How to Use Bitcoin for Sports Betting Video Tutorial

[losemyloot]

So I buy a few hundred dollars of btc at coinbase and now I find out I need to report any gains to the IRS!!! Sometimes being in the US sucks.

[cyclingbettor]

Will Bitstamp block your account if you do transactions with sportsbooks?

[Optional]

Ok so I finally did the bitcoin thing. First I did coinbase withdraw directly to my bank. I hope that doesn't screw anything up. Second one I did blockchain to coinbase to bank. My question is about banks taking the deposits. Won't banks question deposits if they don't know where they come from?

The banks do know where deposits come from. A legal licensed financial business called Coinbase.

[jake2014]

Ok so I finally did the bitcoin thing. First I did coinbase withdraw directly to my bank. I hope that doesn't screw anything up. Second one I did blockchain to coinbase to bank. My question is about banks taking the deposits. Won't banks question deposits if they don't know where they come from?

[SBR Forum]

Thanks for the info. I do just mainly want to move in and out. Coinbase wouldn't accept passport as ID so any other companies like coinbase that I could use in place of them.

Kraken & Gemini are two other popular US based exchanges.

If you have no luck with either, you may want to try an international exchange like BitStamp who should be happy to verify your account with your passport.

[nbpayton]

A Trezor is a hardware wallet.

It does not take the place of Coinbase as that is a place we swap cash for bitcoin and back again. There is an online wallet there too but in the normal chain your Trezor would replace the free blockchain.info/wallet, not your exchanger (Coinbase)

If you are just wanting to use bitcoin to transfer funds in and out of your bank account to books, I'm not sure I'd bother with a Trezor. Thats mainly if you want to keep large amounts stored in a bitcoin wallet over time.

Thanks for the info. I do just mainly want to move in and out. Coinbase wouldn't accept passport as ID so any other companies like coinbase that I could use in place of them.

[Optional]

Still slow to the bitcoin party. I've been told to get a bitcoin trezor or Ledger HQ by some poker players. Can someone explain if this take the place of coinbase? Would I transfer from blockchain to Trezor/Ledger then my bank and is this good idea?

A Trezor is a hardware wallet.

It does not take the place of Coinbase as that is a place we swap cash for bitcoin and back again. There is an online wallet there too but in the normal chain your Trezor would replace the free blockchain.info/wallet, not your exchanger (Coinbase)

If you are just wanting to use bitcoin to transfer funds in and out of your bank account to books, I'm not sure I'd bother with a Trezor. Thats mainly if you want to keep large amounts stored in a bitcoin wallet over time.

[nbpayton]

Still slow to the bitcoin party. I've been told to get a bitcoin trezor or Ledger HQ by some poker players. Can someone explain if this take the place of coinbase? Would I transfer from blockchain to Trezor/Ledger then my bank and is this good idea?

[tungsonmtp]

It's really very useful information.

[sportsfanatic19]

Thanks on the video on how to use BTC...got some answers

[Optional]

localbitcoins.com
paxful.com
wallofcoins.com

is where I would look for options to suit you.

You can also load limited amounts of bitcoin into a Neteller account and then transfer to Skrill.

[MarBen]

Unless you have a Euro bank account then you are probably going to lose around 4% on the way out and then back again to euros for the deposit to books.

I have a bank account in euros. But you wanna say that the money would go on my bank account? I want it directly on my Skrill account, not on my bank account (I have to many upload limitations there, that's why I use Skrill for bookmakers deposits/payouts). That is not possible?

I would like: BTC account => Exchange => Skrill => Pinny/SBO

So without bank account involved.

[Optional]

Croatia. But I use euros in bookmakers, even if is not my country currency.

Where do exchanges send payments? Can they send it to my Skrill account (in euros) for example? Then I will use Skrill for deposits into Pinny or SBOBET.

Unless you have a Euro bank account then you are probably going to lose around 4% on the way out and then back again to euros for the deposit to books.

If you want to go direct to Skrill then you might have to look at a person to person exchange like localbitcoins.com

[MarBen]

You will want to choose one that allows direct payment in your local currency to avoid foreign exchange fees. What country are you in?

Croatia. But I use euros in bookmakers, even if is not my country currency.

Where do exchanges send payments? Can they send it to my Skrill account (in euros) for example? Then I will use Skrill for deposits into Pinny or SBOBET.

[Optional]

Can you suggest me some good exchange?

You will want to choose one that allows direct payment in your local currency to avoid foreign exchange fees. What country are you in?

[MarBen]

Personally I don't use any agent but if I felt I had no better option I would use one of the well known ones. 30k+ deposits at a time I dont deal with though so understand your reticence.

If you use a trading exchange to sell your bitcoin there is usually only a fraction of a percent in trade fees. Much better than exchanging US$ for Euros for example.

Can you suggest me some good exchange?

[Optional]

Probably I would lose a lot because of exchange rates. :/

Do you recommend using agents? Are those risky? Too much money involved, so I'm scared just to think about that.

Personally I don't use any agent but if I felt I had no better option I would use one of the well known ones. 30k+ deposits at a time I dont deal with though so understand your reticence.

If you use a trading exchange to sell your bitcoin there is usually only a fraction of a percent in trade fees. Much better than exchanging US$ for Euros for example.

[MarBen]

I think the only way to do that much without using an agent will be to do your conversion to fiat on an exchange yourself and then deposit.

Probably I would lose a lot because of exchange rates. :/

Do you recommend using agents? Are those risky? Too much money involved, so I'm scared just to think about that.

[Optional]

Can anyone tell me the best way to put bitcoin on my Pinnacle and SBOBET account (they both doesn't support BTC deposits). Unfortunately I must deposit big amounts (5 digit in EUR value), and Skrill (that I usually use for bookmaker deposits) has a very low limit on BTC deposits.

In short, If I have for example 30 bitcoins, and want to put them all in my Pinnacle or SBOBET account (as euros), what is the best way to do it? I've read there are some agent sites as AsianConnect88 and Premiumtradings that accept BTC deposits and then convert them in cash, but I'm afraid to give such big amounts in other people hands. Also there are Bitcoin cards, but I don't know how trustworthy those are (and they also have deposit limits, that maybe are not good enough for me).

Any suggestion?

I think the only way to do that much without using an agent will be to do your conversion to fiat on an exchange yourself and then deposit.

The Bitpay card does seem trustworthy btw.

[MarBen]

Can anyone tell me the best way to put bitcoin on my Pinnacle and SBOBET account (they both doesn't support BTC deposits). Unfortunately I must deposit big amounts (5 digit in EUR value), and Skrill (that I usually use for bookmaker deposits) has a very low limit on BTC deposits.

In short, If I have for example 30 bitcoins, and want to put them all in my Pinnacle or SBOBET account (as euros), what is the best way to do it? I've read there are some agent sites as AsianConnect88 and Premiumtradings that accept BTC deposits and then convert them in cash, but I'm afraid to give such big amounts in other people hands. Also there are Bitcoin cards, but I don't know how trustworthy those are (and they also have deposit limits, that maybe are not good enough for me).

Any suggestion?

[Nicolas25]

Very useful. Thanks a lot

[Nicolas25]

Very useful. Thanks a lot

[Jackson04801]

Thank you for a great post. Were useful. It made me start using bitcoin

[billyloco]

Holy Guacamole!!! I has found the MotherLode!!

[PaperTrail07]

?---

Ok So I am setup with Coinbase..... Wil they charge my plastic as a Cash Advance when I buy??....there is already an 11$ fee on 280$....

[kfranz31]

just dont like th e fact that you can withdrawl 200 from your sports account to bitcoin...then when you go to receive your cash there may not be 200 availablle as the exchange rate may have dropped....i lost 5 dollars in two hors...and could only withdrawl in 20 increments at the atm....so i could only get 180

[PaperTrail07]

Ok So I am setup with Coinbase..... Wil they charge my plastic as a Cash Advance when I buy??....there is already an 11$ fee on 280$....

What's with all the high risk I hear about? Volitollity?

I'm still confused. I live in Canada. How long will it take on average to get from the sports book. To my bank?

[QnzBalla23]

what good options there are other than blockchain? i forget my password

[SBR Natalie]

One more question-how long does the transaction take from blockchain to show in coinbase? It's been pending for over an hr now?

Also how do you get a Bitcoin atm card? are they in the us? Appreciate everything

Hi Mandy2424!

The time varies based on network congestion. User feedback suggests anywhere from minutes to 2-3 hours.

Coinbase users located in select states can use their Coinbase balance to make ATM withdrawals and debit purchases through the SHIFT Card.

The BitPay card is available in all 50 US states with larger limits though.

[mandy2424]

One more question-how long does the transaction take from blockchain to show in coinbase? It's been pending for over an hr now?

Also how do you get a Bitcoin atm card? are they in the us? Appreciate everything

[jjgold]

Getting closer to the bitcoin game

[Sam Odom]

Bitpay wallet & DC are nice also

[JamesBrown]

Another option is to use a bitcoin ATM if you have one nearby. Yesterday I went from Book -> Airbitz wallet -> ATM. Same day payout this way.