough to have one layer of seperation between Coinbase the Gambling website's wallet however I have read stories of them blocking people who have transferred from Coinbase > Personal Wallet > Gambling site.

Of course they would only put that much effort into tracking you like that if you're making multiple large deposits and withdrawals. If you are a high roller a better way to avoid getting "caught" so to speak it so seperate your buying and selling on two different sites. For example you might purchase all your bitcoin from Coinbase and sell all your bitcoin at Bitstamp. Of course this doesn't mean you can deposit straight from Coinbase into Nitrogen but it is much easier to come up with an alibi when your transactions go in only one direction.

Another wallet I would recommend is Mycelium on Android and for the best security use it on a non-rooted Android device. Android application sandboxing is something Google puts alot of money into making secure and I'd be much more willing to trust that my Android device remains uncompromised than my Windows PC. For longer term storage of your Bitcoin goodies, use Coinbase vault. Coinbase vault notifies you whenever a transaction out of your vault is attempted and holds the transaction a few days as an addtional safeguard.

If you have any more questions ask away as Bitcoin is something I have some experience wiht.

Coinbase checks more than one hop. You can use an exchange in the middle. You don't have to worry about breaking down transactions since the exchange will wash the money. You'll also have a built in excuse of being a trader.

**tpark77** · 06-13-16, 10:15 AM

So would I be ok if I'm just doing smaller transactions like 1 btc at a time? I'm not a super high roller.

How do I use an exchange and is there one you recommend?

**Optional** · 06-13-16, 10:56 AM

Originally posted by raiders72001

Coinbase checks more than one hop. You can use an exchange in the middle. You don't have to worry about breaking down transactions since the exchange will wash the money. You'll also have a built in excuse of being a trader.

Your coins wont be changed unless you actually trade them all on the exchange first though will they?

**importmoon** · 06-13-16, 01:51 PM

please elaborate...

**tpark77** · 06-13-16, 06:54 PM

So just to double check, this is the process:

Transfer from sportsbook to Airbitz.
Transfer from Airbitz to account on exchange.
Sell on exchange.
Buy back on exchange.
Transfer from exchange to Coinbase.
Transfer from Coinbase to bank account.

Is that right?

What exchange should I use?

**Memento** · 06-14-16, 09:46 PM

Originally posted by tpark77

So just to double check, this is the process:

Transfer from sportsbook to Airbitz.
Transfer from Airbitz to account on exchange.
Sell on exchange.
Buy back on exchange.
Transfer from exchange to Coinbase.
Transfer from Coinbase to bank account.

Is that right?

What exchange should I use?

I think a few of these guys use poloniex

**tpark77** · 06-15-16, 01:32 AM

Do I need to use an exchange if I only doing smaller amounts? (Less than $1k USD)

**tpark77** · 06-15-16, 01:37 AM

So I send money from my book to my Airbitz account.
Then I send from Airbitz to my Poloniex account.
Then I sell BTC on Poloniex for ETH.
Then I buy back BTC on Poloniex for ETH.
Then I send from Poloniex to Coinbase.
Then I send from Coinbase to my bank.

Is that correct?

**Memento** · 06-15-16, 01:21 PM

Originally posted by tpark77

So I send money from my book to my Airbitz account.
Then I send from Airbitz to my Poloniex account.
Then I sell BTC on Poloniex for ETH.
Then I buy back BTC on Poloniex for ETH.
Then I send from Poloniex to Coinbase.
Then I send from Coinbase to my bank.

Is that correct?

I have been using Circle for a while and had my limits increased to $3000/week. I don't use any exchanges, just blockchain. But I also don't go back and forth daily from deposit and withdrawals. Some guys on here seem to deposit money, bet, and then withdrawal as if they desperately need the money back into their account the same day to pay a bill or something. If you are in that situation, you shouldn't be gambling. I also leave money in blockchain for a little while (few hours or sometimes days) before moving it. You should never be in need to have instant access to your gambling winnings....that tells me you are barreled in.

**tpark77** · 06-15-16, 02:09 PM

I don't need money out of my account urgently and I don't plan on doing lots of deposits and withdrawals back and forth. I usually do one withdrawal every couple of weeks if I win. Do you think I need to use an exchange?

**Memento** · 06-15-16, 02:59 PM

Originally posted by tpark77

I don't need money out of my account urgently and I don't plan on doing lots of deposits and withdrawals back and forth. I usually do one withdrawal every couple of weeks if I win. Do you think I need to use an exchange?

I wouldn't think so...but it is up to you. Like I said, I have never had an issue. I have heard more people banned from Coinbase than Circle, so I would try Circle and see how it goes. You can always switch over to Coinbase and start doing exchanges if necessary.

**Slanina** · 06-21-16, 12:32 PM

Im about to do my first Bitcoin withdrawal and I want it to my bank account same as OP. I deposited into Coinbase transferred to Airbitz and finally my book.

If I'm reading this right, I just dont simply reverse that process? I actually need another service in between Airbitz and Coinbase??

**raiders72001** · 06-21-16, 01:10 PM

Originally posted by Optional

Your coins wont be changed unless you actually trade them all on the exchange first though will they?

You don't need to make any trades. Exchanges without wallets keep BTC mixed with deposits from all. When you ask for a withdraw, they just grab BTC from that pool. There is a slim chance that they will send out the same BTC that you deposited.

**Slanina** · 06-22-16, 10:50 AM

Is this an idea for withdrawaling?

Book to my Airbitz to another Airbitz to Coinbase to Bank?

My buddy has an Airbitz that hasn't been used for gambling yet.