1. #1
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    Bitcoin Webinar Part 3: How to Convert Bitcoin to Cash

    Bitcoin Webinar Part 3: How to Convert Bitcoin to Cash

    In part three of the bitcoin educational series, Sportsbook Review's Peter Loshak and bitcoin expert Justin discuss how online sports bettors can convert bitcoin to cash. Part one focused on the basic question of 'what is bitcoin', while part two dived in to opening an account with a bitcoin exchange to purchase bitcoin, setting up a wallet, and ultimately depositing with an online betting site.

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  2. #2
    Russian Rocket
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    another great vid...thanks!

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  3. #3
    raiders72001
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    Good video. One suggestion for the next video would be how to withdraw bitcoins for cash without going directly through your bank account. ATM and Localbitcoins are two methods that could be talked about.

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  4. #4
    raiders72001
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    Bitcoin Justin recommends airbitz. The first couple of minutes here has some nice discussion on Airbitz.

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  5. #5
    BigDeem5
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    What are Justin's thoughts on Hive as a wallet?

  6. #6
    Zion21
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    Really good stuff. Now I just need to actually start making some bitcoin winnings. Where's the guide on that, huh????

  7. #7
    Bitcoin Justin
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    Quote Originally Posted by BigDeem5 View Post
    What are Justin's thoughts on Hive as a wallet?
    Hey BigDeem5 - Hive isn't a bad wallet. I used to like it more, but I don't think they are putting much effort into developing it currently. Also, from a quick scan of their site, it seems that you are relying on Hive continuing to provide software, whereas with AirBitz, Mycelium, Blockchain.info, even if tomorrow the developers of those wallets decided to quit, you can take your backup (please backup your wallets if you are holding large amount in them) to another wallet and be fine. Quick reasoning as to why I like Airbitz and Mycelium (both mobile wallets for iOS and Android): both are excellent for user experience, backups, sending / receiving bitcoin, of course. Airbitz: can get 20% discounts at Starbucks, 5 to 10% at Target within the app, and it has exchange capability (to your bank) from within the app (through Glidera - FYI Glidera is not quite as fast as Coinbase). Mycelium has the ability to create a Coinapult wallet within the App, so you can hold any funds you receive in dollars, euros, gold, silver, instead of bitcoin, so you don't have to hold bitcoin the currency for any amount of time (for those not interested in any bitcoin price volatility).

  8. #8
    Bitcoin Justin
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    Quote Originally Posted by raiders72001 View Post
    Good video. One suggestion for the next video would be how to withdraw bitcoins for cash without going directly through your bank account. ATM and Localbitcoins are two methods that could be talked about.
    Thanks Raiders for all of your contribution to these forums - totally invaluable, everyone owes you a debt of gratitude. I generally totally agree with everything you have posted. If SBR invites me back, I will make sure selling bitcoin for dollars at ATMs and using Local Bitcoins gets covered. A third option: being a seller at Bitquick also allows people to deposit cash directly into your bank account (without using an exchange intermediary like Coinbase Glidera or Circle).

  9. #9
    thespeculator
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    Great video. However why does it take 5dimes 3 days to payout if it just a matter of pressing send

    i only use localbitcoins. When it comes to cash in hand within a few minutes, nothing compares. True, price is not best

  10. #10
    capone1899
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    I have another question about 5dimes slow as withdraws. If I submit a withdraw,when does my bitcoin price lock in?

    It better be when they send it since it takes so damn long . I don't want to submit a withdraw when bitcoin is $360 and by the time they send it, its $380

    They really need to get their shit together. It shouldnt take but 30-60 minutes to send one of these

  11. #11
    Russian Rocket
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    Quote Originally Posted by thespeculator View Post
    Great video. However why does it take 5dimes 3 days to payout if it just a matter of pressing send

    i only use localbitcoins. When it comes to cash in hand within a few minutes, nothing compares. True, price is not best
    Quote Originally Posted by capone1899 View Post
    I have another question about 5dimes slow as withdraws. If I submit a withdraw,when does my bitcoin price lock in?

    It better be when they send it since it takes so damn long . I don't want to submit a withdraw when bitcoin is $360 and by the time they send it, its $380

    They really need to get their shit together. It shouldnt take but 30-60 minutes to send one of these
    All these questions needs to be asked on 5Dimes live support chat.
    Every book has a different set of rules on how they process different type of withdrawal requests.

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  12. #12
    raiders72001
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    Quote Originally Posted by Bitcoin Justin View Post
    Thanks Raiders for all of your contribution to these forums - totally invaluable, everyone owes you a debt of gratitude. I generally totally agree with everything you have posted. If SBR invites me back, I will make sure selling bitcoin for dollars at ATMs and using Local Bitcoins gets covered. A third option: being a seller at Bitquick also allows people to deposit cash directly into your bank account (without using an exchange intermediary like Coinbase Glidera or Circle).
    Thanks Justin. I hope to see you around these parts posting on occasion even if not making videos.

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  13. #13
    hello1234567
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    Just signed up with Airbitz. Is seems to be very similar to Circle, selling coins to your bank account. Instead of sending directly from Circle, Airbitz uses Glidera to buy/sell coins. Wondering if they track gambling activities as much as Coinbase or Circle does.

  14. #14
    jjgold
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  15. #15
    libra2jay
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    Quote Originally Posted by thespeculator View Post
    Great video. However why does it take 5dimes 3 days to payout if it just a matter of pressing send

    i only use localbitcoins. When it comes to cash in hand within a few minutes, nothing compares. True, price is not best
    Have a look at Quadrigacx. Better volume/liquidity than LBC and better pricing.

    They are Vancouver based and have the most options of any exchange for deposits/withdrawals.

    Interac etransfer express payouts to your bank take a maximum of 24 hours but its not unusual to receive them in less than 3 hours.

  16. #16
    jtoler
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    Quote Originally Posted by thespeculator View Post
    Great video. However why does it take 5dimes 3 days to payout if it just a matter of pressing send

    i only use localbitcoins. When it comes to cash in hand within a few minutes, nothing compares. True, price is not best
    Why not, you just might lose it before that 3 day window is up and it'll be like you never made a request in the first place.

  17. #17
    MoMoneyMoVaughn
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    Loshak what happened to that majestic head of hair man?

    I totally stole your old look.

  18. #18
    cincy
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    I need another option to get my bitcoins into my bank account or get cash for the bitcoins. With circle, I can only transfer $3000 every 7 days to my bank.Coinbase has high transfer limits but charges a 1% fee and they give a bad bitcoin to $ conversion rate so the fee is effectively more than 1%.What method will give me the most dollars for my bitcoins?I just checked the below websites and see the following:
    Circle shows I can transfer bitcoins to my bank at rate of 1btc=$424.31
    Coinbase shows I can transfer bitcoins to my bank at rate of 1btc=$418.88 but they also charge a 1% fee so actual amount received is 1btc=$414.69
    I don’t have any other bitcoin wallets (i.e. airbitz, quadrigaCX, localbitcoins, etc) so I can’t check what rate they would give me (after any fees are deducted) to transfer bitcoins to my bank

    I realize bitcoins rates change constantly but can someone with these other bitcoin wallets do a real time comparison to see if any wallets give a better or similar bitcoin sell transfer price as Circle


  19. #19
    RyanLeafOfBets
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    I am on circle and coinbase... signed up for airbitz, but glidera doesn't support users from Ohio.

    Any other bitcoin wallets worth checking out? Circle and Coinbase have very low buying limits.

  20. #20
    cincy
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    Quote Originally Posted by raiders72001 View Post
    Good video. One suggestion for the next video would be how to withdraw bitcoins for cash without going directly through your bank account. ATM and Localbitcoins are two methods that could be talked about.
    Great idea, but since I wasn't covered in the video can someone explain how to do this here? Thanks.

  21. #21
    iceminers26
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    How come some books accept BTC via deposit but don't offer it via payout?

  22. #22
    Bitcoin Justin
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    Quote Originally Posted by cincy View Post
    Great idea, but since I wasn't covered in the video can someone explain how to do this here? Thanks.
    Here is a great video showing how to use a bitcoin ATM - if you can figure out a regular ATM, a bitcoin ATM is within your abilities: https://www.youtube.com/watch?v=7XMSEL0yg5I

    For finding one, the best resource I have found is coinatmradar.com

  23. #23
    thespeculator
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    Quote Originally Posted by libra2jay View Post
    Have a look at Quadrigacx. Better volume/liquidity than LBC and better pricing.

    They are Vancouver based and have the most options of any exchange for deposits/withdrawals.

    Interac etransfer express payouts to your bank take a maximum of 24 hours but its not unusual to receive them in less than 3 hours.
    I joined them and looks really impressive. For Canadian they have same day deposits and payouts. Also for u.s players, I would recommend checking them out . Many options for payouts including PayPal . For deposits you need to verify account, but for payouts you don't.

  24. #24
    LT Profits
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    Quote Originally Posted by thespeculator View Post
    I joined them and looks really impressive. For Canadian they have same day deposits and payouts. Also for u.s players, I would recommend checking them out . Many options for payouts including PayPal . For deposits you need to verify account, but for payouts you don't.
    Quadrigacx does not accept USA residents

  25. #25
    thespeculator
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    Ok, thanks

  26. #26
    OckertCR
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    Has anyone used the cash in mail option on localbitcoins when selling?

  27. #27
    wally2016
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    How do you get the funds out of your Airbitz account to your own personal bank account and how long does it take to hit your personal bank account???

  28. #28
    gochiefs913
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    These are awesome video!! well the whole series, it's just what most guys need to understand what Bitcoin is and how we can use it for.

  29. #29
    BuckyOne
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    Quote Originally Posted by RyanLeafOfBets View Post
    I am on circle and coinbase... signed up for airbitz, but glidera doesn't support users from Ohio.

    Any other bitcoin wallets worth checking out? Circle and Coinbase have very low buying limits.
    I think they are a one-way street - fine going in - but converting back to cash or bank account - then they have the questions. I only see them as a way to fund blockchain or a wallet? blockchain to a localbitcoin or atm sounds a lot better coming back out???

  30. #30
    ATC727
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    I need some help. First time user. Just downloaded Bitcoin and Bitstamp. Once I am verified with Bitstamp - is that what I provide 5D? Like my account number and stuff for a withdrawal?

  31. #31
    Jetsfan
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    Quote Originally Posted by ATC727 View Post
    I need some help. First time user. Just downloaded Bitcoin and Bitstamp. Once I am verified with Bitstamp - is that what I provide 5D? Like my account number and stuff for a withdrawal?
    If you go straight from the book to your exchange, they may eventually want to know where the money's coming from.

    Good idea is to open a wallet at Blockchain or another wallet, use that to receive your transfers, and from there send to your Bitstamp account. You can include some legit activity like making a trade on another exchange just to 'rinse' the coins.

  32. #32
    ATC727
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    isnt that money laundering? I think Ill rather stick to a check from them then.

  33. #33
    ATC727
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    So I downloaded Bitcoin Core, is that considered a wallet?

  34. #34
    Jetsfan
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    Quote Originally Posted by ATC727 View Post
    So I downloaded Bitcoin Core, is that considered a wallet?
    Its not recommended for a beginner. Just use your BitStamp or another exchange account to convert your bitcoin to dollars.
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    ATC727 gave Jetsfan 1 Betpoint(s) for this post.


  35. #35
    ATC727
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    thank you kindly!

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