5Dimes Sportsbook to add Bitcoin as payment option

[jjgold]

Great thread and great Info

We need to get Five Dimes to have withdrawals with bitcoin it will vault them to number one on the entire planet

[SBR Forum]

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.

We understand management intends to add withdrawals in BTC as soon as possible. Thanks for the feedback so far everyone.

Have any beta testers tried it out yet at 5Dimes?

Also on the topic of bitcoin, SBR is presently preparing a bitcoin exclusive ratings guide.

[MUHerd37]

I have $100 worth of bit coin sitting in a wallet. Not sure I want to put it into 5dimes tho. The problem with bitcoin is selling it. Especially if u r accepting paypal. There are scammers who do charge backs with it.

[Koldazzice]

got 640 GH at cex mining for me all day - may put .50 btc in 5dimes and test it out.

[Legions36]

We understand management intends to add withdrawals in BTC as soon as possible. Thanks for the feedback so far everyone.

Have any beta testers tried it out yet at 5Dimes?

Also on the topic of bitcoin, SBR is presently preparing a bitcoin exclusive ratings guide.

I'm not complaining just giving u feedback. If u compare the ease of use with other btc books then u can say its a somewhat hassle to deposit but given they are 5dimes I could care less the couple emails back and forth then the 2 hour delay after u send btc. All good for me so far.

[Domestic]

I have $100 worth of bit coin sitting in a wallet. Not sure I want to put it into 5dimes tho. The problem with bitcoin is selling it. Especially if u r accepting paypal. There are scammers who do charge backs with it.

Have you tried selling through an exchange?

[Hustler11]

I have $100 worth of bit coin sitting in a wallet. Not sure I want to put it into 5dimes tho. The problem with bitcoin is selling it. Especially if u r accepting paypal. There are scammers who do charge backs with it.

you mind telling me where you bought them from? just curious as i would like to buy some in the near future.

[MUHerd37]

you mind telling me where you bought them from? just curious as i would like to buy some in the near future.

You can buy them almost anywhere. I got mine from a brokerage that I use for my Pinnacle account.

[MUHerd37]

Have you tried selling through an exchange?

I'm new to bitcoin so I don't know a ton about them. You got any advice on how to sell? I see people offering to buy them but I have no idea to go about it. I set up a wallet at block chain, but I hear that coinbase might be better?

[jjgold]

It's very confusing

That's what's holding it back and people are very uncertain of it

The Golden Nugget Las Vegas accepts bitcoin and not one person has ever used it

[Koldazzice]

btc-e is a solid exchange to buy and sell from - I transfer from my cex (my mining site) to btc-e then sell my btc there. They have great funding and withdraw options for non US - but their US options weren't bad the last time I looked around June.

[PharaohUB]

Update: 5Dimes beta period is over. Bitcoin is now a deposit option, and users who deposited in Bitcoin can take a payout the same way, up to the amount deposited.

Read more:

Yeah I don't see why they wouldn't want to do Bitcoin Withdraws? It's not like it takes much more effort especially since you will be collecting bitcoins and will have them

[bookie]

Update: 5Dimes beta period is over. Bitcoin is now a deposit option, and users who deposited in Bitcoin can take a payout the same way, up to the amount deposited.

If they won't let you withdraw winnings in Bitcoin, then they are a deposit only Bitcoin book. To withdraw winnings you'll still have to go through crappy processors, and pay through the wazoo.

[cloverfield]

U
Yeah I don't see why they wouldn't want to do Bitcoin Withdraws? It's not like it takes much more effort especially since you will be collecting bitcoins and will have them

Because Bitcoin favors the person RECEIVING the coins.

Examples: 5dimes accepts a Bitcoin deposit from John Doe. Once 5Dimes receives the Bitcoin there is no practical way for John Doe to get the Bitcoins back.

5dimes gives a Bitcoin withdrawal for $7500 to Sam Smith. 5dimes then discovers that it was a hacked account and the Bitcoin withdrawal was fraudulent. Once 5dimes has sent the Bitcoin withdrawal there is no practical way for them to get it back.


5Dimes takes very little risk from scammers ACCEPTING Bitcoin but they take a huge risk in giving WITHDRAWALS through Bitcoin. Hope that makes sense.

[jjgold]

The more I read this the more confusing it is

[cloverfield]

The more I read this the more confusing it is

jj, you're a smart guy.

think of it this way. there is no way to charge-back a Bitcoin transaction. Once you receive Bitcoin as a payment and it's in your account there is no way for the person who sent you the coins to get them back.

Once you hold the coins in your account.. there is no way for a person to reverse the transaction..

therefore it's easy for 5dimes to accept Bitcoin as a deposit method. its a lot riskier for them to send a Bitcoin transaction as a withdrawal..

Bitcoin is very technical and I'm sure 5dimes doesn't know all the scams and technical ways for people to screw them yet. They have probably seen it all when it comes to CC fraud and they have a real good understanding of how to protect themselves against it.

[jjgold]

Bitcoin at a 2 month low

Thats another factor you need to take into place

You can run up a nice balance and then Bitcoin drops $40 and worth less...am I right???

[Optional]

Bitcoin at a 2 month low

Thats another factor you need to take into place

You can run up a nice balance and then Bitcoin drops $40 and worth less...am I right???

That only appears to be a danger for 5Dimes to me.

If I understand right they convert the players BTC to USD on deposit at the current rate, and back to BTC from USD at the current rate on withdraw day.

[elgreco]

That only appears to be a danger for 5Dimes to me.

If I understand right they convert the players BTC to USD on deposit at the current rate, and back to BTC from USD at the rate in that day.

It only affects balances held in BTC. 5Dimes does convert to USD upon receipt and then converts back come payout time. If you chose to hold the proceeds in BTC and not convert to USD yourself, then you will be exposed to the market fluctuations. If you convert to USD, you will not.

[jtoler]

Thing is if youre only trying to get away from paying fees by using btc then its just not worth it. If you dont have a problem paying withdrawals fees then there is no use for btc at the book.

[Indeep]

Thing is if youre only trying to get away from paying fees by using btc then its just not worth it. If you dont have a problem paying withdrawals fees then there is no use for btc at the book.

As far as 5dimes goes, there are no fees for btc withdrawals, but you will pay fees converting back to USD from the various services, however there is a use for btc as far as getting much larger deposits and withdrawals than you would run up against using other funding methods, and you would instantly get your funds in a matter of hours, not days.

[elgreco]

As far as 5dimes goes, there are no fees for btc withdrawals, but you will pay fees converting back to USD from the various services, however there is a use for btc as far as getting much larger deposits and withdrawals than you would run up against using other funding methods, and you would instantly get your funds in a matter of hours, not days.

Here is something to consider. BitPay is now completely free. That means (if you can set up a business account there) that you can get instant withdraws from 5dimes paid to your Bitpay address, have it instantly converted to USD, and sitting in your bank account the next day.

[CWD]

unless u are near one of the few bitcoin atms whats the benefit? if u want cash its going to be a hassle trying to convert your bitcoins into actual cash, i could be wrong but last time i checked u had to use bitcoin marketplace which basically means u have to go meet someone like a craigslist deal.

[elgreco]

unless u are near one of the few bitcoin atms whats the benefit? if u want cash its going to be a hassle trying to convert your bitcoins into actual cash, i could be wrong but last time i checked u had to use bitcoin marketplace which basically means u have to go meet someone like a craigslist deal.

Define "cash". If you mean straight from BTC to cash, then yea, either an ATM or localbitcoins.com. If you mean "in my bank account", see the post right above yours.

[jtoler]

As far as 5dimes goes, there are no fees for btc withdrawals, but you will pay fees converting back to USD from the various services, however there is a use for btc as far as getting much larger deposits and withdrawals than you would run up against using other funding methods, and you would instantly get your funds in a matter of hours, not days.

That sounds good, do you know the largest withdrawal one can make with btc?

[CWD]

Define "cash". If you mean straight from BTC to cash, then yea, either an ATM or localbitcoins.com. If you mean "in my bank account", see the post right above yours.

business account looks to be $300/month, so i still see no easy way to get your hands on any type of cash whether its in your bank or your hands

[elgreco]

business account looks to be $300/month, so i still see no easy way to get your hands on any type of cash whether its in your bank or your hands

Where do you see that?

https://bitpay.com/pricing

http://blog.bitpay.com/2014/07/29/bitpay-s-new-plan-free-unlimited-forever.html

EDIT: Ohhhhhhhh!!! Nvm. I got ya. No, you can use a free account, you just have to have a business to do it. Which is what I was failed miserably at saying in the first post.

[CWD]

Where do you see that?

https://bitpay.com/pricing

http://blog.bitpay.com/2014/07/29/bi...d-forever.html

front page business plan 300 for 30 days, post above says you need business account to get btc to your bank

[elgreco]

So, if you are recreational, you can use coinbase. Their fees are tiny and it doesn't matter. If you are a pro, you should be a business anyway, so you can use bitpay.

[elgreco]

front page business plan 300 for 30 days, post above says you need business account to get btc to your bank

Yea, my bad. I edited the post above.

You don;t need to be a business to get it in your bank, you need a business to use bitpay. Coinbase is for consumers. They'll do the bank too, just with small fees.

[CWD]

So, if you are recreational, you can use coinbase. Their fees are tiny and it doesn't matter. If you are a pro, you should be a business anyway, so you can use bitpay.

define PRO

i dont care if you bet 10K or more a game, 300/month is a joke to be able to cash out

[elgreco]

define PRO

Hehe. Someone who gambles as a profession. I assume you would do it under the umbrella of an LLC or INC, which is what you need to use bitpay... some kind of business.

[elgreco]

But I guess a recreational better could be depositing and withdrawing large amounts. So even small fees from coinbase could cut into profit.

Sry, at work and typing quickly.

[CWD]

regardless how you spin it there is no easy way to cash out bitcoin right now unless you live near one of the very few atms that exist or unless you want to pay exorbitant fees to the processors online. unless you want to sit on the coins best option is to wait until there is an easy and cheap way of converting your btc back into dollars. could be a year from now the atms are everywhere, could be this all takes a dump.

[elgreco]

regardless how you spin it there is no easy way to cash out bitcoin right now unless you live near one of the very few atms that exist or unless you want to pay exorbitant fees to the processors online. unless you want to sit on the coins best option is to wait until there is an easy and cheap way of converting your btc back into dollars. could be a year from now the atms are everywhere, could be this all takes a dump.

Heh. I've been trying to explain why that is not true.

Bitpay - If you own a business. 0% fee. Completely free. USD in your bank account the next day.
Coinbase - 1% fee + $0.15. USD in your bank account the next day.

Coinbase's 1% fee is not "exorbitant" for most recreational bettors.