Why bitcoin is good for the industry and why YOU should push it to your bookie!

[TheDonger]

I know that most people that have no idea about bitcoins are really sceptical about bitcoins. For some it looks complicated, for others it looks shady. The fact is.. bitcoin represent a 8 billions US dollar market... and it got there in onl 2-3 years.

Let me clear the "what is bitcoin" with a simple explanation.
Bitcoin is cash. It is the same, exact thing then a printed US dollar... except.. that you're your own bank! This is what makes it revolutionary. You can safely put all your net-worth in a simple USB key (no worries, you can make backup ). No more fees, no more opening accounts, closing accounts, providing documents and have your personal transaction watch by god knows who. The 2nd thing that makes it revolutionnary is... that you can instantly, send that cash to someone else on the earth. No ***********, no wire transfer fees, no conversion fees, no 3rd party. It's literraly, like if you had a wallet full of cash, that you took a plane tickets and gave that person the money in exchange of whatever product/service.

And here's why it's awesome for bookies... and for all us!
Imagine all the possibilities this brings us. Here's what I did today. I opened up an account to a new bitcoin bookie, deposit 300$US worth of bitcoins, bet the over on the NBA game, won my bet, cashed it out.

Do you see all the benefits? If not let me point them out:
1- Bookie will give you better odds. No more charge back, no more *********** processor fees taking 3% off their gross income, no more wire transfer fees. All these fees that they have to pay for reflects in the odds they give us. Less expense for the bookie = better odds for us.
2- No more scam book. No more of that! No need to put 10k to a bookie and leave it there for months and months. You want to bet on a game? Deposit only what you need to play for the night and cash it all out if you make a profit. It's instant and there is no fees. You can't get scammed... or at least you can't get scammed for more then a bet worth of money.
3- No more "1 free payout a month". Is this suppose to be some kind of feature? How ridiculous does that sound. Should we thank them for giving us "1 free payout". We take all the risk. I was reading 5.dimes payout page. It's outrageous!!!
4- No more verification needed. I hateeee giving my address to a bookie. I hate giving them my passport. I hate giving id's, utility bills, etc.. This is my personal life. Why do they need all of that?!!

If anyone still doubt the benefits of bitcoins in the industry let me know. I think this is the future of the industry and we should push it as hard as we can as EVERYONE benefits from it.

[bookie]

Well explained. Volatility is an issue, but the potential benefits to the consumer of sports betting is off the charts. If you care about reduced juice then you care about Bitcoin's success whether you know it or not.

And being able to immediately cash out every winning bet would add more safety to sports betting than Google is going to add to cars.

The jjgolds of the world will soon die off and in that post-jjgold world SBR will have to find another no-nothing to scream his senseless caution against the next economic innovation because crypto-currencies (whether it's Bitcoin or not) will be understood as here to stay.

[minet123]

Agreed
what they need to do is tie bet points to bitcoins(or another crypto) via SBR store

[brainfreeze]

What if another billion of it goes missing again?

[Hareeba!]

Those of us in the free world can do all those things instantaneously and free with real money.
Bitcoin offers us nothing extra.

[addic3t]

The worst is Bitcoins can be worth 1 cent week after.

[Domestic]

Good post donger. Unfortunately a lot of people either don't take the time to understand, get familiar with bitcoin or dismiss it because they were not able to get on the initial money train when it went from being worth cents to hundreds in a matter of months.

There are already a couple of good bitcoin books up and running and I think that if you are an American fed up with fees and shady books you'd do yourself a favour to look into it.

Would love to see SBR add bitcoin as purchasable in the store or allow people to buy points with bitcoin.

[jjgold]

its not regulated

extreme risk

so many people have lost everything using bitcoin because of scam shops

ITS TOO EASY TO SCAM WITH BITCOIN AND ZERO REGULATION

[TheDonger]

Those of us in the free world can do all those things instantaneously and free with real money.
Bitcoin offers us nothing extra.

Oh really?? Please, go wire 25k instantly without fees. With bitcoins 1$ or 100k, it's instant and no cost.

its not regulated

extreme risk

so many people have lost everything using bitcoin because of scam shops

ITS TOO EASY TO SCAM WITH BITCOIN AND ZERO REGULATION

Have you even read my initial post? There is no risk because you don't need to put more then 1 bet worth of money on the site and cash it out instantly. Those who lost everything deserved it because they acted like fools.

[Hareeba!]

Oh really?? Please, go wire 25k instantly without fees. With bitcoins 1$ or 100k, it's instant and no cost.

"wire"?
obsolete!
Never need to.
debit/c redit card/poli to bookies or Skrill no fees
Skrill to and from bookies no fees
all instant with real money

[dirtdog52658]

I like the concept of Bitcoins, but they are too volatile to take seriously at the moment. Can't risk cashing out 2000 then waking up the next day and its only worth 1000. Maybe if it settles for a long period of time but until then I'll stick with cash.

[TheDonger]

"wire"?
obsolete!
Never need to.
debit/c redit card/poli to bookies or Skrill no fees
Skrill to and from bookies no fees
all instant with real money

I will admit that skrill was the good old days. But you pay fee one way or the other. If it's interact, you pay interact fee, if it's free then you pay your bank some monthly fee or have a 25 years mortgage with them. Nothing is free in the financial world.

I like the concept of Bitcoins, but they are too volatile to take seriously at the moment. Can't risk cashing out 2000 then waking up the next day and its only worth 1000. Maybe if it settles for a long period of time but until then I'll stick with cash.

Bitcoin is volatile I will admit. But you can fight that volatity. Here's to do it:
Step 1- exchange x$ for x$btc
Step 2- Deposit/Wager that x$btc
Step 3- Cashout
Step 4- Convert back to your currency.

Bitcoins is doomed to success. It's a revolution that simply needs some time. Bitcoins will be worth lots of $$ in the futur. They can't be printed like bs fed reserve does with the US. Here's a strong quote "Any currency based on credit is doomed to failure". It will catch up one day or the other. That's when you will be very happy to hold some gold/silver/btc or any asset that can't be printed.

[inrenokid]

Does any one know why fait money today seem less voliate then btc? Do.you know that national.paper currencies.had the same ups.and downs once? Do you know there are no world.wars without this.seeming security?
Also the dollar euro etc. are about to.devalue up to 8x? And btc is going back up that's not loses,

[inrenokid]

Also saying btc is so voliate you can lose 50% in one day is a lie, the biggest movement is in the exchange from btc to dollars which is from profit taking but.you can deal your own and not be so : freedom/responsibility

[capitalist pig]

BC needs to decide whether they are a currency or are they a risky investment, trying to be both is its main drawback.JMO.

later













later

[Hareeba!]

I will admit that skrill was the good old days. But you pay fee one way or the other. If it's interact, you pay interact fee, if it's free then you pay your bank some monthly fee or have a 25 years mortgage with them. Nothing is free in the financial world.

Skrill still good for me.
I pay NO fees for any transactions to or from bookies.
I pay my bank NOTHING for use of my debit/c redit card or poli.
I earn points on my c redit card.
I earn interest on my bank balance.
I have no mortgage.
I own bank shares and get good dividends and capital growth.
I have no bitcoins and see absolutely no need for them.
Do they earn any interest?

[HeeeHAWWWW]

I will admit that skrill was the good old days. But you pay fee one way or the other. If it's interact, you pay interact fee, if it's free then you pay your bank some monthly fee or have a 25 years mortgage with them. Nothing is free in the financial world.

Bank accounts are totally free in the UK.

I think skrill charge 3 euros or something for a bank transfer, that's about it. Most older accounts get this for free.

Can also use a skrill master card to buy stuff, no charge.

[Domestic]

Skrill still good for me.
I pay NO fees for any transactions to or from bookies.
I pay my bank NOTHING for use of my debit/c redit card or poli.
I earn points on my c redit card.
I earn interest on my bank balance.
I have no mortgage.
I own bank shares and get good dividends and capital growth.
I have no bitcoins and see absolutely no need for them.
Do they earn any interest?

No, they do not earn interest. I understand that you have no need for them and while I own bitcoin I rarely make transactions using them yet, but as more merchants accept and more infrastructure is built around bitcoin and the blockchain I'm sure I will more. It's an investment for many and like any investment no one knows what will truly end up happening but I'm simply in the same camp as donger and think it possesses great potential.

[TheDonger]

Living in the UK seems great lol!

Unfortunatly most of us don't live there. Do you need to pay taxes on gambling winnings in the UK??

[HeeeHAWWWW]

I'd certainly be keen if I was in the US.

Wouldn't use until some established book starts accepting them though.

[Hareeba!]

Living in the UK seems great lol!

Unfortunatly most of us don't live there. Do you need to pay taxes on gambling winnings in the UK??

Unless you're deemed to be a professional (vary rare) gambler, winnings are tax exempt in the UK, Australia and NZ.

[tradeout]

Why AIR BETTING is good for the industry and why YOU should push it to your bookie!

Do you see all the benefits? If not let me point them out:
1- Bookie will give you better odds. No more charge back, no more *********** processor fees taking 3% off their gross income, no more wire transfer fees. All these fees that they have to pay for reflects in the odds they give us. Less expense for the bookie = better odds for us.
2- No more scam book. No more of that! No need to put 10k to a bookie and leave it there for months and months. You want to bet on a game? Deposit only what you need to play for the night and cash it all out if you make a profit. It's instant and there is no fees. You can't get scammed... or at least you can't get scammed for more then a bet worth of money.
3- No more "1 free payout a month". Is this suppose to be some kind of feature? How ridiculous does that sound. Should we thank them for giving us "1 free payout". We take all the risk. I was reading 5.dimes payout page. It's outrageous!!!
4- No more verification needed. I hateeee giving my address to a bookie. I hate giving them my passport. I hate giving id's, utility bills, etc.. This is my personal life. Why do they need all of that?!!

[tradeout]

Let me clear the "what is air betting" with a simple explanation.
Air betting is cash. It is the same, exact thing then a printed US dollar... except.. that you're your own bank! This is what makes it revolutionary. You can safely put all your net-worth in a simple balloon (no worries, you can make backup ). No more fees, no more opening accounts, closing accounts, providing documents and have your personal transaction watch by god knows who. The 2nd thing that makes it revolutionnary is... that you can instantly, send that air to someone else on the earth. No ***********, no wire transfer fees, no conversion fees, no 3rd party. It's literraly, like if you had a wallet full of cash, that you took a plane tickets and gave that person the money in exchange of whatever product/service.

[Optional]

Skrill still good for me.
I pay NO fees for any transactions to or from bookies.
I pay my bank NOTHING for use of my debit/c redit card or poli.
I earn points on my c redit card.
I earn interest on my bank balance.
I have no mortgage.
I own bank shares and get good dividends and capital growth.
I have no bitcoins and see absolutely no need for them.
Do they earn any interest?

The only reason you don't pay skrill fees is due to your high turnover there.

Regular users get screwed to the wall. Much more expensive than regular banking system.

Or maybe you simply don't realize you are paying 2.5% over spot rate they use for currency conversions.

Bring on Bitcoin I say. Power to the people.

[trytrytry]

this bitcoin thing or something like it will be the future for much of offshore wagering. right now the bitcoin books and the offerings are terrible. terrible high vig on virtually everything, super low limits, like micro low on most things. but still worth getting to know, use a bit, get some bitcoins and move on anything that is an overlay.

[Hareeba!]

The only reason you don't pay skrill fees is due to your high turnover there.

Regular users get screwed to the wall. Much more expensive than regular banking system.

Or maybe you simply don't realize you are paying 2.5% over spot rate they use for currency conversions.

Bring on Bitcoin I say. Power to the people.

I don't pay for any currency conversions. My Skrill and all bookie accounts are dominated in AUD.

If you're a Yank and desperate to bet with "offshore" bookies then I can see the appeal.

But for the rest of the world I just fail to see any benefit at all.

[Optional]

I'm an Aussie too. But most times I am forced to use Skrill it's for US$ or Euro transactions.

[tradeout]

I'm an Aussie too. But most times I am forced to use Skrill it's for US$ or Euro transactions.

you know you can apply for a different currency account?

[Optional]

you know you can apply for a different currency account?

Unless its changed recently basic users can only have one currency.

I used to have multiple wallets. Must be around 2 years ago they forced me to AU$ only.

[tradeout]

Unless its changed recently basic users can only have one currency.

I used to have multiple wallets. Must be around 2 years ago they forced me to AU$ only.

'forced' you? how come? not enough volume?
but then there is an alternative - neteller

[Optional]

'forced' you? how come? not enough volume?
but then there is an alternative - neteller

I thought it was a blanket policy change at the time. And I do prefer Neteller.

But I like the idea of bitcoin a lot more than both.

I was an egold user when that was around and loved it. Bitcoin is just the new egold to me.

[jjgold]

This post is why you should be scared..it looks too easy and anything that looks this easy is trouble.

I know that most people that have no idea about bitcoins are really sceptical about bitcoins. For some it looks complicated, for others it looks shady. The fact is.. bitcoin represent a 8 billions US dollar market... and it got there in onl 2-3 years. Let me clear the "what is bitcoin" with a simple explanation. Bitcoin is cash. It is the same, exact thing then a printed US dollar... except.. that you're your own bank! This is what makes it revolutionary. You can safely put all your net-worth in a simple USB key (no worries, you can make backup ). No more fees, no more opening accounts, closing accounts, providing documents and have your personal transaction watch by god knows who. The 2nd thing that makes it revolutionnary is... that you can instantly, send that cash to someone else on the earth. No ***********, no wire transfer fees, no conversion fees, no 3rd party. It's literraly, like if you had a wallet full of cash, that you took a plane tickets and gave that person the money in exchange of whatever product/service. And here's why it's awesome for bookies... and for all us! Imagine all the possibilities this brings us. Here's what I did today. I opened up an account to a new bitcoin bookie, deposit 300$US worth of bitcoins, bet the over on the NBA game, won my bet, cashed it out. Do you see all the benefits? If not let me point them out: 1- Bookie will give you better odds. No more charge back, no more *********** processor fees taking 3% off their gross income, no more wire transfer fees. All these fees that they have to pay for reflects in the odds they give us. Less expense for the bookie = better odds for us. 2- No more scam book. No more of that! No need to put 10k to a bookie and leave it there for months and months. You want to bet on a game? Deposit only what you need to play for the night and cash it all out if you make a profit. It's instant and there is no fees. You can't get scammed... or at least you can't get scammed for more then a bet worth of money. 3- No more "1 free payout a month". Is this suppose to be some kind of feature? How ridiculous does that sound. Should we thank them for giving us "1 free payout". We take all the risk. I was reading 5.dimes payout page. It's outrageous!!! 4- No more verification needed. I hateeee giving my address to a bookie. I hate giving them my passport. I hate giving id's, utility bills, etc.. This is my personal life. Why do they need all of that?!! If anyone still doubt the benefits of bitcoins in the industry let me know. I think this is the future of the industry and we should push it as hard as we can as EVERYONE benefits from it.

[TheDonger]

this bitcoin thing or something like it will be the future for much of offshore wagering. right now the bitcoin books and the offerings are terrible. terrible high vig on virtually everything, super low limits, like micro low on most things. but still worth getting to know, use a bit, get some bitcoins and move on anything that is an overlay.

I regulary bet between 50$ to 500$ us worth of btc. I'm using nitrogensports and the odds are -105 juice... i even saw -104 on some games. How bad are the lines? It's very comparable to pinnacle. It's true that if you bet over 2btc (1300$ us/game) then bitcoin bookies are not yet there.

And for the "Air money" I don't understand... go buy a bitcoin and then sell it and tell me if that's air?

[Optional]

This post is why you should be scared..it looks too easy and anything that looks this easy is trouble.

So you don't like it because it's simple, good for both bookies and players and you cant get scammed for big bucks if you deposit and withdraw with every bet?

[dirtdog52658]

What can be done to prevent another MtGox from taking place? How can one trust one wallet to the other or is there a different way to approach this? I'm curious into learning a bit more about this especially after reading the horror stories associated to the once biggest wallet for bitcoin trading.