5Dimes Sportsbook to add Bitcoin as payment option

[elgreco]

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

As of the moment, 5dimes will only allow withdraws in BTC equal to your BTC deposit. Anything above that is paid using their normal methods.

Kinda sucks that there are two different threads for this. Would be nice to combine them into one.

http://www.sportsbookreview.com/forum/sportsbooks-industry/2931045-online-sportsbook-5dimes-officially-adds-bitcoin-cashier.html

[Optional]

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

It's 3.5% less than Skrill charge to convert other currencies into US$

[CWD]

coinbase has a lot of issues have fun there

[evo34]

coinbase has a lot of issues have fun there

Not to mention they will close your acct. if they you are doing frequent transactions with the same address. Your alternative is to use something like Bitstamp, which only offers international wire transfers for deposits and withdrawals. So I'm really not sure what the big advantage of 5 Dimes offering bitcoin is to the average US user. It's still going to be a giant hassle to get funds from the book to your bank account.

[Optional]

Not to mention they will close your acct. if they you are doing frequent transactions with the same address. Your alternative is to use something like Bitstamp, which only offers international wire transfers for deposits and withdrawals. So I'm really not sure what the big advantage of 5 Dimes offering bitcoin is to the average US user. It's still going to be a giant hassle to get funds from the book to your bank account.

Yes... but a bookmaker is not trying to send money to the US in this scenario. You are doing it yourself and therefore current laws are not being breached.

[bookie]

Not to mention they [Coinbase] will close your acct. if they you are doing frequent transactions with the same address.

How would they know unless you were storing your BTC in their wallet?

[evo34]

How would they know unless you were storing your BTC in their wallet?

What do you mean? You use coinbase to send and recieve BTC. They store the BTC for you. Therefore, they know of all your transactions.

[evo34]

Yes... but a bookmaker is not trying to send money to the US in this scenario. You are doing it yourself and therefore current laws are not being breached.

Coinbase can do whatever they want. Just like Paypal won't let you send funds to an known sportsbook.

[elgreco]

Coinbase can do whatever they want. Just like Paypal won't let you send funds to an known sportsbook.

What are you talking about? How would coinbase know it's 5dimes? Is 5dimes reusing addresses? Can anyone confirm this?

[Domestic]

What are you talking about? How would coinbase know it's 5dimes? Is 5dimes reusing addresses? Can anyone confirm this?

Exactly.

Also you could just move the btc around a few burner wallets if paranoid.

[bookie]

You use coinbase to send and recieve BTC.

You might. I don't. Most people buy it from Coinbase and keep it in an entirely separate wallet. This is a standard recommended post-Mt-Gox security practice.

[CWD]

You might. I don't. Most people buy it from Coinbase and keep it in an entirely separate wallet. This is a standard recommended post-Mt-Gox security practice.

yeah its such a great option, you buy and then have to shuffle it around and its really not even safe to keep it where you bought it, and shuffle it again before you send the the sportsbook

just wait until they get it straight and you dont have to be a sneak to use it

[elgreco]

No one is sneaking. You buy it at the exchange, make one mouse click to instantly move it to your wallet, and then you one-click send it wherever the hell you want. All Bookie was saying is that you don't leave the goods at the market, you bring them home. Coinbase is as safe as they get for now, but there is no good reason to keep it there when one click puts it in your personal wallet.

Bitcoin is about being your own bank. You don't have to trust anyone since you don't NEED to trust anyone.

[CWD]

has it been answered yet what happens if you deposit and the price drops a week later, the book is taking the loss ?

[CWD]

No one is sneaking. You buy it at the exchange, make one mouse click to instantly move it to your wallet, and then you one-click send it wherever the hell you want. All Bookie was saying is that you don't leave the goods at the market, you bring them home. Coinbase is as safe as they get for now, but there is no good reason to keep it there when one click puts it in your personal wallet.

its just not safe enough yet, if you think it is go ahead use it, myself its not even close to being worth it now.

[Indeep]

has it been answered yet what happens if you deposit and the price drops a week later, the book is taking the loss ?

When you deposit at 5dimes they convert it to cash at the bit stamp market price the same day. The. 4 day wait is when you buy from coinbase, but you buy at the market price instantly. You just have to wait 4 days to get the btc, but your price was locked. Just like buying a stock .

[Hareeba!]

No one is sneaking. You buy it at the exchange, make one mouse click to instantly move it to your wallet, and then you one-click send it wherever the hell you want. All Bookie was saying is that you don't leave the goods at the market, you bring them home. Coinbase is as safe as they get for now, but there is no good reason to keep it there when one click puts it in your personal wallet.

Bitcoin is about being your own bank. You don't have to trust anyone since you don't NEED to trust anyone.

Aren't you putting your trust in the Bitcoin technology thingo to keep your coins safe?
Someone must be controlling that surely?

[elgreco]

its just not safe enough yet, if you think it is go ahead use it, myself its not even close to being worth it now.

That's perfectly fine.

I don't necessarily think it's ready for mainstream public consumption yet. I just think it's a great out for an American recreational bettor.

[CWD]

When you deposit at 5dimes they convert it to cash at the bit stamp market price the same day. The. 4 day wait is when you buy from coinbase, but you buy at the market price instantly. You just have to wait 4 days to get the btc, but your price was locked. Just like buying a stock .

i get that but they are taking a risk cause a week or two later it goes down they take a hit. kind of surprised theyre will to take a risk on something that could drastically drop or crash.

[CWD]

That's perfectly fine.

I don't necessarily think it's ready for mainstream public consumption yet. I just think it's a great out for an American recreational bettor.

it could be. it is in no way now.

[elgreco]

Aren't you putting your trust in the Bitcoin technology thingo to keep your coins safe?
Someone must be controlling that surely?

Hareeba, I wrote you a pretty lengthy replay here: http://www.sportsbookreview.com/foru...l#post22397611

Dunno if you got to see it.

[elgreco]

they are taking a risk

We're all gamblers here, no?

[Hareeba!]

Hareeba, I wrote you a pretty lengthy replay here: http://www.sportsbookreview.com/foru...l#post22397611

Dunno if you got to see it.

I did. Thanks.
So the answer to my question really is "yes, but ..."
Faith!

[Hareeba!]

We're all gamblers here, no?

Personally I prefer to think not.
But I concede that everything one does in life involves a gamble to some extent.

[elgreco]

I did. Thanks.
So the answer to my question really is "yes, but ..."
MATH!

ftfy

[elgreco]

Hareeba, I have an offer for you.

Go to www.blockchain.info and create a wallet. When you do, PM me a receiving address and I'll send you $10. Then you could install the mobile app and go buy a cup of coffee with it if you wanted, or you could try out any of the BTC books or casinos. Whatever you want. It'll be yours to play with.

www.coinmap.org shows a bunch of brick-and-mortars that accept BTC.

[Indeep]

i get that but they are taking a risk cause a week or two later it goes down they take a hit. kind of surprised theyre will to take a risk on something that could drastically drop or crash.

I doubt 5dimes is holding onto your btc. They are cashing them in at the market price when you send them to them, and that's what you get for a deposit, and the same thing on the withdrawal end. No risk at all for them...The big risk I see is the big volatility in btc prices, down about $100 usd in the last week. That hurts

[GigaOuts]

Hi, I am from Canada.

It cost me 3.5% to deposit into 5dimes. $1000 would cost me $35+. If I use bitcoin to deposit, would it help me cut the deposit fee down?

I just create account at bitstamp but only way to deposit is usd & euro, it seem like I will lose 3.5% exchange rate going from cdn to usd. Is there a site like bitstamp that deal with cdn fund too?
Any help would be much appreciated. thank you.

[Optional]

Hi, I am from Canada.

It cost me 3.5% to deposit into 5dimes. $1000 would cost me $35+. If I use bitcoin to deposit, would it help me cut the deposit fee down?

I just create account at bitstamp but only way to deposit is usd & euro, it seem like I will lose 3.5% exchange rate going from cdn to usd. Is there a site like bitstamp that deal with cdn fund too?
Any help would be much appreciated. thank you.

It's 4.5% for Australian Dollars to USD. They charge up to 5% for some currencies.

It's the fee that annoys me more than any other I have ever come across. As they used to allow us to keep multiple currency wallets and you only had to pay it if you really needed to swap some from one currency to another. But now since the forced changed to only an AUD wallet they take that 4.5% when I deposit to USD/EUR only books and 4.5% again when I withdraw.

Regular banks charge less than 1% over the exchange rate here. Paypal charge 2.5% and also let me keep a USD wallet to reduce it.

[elgreco]

Hi, I am from Canada.

It cost me 3.5% to deposit into 5dimes. $1000 would cost me $35+. If I use bitcoin to deposit, would it help me cut the deposit fee down?

I just create account at bitstamp but only way to deposit is usd & euro, it seem like I will lose 3.5% exchange rate going from cdn to usd. Is there a site like bitstamp that deal with cdn fund too?
Any help would be much appreciated. thank you.

Why don't you use a Canadian exchange?

https://www.vaultofsatoshi.com/

https://www.cavirtex.com/home

[thespeculator]

there are 3 bit atm within 20 minutes of where i live , there must be more in the u.s.a, if u are sending wires , doesn't that make it the same as sending the wire to the book

[thespeculator]

Why don't you use a Canadian exchange?

https://www.vaultofsatoshi.com/

https://www.cavirtex.com/home

have you seen the documents required for cavirtex!!! no thanks, go with localbitcoins, straight cash or bank deposits and withdraws the same

[elgreco]

have you seen the documents required for cavirtex!!! no thanks, go with localbitcoins, straight cash or bank deposits and withdraws the same

Heh. It's because these are now legitimate institutions . They have to abide by AML and KYC. Much better off sending the docs there than to some offshore.

But anyway, yea, if you want to be anonymous, you gotta go Localbitcoins or certain ATM's. The robocoin ATM's are KYC compliant and need your creds.

[GigaOuts]

Why don't you use a Canadian exchange?

https://www.vaultofsatoshi.com/

https://www.cavirtex.com/home

if legit, thank you very much. If there is no fee I would able to buy 1 bitcoin for $540 cnd, than I could deposit that 1 bitcoin to 5dime to get $493.99 usd. If i use my current method of deposit it would cost me $493.99 x 1.12 = $553.27

so for $493.99 deposit the current method will cost me $553.27
and if I use bitcoin, it works out to be $540.00
bitcoin $500 deposit will save me approx. $13.27 ......not that great and I likely missing some type of fee dealing with bitcoin too.

[GigaOuts]

It's 4.5% for Australian Dollars to USD. They charge up to 5% for some currencies.

It's the fee that annoys me more than any other I have ever come across. As they used to allow us to keep multiple currency wallets and you only had to pay it if you really needed to swap some from one currency to another. But now since the forced changed to only an AUD wallet they take that 4.5% when I deposit to USD/EUR only books and 4.5% again when I withdraw.

Regular banks charge less than 1% over the exchange rate here. Paypal charge 2.5% and also let me keep a USD wallet to reduce it.

In canada the regular bank charge 3.5% for buying or selling. One time the bank ask me why I am withdraw $10,000 usd for? I told them I am going to currency exchange to convert to cdn fund for 2.5% fee. The teller talk to the manager to see if they can match it...sure enough they convert the 10k for me at 2.5%, save $100.

I think ewallet knows they can make lots of money if you only allow 1 currency, they can charge whatever exchange rate they want.