How to Use Bitcoin for Sports Betting Video Tutorial

[Optional]

I’m not too worried about hiding it, more looking for security and low fees.

The bitcoin atm is a pretty good idea, I may look at that option. I’m looking to but about 40-50k worth of bitcoin, so at that amount I have to be aware of fees.

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.

[Fire in da hole]

If you want to transact regularly, and turn over 20k plus per month, you might find that locating some bitcoin ATMs near you then ringing the owner (phone number on machines is best way to get it as goes to the right person directly) you can negotiate a fairly low fee rate and keep it simple.

If you are trading, and not trying to hide it, it's pretty tough to beat Coinbase.com and their trading exchnage GDAX which you get at the same time when signing up to Coinbase.

I’m not too worried about hiding it, more looking for security and low fees.

The bitcoin atm is a pretty good idea, I may look at that option. I’m looking to but about 40-50k worth of bitcoin, so at that amount I have to be aware of fees.

[Optional]

Ok guys, I know I’ve came so late to the party half the people are already gone, but I have a pretty simple question for you pros.

Im looking for the best places (low fees, quick processing times) so that I can buy and sell bitcoin. I’m not planning on using the wallet for gambling as I use a local. I’ve read all this stuff about hackers stealing coin from wallets and planning on putting a pretty good amount of money in bitcoin, so need it to be safe.

Thanks for input in advance

If you want to transact regularly, and turn over 20k plus per month, you might find that locating some bitcoin ATMs near you then ringing the owner (phone number on machines is best way to get it as goes to the right person directly) you can negotiate a fairly low fee rate and keep it simple.

If you are trading, and not trying to hide it, it's pretty tough to beat Coinbase.com and their trading exchnage GDAX which you get at the same time when signing up to Coinbase.

[Fire in da hole]

You should have a quick watch of the video tutorial in post #1 Enkhbat. (you don't deposit to 5Dimes from either Coinbase or CEX)

Gemini.com is probably the most popular option instead of Coinbase.com for USA people.

If you want a full service exchanger that makes it easy to deposit/withdraw with your own bank account.

Is that what you want?

There are other options of varying complexity if you don't want an "easy" full service exchanger or dont want to use your bank account.

This post may be the answer to my question above

[Fire in da hole]

Ok guys, I know I’ve came so late to the party half the people are already gone, but I have a pretty simple question for you pros.

Im looking for the best places (low fees, quick processing times) so that I can buy and sell bitcoin. I’m not planning on using the wallet for gambling as I use a local. I’ve read all this stuff about hackers stealing coin from wallets and planning on putting a pretty good amount of money in bitcoin, so need it to be safe.

Thanks for input in advance

[Optional]

This might be a redundant question that you might have answered in the past, but, what makes Gemini a better option versus Conbase in your opinion.

I'm not sure it is better in any significant way. The fees are lower and they cover the miner fees when sending bitcoin out from there but the rest of the service is about the same timeframe wise.

I mostly mention it as it's the most equivalent alternative to Coinbase as a service.

[Pinoy-T-X]

Gemini.com is probably the most popular option instead of Coinbase.com for USA people.

This might be a redundant question that you might have answered in the past, but, what makes Gemini a better option versus Conbase in your opinion.

[Optional]

What other options are there except coinbase?

Can I use cex.io to deposit on 5dimes?

You should have a quick watch of the video tutorial in post #1 Enkhbat. (you don't deposit to 5Dimes from either Coinbase or CEX)

Gemini.com is probably the most popular option instead of Coinbase.com for USA people.

If you want a full service exchanger that makes it easy to deposit/withdraw with your own bank account.

Is that what you want?

There are other options of varying complexity if you don't want an "easy" full service exchanger or dont want to use your bank account.

[Enkhbat]

What other options are there except coinbase?

Can I use cex.io to deposit on 5dimes?

[Optional]

Yeah, you have to go to cashddrr and obtain the legacy address...confusing and a bit annoying at first.

Agree. And the reason they did it was to avoid confusion too!

Anyway, glad you brought it up and I learned about it now.

[k13]

Sorry, I did not know about this earlier.

You can find out how to obtain a matching "legacy" address for BitcoinCash in your blockchain.info/wallet here:

https://blog.blockchain.com/2018/01/23/cashaddr-bitcoin-cash-addresses/

And why they made this change there.

Yeah, you have to go to cashddrr and obtain the legacy address...confusing and a bit annoying at first.

[Optional]

The BCH address does start with a q on blockchain but i go to quadriga and it says invalid address and they said something they don't support the new bch address yet or something, that it has to be a legacy address....idk..confusing

Sorry, I did not know about this earlier.

You can find out how to obtain a matching "legacy" address for BitcoinCash in your blockchain.info/wallet here:

https://blog.blockchain.com/2018/01/23/cashaddr-bitcoin-cash-addresses/

And why they made this change there.

[Optional]

The BCH address does start with a q on blockchain but i go to quadriga and it says invalid address and they said something they don't support the new bch address yet or something, that it has to be a legacy address....idk..confusing

q is the "legacy" (old) address


Can you please post a link to convertor and explain a bit more? So I know about this for the next time someone asks?

[k13]

looks like address converter was needed...

[k13]

If you are using the blockchain.info/wallet then make sure you click on the Bitcoin Cash wallet link on the side before clicking request to get the receive address. Which should start with a q.

Which you can give to Quadriga (I think)

The BCH address does start with a q on blockchain but i go to quadriga and it says invalid address and they said something they don't support the new bch address yet or something, that it has to be a legacy address....idk..confusing

[Optional]

If you are using the blockchain.info/wallet then make sure you click on the Bitcoin Cash wallet link on the side before clicking request to get the receive address. Which should start with a q.

Which you can give to Quadriga (I think)

[Optional]

What address is Bodog using?
I'm assuming the new format since it has no 1 or 3 in front of it.

Thanks Opti

I have to be honest, I'm not 100% sure what you are talking about with the Segwit addresses, compatibility and BitcoinCash.

And I cant access Bodog from Australia to check their deposit info for you.

My Blockchain.info/wallet does not have a Segwit wallet in it. And I don't think any BitcoinCash wallet offers a separate segwit version.

And if you mean the Blockchain Core wallet. That does not support BitcoinCash at all AFAIK.

Is there a chance you are getting a regualr Bitcoin Segwit address mixed up with Bitcoincoincash?

A BitcoinCash address should start with q

[k13]

I am not an expert in the best BitcoinCash wallet to choose but I have this one electroncash.org

It's a desktop wallet based on Electrum.

I'd just download that and create a new wallet to send from Quadriga to that and then to Bodog.

What address is Bodog using?
I'm assuming the new format since it has no 1 or 3 in front of it.

Thanks Opti

[Optional]

Quadriga uses the legacy address, so it won't send to myblockchain wallet since it segwit, looks like bodog uses segwit I think.

What do I do? I'm trying to fund using Bitcoin cash

I am not an expert in the best BitcoinCash wallet to choose but I have this one electroncash.org

It's a desktop wallet based on Electrum.

I'd just download that and create a new wallet to send from Quadriga to that and then to Bodog.

[k13]

Quadriga uses the legacy address, so it won't send to myblockchain wallet since it segwit, looks like bodog uses segwit I think.

What do I do? I'm trying to fund using Bitcoin cash

[ShaneHudson]

Thanks for the tutorial! I'll be taking note of that.

[Optional]

What about Quadriga and Coinsquare or Binance?

Not sure about the situation with Quadriga being Canadian licensed. But just check their terms and do a search for "gambling". If they say not to be used for that, I'd use a middle man wallet.

Coinsquare is US based, so they will have terms about no gambling funds transfer.

Binance doesn't cash out crypto for dollars as far as I know. So it is not needed there.


BUT... do you really want to send from one third party (the exchange) to a second third party (the book) so if anything does not work out you are not an actual p[arty to the transaction at all if something goes wrong?

Whilst fees and transfer times are low I would be using my own wallet one end in every transaction I make personally.

[mrpapageorgio]

So if that’s the way to deposit anonymously, how do you do a withdrawal anonymously?

There are ATMs you can sell through, or you can sell online through LocalBitcoins (think Craigslist but with Bitcoin) and do a transaction where they hold it in escrow until the buyer wires you money through Eastern Union or **.

[Pinoy-T-X]

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.

So if that’s the way to deposit anonymously, how do you do a withdrawal anonymously?

[k13]

You thought right.

Did you misread something in my post maybe? I am saying exactly that.

What about Quadriga and Coinsquare or Binance?

[Pinoy-T-X]

Thank you Sir Optional

[Optional]

I thought we weren't allowed to transfer from coinbase to a gambling site??

You thought right.

Did you misread something in my post maybe? I am saying exactly that.

[k13]

I thought we weren't allowed to transfer from coinbase to a gambling site??

[Optional]

@Optional

i have a question , I understand to withdraw btc form the books , it goes sportsbook > Mycelium > bitpay wallet > bit pay debit card.
now, my question is how do I make a deposit with bitcoins to the sportsbook?
thanks in advance.

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.

[Pinoy-T-X]

@Optional

i have a question , I understand to withdraw btc form the books , it goes sportsbook > Mycelium > bitpay wallet > bit pay debit card.
now, my question is how do I make a deposit with bitcoins to the sportsbook?
thanks in advance.

[Optional]

What’s the best and fastest app for a small timer like me trying to send a couple hundred to 5Dimes? I’ve tried Coinbase / Square Cash / Blockchain and it works but sometimes takes longer than I want it to for the deposit to go through.

Blockchain.info has just started offering buy/sell there for US people, as well as their wallet.

I have no reports about how well it works yet but it might be worth a try.

Where is your delay currently? Waiting for Coinbase to clear your deposit dollars?

[vitalogist]

What’s the best and fastest app for a small timer like me trying to send a couple hundred to 5Dimes? I’ve tried Coinbase / Square Cash / Blockchain and it works but sometimes takes longer than I want it to for the deposit to go through.

[mrpapageorgio]

Current optimum fee is around $2

You must have done this a month or more ago during the public rush to be charged that much.

Bitcoin is not really suitable for $50 depositors. Try finding a book that uses Litecoin, Ether or BitcoinCash as a micro stakes bettor. The fees are in the cents.

Next time send the bitcoin to your intermediary wallet through GDAX (their investment exchange platform), they don't charge a fee to send bitcoin. I haven't had to pay more than $1 lately in miner fees when sending from my intermediary. If you buy using your checking account (ACH) it's 1.5% (minimum $2), if it's credit card, it's 4% plus whatever fees your credit card charges.

[Optional]

Current optimum fee is around $2

You must have done this a month or more ago during the public rush to be charged that much.

Bitcoin is not really suitable for $50 depositors. Try finding a book that uses Litecoin, Ether or BitcoinCash as a micro stakes bettor. The fees are in the cents.

[Yjacket22``]

I totally disagree with the fees mentioned in the video. I've only used coinbase twice and bought and sent small amounts of around 50 dollars. After all was done only about 30 actually got there. They charged me to buy it, to send it, and a miner's fee of 16. Don't know where she get one percent at??