Bitcoin help. Being raped on prepaid debit cards

swordsandtequila · 11-13-17, 10:46 AM

Start here, google any questions:]

https://www.sportsbookreview.com/forum/bitcoin-sports-betting/3344027-how-use-bitcoin-sports-betting-video-tutorial.html

mrpapageorgio · 11-13-17, 12:20 PM

If you are willing to buy on Coinbase using your bank account, it's 1.5% vs 15% at an ATM. If you purchase using a credit card/debit card, it's 4% plus whatever foreign transaction fees your card issuer charges (since their card processor is in the UK). The key to whether Coinbase takes your prepaid card is whether your prepaid card can do foreign transactions; so do, some don't, so you'll have to read the cardholder agreement to see if yours does.

However, fair warning right now with Bitcoin, because everyone and their uncle is buying Bitcoin, there's an extremely high backlog of unprocessed transactions and the fees are very high right now if you want your transaction to go to the front of the line.

What book are you looking to deposit to?

TheMoneyShot · 11-13-17, 02:16 PM

Originally posted by rryn122

I've read and read on bitcoin, and just can't comprehend. I know some of you guys can pick this shit up like its nothing, but im not one of those people.Im so frustrated with prepaid ************. Loaded 300 on my prepaid debit card, and was only able to deposit 240 dollars into my account, due to fees.
The furthest I've got with bitcoin, is a bitcoin wallet. I have a Airbitz wallet. I choose Airbitz bc we have a bitcoin ATM located near me, and the owner of the ATM said to use Airbitz. The problem is. .. I don't even know how to buy this stuff. I know i can purchase it through coinbase, and through a ATM, but dont know how to buy it. I would rather not use my bank account or bank debit card.. Don't know if i can use a prepaid debit card to buy through coinbase? I don't know what would be the easier of the two,coinbase or bitcoin ATM? Dont know the least expensive. ATM bitcoin fees are15%.
If I buy through coinbase., can you use a prepaid credit card or PayPal?

I've got a lot of questions. Just wondering if anybody could help or recommend a tutorial video, or be willing to walk me through? Thanks for reading

Welcome to the bitcoin world. It will probably take you about 3-4 transactions to gain the confidence of moving funds etc... and roughly 15-30 days of solid research in understanding everything. It really sucks... I understand.

You said you didn't want to use your own bank's deb card right? But, if you add up the fees of another prepaid card and then the fees coinbase will charge when using that card... you're looking at a steep price. Furthermore, coinbase doesn't even give you the honest going rate of purchasing a bitcoin. They are always $15-$20 (per coin) higher than other exchanges. Reason why people love coinbase.... it's convenient and fast. The side effect... you're going to lose approx 8% of the total transaction. So if you type in $1,000.00 worth of bitcoins after all the banking fees... international fees... etc you're going to lose out of pocket around $70-$80.

There's a lot you need to think about.

Furthermore, the Bitcoin network is jammed at the moment. What was normally a typical $3.00 fee to send the bitcoin.... is now around $10.00+ to get it when you need to go... on time.

The best bang for the buck exchange is called Gemini. Google it. The problem is... they debit your checking acct MAX transaction $500.00 (every 24 hours) and you must wait a full 5 business days for them to receive the funds. Then you can use those funds and purchase a Bitcoin directly from them. The good thing about them... they give you the fairest going rate of a bitcoin. I believe the transaction fee is only $1.50??? So you'll be able to purchase around $498.50 of bitcoins. Plus, they don't charge you a fee to send the bitcoin to an address... the first 30 transactions monthly on your acct are free of charge. Which is an amazing feature.

So, yes... there's a lot to study... and you can't use a debit card with Gemini. You must fund the acct using a checking acct from your bank. Hope this helps you.

miaplus3 · 11-13-17, 02:59 PM

Just cost me 12 to send 50....may have to go back to debit card *************** at the risk of losing bitcoin exclusivity.

Optional · 11-13-17, 03:05 PM

Originally posted by miaplus3

Just cost me 12 to send 50....may have to go back to debit card *************** at the risk of losing bitcoin exclusivity.

If your book takes Ether, Litecoin, BitcoinCash or some other currency that your exchange sells/buys, then just switch to that for fast cheap transfers.

mrpapageorgio · 11-13-17, 04:17 PM

Originally posted by TheMoneyShot

Furthermore, coinbase doesn't even give you the honest going rate of purchasing a bitcoin. They are always $15-$20 (per coin) higher than other exchanges. Reason why people love coinbase.... it's convenient and fast. The side effect... you're going to lose approx 8% of the total transaction. So if you type in $1,000.00 worth of bitcoins after all the banking fees... international fees... etc you're going to lose out of pocket around $70-$80.

That's not always the case. I'm looking now and Bitstamp is approximately $30 higher than Coinbase: https://bitaps.com/ <br>

However, if he insists on using a credit card, there's no less expensive option to Coinbase and comparing it to Gemini is comparing apples and oranges since I don't think you can load funds by credit card. With a credit card, not only are you paying the fees to load the card, but then you're paying 4% to Coinbase, and then you're likely paying a foreign transaction fee if they even allow foreign purchases. There's a site called Coinmama, but they charge a premium for the Bitcoin well above and beyond Coinbase or Gemini, plus they charge an extra 6% to use a credit card. <br>

The only problem with Gemini if you're willing to fund by bank account is that even though you are given an instant credit of Bitcoin, you're not allowed to move it off the exchange until funds clear, which is worthless if you're trying to quickly use it for sports betting. The cheapest option would be depositing funds into GDAX (which is still a wait for the funds to clear) and doing a limit order (in which you set the price and wait for it to be matched) for no fee (even if you did a market order, it's the same fee as Gemini). However, insisting on using a credit/debit card is always going to be the most expensive.

TheMoneyShot · 11-13-17, 05:00 PM

Originally posted by mrpapageorgio

That's not always the case. I'm looking now and Bitstamp is approximately $30 higher than Coinbase: https://bitaps.com/ <br>

However, if he insists on using a credit card, there's no less expensive option to Coinbase and comparing it to Gemini is comparing apples and oranges since I don't think you can load funds by credit card. With a credit card, not only are you paying the fees to load the card, but then you're paying 4% to Coinbase, and then you're likely paying a foreign transaction fee if they even allow foreign purchases. There's a site called Coinmama, but they charge a premium for the Bitcoin well above and beyond Coinbase or Gemini, plus they charge an extra 6% to use a credit card. <br>

The only problem with Gemini if you're willing to fund by bank account is that even though you are given an instant credit of Bitcoin, you're not allowed to move it off the exchange until funds clear, which is worthless if you're trying to quickly use it for sports betting. The cheapest option would be depositing funds into GDAX (which is still a wait for the funds to clear) and doing a limit order (in which you set the price and wait for it to be matched) for no fee (even if you did a market order, it's the same fee as Gemini). However, insisting on using a credit/debit card is always going to be the most expensive.

I threw Bitstamp out the window a long time ago. That place is highway robbery.

He's better off just going to Heritage Sports with that prepaid card.... do the verification cc process.... and load his acct using that. Superior sportsbook with no game playing. Max transaction is 500 and around 3% fee (from bank.) He'd probably lose like $15-$18 Max.

Acct credited within seconds. Might be a better idea.

illiteratepotato · 11-13-17, 11:11 PM

Originally posted by TheMoneyShot

I threw Bitstamp out the window a long time ago. That place is highway robbery.

Bitstamp is necessary if you are dealing with higher limits than coinbase allows. Wire costs $40 and there's no markup. If you are buying in the hundreds just stick with ACH bank transfer into coinbase/gdax or gemini.

TheMoneyShot · 11-14-17, 10:03 PM

Originally posted by illiteratepotato

Bitstamp is necessary if you are dealing with higher limits than coinbase allows. Wire costs $40 and there's no markup. If you are buying in the hundreds just stick with ACH bank transfer into coinbase/gdax or gemini.

Bitstamp has no mark ups??? If you looked at Gemini, Coinbase, Bitstamp... all simultaneously... why does Gemini have the lowest price each and every time?

Bitstamp charges $40.00 for a wire too?

Gemini doesn't charge anything for a wire.

I don't see any advantage.

Optional · 11-15-17, 05:20 AM

Originally posted by illiteratepotato

Bitstamp is necessary if you are dealing with higher limits than coinbase allows. Wire costs $40 and there's no markup. If you are buying in the hundreds just stick with ACH bank transfer into coinbase/gdax or gemini.

If you are using wires anyway, maybe look at independentreserve.com

Especially for selling. Usually a bit better than most.

Wires cost $20 for withdraws. Think they are free to send for deposits.