Best Method to Receive Crypto Payment with the Lowest Fees?

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • gym rat
    SBR Sharp
    • 01-25-07
    • 468

    #1
    Best Method to Receive Crypto Payment with the Lowest Fees?
    I'd like to know what the best method is for receiving crypto payment with the lowest conversion fees. I really prefer not to use crypto but fewer and fewer books are sending courier checks or bank wires. If they are willing to send a courier check or bank wire they want $100 + now for max $3K. BetNow wants $120 for a max $3K check.

    I heard some exchanges are lower fees than others to convert the crypto to USDC. What is the sharp crypto withdrawal these days?

    Thanks for any help,
  • raiders72001
    Senior Member
    • 08-10-05
    • 11055

    #2
    You can transfer from Coinbase to your bank for peanuts. What you need to watch out for is your book. Sometimes their conversion rate is really bad.

    Comment
    • gym rat
      SBR Sharp
      • 01-25-07
      • 468

      #3
      What do you mean by the bank conversion fees are high. Are you saying that bitcoin for example can be transferred to my Wells Fargo account and then Wells Fargo will charge a high fee to convert the bitcoin to USD ?
      Comment
      • Optional
        Administrator
        • 06-10-10
        • 60816

        #4
        Originally posted by gym rat
        What do you mean by the bank conversion fees are high. Are you saying that bitcoin for example can be transferred to my Wells Fargo account and then Wells Fargo will charge a high fee to convert the bitcoin to USD ?
        No, Wells Fargo won't convert your bitcoin to US$.

        Don't see where he spoke about bank conversion fees, but he is warning that you actually make most losses using bitcoin when your bookmaker uses a bad conversion rate of your betting account $$$ to BTC.
        .
        Comment
        • gym rat
          SBR Sharp
          • 01-25-07
          • 468

          #5
          Oh Yeah, I see that I misread "book" for "bank" . Are you familiar with USDC. Betonline offers USDC crypto. My understanding is that I would get dollar for dollar in USDC from my Book's USD withdrawal. Then I would just pay converstion from USDC to USD .

          Are you familiar with the rough conversion rate from USDC to USD ?
          Comment
          • gym rat
            SBR Sharp
            • 01-25-07
            • 468

            #6
            Have you heard of this as a popular withdrawal method ?
            Comment
            • Optional
              Administrator
              • 06-10-10
              • 60816

              #7
              Originally posted by gym rat
              Oh Yeah, I see that I misread "book" for "bank" . Are you familiar with USDC. Betonline offers USDC crypto. My understanding is that I would get dollar for dollar in USDC from my Book's USD withdrawal. Then I would just pay converstion from USDC to USD .

              Are you familiar with the rough conversion rate from USDC to USD ?
              That sounds smart but I cannot use Betonline from where I live so am unable to confirm if it will work as expected.

              @Raiders, can you think of any potential hidden costs or delays he may run up against using USDC?
              .
              Comment
              • gym rat
                SBR Sharp
                • 01-25-07
                • 468

                #8
                It appears that the only cost would be converting from USDC to USD. But I'm unable to find out or even get a rough idea of what the fee would be per $1000. Binance told me they are unable to give me an idea. I would have to receive the USDC and the only way to find out the fee would be to put the conversion order in and it would show fee.

                But then Binance followed up with telling me they are having issues with USD so it appears I may have to use Coinbase.

                Does anyone know roughly what it would cost in conversion fees roughly per $1000 on Coinbase Advanced?
                Comment
                • raiders72001
                  Senior Member
                  • 08-10-05
                  • 11055

                  #9
                  Originally posted by Optional

                  That sounds smart but I cannot use Betonline from where I live so am unable to confirm if it will work as expected.

                  @Raiders, can you think of any potential hidden costs or delays he may run up against using USDC?

                  edit- just saw you said USDC so it's pegged 1 to 1 and should be same.
                  Last edited by raiders72001; 05-15-25, 09:16 PM.
                  Comment
                  • raiders72001
                    Senior Member
                    • 08-10-05
                    • 11055

                    #10
                    Originally posted by gym rat
                    It appears that the only cost would be converting from USDC to USD. But I'm unable to find out or even get a rough idea of what the fee would be per $1000. Binance told me they are unable to give me an idea. I would have to receive the USDC and the only way to find out the fee would be to put the conversion order in and it would show fee.

                    But then Binance followed up with telling me they are having issues with USD so it appears I may have to use Coinbase.

                    Does anyone know roughly what it would cost in conversion fees roughly per $1000 on Coinbase Advanced?
                    Close to 0. Do it in USDT. BOL offers USDT withdrawals.
                    Last edited by raiders72001; 05-15-25, 09:17 PM.
                    Comment
                    • raiders72001
                      Senior Member
                      • 08-10-05
                      • 11055

                      #11
                      Just make sure you use the right chain such as Ethereum. Good idea to watch that video.
                      Comment
                      • gym rat
                        SBR Sharp
                        • 01-25-07
                        • 468

                        #12
                        Originally posted by raiders72001
                        Just make sure you use the right chain such as Ethereum. Good idea to watch that video.
                        I just watched the video. The video guy shows USDT Tether . So I should basically receive 1 to 1 from Betonline for USDT ? What exactly do you mean to use the right chain such as ethereum? Do you mean that I should not withdraw from Betonline directly to CoinBase ?
                        Comment
                        • raiders72001
                          Senior Member
                          • 08-10-05
                          • 11055

                          #13
                          Originally posted by gym rat

                          I just watched the video. The video guy shows USDT Tether . So I should basically receive 1 to 1 from Betonline for USDT ? What exactly do you mean to use the right chain such as ethereum? Do you mean that I should not withdraw from Betonline directly to CoinBase ?
                          Yes, USDT should be 1 to 1 on BOL.

                          In the Binance picture, it shows the chains that USDT can be sent on. Although USDT on the ethereum chain (ERC20) isn't available at Binance now. BOL sends USDT (ERC20) so it can't be sent to Binance.

                          Coinbase only uses USDT (ERC20) so you can send USDT to Coinbase.

                          Click image for larger version

Name:	image.png
Views:	38
Size:	25.4 KB
ID:	29874744

                          Click image for larger version

Name:	image.png
Views:	38
Size:	74.5 KB
ID:	29874745

                          Comment
                          • raiders72001
                            Senior Member
                            • 08-10-05
                            • 11055

                            #14
                            BOL sends USDT (ERC20)

                            Click image for larger version

Name:	image.png
Views:	62
Size:	87.0 KB
ID:	29874747
                            Comment
                            • raiders72001
                              Senior Member
                              • 08-10-05
                              • 11055

                              #15
                              Coinbase only uses USDT (ERC20)

                              Click image for larger version

Name:	image.png
Views:	36
Size:	117.5 KB
ID:	29874749
                              Comment
                              • raiders72001
                                Senior Member
                                • 08-10-05
                                • 11055

                                #16
                                Always make sure to send crypto to the proper chain.
                                Comment
                                • gym rat
                                  SBR Sharp
                                  • 01-25-07
                                  • 468

                                  #17
                                  Originally posted by raiders72001
                                  Always make sure to send crypto to the proper chain.
                                  Ok Raiders , Thanks for all the info. When you say the proper chain, do you just mean a chain that is available at the destination exchange ?

                                  I also need to withdraw from BetNow and DSI. I don't believe they have USDT available for withdraw however I will confirm. I will most likely need to use another crypto. I know they have bitcoin available. Would you recommend a withdraw from these two other books with bitcoin if USDT not available or is another crypto a better option with those other two books?
                                  Comment
                                  • raiders72001
                                    Senior Member
                                    • 08-10-05
                                    • 11055

                                    #18
                                    Originally posted by gym rat

                                    Ok Raiders , Thanks for all the info. When you say the proper chain, do you just mean a chain that is available at the destination exchange ?

                                    I also need to withdraw from BetNow and DSI. I don't believe they have USDT available for withdraw however I will confirm. I will most likely need to use another crypto. I know they have bitcoin available. Would you recommend a withdraw from these two other books with bitcoin if USDT not available or is another crypto a better option with those other two books?
                                    I took a quick look. Tether is USDT so you may be able to withdraw USDT from BetNOW. For DSI if you want a crypto withdrawal it will be in BTC and they charge $10. So it looks like

                                    BetNow- withdraw in USDT if available, if not BTC.
                                    DSI - withdraw in BTC for $10 fee.

                                    To give a little background on chains. There are different chains such as Ethereum, Solana, Cardano. On each chain, there are tokens built on them.

                                    Ethereum - some tokens built on ETH are SHIB, FLOKI, LINK
                                    Solana - BONK, WIF

                                    USDT is on many different chains. If someone sends USDT from the Ethereum chain, then you must give them an Ethereum USDT address. If they send the USDT to the Solana chain, then it's lost. You will be able to see the transaction, but you can't get the money.

                                    Comment
                                    • raiders72001
                                      Senior Member
                                      • 08-10-05
                                      • 11055

                                      #19
                                      Most of the time books send USDT on the ETH chain.
                                      Comment
                                      • gym rat
                                        SBR Sharp
                                        • 01-25-07
                                        • 468

                                        #20
                                        Originally posted by raiders72001

                                        I took a quick look. Tether is USDT so you may be able to withdraw USDT from BetNOW. For DSI if you want a crypto withdrawal it will be in BTC and they charge $10. So it looks like

                                        BetNow- withdraw in USDT if available, if not BTC.
                                        DSI - withdraw in BTC for $10 fee.

                                        To give a little background on chains. There are different chains such as Ethereum, Solana, Cardano. On each chain, there are tokens built on them.

                                        Ethereum - some tokens built on ETH are SHIB, FLOKI, LINK
                                        Solana - BONK, WIF

                                        USDT is on many different chains. If someone sends USDT from the Ethereum chain, then you must give them an Ethereum USDT address. If they send the USDT to the Solana chain, then it's lost. You will be able to see the transaction, but you can't get the money.
                                        That seems crazy that the crypto is lost if it is sent on the wrong Tether chain for example. That is what really scares me about this crypto.
                                        Comment
                                        • Optional
                                          Administrator
                                          • 06-10-10
                                          • 60816

                                          #21
                                          Originally posted by gym rat

                                          That seems crazy that the crypto is lost if it is sent on the wrong Tether chain for example. That is what really scares me about this crypto.
                                          This is a BIG part of the reason crypto just won't go mainstream.

                                          Ridiculous design and issues like this when the tech nerds have control.



                                          Do you know about the Frozen Ethereum (ETH) scam Raiders?

                                          I kind of hope every badly designed, scammer friendly, crypto gets banned or attacked by Trump. Crypto in general would be better off right now without this dumb/irresponsible stuff.



                                          BTW, DSI is probably one of the books that will screw you on the withdraw conversion rate.
                                          .
                                          Comment
                                          • raiders72001
                                            Senior Member
                                            • 08-10-05
                                            • 11055

                                            #22
                                            Originally posted by Optional

                                            This is a BIG part of the reason crypto just won't go mainstream.

                                            Ridiculous design and issues like this when the tech nerds have control.



                                            Do you know about the Frozen Ethereum (ETH) scam Raiders?

                                            I kind of hope every badly designed, scammer friendly, crypto gets banned or attacked by Trump. Crypto in general would be better off right now without this dumb/irresponsible stuff.



                                            BTW, DSI is probably one of the books that will screw you on the withdraw conversion rate.
                                            Yep, don't know how these scammers live with themselves but it's not just crypto..
                                            Last edited by raiders72001; Yesterday, 03:19 AM.
                                            Comment
                                            • Optional
                                              Administrator
                                              • 06-10-10
                                              • 60816

                                              #23
                                              My mother has been caught a couple of times too, but the bank has helped her out each time.

                                              Scammer caught out a guy for 58K worth of ETH. Setup a wallet with a fake coin called Frozen Etherium in it and convinced guy it was his balance frozen by the wallet. Got the guy to reveal his seed phrase and you can guess the rest.

                                              Poor dude has been sweating on anyone to help him unfreeze that balance for over a year. He was almost relieved when I explained and he could stop hoping. :\
                                              .
                                              Comment
                                              • DegenerateBeast
                                                SBR Rookie
                                                • 02-17-25
                                                • 12

                                                #24
                                                Originally posted by Optional

                                                This is a BIG part of the reason crypto just won't go mainstream.

                                                Ridiculous design and issues like this when the tech nerds have control.



                                                Do you know about the Frozen Ethereum (ETH) scam Raiders?
                                                lmaoooooo What a garbage take.

                                                First of all, crypto already is mainstream. If you mean that Bitcoin will never overtake the dollar as the world reserve currency or even be used for most personal transactions, that nobody can say. But you clearly do not understand it very well to be making such bold, matter-of-fact claims that it won't.

                                                For one, there has long been a war on cash. Bitcoin is insurance against its almost inevitable demise. States are already limiting how much friggin cash can be used in a person to person transaction! In Louisiana for instance, anything sold for ~$300 or more cash between private parties is a criminal act.

                                                And "ridiculous design", huh? Please, regale us with how you, oh wise one, would improve the design of any crypto. Tell us how you know more than the thousands of intelligent minds who have publicly contributed the various projects. How pray-tell would Opti improve crypto and why don't you? If it's so ridiculous, surely the solution is simple.

                                                And the dangers of sending the wrong crypto on the wrong chain are vastly overblown. The issue was rendered moot many, many years ago and these days, yourwallet will not allow such a thing to happen. The address would be different and the wallet can see this. It won't allow you to send funds to a mismatched address.

                                                As for "nerds have control", Bitcoin (and most of the copycat shitcoins such as Ethereum, Litecoin, etc) is open source. Literally everybody controls it. Anybody who wants to contribute, can. But a majority of the other users have to accept your contribution. And there are more ways to be a part of this public control mechanism than just coding.

                                                Bitcoin has done nothing but flourish for +13yrs. We're at +$100K and when it hits $1MM, you'll still no doubt be deriding it. If you can't see that the financial status quo is unfair by design - if you don't understand the importance of "be your own bank" - if you choose to ignore a burgeoning financial anarchy the likes of which the world has never seen before...that's your prerogative. Stay salty.
                                                Last edited by DegenerateBeast; Yesterday, 10:30 AM.
                                                Comment
                                                • gym rat
                                                  SBR Sharp
                                                  • 01-25-07
                                                  • 468

                                                  #25
                                                  With Bitcoin being the most prevalent Crypto used for book withdraws, I really haven't heard much although I haven't been looking either of people losing their bitcoin because it was sent on wrong chain. Does Bitcoin also have all these block chains as well ? Or is it just way more common for bitcoin to be on a mainstream chain ?
                                                  Comment
                                                  • DegenerateBeast
                                                    SBR Rookie
                                                    • 02-17-25
                                                    • 12

                                                    #26
                                                    You are misunderstanding.

                                                    Bitcoin runs on what is known as a blockchain. It's own register system that tracks everything. Other cryptos run on their own chains. If you try to send Ethereum to a Bitcoin address, it WILL NOT WORK IN THE FIRST PLACE. The addresses will not match and your wallet will give you an error. So no, this is not typically a problem.
                                                    Comment
                                                    • raiders72001
                                                      Senior Member
                                                      • 08-10-05
                                                      • 11055

                                                      #27
                                                      Originally posted by DegenerateBeast

                                                      lmaoooooo What a garbage take.

                                                      First of all, crypto already is mainstream. If you mean that Bitcoin will never overtake the dollar as the world reserve currency or even be used for most personal transactions, that nobody can say. But you clearly do not understand it very well to be making such bold, matter-of-fact claims that it won't.

                                                      For one, there has long been a war on cash. Bitcoin is insurance against its almost inevitable demise. States are already limiting how much friggin cash can be used in a person to person transaction! In Louisiana for instance, anything sold for ~$300 or more cash between private parties is a criminal act.

                                                      And "ridiculous design", huh? Please, regale us with how you, oh wise one, would improve the design of any crypto. Tell us how you know more than the thousands of intelligent minds who have publicly contributed the various projects. How pray-tell would Opti improve crypto and why don't you? If it's so ridiculous, surely the solution is simple.

                                                      And the dangers of sending the wrong crypto on the wrong chain are vastly overblown. The issue was rendered moot many, many years ago and these days, yourwallet will not allow such a thing to happen. The address would be different and the wallet can see this. It won't allow you to send funds to a mismatched address.

                                                      As for "nerds have control", Bitcoin (and most of the copycat shitcoins such as Ethereum, Litecoin, etc) is open source. Literally everybody controls it. Anybody who wants to contribute, can. But a majority of the other users have to accept your contribution. And there are more ways to be a part of this public control mechanism than just coding.

                                                      Bitcoin has done nothing but flourish for +13yrs. We're at +$100K and when it hits $1MM, you'll still no doubt be deriding it. If you can't see that the financial status quo is unfair by design - if you don't understand the importance of "be your own bank" - if you choose to ignore a burgeoning financial anarchy the likes of which the world has never seen before...that's your prerogative. Stay salty.
                                                      Don't come in here hiding under a new name and act like a clown. At least man up and use a real handle.
                                                      Comment
                                                      • DegenerateBeast
                                                        SBR Rookie
                                                        • 02-17-25
                                                        • 12

                                                        #28
                                                        Now, you can send to a wrong address or wrong recipient. But you always copy/paste addresses so this should never really be an issue, either. Always check the last 4-5 digits to make sure they match what you copied and pasted, though. There is clipboard malware out there that will quietly swap copied crypto addresses with others controlled by the hacker. It is rare but always check your addresses as a habit, anyway.
                                                        Comment
                                                        • DegenerateBeast
                                                          SBR Rookie
                                                          • 02-17-25
                                                          • 12

                                                          #29
                                                          Originally posted by raiders72001

                                                          Don't come in here hiding under a new name and act like a clown. At least man up and use a real handle.

                                                          Wth does that mean? Lolol Do you think you know me? Who is hiding??

                                                          I created this acct a few months ago to come bitch about Nitrogensports. DegenerateBeast has long been my username across many crypto platforms, etc. I'm a retired OTC trader from Localbitcoins, Paxful, Bitquick and the like.
                                                          Last edited by DegenerateBeast; Yesterday, 10:43 AM.
                                                          Comment
                                                          • raiders72001
                                                            Senior Member
                                                            • 08-10-05
                                                            • 11055

                                                            #30
                                                            Originally posted by DegenerateBeast


                                                            Wth does that mean? Lolol Do you think you know me, clown? Who is hiding??
                                                            You attacked other posters. Go upstairs or just post like a normal person here. Adults only section.
                                                            Comment
                                                            • Optional
                                                              Administrator
                                                              • 06-10-10
                                                              • 60816

                                                              #31
                                                              Originally posted by DegenerateBeast
                                                              Now, you can send to a wrong address or wrong recipient. But you always copy/paste addresses so this should never really be an issue, either. Always check the last 4-5 digits to make sure they match what you copied and pasted, though. There is clipboard malware out there that will quietly swap copied crypto addresses with others controlled by the hacker. It is rare but always check your addresses as a habit, anyway.
                                                              It's not an issue for you and me who know about these things. But mainstream users. Mom and pop type users. Read that explanation about losing their funds if sent to the wrong chain and it's enough to say no thanks, I don't understand this crazy stuff.

                                                              Mainstream = anyone feels comfortable using it, the way I meant it.

                                                              You're just a bloody idiot tough guy who is too stupid to see the patently obvious stuff. Spend more time on your Telegram shill groups all stroking each other and less time with thoughtful reasonable users if you don't want to be triggered like you are here eh.
                                                              .
                                                              Comment
                                                              • DegenerateBeast
                                                                SBR Rookie
                                                                • 02-17-25
                                                                • 12

                                                                #32
                                                                By calling out his take? Nothing personal or ad-hominem about it. I have just seen FUD spread about Bitcoin for a long time.
                                                                Comment
                                                                • raiders72001
                                                                  Senior Member
                                                                  • 08-10-05
                                                                  • 11055

                                                                  #33
                                                                  Originally posted by gym rat
                                                                  With Bitcoin being the most prevalent Crypto used for book withdraws, I really haven't heard much although I haven't been looking either of people losing their bitcoin because it was sent on wrong chain. Does Bitcoin also have all these block chains as well ? Or is it just way more common for bitcoin to be on a mainstream chain ?
                                                                  You won't have a problem with modern wallets. With older wallets BTC can be sent to a BCH address and if an exchange owns the keys to the BCH address, a problem could occur.
                                                                  Comment
                                                                  • DegenerateBeast
                                                                    SBR Rookie
                                                                    • 02-17-25
                                                                    • 12

                                                                    #34
                                                                    Originally posted by Optional

                                                                    You're just a bloody idiot tough guy who is too stupid to see the patently obvious stuff. Spend more time on your Telegram shill groups all stroking each other and less time with thoughtful reasonable users if you don't want to be triggered like you are here eh.
                                                                    lmaooooo "tough guy"?? Wth are you on about? What does "tough" have to do with anything. You are PROJECTING. Wow lol

                                                                    And if it is "patently obvious", explain how you'd fix it.

                                                                    I don't use shit Telegram bc I know wtf I am doing. What a clown.

                                                                    Comment
                                                                    • raiders72001
                                                                      Senior Member
                                                                      • 08-10-05
                                                                      • 11055

                                                                      #35
                                                                      Originally posted by DegenerateBeast
                                                                      By calling out his take? Nothing personal or ad-hominem about it. I have just seen FUD spread about Bitcoin for a long time.
                                                                      It's best just to attack the post, not the poster. Disagreeing is fine but no need to degrade any poster. It takes the discussion down the wrong path.
                                                                      Comment
                                                                      SBR Contests
                                                                      Collapse
                                                                      Top-Rated US Sportsbooks
                                                                      Collapse
                                                                      Working...