5Dimes Sportsbook to add Bitcoin as payment option

**LordVodka** · 07-09-14, 04:59 PM

This is better for them too. They save money not having to pay people to pick up p2p deposits.

**LVHerbie** · 07-10-14, 12:41 AM

...

**stickbit** · 07-10-14, 11:53 PM

So happy to hear this!! Wave of the future - I'm sure we will see bitcoin withdrawals at 5 Dimes very soon. Great news

**creed** · 07-11-14, 04:29 AM

[QUOTE=LVHerbie;22219659]And how exactly could they do that? Besides making it hard to buy and sell bitcoins (and they can't stop person to person transfers) it would nearly impossible given the current way the Internet works.Uncle Sam can do anything they want as you said besides making it hard to buy and sell bitcoins. If it warrants usa could close bitcoins using the terrorists card. Just like the courts give a poor soul 19 years in prison for selling a few ounces of pot 3 strikes your out. Don't get me wrong usa a great country my father and uncles fought for this country but it has changed. Your rights are disappearing

**LordVodka** · 07-11-14, 10:52 AM

Has anyone tried this yet?

**TheMoneyShot** · 07-11-14, 11:05 AM

I don't even see this Bitcoin as a deposit method on their website anywhere?

**LordVodka** · 07-11-14, 11:23 AM

You gotta ask them in live chat.

I'm signing up for a place to buy bitcoins but you have to provide a driver's license. I thought this was all anonymous.

**TheMoneyShot** · 07-11-14, 11:35 AM

Originally posted by LordVodka

You gotta ask them in live chat.

I'm signing up for a place to buy bitcoins but you have to provide a driver's license. I thought this was all anonymous.

I'd like to see how they pay you out later?

**bookie** · 07-12-14, 03:15 AM

Thank you to the beta testers, but I'll wait until they have their Bitcoin payouts up and running.

**TheMoneyShot** · 07-12-14, 06:26 AM

Not so sure I'm sold on this yet. If one BitCoin is worth $640 how will 5D system break it down to normal currency? And you're going to need at least the going rate price to get 1 BitCoin back. So basically... if you want a PO you'll need at least $640 and then 2 BitCoins at $1,280. There's no other way 5D can break it down. This will get extremely complicated.

Clearly they just want something easier for them to take the $ in. They have no clue on how the PO's will work.

**Optional** · 07-12-14, 06:48 AM

Originally posted by TheMoneyShot

Not so sure I'm sold on this yet. If one BitCoin is worth $640 how will 5D system break it down to normal currency? And you're going to need at least the going rate price to get 1 BitCoin back. So basically... if you want a PO you'll need at least $640 and then 2 BitCoins at $1,280. There's no other way 5D can break it down. This will get extremely complicated.

Clearly they just want something easier for them to take the $ in. They have no clue on how the PO's will work.

Are you worried they can't work in part bitcoins or something?

**TheMoneyShot** · 07-12-14, 08:58 PM

Originally posted by Optional

Are you worried they can't work in part bitcoins or something?

I just like to see how they go about doing this. I don't even think the avg gambler would be sold on exchanging bitcoins either. But we'll see what happens.

**Optional** · 07-12-14, 10:39 PM

Originally posted by TheMoneyShot

I just like to see how they go about doing this. I don't even think the avg gambler would be sold on exchanging bitcoins either. But we'll see what happens.

Yeah, devil will be in the details.

But I think the main objection is lack of understanding. If players see other people, particularly other Americans, using it happily I think a lot of that will break down fairly fast.

It's just ideal for Americans and the books dealing with them.

**wacked** · 07-13-14, 01:23 AM

From my understanding it will be initially converted into currency such as USD at the time of deposit, so you don't have to worry about the price of Bitcoin going up or down. The same goes for the book. It wouldn't do them good to take in a 100 in Bitcoin deposits from customers, when the price is say $630, and in a matter of hours the price went up $50. If they didn't have enough Bitcoin in their wallets, they would need to purchase them at market prices. They would lose 5 dimes, (no pun intended) just on the price discrepancy. By converting it directly to currency at the time of deposit, it saves everyone involved. Then at the time of withdrawal the funds are transactioned back into Bitcoin. Due to the super low fees this is easily done no matter the volume of BTC involved.

There are multiple reasons why smaller books haven't done this and that's because customers could withdrawal their funds in Bitcoin immediately after say a big win, and the book might not have the cash/Bitcoin for immediate payout. 5Dimes is a legit book, so it's good to see they decided to take the plunge. This should be the wave for larger books with major financial backing.

For all those who don't know about Bitcoin, you should get educated fast. VC investing and funding is just ramping up and there is an ETF that is trying to get listed on Wall Street with the symbol 'COIN' and SecondMarket is also looking to get their fund listed. Check out some Bitcoin new sites, aka CoinDesk.com - thebitcoinnews.co.uk - bitcoinmagazine.com - newsbtc.com etc.

**KVB** · 07-13-14, 01:36 AM

Originally posted by KVB

Could this mean users who deposit using another method could possibly withdraw bitcoins? Will they convert that direction?

This is a repost, but is this how it would work?

**wacked** · 07-13-14, 01:52 AM

Originally posted by KVB

This is a repost, but is this how it would work?

Anything is possible. It seems most books limit the way you withdrawal based on your deposit. In theory, they should allow you to withdrawal through any means they have, but we all know that's not the case.

**cloverfield** · 07-13-14, 07:53 AM

normally how this works is that there is an intermediary company which does the conversion at time of deposit.

So you deposit the 2 bitcoins to 5Dimes and that is immediately broken down based on current market price in the background by a 3rd party processor. The processor takes their small cut and 5Dimes basically has the cash from your bitcoins as soon as you deposit.

The problem for both ends is obviously risk management. I'm sure that's why withdrawals will take a little bit. Once 5Dimes sends you the withdrawal money there is nothing they can do if a scammer gets to them. In the bitcoin world if you get scammed the money is as good as gone with little recourse getting it back.

Since bitcoin is mostly a techie thing....there are a LOT of scammers who come up with elaborate ways to get your bitcoins.

**sickler** · 07-14-14, 01:28 AM

Originally posted by TheMoneyShot

Not so sure I'm sold on this yet. If one BitCoin is worth $640 how will 5D system break it down to normal currency? And you're going to need at least the going rate price to get 1 BitCoin back. So basically... if you want a PO you'll need at least $640 and then 2 BitCoins at $1,280. There's no other way 5D can break it down. This will get extremely complicated.

Clearly they just want something easier for them to take the $ in. They have no clue on how the PO's will work.

It wouldn't be complicated. Conversion is simple. Example preev uses multiple markets: http://preev.com/

Bitcoins would be deposited then converted to fiat for wagering, then reverted to bitcoins for withdrawal.

Or 5dimes could simply allow bitcoin wagering. A bitcoin is divisible to eight decimal places. An alternate unit of measurement is millibits. One bitcoin = 1000 mBTC.
0.2 bitcoin = 200 mBTC
0.04 bitcoin = 40 mBTC (this is currently about $25 USD)

**boondoggle** · 07-16-14, 04:39 PM

This is a nice move except for one thing---withdrawals in bitcoin.

Without being able to withdraw in bitcoins like at nitrogensports or anonibet--this is not as good as REAL bitcoin books.

**bookie** · 07-16-14, 06:46 PM

Originally posted by boondoggle

This is a nice move except for one thing---withdrawals in bitcoin.

Without being able to withdraw in bitcoins like at nitrogensports or anonibet--this is not as good as REAL bitcoin books.

i agree with that, and hopefully they'll be good to their word and get the withdrawal end working. Certainly there variety of offerings and discount lines blow the real BTC books out of the water.

**offshoreguy** · 07-20-14, 12:38 PM

Originally posted by LordVodka

This is better for them too. They save money not having to pay people to pick up p2p deposits.

Do you really think they send someone out to pick up each p2p?

**offshoreguy** · 07-20-14, 12:45 PM

Speaking of Bitcoins, ever hear of Charlie Shrem?

On January 26, 2014, upon returning to New York after giving a talk about Bitcoin at an e-commerce convention in Amsterdam, Shrem was arrested at JFK Airport.^[5] Prosecutors allege that Shrem and Robert Faiella conspired to launder $1 million worth of Bitcoins to help users of the Silk Road marketplace anonymously make illegal purchases. Shrem was also charged with failing to report suspicious banking activity and operating an unlicensed money-transmitting business.^[23]^[24]^[25]
Shrem was released on bail on January 28, 2014, on the condition that he submit to electronic monitoring and live with his parents in their Marine Park, Brooklyn home. His family posted almost $1 million in property for bail.^[26] At the Texas Bitcoin Conference on March 5, 2014, he defended himself via Skype, saying he did not knowingly handle money used for illegal transactions, and adding that he feels prosecutors are pursuing him out of a fear that Bitcoin could shift economic power.^[25]^[27]
Shrem was indicted on April 10, 2014 on accusations of "operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities."^[28] He has pleaded not guilty, and his trial is scheduled for September 2014.^[15]

**offshoreguy** · 07-20-14, 12:46 PM

Charles "Charlie" Shrem IV (born November 25, 1989)^[1] is an American entrepreneur and Bitcoin pioneer and advocate. He is co-founder and CEO of the startup company BitInstant. He is a founding member of the Bitcoin Foundation, and formerly served as vice chairman.

**elgreco** · 07-23-14, 07:28 PM

This is awesome. Surprised I missed this.

**elgreco** · 07-23-14, 07:31 PM

Originally posted by LordVodka

You gotta ask them in live chat.

I'm signing up for a place to buy bitcoins but you have to provide a driver's license. I thought this was all anonymous.

Blame the gov't and their damn AML Laws. If you really want anonymous, gotta use localbitcoins, which could be a pain if you don't live in a populated area.

**Brock Landers** · 07-23-14, 08:31 PM

What are the best ways for people to PURCHASE bitcoins in order to deposit them?

**LordVodka** · 07-23-14, 09:33 PM

Supposedly Coinbase is the best.

**Domestic** · 07-23-14, 11:16 PM

Yeah, coinbase probably the best option at the moment for Americans.

**Russian Rocket** · 07-23-14, 11:22 PM

Originally posted by Brock Landers

What are the best ways for people to PURCHASE bitcoins in order to deposit them?

ohh no, Brock is about to start making waves in a BitCoin world

**TheMoneyShot** · 07-24-14, 02:33 AM

Welcome Back Rocket!

**MUHerd37** · 07-24-14, 08:16 AM

I have $100 USD of bitcoin if someone wants to buy it

**Scorpion** · 07-24-14, 11:32 AM

.............

**Scorpion** · 07-24-14, 11:33 AM

sorry

**LordVodka** · 07-24-14, 07:43 PM

Turns out coinbase is pure shit. They have some glitch where it becomes impossible to verify the billing address of a ***********. I don't plan to use the credit to buy coins but their shit site forces you to register one.

**HuskerExpat** · 07-29-14, 08:28 AM

I was excited to see 5Dimes taking bitcoins because of the ease of deposit and withdrawals. I've never wanted to keep a big bankroll at an offshore shop for fear of what would happen once I went to withdraw. Someone in this thread mentioned Nitrogen as a better option because of the immediate deposits and withdrawals. Since I saw that I've tested and it works better than expected and will allow me to never keep my bankroll at the book, exactly what I've been looking for. I'll probably still use 5Dimes to shop for the best line, but until they get instant deposits and withdrawals it will only be used to price shop...