How to Use Bitcoin for Sports Betting Video Tutorial

[Purduekev]

What is the best wallet to use for the USA player between Coinbase and the Sportsbook now? Thanks.

[Maw011]

Good video. Once I went Bitcoin I will never go back to ** or **.

[milesbk23]

Fantastic review!

To the newbies, it probably sounds complicated, but after doing it once or twice you'll wonder why you took so long to get involved.

I agree and it's worth learning about bitcoin and other cryptos at this moment where the technology is rather new. It's the way of the future.

[Tanko]

Thanks Opti. Looks like Airbitz is now Edge. I think you can still use the airbitz app but they offer their newer version "Edge" when setting up an account.

[Optional]

BkofAma, Chase, Citi, Cap1, TD--among others-- have actively blocked bitcoin transactions on their cc's for almost a year now

Yes but the poster you are referring to was using a DEBIT card.

If your BkofAma branch manager starts trying to tell you that you cant spend your cash money in your own bank account anyway you like via a debit card, take the time to report them to head office and have the issue fixed immediately.

As someone who has never dealt in the bitcoin process, if I win bitcoin in an SBR contest, what is the easiest way to convert the BTC to cash? I'm hoping to avoid going through Coinbase since I dont want to avoid involving the banking system.

I've read the entire thread and found a response from Optional that alludes to a process for possibly doing this (see 2nd to last paragraph below), but I want to make sure I get it right.

1. I skip the Coinbase.com steps and I set up a bitcoin wallet (e.g. with blockchain.info - the post refers to Mycellium but I assume it is a wallet like blockchain.info except the wallet stores the info on on your phone).
2. I use that wallet and give the address to SBR so they can pay me the bitcoin I may have won.
3. I then utilize that mobile Mycellium wallet and visit a bitcoin ATM and make a cash withdrawal. Granted there will be excess fees with this method.

Is Mycellium the best option for doing this or are their others I should consider.
Thanks for your help,

You have it 100% correct.

Mycellium or Airbitz wallets as apps on your phone is the way to go. Whichever wallet you feel comfortable operating is fine.

They only take 30 seconds to install. Just try both quickly and delete the one you find less easy to understand. Functionality is pretty much the same.

Just give SBR a receive address from your wallet to pay to, and it's not much more difficult than scanning a code at the ATM to get your cash from there.

7-9% will be the loss at an ATM.

You can maybe save 2/3rds of that by selling person to person at localbitcoins.com but be aware it's like ebay, some scammers around.

I think you can just use BitPay wallet and then just send it too the BitPay cc which seems to be the easiest way to avoid involving your bank. ( I think that you don’t even have to go to atm with BitPay cc just get cash back are just use the card itself)

The reason we advise people not to send from their book directly to the BitPay wallet is that it is against their terms of service to use them to transfer gambling funds.

And quite frankly it costs less and is more efficient to use ANY OTHER WALLET instead of the BitPay one. It's just not necessary or advantageous in any way.

[2ndchance]

I think you can just use BitPay wallet and then just send it too the BitPay cc which seems to be the easiest way to avoid involving your bank. ( I think that you don’t even have to go to atm with BitPay cc just get cash back are just use the card itself)

[Tanko]

As someone who has never dealt in the bitcoin process, if I win bitcoin in an SBR contest, what is the easiest way to convert the BTC to cash? I'm hoping to avoid going through Coinbase since I dont want to avoid involving the banking system.

I've read the entire thread and found a response from Optional that alludes to a process for possibly doing this (see 2nd to last paragraph below), but I want to make sure I get it right.

1. I skip the Coinbase.com steps and I set up a bitcoin wallet (e.g. with blockchain.info - the post refers to Mycellium but I assume it is a wallet like blockchain.info except the wallet stores the info on on your phone).
2. I use that wallet and give the address to SBR so they can pay me the bitcoin I may have won.
3. I then utilize that mobile Mycellium wallet and visit a bitcoin ATM and make a cash withdrawal. Granted there will be excess fees with this method.

Is Mycellium the best option for doing this or are their others I should consider.
Thanks for your help,

You have an extra step there Pinoy.

You do not need to use Both Mycellium and the Bitpay wallet.

Just withdraw from your book to Mycellium and load the Bitpay card directly from that wallet. No need to ever use the BitPay wallet for anything. And I would not as they have usage charges on it.


Depositing with Bitcoin, first step is to decide how you want to convert cash to bitcoin. Most people join either Coinbase.com or Gemini.com and link their bank account so they can transfer dollars in and out of the exchange.

Coinbase/Gemini will convert your cash to bitcoin and once they have you send it your Mycellium wallet. And from there deposit it into your book.


If you want to keep it super easy and away from your bank account, then do a google search for "bitcoin ATM near me". You just take along your phone, the machine will scan your mycellium wallet receive address, and you then just pay for how much you want.

This is a bit more expensive than Coinbase/Gemini but leaves you pretty much free of the regualr banking system, if that is your aim.

[acquavallo]

There should no reason a debit card is declined at Coinbase. It's only cred cards affected by bank action against bitcoin (their logic was that letting customers use high interest loans to buy speculative bitcoins was bad)

I would ring BofA and ask them why they wont let you spend your funds at Coinbase as step #1.

They might have flagged your account to not allow any "high risk transaction codes" in general and just need you to ask.


Also, with the two books who declined it. That will be to do the payment processor they are using (which may the same one). You may find your card will start working again at those one day.


Long term, your setup with the blockchain wallet and coinbase sounds right.

Short term to get funds in quick, that Square Cash App Mrpapageorigio recommends sounds like one the easiest online methods. Otherwise google Bitcoin ATM and go visit one near you and buy bitcoin for cash on the spot.

BkofAma, Chase, Citi, Cap1, TD--among others-- have actively blocked bitcoin transactions on their cc's for almost a year now, since the price crash. Bank accounts that persist with high volume, through other means, have been shut down. This disease has not been exclusive to US, it's also found in various parts of Europe and Asia.
Dimon(Chase) and Moynihan(BkofAma), two of the biggest crooks & hypocrites left unscathed from the last bank scandal, have been quoted in the news for eons and ad nauseam slamming bitcoin. The latter banana claims bitcoin obscures bank efforts to detect illegal activity by his customers, priding in his bank being one of the best at detecting illegal activity on behalf of the authorities.

I'm not providing any new info though-- anyone not hiding under a rock, or in prison: who reads financial news and/or posts in Reddit, Coindesk, Bloomberg, any of their competitors, would know this.

[Optional]

Which of these would you say is best in terms of fees/cost with a good ease of use?

I use an exchange like Coinbase (option 1). Most people do, so I'd guess that is considered the most convenient way by most. Fees are reasonable and if you want to use their "pro" service you can avoid the bulk of their fees by selling it on an open trading exchange yourself instead of them doing it for you.

I think the Bitpay card is a very good option and among the cheaper ways. You just send your bitcoin to it and minutes later the card can be used.

If that was available in my country I'd use it.

I dont like P2P exchanges. Too expensive and sketchy.

Bitcoin ATM machines cost the most by far.

[odog11]

There are a few options.

An exchanger who will buy it off you for US$ and then send that money to your bank account. Coinbase.com and Gemini.com are common choices.

A card that can be loaded with bitcoin, which is converted to US$ and available to withdraw at an ATM or spend as card purchases. Bitpay.com is the popular one.

Person to person exchanges where you do proviate deals to buy/sell direct with other people. Like localbitcoins.com

Bitcoin ATM machines where you can withdraw cash on the spot. Search google for your local ones.

Which of these would you say is best in terms of fees/cost with a good ease of use?

[deltgen]

Thanks fellas. I will do as Optional suggested an just ask the bank what's happening. For what it's worth--the transactions that I tried to do with the books and the transaction that I did with Coinbase all went through briefly. I am looking at my bank statement and they were then immediately refunded in my account. Don't know if that signifies anything.

[Optional]

I suppose this is the correct thread to ask my question. I've always used a credit card to deposit at books and is still what I prefer, but have hit a snag the past few days and so am looking to start the digital currency process. First, a little background-- my book of choice is betus. I used the same CC I've used in the past there, and it was declined, three different times. I know that 5D is popular here, so I tried to make a deposit there with the same card, and had the same result. So, one question is: is BkofAma (my bank) more hip to offshore books than they were as recently as a few months ago.
Now, after these issues, I decided to finally join the crowd and go the digital route. I watched SBR Natalie's video at the beginning of this thread a few times, , and things seemed okay--set up a wallet with blockchain.info, and started an account at coinbase. I was going to buy some bitcoin with my bank account, but before I finalized it I was advised that it takes nine days to become available, and that using a debit card would allow me to have it available instantly. I then used the debit card linked to the bank account, and I got a message that the payment was declined. It is a BkofAma account and I used the same card that I attempted to use at the two books. So another question is-- does BofA not allow digital transactions with their accounts?
This is the very first time I have ventured into this, so in addition to the two questions I asked, if anyone noticed anything I may have done incorrectly along the way, please advise me. This is seeming like a pain in the ass to me, but maybe it is a bank issue or just something simple. Thanks.

There should no reason a debit card is declined at Coinbase. It's only cred cards affected by bank action against bitcoin (their logic was that letting customers use high interest loans to buy speculative bitcoins was bad)

I would ring BofA and ask them why they wont let you spend your funds at Coinbase as step #1.

They might have flagged your account to not allow any "high risk transaction codes" in general and just need you to ask.


Also, with the two books who declined it. That will be to do the payment processor they are using (which may the same one). You may find your card will start working again at those one day.


Long term, your setup with the blockchain wallet and coinbase sounds right.

Short term to get funds in quick, that Square Cash App Mrpapageorigio recommends sounds like one the easiest online methods. Otherwise google Bitcoin ATM and go visit one near you and buy bitcoin for cash on the spot.

[mrpapageorgio]

I suppose this is the correct thread to ask my question. I've always used a credit card to deposit at books and is still what I prefer, but have hit a snag the past few days and so am looking to start the digital currency process. First, a little background-- my book of choice is betus. I used the same CC I've used in the past there, and it was declined, three different times. I know that 5D is popular here, so I tried to make a deposit there with the same card, and had the same result. So, one question is: is BkofAma (my bank) more hip to offshore books than they were as recently as a few months ago.
Now, after these issues, I decided to finally join the crowd and go the digital route. I watched SBR Natalie's video at the beginning of this thread a few times, , and things seemed okay--set up a wallet with blockchain.info, and started an account at coinbase. I was going to buy some bitcoin with my bank account, but before I finalized it I was advised that it takes nine days to become available, and that using a debit card would allow me to have it available instantly. I then used the debit card linked to the bank account, and I got a message that the payment was declined. It is a BkofAma account and I used the same card that I attempted to use at the two books. So another question is-- does BofA not allow digital transactions with their accounts?
This is the very first time I have ventured into this, so in addition to the two questions I asked, if anyone noticed anything I may have done incorrectly along the way, please advise me. This is seeming like a pain in the ass to me, but maybe it is a bank issue or just something simple. Thanks.

From what I've read, BkofAma has been hostile to Bitcoin transactions and declining related transactions (at least with CC). One app I like is Square's Cash App. The primary function is to send money back and forth between friends/relatives, but also gives you the option to buy Bitcoin. You link a debit card and load money onto the app and can buy Bitcoin. Their price is about 1.5% above market price.

In order to withdraw the Bitcoin from the app though, you have to take a picture of your ID (at least when I was verified) and wait 24 hours for verification. Once you get through that, it's pretty much instant to withdraw bitcoin. Only draw back is the app won't accept bitcoin to sell. You can only sell what you have leftover already in the app.

[deltgen]

I suppose this is the correct thread to ask my question. I've always used a credit card to deposit at books and is still what I prefer, but have hit a snag the past few days and so am looking to start the digital currency process. First, a little background-- my book of choice is betus. I used the same CC I've used in the past there, and it was declined, three different times. I know that 5D is popular here, so I tried to make a deposit there with the same card, and had the same result. So, one question is: is BkofAma (my bank) more hip to offshore books than they were as recently as a few months ago.
Now, after these issues, I decided to finally join the crowd and go the digital route. I watched SBR Natalie's video at the beginning of this thread a few times, , and things seemed okay--set up a wallet with blockchain.info, and started an account at coinbase. I was going to buy some bitcoin with my bank account, but before I finalized it I was advised that it takes nine days to become available, and that using a debit card would allow me to have it available instantly. I then used the debit card linked to the bank account, and I got a message that the payment was declined. It is a BkofAma account and I used the same card that I attempted to use at the two books. So another question is-- does BofA not allow digital transactions with their accounts?
This is the very first time I have ventured into this, so in addition to the two questions I asked, if anyone noticed anything I may have done incorrectly along the way, please advise me. This is seeming like a pain in the ass to me, but maybe it is a bank issue or just something simple. Thanks.

[Optional]

I don’t understand how you turn your bitcoin into cash after you withdraw from the sports book into your bitcoin wallet or whatever the bullshit is it’s very confusing

There are a few options.

An exchanger who will buy it off you for US$ and then send that money to your bank account. Coinbase.com and Gemini.com are common choices.

A card that can be loaded with bitcoin, which is converted to US$ and available to withdraw at an ATM or spend as card purchases. Bitpay.com is the popular one.

Person to person exchanges where you do proviate deals to buy/sell direct with other people. Like localbitcoins.com

Bitcoin ATM machines where you can withdraw cash on the spot. Search google for your local ones.

[lonnie55]

I don’t understand how you turn your bitcoin into cash after you withdraw from the sports book into your bitcoin wallet or whatever the bullshit is it’s very confusing

Exchange -> Wallet -> Sportsbook -> Wallet -> Exchange

[troynewell47]

I don’t understand how you turn your bitcoin into cash after you withdraw from the sports book into your bitcoin wallet or whatever the bullshit is it’s very confusing

[Shifty]

xxx

[Queleandon]

I think it's actually very good practice

[RMoney22]

thank you for posting

[xraygord]

quadrigacx.com is supposed to be best for Canadians

Thanks, account opened.

[Optional]

What other options are there besides Coinbase? I'm in Canada which doesn't seem to be friendly Coinbase.

quadrigacx.com is supposed to be best for Canadians

[xraygord]

What other options are there besides Coinbase? I'm in Canada which doesn't seem to be friendly Coinbase.

[juvunits]

Do how long does it take to get money into your account. I used to use quadriga but now my bank doesn't allow me to transfer money to them. It was instant. Now all I'm hearing is it takes 5 to 7 business days

[CactusCat]

There are tons of crypto coins you can deal with (not just Bitcoin) and many of them move faster than Bitcoin does. Many have transactions that occur in seconds rather than hours. Also, from what I've been reading, TokenPay is partnering with Verge to offer Verge ************ that do almost instant fiat > crypto and crypto > fiat. TokenPay has purchased a percentage of a German bank to do this with an option to buy a really big percentage of the bank when/if this takes off. Crypto will be the future. And it can be private as well (even better).

[Optional]

Can you deposit btc directly from one book to another? Say I wanted to transfer btc from heritage to 5dimes or vice versa. Or do I have to withdraw from one book and transfer to wallet and then deposit from wallet to the other book? Tia

Technically you don't have to. It is possible to withdraw from one book and give them a deposit address from another book to send to.

But it creates potential problems. Many books give you a guaranteed price that lasts 15 minutes for example.

It's much safer to withdraw to your own wallet and then send from your own wallet, so you are always a party to every transaction if anything goes wrong.

the extra send won't cost more than a buck.

[Httr]

Can you deposit btc directly from one book to another? Say I wanted to transfer btc from heritage to 5dimes or vice versa. Or do I have to withdraw from one book and transfer to wallet and then deposit from wallet to the other book? Tia

[marconuts]

Waste of time with Bitcoin. Legal in US now

[KVB]

This from blockchain...

https://www.blockchain.com/terms/index.html

TERMS OF SERVICE AND USE

LAST UPDATED: MAY 24, 2018

17. ACCEPTABLE USE...


17.1.2. Use our Services to pay for, support or otherwise engage in any illegal activities, including, but not limited to illegal gambling, fraud, money laundering, or terrorist activities.

Is blockchain cracking down?

Is it time for another go to wallet for book funding?

[Optional]

It's been a while since I've done Bitcoin transactions of any kind. Is Breadwallet still safe for sending and receiving from sportsbooks? If not, what are the better choices out there?

Bread wallet is fine. Just make sure you update it to the latest version if you havent used it for a while.

[PowerMoves]

It's been a while since I've done Bitcoin transactions of any kind. Is Breadwallet still safe for sending and receiving from sportsbooks? If not, what are the better choices out there?

[TheSideBet]

I'd never watched this video before tonight. The idea's solid, but it badly needs updating:

1. It recommends Coinbase, the only exchange on earth currently being sued by the IRS for its clients' purchase, sales and trading records. Literally, ANYWHERE else on earth is a safer place for a sports bettor to buy his BTC.

I recommend a remake with Bitstamp, incorporated safely outside IRS jurisdiction in Luxembourg, replacing Coinbase.

2. Its "intermediary wallet" recommendation is Blockchain.info. Blockchain's great, but they're changing their business model from Wallet to Exchange, so the same scrutiny other exchanges apply to sports bettors is probably coming soon to Blockchain.

A better option for the "intermediate wallet" might be a private wallet: Electrum and Airbitz are both free and easy to use.

Have you done any USD > BitStamp for Bitcoin > Blockchaininfo> Book deposits yet? Work okay?

I used Coinbase last year and haven't done any recently but was about to try to see if Bitstamp works well.

[Fire in da hole]

Personally I use the electrum.org desktop wallet.

I have total control over it and my security and feel comfortable i am secure.

As a new user it might take you a bit to feel that way having your own bank account with 50k in it in your own control. But that's what i would do.

Are you on that google hangouts group we had at the last bash? Maybe we can hook up and can talk about it by voice. Feels like too much to type to get you knowing all the possible options etc from scratch ion forum.

No, I didn’t know about the google hangouts group, how do I get signed up and/or invited?

[Optional]

I don’t want to be a day trader with bitcoin, however I do want to ride the ups and downs. What I mean by that is if bitcoin hits 7k I’ll buy it, hold it until it reaches 10k and then sell. Wait for it to go down a little bit and buy again; so on and so forth.

Personally I use the electrum.org desktop wallet.

I have total control over it and my security and feel comfortable i am secure.

As a new user it might take you a bit to feel that way having your own bank account with 50k in it in your own control. But that's what i would do.

Are you on that google hangouts group we had at the last bash? Maybe we can hook up and can talk about it by voice. Feels like too much to type to get you knowing all the possible options etc from scratch ion forum.

[Fire in da hole]

Your cheapest way to buy that much Bitcoin will probably be Coinbase to get money into a wallet to use, and then buying it on their GDAX public exchange.

As far as security, you do not want to let any third party company hold it for you for a start.

What exactly do you want to do? Buy some bitcoin and hold it safely?

If so, using a paper or hardware "cold" (offline) wallet and storing it in a safety deposit box is the safest way.

I don’t want to be a day trader with bitcoin, however I do want to ride the ups and downs. What I mean by that is if bitcoin hits 7k I’ll buy it, hold it until it reaches 10k and then sell. Wait for it to go down a little bit and buy again; so on and so forth.