What is Bitpay invoice?, Requesting Help on Bitcoin Withdrawal

[cincy]

I want to get a bitcoin withdrawal from a sportsbook and it says you can use any of the popular payment protocol compatible wallets in the attached list to pay a Bitpay invoice. It then has a list of wallets like bitpay wallet or bitcoin.com wallet.

I am confused why it appears I have to pay a Bitpay invoice to receive bitcoins. And why would i pay a Bitpay invoice when I am the one requesting bitcoins be sent to me?

Why can't i just provide my blockchain.com bitcoin address to get a payout?

If i need to open a Bitpay wallet, do i need to provide personal information to do this?

If I open a Bitpay wallet to receive the bitcoins from the sportsbook, can I just transfer from the bitpay wallet to my blockchain.com bitcoin address or does it require some personal verification before allowing this?

[JaimeMiro]

You create a request of payment in your bitpay account. Then email the QR code to your bookie. It's the same as providing a BTC address

[Optional]

I want to get a bitcoin withdrawal from a sportsbook and it says you can use any of the popular payment protocol compatible wallets in the attached list to pay a Bitpay invoice. It then has a list of wallets like bitpay wallet or bitcoin.com wallet.

I am confused why it appears I have to pay a Bitpay invoice to receive bitcoins. And why would i pay a Bitpay invoice when I am the one requesting bitcoins be sent to me?

Why can't i just provide my blockchain.com bitcoin address to get a payout?

If i need to open a Bitpay wallet, do i need to provide personal information to do this?

If I open a Bitpay wallet to receive the bitcoins from the sportsbook, can I just transfer from the bitpay wallet to my blockchain.com bitcoin address or does it require some personal verification before allowing this?

BitPay is a money transfer service who offers use of a bitcoin wallet to their clients. I don't think they require any ID to open a wallet, only if you also apply for their BitPay card to make cash withdrawals with. But they won't want you to be using their wallet as just a middle man to get paid by bookmakers.

You'd be better off choosing the bitcoin.com they suggest if you just want a free Payment Protocol compatible wallet.


And the book are asking you to give them the invoice for your payout amount. Payment Protocal wallets will generate a weird looking link instead of a bitcoin address when you generate a receive address (invoice).

This type of payment system allows tracking and automated sub-processing to be utilized by the book.

[cr777]

I want to get a bitcoin withdrawal from a sportsbook and it says you can use any of the popular payment protocol compatible wallets in the attached list to pay a Bitpay invoice. It then has a list of wallets like bitpay wallet or bitcoin.com wallet.

I am confused why it appears I have to pay a Bitpay invoice to receive bitcoins. And why would i pay a Bitpay invoice when I am the one requesting bitcoins be sent to me?

Why can't i just provide my blockchain.com bitcoin address to get a payout?

If i need to open a Bitpay wallet, do i need to provide personal information to do this?

If I open a Bitpay wallet to receive the bitcoins from the sportsbook, can I just transfer from the bitpay wallet to my blockchain.com bitcoin address or does it require some personal verification before allowing this?

on their site it says you must scan a QR code(from bitpay) from your BTC wallet for deposits, when you do that bitpay will get your IP address:

https://blog.bitcoin.org.hk/bitpay-is-using-the-payment-protocol-to-take-your-privacy-8093bf91eda7

not sure if books share your account personal details with bitpay

dont know if you must scan anything to accept the payment for payouts, if you do then they will get your IP address

[littlekona]

on their site it says you must scan a QR code(from bitpay) from your BTC wallet for deposits, when you do that bitpay will get your IP address:

https://blog.bitcoin.org.hk/bitpay-is-using-the-payment-protocol-to-take-your-privacy-8093bf91eda7

not sure if books share your account personal details with bitpay

dont know if you must scan anything to accept the payment for payouts, if you do then they will get your IP address

if you do it correctly it will not matter as bitpay will only get your "local" IP address u use no other.
Book to middle man(Blockchain EDGE Myceliuem wallets Ect) to Bit pay for every cash out

[cr777]

Why can't i just provide my blockchain.com bitcoin address to get a payout?

If i need to open a Bitpay wallet, do i need to provide personal information to do this?

doesnt matter if u open a bitpay wallet or not, Pinnacle probably sends all your personal information to bitpay:

Refunds normally take 1 to 2 days. In the case of a refund, you will be contacted by Bitpay via email with further information on the refund. Refunds are only broadcasted to the Bitcoin network once daily (around 1pm CEST).

https://www.pinnacle.com/en/payment-options/bitpay

[cincy]

I used my computer and downloaded the bitcoin.com wallet. It seems strange to me to have a wallet but I never provided any information or username or password. It just created a recovery phrase that I wrote down. So if I close the bitcoin.com wallet on my laptop how do I log back in tomorrow?
Do I use the recovery phrase or does it just recognize my computer?

Then i requested bitcoin cryptopay withdrawal from the sportsbook. I clicked receive on my bitcoin.com wallet and it provided a bitcoin address that seems very similar to the address that blockchain.info has. I pasted that address on the sportsbook withdrawal page and submitted the withdrawal request. Later I saw that my bitcoin.com wallet has the withdrawal amount minus a fee of about 2%.
Is the fee always 2% or can it be reduced it I have very large amounts sent to bitcoin.com?
Would the withdrawal from the sportsbook have worked if I simply provided a blockchain.info receive address (the sportsbook website said it had to be one of their compatible wallets and it did not show blockchain.info)?

Now how can I get money out of the bitcoin.com wallet? can i transfer to my bank or coinbase and then to my bank? Can I transfer to my blockchain.info account?

Thanks.

[Optional]

I used my computer and downloaded the bitcoin.com wallet. It seems strange to me to have a wallet but I never provided any information or username or password. It just created a recovery phrase that I wrote down. So if I close the bitcoin.com wallet on my laptop how do I log back in tomorrow?
Do I use the recovery phrase or does it just recognize my computer?

It is a piece of software just on your computer. If you did not choose to encypt the wallet with a password when you created it then you can just double click the application/shortcut and it will open up.

The 12 word phrase allows to "re-create the wallet" if you ever lose your computer or whatever. Thats the only time you will need it.

Then i requested bitcoin cryptopay withdrawal from the sportsbook. I clicked receive on my bitcoin.com wallet and it provided a bitcoin address that seems very similar to the address that blockchain.info has. I pasted that address on the sportsbook withdrawal page and submitted the withdrawal request. Later I saw that my bitcoin.com wallet has the withdrawal amount minus a fee of about 2%.
Is the fee always 2% or can it be reduced it I have very large amounts sent to bitcoin.com?

2% of what amount? The miners fee should be around 50 cents, any other difference will either bee a fee your book takes and/or fluctuations in the exchange rate to US$.

But to answer your question. the actual fee for any size transfer is around 50 cents. Sometimes it can get to a dollar or two if the network is congested and users start offering higher fees to get to the front of the queue.

Would the withdrawal from the sportsbook have worked if I simply provided a blockchain.info receive address (the sportsbook website said it had to be one of their compatible wallets and it did not show blockchain.info)?

I don't know as I don't know for sure why a book would specify particular wallets. Maybe it has something to do with them wanting use a Payment Protocol compatible wallet themselves. (which is a small variation on the regular system)

Now how can I get money out of the bitcoin.com wallet? can i transfer to my bank or coinbase and then to my bank? Can I transfer to my blockchain.info account?

Thanks.

You could transfer it to your Blockchain wallet if you wish. To do that you would log into the blockchain wallet, click recieve to get an address. Copy that. Then log into the Bitcoin.com wallet and click send, and paste the receive address into the form there.

If you want to send it to your bank account, then doing that via coinbase is the way. So you would need to log in to Coinbase and get a Bitcoin Deposit address from them, and use that in the Bitcoin.com wallet send form.

After it arrives at Coinbase you sell it them for US$ and request that sent to your bank account overnight.

Coinbase charges a conversion fee if they handle the currency exchange for you. I think currently about 1.5% (anyone?)

They also give you the option to transfer your bitcoin to their Coinbase Pro trading platform and sell it yourself on the open market there for a lower fee. I think 0.5%

[Optional]

It seems strange to me to have a wallet but I never provided any information or username or password.

These wallets are not like a physical wallet that actually holds anything.

All they actually do is read data from the blockchain record.

The 12 word phrase is like the master key that will let wallet software broadcast new transactions to be added to the blockchain record.


You can take your 12 word phrase from the new Blockchain.com wallet, and then go to Blockchain.info/wallet and create a new wallet using that same 12 word phrase. This will give you access to the same wallet through both interfaces simultaneously.

In fact, if you prefer to stick with your old blockchain wallet for record keeping or something, no reason you cant just open the bitcoin.com software, select create new wallet using an existing key phrase and all the records from your old wallet will appear.

Hope this helps make it a bit more understandable.

[cincy]

the sportsbook says they do not charge a fee. when I requested a withdrawal from the sportsbook website it deducted the US$ and said the full amount was paid to bitcoin.com and within 1 minute the funds were in my bitcoin.com wallet but the amount was 2% less that the amount deducted from my sportsbook account. Hard to believe there is a 2% fluctuation in bitcoin in 1 minute so it seems someone is taking a fee.

This is something that frustrates me with sportsbook bitcoin withdrawals. The sportsbook say there is no fee but the amount I receive in my bitcoin wallet is generally quite a bit less that the amount deducted from my sportsbook account. I recall GTBets send me money that was over $100 less when I received it in my blockchain.info wallet and it was supposed to be no fee.

Is the money in my bitcoin.com wallet actually stored as bitcoins so the US$ amount will fluctuate?

Thanks for all the good information in your reply.