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Bitcoin question ?
Never used it before seems confusing but if I ordered bitcoin from the sbr store do I follow there tutorial are is there a way to get the money quicker. I was reading there are a lot of options. If you do it like there tutorial says and do coinbase you gotta wait like 17 days on your first request are whatever what’s the best way to do this to get your money the quickest. Thank you for the feedback.
Read somewhere about a bitpay credit card I dunno do I order that?
Bump!! Do I just folllow the tutorial at first to set it up are is there some other way to do it. I see once you order the Bitcoin from the sbr store it takes 48 hours I guess to be put into coinbase are something.
Last edited by 2ndchance; 12-25-18 at 09:40 AM.
You need an intermediate wallet to deposit the Bitcoin into (it's not recommended to deposit directly into Coinbase because of the chance they may ban you if they detect the source of the Bitcoin is gambling). Most people recommend using the Blockchain wallet (blockchain.info).
Coinbase shouldn't take 17 days to sell your Bitcoin and deposit into your bank since you're selling and not buying where they want the payment to clear first. YMMV
As for the Bitpay card, you can send Bitcoin to them and they will convert it into USD which you can use on their debit card. They are having a special you can get the card for $1 instead of the normal $9.99
https://bitpay.com/card/
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Really appreciate it!! So set up blockchain wallet then send it to coinbase which then they well buy the bitcoin from me and send it to my back account for usd. The only throng if I sell my bitcoins to coinbase how would I have any bitcoin left to send to the bitpay card or do I chose coinbase are bitpay to sell it too?
Coinbase and Bitpay are 2 different ways to sell your Bitcoin. You can sell the Bitcoin through Coinbase and have them *************** into your bank account or you can sell it through Bitpay which will be loaded onto that debit card they offer.Originally Posted by 2ndchance
Coinbase Pros: Easy to use.
Cons: Coinbase directly some don't like the fees (which can be fixed if you sell instead through pro.coinbase.com which is their exchange site instead of retail). Another is some are concerned about privacy with the IRS, especially for high volume/value sales.
Thing to keep in mind with Bitpay is most recommend using Electrum wallet on your computer instead of a mobile wallet because of how Bitpay sets up the transaction to send your Bitcoin to them. Also, if you don't mind using the debit card for groceries or spending in general, not a big deal, but if you want the cash, you're going to have to do cash back on purchases or use it to buy money orders to minimize the fees because there is a decent fee for ATM withdrawals.
Appreciate the feedback it’s helping alot. Bitpay seems good but would be a mobile wallet is that alright? Plus can you deposit using the bitpay cc with a sportsbook? If you can deposit using the bitpay cc with the sportsbook would the money when you deposit be considered usd money are can you chose to deposit with bitcoin with the card if you didn’t sell it all?
Last edited by 2ndchance; 12-25-18 at 06:37 PM.
I should clarify/add Bitpay also has their own Bitcoin wallet in the mobile app you use to manage the debit card (I never used their wallet which is why I never mentioned it so can't give feedback on it). Therefore, you could store Bitcoin in the Bitpay wallet, then load money onto the debit card by selling them Bitcoin. Or you can send Bitcoin to wherever you want (i.e. another sportsbook to deposit).
As for the Sportsbook reference currency, it depends on the book, but most do it in USD.
When you withdraw from the book, they'll send you Bitcoin, then you could either use it to deposit into another book, sell some/all of it to Coinbase or deposit into Bitpay card or sell some and hold the rest. Up to you.
So I set up a BitPay wallet instead of blockchain. I am just going to order the BitPay cc and put the bitcoin to that so I don’t have to mess with bank account. My question is if I order bitcoins from let’s say the sbr store i see where it says put in address to order but been playing around with my wallet and it says I have like 4 unused addresses under wallet addresses. Do I just write or copy and paste the new address that pops up on my wallet and press add to cart and that’s it.
When you tap "receive" in the app you'll see an address. Tap the address itself and it should copy to your phone's clipboard. Paste that into the SBR page when buying the Bitcoin and that's where they'll send it. Just make sure to double and triple check it matches what the Bitpay wallet gave and what went into the page to buy Bitcoin.
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Thank you!! I see where it says copied to clipboard. Should I know what they mean when they say clipboard?
I looked it up thank you again because of your help I understand what’s going on thanks.
Coinbase is a decent beginners way of buying/selling and moving Bitcoin. They rape you on fees though.
You might want to consider Gemini.com when buying/selling Bitcoin.
Electrum is a great wallet as well.
Took me about 90 days to feel comfortable with Bitcoin.... hopefully you learn it faster
Don’t want my bank involved seems like BitPay easy use there wallet and from there just put it on the BitPay cc if I am understanding it right.
I don’t like the bitpay wallet. Mycelium is the best IMO.
Yes.
1. PO from book to your wallet
2. Wallet to Bitpay
Best way to handle it
If I order bitcoin from the sbr store when I check out it wants me to put a shipping address I already put the bitcoin address in it’s asking for my name and stuff do they want my home address when it says that.
Nevermind they just wanted to know my home address Incase I order pizza cards are something I guess.
Correct, that'll get ignored essentially when they process the order.
How long do those payouts take?
From a book to your wallet it shows up as soon as they send it and can take 10-30 mins for the network to positively confirm the transaction as valid.
Once in your wallet, same again when sending from there to load the Bitpay card. Another 10-30 mins for confirmation.
Then you can walk up to an ATM and withdraw cash straight away.
Optional I see on there other page you said bitpay wallet is not good at all about bitcoin being sent there trough your book and could cause them to see that it could be gambling. Is that really going to be an issue? Can I switch and is there going to be a promblem with you guys sending bitcoin to there Wallet ( with bitpay) which I just did as I did not know bitpay was that bad seem easy if I was just going to use there cc also. Took me forever to pick a wallet and how I was going to do it seems A may of chosen the wrong wallet.
Last edited by 2ndchance; 12-30-18 at 12:20 PM.
Nah, it's not a big issue.
And if they do ever close your wallet for that, you can just change wallets then. They don't confiscate money for gambling stuff.
Stick with what you are comfy with now. I just try to make sure I mention it to people setting up so they know and can make a choice themself.
You might find BitPay adds a service charge to transactions on top of normal mining fees if you use it as your main wallet for all bitcoin transactions. Check for that. If they still do that, you would probably be best to find a new main wallet sooner than later.
Also 2ndchance.
I forgot the main reason not to use the BitPay wallet as your main wallet.
You do not control the private key for that wallet which means you do not actually control your own bitcoin stored there. Nor can you check the real status until they give you a transaction code. With your own wallet you see everything that happens and can do it instantly.
In simple terms, if Bitpay goes out of business or gets hacked, you can do nothing yourself.
With a wallet that you hold the private key for, no one can stop you moving that bitcoin.
Thanks optional!! This helped me don’t think I am going to be using this bitcoin to much so hopefully there no issues. Prob will change wallets sooner then later though.
I think once he starts getting comfortable with Bitcoin, Electrum would be the best bet wallet if he's exclusively using Bitpay as a cashout method (granted, it is only good on a desktop/laptop though). I just suggested the Bitpay wallet itself just to get his feet wet since it's more streamlined with the Bitpay card and to get used to Bitpay's payment protocol for sending Bitcoin to them since not every wallet supports it.
Edit: 2ndChance, here's a list of the wallets that you could use to easily send Bitcoin to the Bitpay card, since it supports what's known as the "Payment Protocol" (the page also has links explaining what Payment Protocol is). Just keep in mind some are mobile and some are computer based wallets. https://support.bitpay.com/hc/en-us/...s/115005701523
Last edited by mrpapageorgio; 12-30-18 at 11:32 PM.
Can you have sbr just send the bitcoin from the store straight the your sportsbook without even Messinng with wallets are anything at all. If all you plan out doing with the money anyways is funding your sportsbook. I know you still have to make one though to get the money out from your book though.
Theoretically, you could.
However, it could cause delays with the processor because they may have to manually go in and adjust the deposit. In order to get a Bitcoin address from the book, you have to initiate a deposit request and tell them how much you're depositing. Then the processor gives you a Bitcoin address and tells you how much Bitcoin to send to get credited that amount (which usually the exchange rate is good for 15 minutes). Depending on their processor, since it's all automated, the system is looking for that exact amount of bitcoin and may get thrown out of whack if the amount sent to the address is different than what the system is anticipating which may require them to have to go in manually and credit you (which is time and headache).
Also, if something goes wrong (the deposit doesn't show up), the book is going to tell you to take it up with SBR since they're the one that sent the Bitcoin (and would know the transaction ID, etc. that they may need to try and fix the issue). Just warning you it could add headache.
Yea no thank you lol!! I already ordered it to bitpay wallet anyways was just wondering thanks again for the information hopefully there are no delays from sbr as I ordered it from them before btp contest ended and have to pay all that bitcoin out. I should get it before btp winners are at the same time. (If btP is soon)
Don't use coinbase. If there is any advise u need, do not use coinbase. Even if you are in America, avoid coinbase. its 2019, there are so many other exchanges out there, avoid coinbase
I am using bitpay hopefully it’s a little better lol.
Last edited by 2ndchance; 01-03-19 at 12:58 PM.
Ok so I received my btc in my btc wallet now I have to order bitpay cc but in the meantime’s is there another way I can fund my book with regards to getting money out with a bitcoin atm scanning a address or something that’s what somebody’s was saying does not make sense though don’t you need the card to get money out of atm?
FYI when you order the Bitpay card, you pay the initial fee in Bitcoin, so keep that in mind when ordering so you get your feet wet in how to send them Bitcoin.
As for another way to cash out, you can use https://coinatmradar.com/bitcoin-atm-map/ to find a local ATM. However, make sure you filter it by ATMs that will buy your Bitcoin as most will only sell it to you.
Also, keep in mind the fees can vary from 5% to in the low teens, YMMV, so be sure to check.
Last edited by mrpapageorgio; 01-03-19 at 07:43 PM.
So I can just go to a bitcoin atm that buys it and just sell it to them (atm) and cash will come out. ( plus some atm day buy sell are both looking to buy your saying wouldn’t I want to look for one to sell the bitcoin)
Last edited by 2ndchance; 01-03-19 at 08:06 PM.
The ones I know of that let you sell it your ATM either give you cash like a regular ATM (most frequent) or print you out a voucher you bring to the counter if at a local currency exchange or have you swipe a debit card and it direct deposits there.
Here's a sample of how one works, but the machine's may vary (in your case, as demonstrated in the video, I would select "other amount" so you can see how much Bitcoin they want for how much you're requesting to make sure you don't request too much withdrawal because of the spread and it messes up the transaction):
Last edited by mrpapageorgio; 01-03-19 at 07:58 PM.
Didn't intend to contradict you Mr P ;-)
And I agree it might be easier for him to just use bitpay.
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