How to Use Bitcoin for Sports Betting Video Tutorial

[petey7979]

Is this correct order? Exchange>wallet>sportsbook for deposit and payout sportsbook>wallet>exchange

[MarkMakers]

Thanks Opti

I’ll give that option a test run and see how it works. I’ll test for speed, and fees charged by both Coinbase and the bank.

[Optional]

Hmm, okay that is an option to consider.

While logged into my Coinbase account I also noticed an option to deposit USD. It seems like an account just to leave some cash. If I deposit money into that account and used it to purchase btc do you think it would be just as fast as a wire transfer?

You have the choice to deposit US$ into that wallet, and buy your bitcoin after it has cleared, instead of just ordering bitcoin and paying for it on day one.

If you send a wire it ends up in that wallet. Or if you sell bitcoin to them to hold instead of withdraw it sits in that wallet.

It makes no difference with approval speed though.


The 5 days they make you wait when sending by ACH is due to that being how long it takes until the Automated Clearing House guarantees them the funds. A wire is not reversible.

[MarkMakers]

Hmm, okay that is an option to consider.

While logged into my Coinbase account I also noticed an option to deposit USD. It seems like an account just to leave some cash. If I deposit money into that account and used it to purchase btc do you think it would be just as fast as a wire transfer?

[Optional]

Is there a faster method of getting your bitcoin processed on Coinbase? Currently, each purchase on Coinbase takes 6 days to clear before I can send it to my wallet and then to a book.

Yes, you can deposit by wire transfer instead of ACH and your funds will be clear same working day or overnight at the longest.

Your bank will charge you between $15 and $30 to send money that way.

No extra charge at Coinbase end.

[MarkMakers]

Is there a faster method of getting your bitcoin processed on Coinbase? Currently, each purchase on Coinbase takes 6 days to clear before I can send it to my wallet and then to a book.

[DontTailMe]

Do I get charged both ways from the exchanges and the wallets?

Every time you send a transaction through the blockchain, yes there is a fee.

Seems like just keep paying the CC fee at my book would be just as simple and similar in pricing.

I guess it depends on how much you're betting / depositing / withdrawing. If you're small stakes, sure I suppose CC could be cheaper. Of course, you still have to be concerned about the security if sending your CC info through a shady Chinese processor. On the other hand, if you're moving around hundreds or thousands of dollars in your deposits and withdrawals, bitcoin is much cheaper. Bitcoin is always going to be safer and have faster payouts.

[louisvillekid]

So is coinbase and blockchain still the way to go? I've finally decided I want to try this.
I see a lot of posts about high prices/charges/commissions using these 2 and people are suggesting other exchanges and/or wallets.

Do I get charged both ways from the exchanges and the wallets?
Seems like just keep paying the CC fee at my book would be just as simple and similar in pricing.

[DontTailMe]

No have sent hundreds of times back n forth...

Absolutely terrible advice

Wanna know how many times I've seen someone whining about losing their exchange account and thinking it wasn't fair because they've been doing it for months/years and getting away with it?

Just because it hasn't caught up with you YET doesn't mean it won't happen.

[DontTailMe]

Is just doing that enough? They can follow where the coins they issue end up if they so choose to.

So far, they choose not to. It probably comes down to plausible deniability - them doing the minimal amount of effort required to not get in trouble with regulators.

[Optional]

Has anyone run into issues sending Bitcoin bought from Coinbase to a book? I've heard stories of exchanges banning their members for doing so.

Yes many posters here have had accounts closed down at Coinbase, Gemini and CashApp.

Is just doing that enough? They can follow where the coins they issue end up if they so choose to.

It is enough to stop you being identified by a simple sweep.

When the exchange becomes aware of wallet/s a bookmaker is using they can do a search for that array of wallet IDs in their own database of sent transactions.

If you send to a personal wallet first, you will never get caught up in that.


If they decide to personally investigate your account and try to track all the movements of the bitcoin that came from them, then a simple middleman wallet does not help.

No have sent hundreds of times back n forth...

If you do not value your exchange account, then it's up to you to take that risk.

But if you have used them "hundreds" of times that exchange probably is valuable to you and not really worth the risk of losing them instead of taking the extra 60 seconds needed to send to a wallet you own first.

[Bucketwah]

Has anyone run into issues sending Bitcoin bought from Coinbase to a book? I've heard stories of exchanges banning their members for doing so.

No have sent hundreds of times back n forth...

[PowerMoves]

Yes. Don't do it. Always use a middle man wallet unless you don't mind eventually losing your Coinbase account.

Is just doing that enough? They can follow where the coins they issue end up if they so choose to.

[DontTailMe]

Has anyone run into issues sending Bitcoin bought from Coinbase to a book? I've heard stories of exchanges banning their members for doing so.

Yes. Don't do it. Always use a middle man wallet unless you don't mind eventually losing your Coinbase account.

[PowerMoves]

Has anyone run into issues sending Bitcoin bought from Coinbase to a book? I've heard stories of exchanges banning their members for doing so.

[Optional]

So based on this COINBASE and BLOCKCHAIN are not recommended. The video in this thread is therefore outdated. Am I missing something here?

No they are not outdated.

Coinbase is an exchanger, not "a wallet".

You use a wallet that they give you inside your coinbase account, but that is not the sort of wallet LotusPod was talking about.

This is probably not the right thread for his list as it will just confuse new users as it has done to you.



You need an Exchanger to transfer $$$ to and from your Bitcoin Exchange account and your bank account. That would be Coinbase, Gemini, CashApp or a Bitcoin ATM for most people here.


Then you need you own wallet which you have 100% complete control and ownership of. Blockchain.com/wallet is simple to get started with and fine for our purposes as bettors.

"Better" is subjective with the personal wallets... the one you understand and are comfortable with is the best for you. No one else can tell you that. Electrum.org is the "best" wallet in my opinion... but it has 100 more functions than the Blockchain one and would probably make most first time users run away opening it and seeing it for the first time.

[MarkMakers]

If you're needing a btc wallet, here's a ranking that just came out today that covers the major legit wallets pretty accurately and up-to-date as you can get for now. I thought it would be useful to post here for the new people - https://www.veriphi.io/en/software-wallet-analysis
They cover a lot of different aspects - wallets are mainly broken down into Desktop, Web, Mobile, and Hardware. Seems Desktop + Seed Phrase securely stored is the best if possible/suitable. Avoid web wallets and custodial wallets also if possible, or don't leave coins there long-term at least.

So based on this COINBASE and BLOCKCHAIN are not recommended. The video in this thread is therefore outdated. Am I missing something here?

[lotuspod]

If you're needing a btc wallet, here's a ranking that just came out today that covers the major legit wallets pretty accurately and up-to-date as you can get for now. I thought it would be useful to post here for the new people - https://www.veriphi.io/en/software-wallet-analysis

They cover a lot of different aspects - wallets are mainly broken down into Desktop, Web, Mobile, and Hardware. Seems Desktop + Seed Phrase securely stored is the best if possible/suitable. Avoid web wallets and custodial wallets also if possible, or don't leave coins there long-term at least.

[DABOOK]

Made an account with them but never used them. Never heard anything bad, but don't let that be a ringing endorsement to use them either.

Thx
Anyone else know them?

[mrpapageorgio]

I have a pph book that has been good to me for about 5 years. I would like to switch to bitcoin instead of meeting the guy. The pph support has recommended “Uphold” for withdrawals. They have an apple app and look good. Fees seem low but I do not know about anything better. Anyone know about this one ?

Made an account with them but never used them. Never heard anything bad, but don't let that be a ringing endorsement to use them either.

[DABOOK]

I have a pph book that has been good to me for about 5 years. I would like to switch to bitcoin instead of meeting the guy. The pph support has recommended “Uphold” for withdrawals. They have an apple app and look good. Fees seem low but I do not know about anything better. Anyone know about this one ?

[Optional]

Very scary actually pulled up my search history my search engine must have directed me to this bogus site even said blockchain .com most trusted site but actually took me to Blockchain.tk I entered my wallet address tried logging in then it said my account was blocked call 855 530 3108 then the guy tried to get me to go to ultra viewer .net so he could get in my account kept telling me there was a problem with my server. Later I got a call 620-644-9606 with another guy trying to let me let him access my computer needless to say I didn’t and deleted all my blockchain apps very close call to getting scammed.

It sounds like you have a redirect exploit on your PC.

If you go to www.malwareremoval.com they offer a free service to check/clean your computer. Better than anything you could pay for in terms of being cerrtain it is done right.

[TwitchySeal]

If you're moving around 4+ figures worth of Bitcoin (I think you said you were buying $5k worth), I could consider investing in a cold storage wallet. Basically it's a wallet that is not connected to the internet (like smart phone wallets). Less convenient to use since you need to plug it into a computer to use, but also reduces the risk of a hack like you almost had happen.

https://shop.ledger.com/products/ledger-nano-s

If you get one, keep your backup phrase written down (they provide a card) and stored in a safe and not stored electronically somewhere. Minimizing the electronic footprint of the wallet reduces the risk of hack/theft.

This is good advice.

I would also highly recommend not using blockchain.com, or any other service that requires you to log in through a browser, as the main place to store your funds. I think they are one of the few non-custodial wallets, which is great, but It exposes you to all sorts of risks, I've heard tons of horror stories.

Electrum is a great lightweight wallet that is far more secure and really doesn't take long to get the hang of. Write down your seed phrase and put it somewhere safe, and the only way you will get robbed is if someone has access to your entire system or breaks into your house while your computer is on.

Bitcoin Core and Armory are also extremely secure, but more complicated and resource heavy, (you have to download the entire block chain and sync, for example)

[mrpapageorgio]

Very scary actually pulled up my search history my search engine must have directed me to this bogus site even said blockchain .com most trusted site but actually took me to Blockchain.tk I entered my wallet address tried logging in then it said my account was blocked call 855 530 3108 then the guy tried to get me to go to ultra viewer .net so he could get in my account kept telling me there was a problem with my server. Later I got a call 620-644-9606 with another guy trying to let me let him access my computer needless to say I didn’t and deleted all my blockchain apps very close call to getting scammed.

If you're moving around 4+ figures worth of Bitcoin (I think you said you were buying $5k worth), I could consider investing in a cold storage wallet. Basically it's a wallet that is not connected to the internet (like smart phone wallets). Less convenient to use since you need to plug it into a computer to use, but also reduces the risk of a hack like you almost had happen.

https://shop.ledger.com/products/ledger-nano-s

If you get one, keep your backup phrase written down (they provide a card) and stored in a safe and not stored electronically somewhere. Minimizing the electronic footprint of the wallet reduces the risk of hack/theft.

[egzacto]

Scam indeed

Very scary actually pulled up my search history my search engine must have directed me to this bogus site even said blockchain .com most trusted site but actually took me to Blockchain.tk I entered my wallet address tried logging in then it said my account was blocked call 855 530 3108 then the guy tried to get me to go to ultra viewer .net so he could get in my account kept telling me there was a problem with my server. Later I got a call 620-644-9606 with another guy trying to let me let him access my computer needless to say I didn’t and deleted all my blockchain apps very close call to getting scammed.

[raiders72001]

I finally was able to get money in Gemini using a different bank account . So now I was trying to set up wallet with block chain and keep having issues logging in. So I tried a laptop instead of mobile and got a message my account was blocked and to call an 855 number I do a guy answers he wanted me to let him access my pc remotely. He some how new the last 5 numbers of my wallet ID but I still did not want to let him access my PC. Any other wallet recommendations I’m a little spooked with block chain

That 855 number was definitely a scam.

[egzacto]

I think I finally figured out what I was doing wrong trying to transfer instead of with draw not I got it

[Sam Odom]

put that long address in here

https://www.blockchain.com/explorer

see where it is if anywhere

[egzacto]

I don’t know why I am having such a hard time with this copied wallet address with request from my airbitz account clicked transfer to from my Gemini account hit finish nothing happened no confirmation not sure if it is being processed or not . No support from either place very frustrating

[Optional]

Airbitz popular and never heard of a problem with them.

[egzacto]

[QUOTE=Optional;28891603]That sounds like a scam of some sort. Maybe not the correct url? blockchain.com/wallet

electrum.org desktop wallet is about the best technically, and its 100% on your device with no one else involved. What about airbitz? I just set up a wallet with them

[Optional]

I finally was able to get money in Gemini using a different bank account . So now I was trying to set up wallet with block chain and keep having issues logging in. So I tried a laptop instead of mobile and got a message my account was blocked and to call an 855 number I do a guy answers he wanted me to let him access my pc remotely. He some how new the last 5 numbers of my wallet ID but I still did not want to let him access my PC. Any other wallet recommendations I’m a little spooked with block chain

That sounds like a scam of some sort. Maybe not the correct url? blockchain.com/wallet

electrum.org desktop wallet is about the best technically, and its 100% on your device with no one else involved.

[egzacto]

I finally was able to get money in Gemini using a different bank account . So now I was trying to set up wallet with block chain and keep having issues logging in. So I tried a laptop instead of mobile and got a message my account was blocked and to call an 855 number I do a guy answers he wanted me to let him access my pc remotely. He some how new the last 5 numbers of my wallet ID but I still did not want to let him access my PC. Any other wallet recommendations I’m a little spooked with block chain

[Sam Odom]

... but I can't get verified with coinbase to send money from coinbase to 5Dimes.

If/when you get this figured out - DON'T do that ^

As been said 100+ times... use another , intermediary wallet , between CB & 5D

Congrats to Sammy who's older than me and much smarter

Too old and not that smart

[egzacto]

wired money to Gemini using a bank account in my name and it was rejected because I did not register that account with them.I was told via email money would be returned and could take 2- 10 days or longer WTF? I tried calling no one answers left a message on a sketchy voicemail.this was Friday money has not been returned. What a nightmare