Bitcoin sportsbook Nitrogen Sports reviewed

[ferndog]

Circle is better than coinbase because of the fees? Because coinbase didn't ask for my SS# and i think circle will ask for that. Plus with coinbase i registered & bought bitcoins fast. It will take 4 days to process though because i bought using a checking acct.

[swordsandtequila]

Circle is better than coinbase because of the fees? Because coinbase didn't ask for my SS# and i think circle will ask for that. Plus with coinbase i registered & bought bitcoins fast. It will take 4 days to process though because i bought using a checking acct.

You can buy up to $100 instantly, per week. It's a rolling 7 days, limit slowly builds back up until $100 is reached again at 7th day. If you do the level 2 verification process then after 30 days the limit for instant buy (per week) goes to $1000.

[ferndog]

You can buy up to $100 instantly, per week. It's a rolling 7 days, limit slowly builds back up until $100 is reached again at 7th day. If you do the level 2 verification process then after 30 days the limit for instant buy (per week) goes to $1000.

[ATTACH]73427[/ATTACH]

Good to know. Also they accept debit cards & coinbase doesn't.

[wildemu]

I am a novice at this and would like this clarified please.

Say I deposit $500 into nitrogen sports from my bitcoin wallet (say, circle). I make it quick so I don't lose the value from buying the bitcoin and depositing.

Since nitrogen is handling all of the wagers/payouts in bitcoin currency throughout the whole process, doesn't the value of my money fluctuate as well theoretically if i were to ask a payout? Without even placing a bet and requesting a payout, couldn't my initial $500 deposit be returned in a lesser format.

If so, I don't see the advantage of such a book unless the idea of an exchange is that important to people.

Unless I am mistaken, I much prefer 5dimes's way where they take the fluctuation out of the equation and just convert your deposit into real $.

[Hareeba!]

I am a novice at this and would like this clarified please.

Say I deposit $500 into nitrogen sports from my bitcoin wallet (say, circle). I make it quick so I don't lose the value from buying the bitcoin and depositing.

Since nitrogen is handling all of the wagers/payouts in bitcoin currency throughout the whole process, doesn't the value of my money fluctuate as well theoretically if i were to ask a payout? Without even placing a bet and requesting a payout, couldn't my initial $500 deposit be returned in a lesser format.

If so, I don't see the advantage of such a book unless the idea of an exchange is that important to people.

Unless I am mistaken, I much prefer 5dimes's way where they take the fluctuation out of the equation and just convert your deposit into real $.

But isn't that true of ANY currency?
And swings can go in BOTH directions.

[HuskerExpat]

I am a novice at this and would like this clarified please.

Say I deposit $500 into nitrogen sports from my bitcoin wallet (say, circle). I make it quick so I don't lose the value from buying the bitcoin and depositing.

Since nitrogen is handling all of the wagers/payouts in bitcoin currency throughout the whole process, doesn't the value of my money fluctuate as well theoretically if i were to ask a payout? Without even placing a bet and requesting a payout, couldn't my initial $500 deposit be returned in a lesser format.

If so, I don't see the advantage of such a book unless the idea of an exchange is that important to people.

Unless I am mistaken, I much prefer 5dimes's way where they take the fluctuation out of the equation and just convert your deposit into real $.

You are correct that Nitrogen does not convert your BTC to USD or other currency. It always stays in BTC and you bet BTC, so you are subject to market fluctuations in the value of BTC. The last few months BTC has dropped in value significantly, so those of us holding BTC have lost money on paper and those that cashed out have a realized loss. The other side of that is that many of us think that BTC will increase in value over time and thus it is worth the short term fluctuations to hold it through the depreciations. That is a separate conversation, however. If you do not believe in BTC or are not willing to hold BTC for more than a few minutes (or hours), then you are correct that you should play at 5Dimes or Heritage where they convert to USD once the BTC hits your account. It is still an incredibly convenient method of sending payment and those who don't want to take the risk of holding BTC are fortunate that they don't have to take the risk of market fluctuations because there are books like 5Dimes and Heritage out there.

[swordsandtequila]

Good to know. Also they accept debit cards & coinbase doesn't.

Just to clarify the chart I posted was for CoinBase, regarding your post about 4-day processing time.

[wildemu]

thank you for the clarification husker.

But isn't that true of ANY currency? And swings can go in BOTH directions.

If I deposit in dollars, I don't see it drifting in real-time. If i lay 500 to win 455, I am expecting 955 as a payout. Not having to worry 2 days down the road that it's down to 940 without even placing a bet. The only swing I've seen so far is down. Good luck to those who are waiting but i can't afford that type of risk.

[Monitor-Tan]

does the charges get applied as purchase or cash advanced for ************?

[ferndog]

Just to clarify the chart I posted was for CoinBase, regarding your post about 4-day processing time.

Oh ok. Understand now. On the topic of bitcoin value. Last week bitcoin was at around the 405 price area. Now it's at 385 so the change is not much. Think of it if you did a withdrawal they charged u $20 which is nothing compared to whar ppl pay now. Or it can go your way & have a $20 increase in value in your favor.

[jjgold]

It's $382 right now

I watch it all the time

[rockykcor]

You are correct that Nitrogen does not convert your BTC to USD or other currency. It always stays in BTC and you bet BTC, so you are subject to market fluctuations in the value of BTC. The last few months BTC has dropped in value significantly, so those of us holding BTC have lost money on paper and those that cashed out have a realized loss. The other side of that is that many of us think that BTC will increase in value over time and thus it is worth the short term fluctuations to hold it through the depreciations. That is a separate conversation, however. If you do not believe in BTC or are not willing to hold BTC for more than a few minutes (or hours), then you are correct that you should play at 5Dimes or Heritage where they convert to USD once the BTC hits your account. It is still an incredibly convenient method of sending payment and those who don't want to take the risk of holding BTC are fortunate that they don't have to take the risk of market fluctuations because there are books like 5Dimes and Heritage out there.

Here is some useful information on currency risks using BTC from another forum:

you are not bitcoin sportsbook

your deposit and withdrawal is only on bitcoin, nothing else

if the price jumps/drops huge (depends on how you keep your deposits in fiat or btc ) you will be insolvent immediately

I'm afraid that I will have to agree to this.

A bitcoin sportsbook platform would offer all its deposits and withdrawals, ONLY in bitcoin. By applying the conversion rate, players lose money, and like sbrzol said, if the price jumps/drops huge, you're out

We at various times, on this forum including, explained our system work principles in terms of currencies other than BTC. Therefore, I will remind you only the principal points:

To run our company responsibly – is a top priority of JETWIN management. In that regard, all risks, including currency risk, are reduced to minimum. If a player opens account at a currency other than BTC, the system automatically converts funds at the Bitstamp, through API, to relevant amount of USD at the Bid rate at the time of deposit. However, when a player requests for withdrawal, the reserve operation takes place. Many players select this option, as it allows them:

a. to deposit in BTC and to play in their habitual currency;
b. to avoid fluctuations of BTC rate;
c. not to waste their time on the operations mentioned above.

[jjgold]

Rocky good post

Many find it hard to take the first step with Bitcoin gambling

I'm going to take my first tiny steps using nitrogen And some third-party bitcoin providers

[sweep]

Rocky good post

Many find it hard to take the first step with Bitcoin gambling

I'm going to take my first tiny steps using nitrogen And some third-party bitcoin providers

Leaving yourself open to market fluctuation if you use nitro... use 5d or heritage if anything.

I personally would not touch them, these cyber coins are gonna be hot garbage by years end

[jjgold]

Sweeper welcome to SBR

[Optional]

It's $382 right now

I watch it all the time

When do we buy?

[jjgold]

I don't know it's just hasn't been on the upswing for a while

A lot of downsize selling pressure maybe because the US dollar is soaring

[ItsMeMrMattE]

im looking into btc at an investment stand point, not really concerned with gambling with it at this stage. if we see an extended period ( at least 6 months ) where price is steady ( +/-5% ) then it makes more sense to use btc books, imo. yes it is true it can go up just as instantly as it can go down, but this risk added on to the inherent risks associated with sports betting make it a long term losing proposition, as long as the current btc rates of fluctuation exist. for an investment tho, i wanna see a $350 point and i wanna see how the market reacts to breaking below that $350 mark.

[Optional]

I don't know it's just hasn't been on the upswing for a while

A lot of downsize selling pressure maybe because the US dollar is soaring

Im starting to become fairly confident it is here to stay now. Don't want to miss the boat but still not sure how much upside this stuff actually has in it.

[kaliboyz]

Circle. Com is smooth! Easy transactions, but fee is killing me!!

[ItsMeMrMattE]

we're getting close.

[Optional]

Circle. Com is smooth! Easy transactions, but fee is killing me!!

If I buy US$100 worth of bitcoin from Circle and deposit immediately to 5Dimes, who use the coinbase.com exchange rate, do you know exactly how much I would end up with after fees and rate differences?

[ItsMeMrMattE]

it will go under $300. wait on it still.

[bobbywaves]

Bitcoin by far the most erotic/volatile currency in the world

Nothing erotic about it, I'm not getting a boner over bitcoins.

[jjgold]

Price took another hit this week

gradually getting lower and lower

why??

[kaliboyz]

If I buy US$100 worth of bitcoin from Circle and deposit immediately to 5Dimes, who use the coinbase.com exchange rate, do you know exactly how much I would end up with after fees and rate differences?

Exactly? I can't. Guessing 96 or 97.

[Optional]

Exactly? I can't. Guessing 96 or 97.

I find that frustrating.

Given it is supposed to be fee free, 3.5% loss during exchange is right in the middle of what PayPal (2.5%) and Skrill (4.5%) charge for changing Aussie dollars to and from US and Euros. Kind of takes away part of the point of it for mainstream type commerce.

[kaliboyz]

That wasn't the fee, but the fluctuation of BTC. I meant!

[Optional]

That wasn't the fee, but the fluctuation of BTC. I meant!

Yeah I know what you meant.

Whether it is a fee or not, someone is pocketing it somewhere along the way.

[ItsMeMrMattE]

it makes sense to bet with it when its on a rally, but right now if your betting with it you will not be profitable even if you are a really good handicapper.

[Domestic]

it makes sense to bet with it when its on a rally, but right now if your betting with it you will not be profitable even if you are a really good handicapper.

Yeah, I'm down on the week betting at Nitrogen but the price drop coinciding with it makes it cheaper to replenish the coins I've lost.

Interesting to see how long the bear trend will continue, I was considering buying more coins at around the 400USD mark, glad I waited.

[ItsMeMrMattE]

does nitrogen offer future bets? i was considering picking up a few at $350, now im holding out for under $300 and seeing how the market reacts there.

[Domestic]

does nitrogen offer future bets? i was considering picking up a few at $350, now im holding out for under $300 and seeing how the market reacts there.

Future bets on sports or futures as in market futures?

Either way you can just check out their site for yourself.

[jjgold]

No how matter how you look at all the stuff the Only place where there are no fees is Las Vegas

[ItsMeMrMattE]

future bets on sports, i looked on the site before i asked couldn't find any ( im not lazy )