Originally posted on 08/19/2015:

Quote Originally Posted by FilletMaster View Post
So the book takes the hit on the bitcoin value? I'm lost lol. Somehow the value is irrelevant between all these transfers
First let me say my comment wasn't directed at you, but those that pop up in every bitcoin thread spouting the same nonsense when they have no clue what they're talking about. They know who they are. That said I'll try and simplify it for you.

For our purposes think of bitcoin as a mode of transport, not an investment. $100 worth of gold is just that, $100. Price per ounce doesn't matter. The books we're speaking of take your bitcoin deposit, convert to fiat (dollars, pounds, euros, whatever the book offers/you choose) based on the average price at whatever index they use (stated in their terms) and deposit into your account. At Jetwin this hits instantly, Heritage I've seen anywhere from 5 to 30 minutes. You're now gambling with cash, the same way you would if you deposited through "conventional" means. When you take a payout, the book converts to bitcoin at the average index price and sends to whatever address/wallet you use. If in the time between your initial deposit and subsequent payout bitcoin has dropped or gone up in value, so what? If it's doubled then you'll get half in bitcoin, if it's dropped in half you'll get double. $100 is still $100. The only fees involved are a small mining fee which is pennies. In a nutshell, your funds don't stay in bitcoin long enough to matter.

All from the comfort of your couch, in seconds, with no pickups/dropoffs, no aliases, no banning, no bad checks, no bullshit. For Americans it's a NO FUKING BRAINER.