Bitcoin Webinar Part 1: What is Bitcoin & Why Should Bettors Care?

[KVB]

[gauchojake]

[Optional]

Who claimed the $25 freeplay offer at the end of the first video?

[Bitcoin Justin]

Very interesting info. Thanks for your time Raiders. What's odd... I've used blockchain twice for 5D. Just 2 separate $100 amounts... different dates... and it went through... confirmed... within 5 minutes. No miners fee etc. Don't recall these "confirmations" you're referring too. It either said "Unconfirmed" in RED. Then "Confirmed" in Green. Currently... just sent a small amount to BetDSI... in my blockchain wallet... it's still saying "confirmations" at 14!!!! I don't recall blockchain doing this??? Is this something new?

Again, really good info from you. I greatly appreciate it! BTC can be very confusing....

By the time BetDSI credited the funds.... I lost about $4.50 on trying to send $200.00 (INSTANTLY)

Losing 2.25% sucks.

Just to let you know... I go Coinbase to blockchain wallet.

Then blockchain wallet to BetDSI.

After everything completed... which was about 40 minutes total... lost 2.25%

Usually with a fiat book like BetDSI, they (should... and I know BetDSI does) give you a ~15 minute window to send bitcoin. As long as you send within the window, they will give you the quoted amount in dollars. As long as you send in that time frame, you won't lose (or gain, if price goes up) money. It doesn't matter if it takes 30 seconds or 30 minutes for the confirmation(s), as long as they see that money has been sent, price is good. You could see some slight price changes based on different places using different rates, as Raiders mentioned, or the price moves from when you purchase to when you deposit. BTW, I just confirmed that BetDSI funds your account in dollars after seeing 1 confirmation.

As far as miner's fees - 9 times out of 10, your wallet will automatically figure out miner's fee for you.. I never think about them when sending bitcoin (it's going to be less than 10 cents, not a big deal).

[TheMoneyShot]

Usually with a fiat book like BetDSI, they (should... and I know BetDSI does) give you a ~15 minute window to send bitcoin. As long as you send within the window, they will give you the quoted amount in dollars. As long as you send in that time frame, you won't lose (or gain, if price goes up) money. It doesn't matter if it takes 30 seconds or 30 minutes for the confirmation(s), as long as they see that money has been sent, price is good. You could see some slight price changes based on different places using different rates, as Raiders mentioned, or the price moves from when you purchase to when you deposit. BTW, I just confirmed that BetDSI funds your account in dollars after seeing 1 confirmation.

As far as miner's fees - 9 times out of 10, your wallet will automatically figure out miner's fee for you.. I never think about them when sending bitcoin (it's going to be less than 10 cents, not a big deal).

Thanks for the post.

The only issue I have is... once you do a Instant Transfer using Coinbase... $200 USD to BTC... + fee etc.... and by the time you send it to Blockchain... I think I have $197.07 something like that.

1. I immediately go to BetDSI cashier's page and type in $197.07 for BTC (American Dollars).

2. Then BetDSI gives me the Bitcoin Link... but their value of $197.07 was a different BTC amount.

3. I send the $ within 30 seconds. I don't wait around.

So... this is the issue I have with sportsbooks "valuing" what a BTC is really worth. And this is why I don't really like inconsistencies.

All sportsbooks should be consistent. Especially if you're sending the exact BTC you purchased within 30 seconds.

My point being.... even if it was confirmed instantaneously.... I would of never received the exact amount in BTC for $197.07

[NCarts]

@TheMoneyShot: I think you're just not paying close attention to the fees because you use the same procedure that I do (CoinBase->BlockChain->Book) and I just checked how much CB charges for a $200 purchase of BTC and its 1.98. With that in mind, if you assume a miner's fee for the BlockChain->Book transfer, 197 seems about right. You may be correct in saying that you're losing some change on how your book value's BTC but its not more than $1 so its not all that serious to me. I believe starting with Circle->BlockChain>Book might save you a little but I don't remember. I'll see next time I deposit.
I'm not saying I like giving away money, but its something I've come to accept with how quick and easy the transfers are in respect to other options.

[SBR Forum]

Part 2 is up! http://www.sportsbookreview.com/foru...e-bitcoin.html

[jjgold]

Is airbit anonymous??

[cincy]

Why all the talk about hackers stealing bitcoins in a thread to introduce people to bitcoins? Sure it is possible that a hacker could steal your bitcoins but the chance of that happening is so small and you can move the money out of your bitcoin accounts to your bank if you don't want to hold bitcoins. I hate wasting hours of my time for p2p transactions and bitcoins are so much easier.

[raiders72001]

Coinbase doesn't charge a miner's fee unless it's a micro-transaction. Coinbase pays the miner's fee.

Blockchain.info's default is .0005 (20 cents). Personally, I always use custom. It may be unnecessary but there have been times where gambling transactions haven't gone through for those not paying a fee. I'm unsure of the wallet that was used in these cases.

[BigDaddy]

Who claimed the $25 freeplay offer at the end of the first video?

what bitcoin address do we give them?

[Bitcoin Justin]

what bitcoin address do we give them?

When you set up a bitcoin wallet (Airbitz, Blockchain.info, Mycelium, Coinbase, Circle, etc), you will be given a bitcoin address (public address). They are looking for that - proof that you have set up a wallet.

[Bitcoin Justin]

Is airbit anonymous??

Airbitz is a great wallet for privacy. You never need to provide them with your real world identity.

[NCarts]

Coinbase doesn't charge a miner's fee unless it's a micro-transaction. Coinbase pays the miner's fee.

Blockchain.info's default is .0005 (20 cents). Personally, I always use custom. It may be unnecessary but there have been times where gambling transactions haven't gone through for those not paying a fee. I'm unsure of the wallet that was used in these cases.

I just scrolled through my transactions and I'm pretty sure the default is set to .0001, approximately 4¢. When you do custom, what have you been entering for the miner's fee? I tried a few transactions from BlockChain to Heritage with no miner's fee as a test and I just couldn't justify it. The wait was too long to justify saving those few extra pennies. On one of them it took nearly three days and cost me almost $15 due to BTC value fluctuating. I guess if you're funding an account with knowledge that you'll be making a wager on a event occurring a few days out, it doesn't matter. I'm not necessarily a penny pincher but I gave it a shot to see if I was just giving away money pointlessly. At this point I just do the quick transfer and pay the fee to avoid being subject to BTC's market value.

[Grivas_Digeni]

A word of warning - DO NOT DO THIS WHEN YOU ARE DRINKING You will fukk it up.

All in all not bad.

I totally agree. This also goes for gambling in general: if you have a couple drinks, chase skirts, not bets.

[importmoon]

very interesting

[Mahdi Allali]

Bitcoin is thé future!!! I don't need part two to know about it

[king7811]

Thanks