[Ballerholic]

Is there anything I should know before I begin? 5dimes chat linked me to use this website to sign up: https://bitcoin.org/en/

I'm a little worried about using it as I hear if you forget your number you won't get your money ever again? Also if they find out you are gambling do they take your money?




*I accidentally created this same thread in the poker forum, please delete that one mods.

[Optional]

Is there anything I should know before I begin? 5dimes chat linked me to use this website to sign up: https://bitcoin.org/en/

I'm a little worried about using it as I hear if you forget your number you won't get your money ever again? Also if they find out you are gambling do they take your money?


*I accidentally created this same thread in the poker forum, please delete that one mods.

Well it's like cash. If you lose a $20 note you cant get it back either.

Keep it in a third party wallet (like a bank account) and you can't 'misplace it', just like cash.

There is a 4 part webinar for new users linked at the top of the Bitcoin Subforum http://www.sportsbookreview.com/foru...ports-betting/

But cliff notes;

1) go to blockchain.info/wallet and create a free wallet.

2) go to either coinbase.com or circle.com and create an account there. (do you own research on their sites to decide which one suits you better personally)


Both coinbase and circle will ban your account if they catch you using coins bought/sold there for gambling.

So you use the blockchain wallet as your main bitcoin bank account and the place you always send to first from circle/coinbase and where you send to from 5Dimes before sending to circle/coinbase to cash out.



There are more complex/secure ways to handle the trasnfers but this is the basic way to get you started until you are comfortable with the system.

[Ballerholic]

okay thank you very much Optional. I'll try and get started on doing that. Do you ever have issues with the currency value fluctuating at all? How do you combat that? Do you have to cash the bitcoins as soon as they enter your bitcoin wallet, or is this just a risk of it all?

[Duckshit]

I've never had a problem with bitcoin. SBR did a FANTASTIC bitcoin video series, covers everything. I went with mycelium, Excellent wallet for sportsbooks.....

[jjgold]

Good move

Once you get use to it easy as pie

[sportsfan9698]

I'm no expert, but I know I have read that bitcoin leaves a trail of how it was acquired, etc. I have read that it is wise to sell your bitcoin for USD, then buy the bitcoin back immediately so that you have clean bitcoin (no history of sportsbooks) before you send it to circle

Just like laundering cash money.

[Optional]

okay thank you very much Optional. I'll try and get started on doing that. Do you ever have issues with the currency value fluctuating at all? How do you combat that? Do you have to cash the bitcoins as soon as they enter your bitcoin wallet, or is this just a risk of it all?

That's exactly what I do. Move them straight from book to wallet to exchanger and out to regular currency.

I use an Aussie trading exchange to cash out so there is no exact figure for me to compare to. But i have always been able to sell the btc for a little more than the book valued it at.

In general, you should not lose more than 1-2% going book to circle/coinbase. But rapid movements in price are a risk. I would call 10% a very big swing and you would be unlucky to get caught at the wrong moment, in the 20 mins or so your transfer takes. And so far I havent heard of anyone posting about having a horror story like that. It hasn't proven to be a big issue for most people in reality.

That said, we have been working in an environment where botcoin has mostly been on the rise for many months. So that obviously helps.

[Ballerholic]

okay sweet, thanks guys. I'm going over to America for the holidays so it will be nice to deposit using bitcoin into Ignition poker. I assume there are no country restrictions and as long as the country as a bitcoin ATM I can use that to cash out anywhere. I can't wait!

[Optional]

okay sweet, thanks guys. I'm going over to America for the holidays so it will be nice to deposit using bitcoin into Ignition poker. I assume there are no country restrictions and as long as the country as a bitcoin ATM I can use that to cash out anywhere. I can't wait!

Oh I see.

More complicated.

You may not be able to create a USA coinbase account without local ID.

And yes you can cashout at a bitcoin ATM straight from your blockchain.info/wallet... in which case you dont really need coinbase/circle. But be aware many bitcoin ATMS have rather high fees. You'll need to research what brand machine is available where you want to go and find out the best way to do it. Some require a lot more ID and some need you to telephone them a day ahead so they can load up the machine if you want to take a big withdraw.


best bet is to contact Coinbase.com support and tell them where you are now and what you want to do and I think they will have a good solution for you. Remember to not say its for gambling though.

[Optional]

Why don't you use a local exchange where you are and just cashout to your regular bank account and use that at the ATM in America?

Cubits.com is big in Europe

[Ballerholic]

I have dual citizenship. So I am American, but I am living in Ireland at the moment. I have citizen and residency here as well. So I think I will start using bitcoin for 5dimes sportsbook, but when I travel over to the states for the holidays I want to be able to play some poker as well for the few weeks I'm there. That's where bitcoin comes in to play. I'll also probably want to withdraw some of my bitcoin funds during that time so will I be able to do that over in the U.S?