5dimes bitcoin payouts

[Ted Sheckler]

It does say under the funding methods that bitcoin is now exclusive for bitcoin deposits only, when you click the check availability. I never noticed that before. I never deposited that way, but was able to withdraw 2500 the first time, but second time I requested, I was was denied the request and was told via email that I could only withdraw 1000, because I didn't deposit that way.

Good luck, I know before it said that bitcoins were limited availability for non bitcoin depositers, no it seems it's gone, may just have to frequently check back, or maybe hop on live chat and ask if it will become available to non bitcoin depositors in the near future.

[justlaw]

Hi,

Can you explain what the meaning of "use teaser protetion"?

I never heard that, sorry my ignorance about that

[Optional]

Hi,

Can you explain what the meaning of "use teaser protetion"?

I never heard that, sorry my ignorance about that

if the 'base' line at most books is say 8.5 -110/-110 then people can take a 6 point teaser to take the spread through both the key 7 and 3 numbers down to 2.5

A book that uses 'teaser protection' will change their base line to 9 or 9.5 -130 (you can still bet the 8.5 -110 but its a drop down option)

On the flip side this does allow you to gain a free point over other books when teasing the dog side.

So not really a problem as I see it if you use books that work both ways.

[Ringo]

Can someone help me out here? I am looking into using bitcoin for the first time and wanted to ask first if this is basically how it works.
Deposit-
1) Create a BTC Wallet at coinbase, link it bank account
2) Fund BTC Wallet from bank account
3) Deposit to sportsbook
Payout-
1) Request BTC payout from sportsbook to Coinbase Wallet
2) Transfer funds from Coinbase Wallet to bank account.

Is this how it work? Is there only one wallet needed to complete this process? I don't know why everything I read about this on the web confuses the fuk out of me

[FilletMaster]

Can someone help me out here? I am looking into using bitcoin for the first time and wanted to ask first if this is basically how it works.
Deposit-
1) Create a BTC Wallet at coinbase, link it bank account
2) Fund BTC Wallet from bank account
3) Deposit to sportsbook
Payout-
1) Request BTC payout from sportsbook to Coinbase Wallet
2) Transfer funds from Coinbase Wallet to bank account.

Is this how it work? Is there only one wallet needed to complete this process? I don't know why everything I read about this on the web confuses the fuk out of me

BUMP

Spent all day trying to learn this bitcoin stuff as well.

From what I read, cannot use coinbase? they don't allow gambling and will close account? anyone confirm?

if no CB, where do I go?

[raiders72001]

1. Buy bitcoins using bank account, debit or credit account from either circle.com or coin.mx. There are also many ways to buy bitcoins from localbitcoins.com

2. Transfer bitcoins to an e-wallet such as blockchain.info.

3. Make transactions to and from sportsbook using e-wallet (blockchain.info).

4. To cash out transfer bitcoins from e-wallet to circle.com or coin.mx if you want to put funds in your bank account. Another way to do it is to sell bitcoins through localbitcoins.com. Selling through localbitcoins may give you an amount higher than market price.

5. It seemed very complicated to me prior to making my first transaction with bitcoins. After your first transaction, it becomes very simple and easy.

[raiders72001]

You can use Coinbase but they will shut down your account. No money has ever been confiscated in the event of an account being closed. Coinbase is the only place shutting down accounts for suspected gambling.

[Indeep]

BUMP

Spent all day trying to learn this bitcoin stuff as well.

From what I read, cannot use coinbase? they don't allow gambling and will close account? anyone confirm?

if no CB, where do I go?

I've used coinbase. Just setup a couple of blockchain wallets and alternate transferring to those first before transferring to coinbase and you won't have a problem.

[Ringo]

Thanks for explaining that. If I decide to use a wallet from circle.com, what is the purpose of also using a blockchain wallet? Cant I just transfer coins to and from my circle wallet to the book? What is different about blockchain?

[Indeep]

Thanks for explaining that. If I decide to use a wallet from circle.com, what is the purpose of also using a blockchain wallet? Cant I just transfer coins to and from my circle wallet to the book? What is different about blockchain?

Correct, any intermediary wallet will do. As long as you don't transfer directly from the casino site to coinbase you won't have any issue.

[Ringo]

As far as transferring funds to your bank account, are there any US banks that are hostile and not friendly towards bitcoin sites? Is there any chance a bank could freeze or close my checking account because of a large sum of money coming in from coinbase for example?

[Indeep]

As far as transferring funds to your bank account, are there any US banks that are hostile and not friendly towards bitcoin sites? Is there any chance a bank could freeze or close my checking account because of a large sum of money coming in from coinbase for example?

Coinbase is based out of San Francisco, and regulated in the US so I don't think any bank would have a problem with them.

[Ringo]

Thanks for all your help, sorry for all the pain in the ass questions. One last question, What if I decide not to use an intermediary wallet such as blockchain and just use only one wallet from circle.com? What could happen?

[Indeep]

Thanks for all your help, sorry for all the pain in the ass questions. One last question, What if I decide not to use an intermediary wallet such as blockchain and just use only one wallet from circle.com? What could happen?

I have never personally used circle.com, so I don't know if they would blow the whistle on you or not to coinbase, but I have used blockchain many times with no issues, so I would recommend you take 5 minutes and just setup a blockchain account to be on the safe side.

[Ringo]

I just didn't understand the reason for using multiple wallets from different websites. I guess its for security reasons? Before I read this thread I planned on just using a Coinbase wallet and nothing else... Bank account >> Coinbase >> Sportsbook. Wasn't sure why blockchain was necessary.

[Indeep]

I just didn't understand the reason for using multiple wallets from different websites. I guess its for security reasons? Before I read this thread I planned on just using a Coinbase wallet and nothing else... Bank account >> Coinbase >> Sportsbook. Wasn't sure why blockchain was necessary.

I didn't realize it either when I first started, but someone on the forum pointed me in the right direction. Some of the other guys sell the btc through localbitcoin, but I didn't want to meet some kid at a Burger King parking lot to make a few extra $$.

[bookie]

I didn't want to meet some kid at a Burger King parking lot to make a few extra $$.

Despite it's name, a lot of LocalBitcoin transactions happen online. There's an escrow function, and a seller's reputation system.

[Indeep]

Despite it's name, a lot of LocalBitcoin transactions happen online. There's an escrow function, and a seller's reputation system.

Very interesting. I did not know that. Thanks for the info.

[thespeculator]

Despite it's name, a lot of LocalBitcoin transactions happen online. There's an escrow function, and a seller's reputation system.

Correct,, all of my trades have been online in some form. At local iyou are dealing with individuals instead of a company, the company here provides security with the escrow

[iceminers26]

stole funds from me, will SBR finally act like they give a shit about the player or continue collecting a paycheck and not give two shits

[SBR Forum]

stole funds from me, will SBR finally act like they give a shit about the player or continue collecting a paycheck and not give two shits

Hi iceminers26,

Issues do occur using the method in question. We've asked mgt to review, and I understand you are being assisted following your email complaint filed with SBR.

[raiders72001]

I just didn't understand the reason for using multiple wallets from different websites. I guess its for security reasons? Before I read this thread I planned on just using a Coinbase wallet and nothing else... Bank account >> Coinbase >> Sportsbook. Wasn't sure why blockchain was necessary.

Normally when you transfer money it's from one bitcoin address to another. With Coinbase and some exchanges they use multiple inputs. They may send you money, a single transfer, from 4 different addresses.

If for some reason there was a problem and a book says that they didn't receive payment, you would be showing them payment from many addresses. It just makes it easier to use one bitcoin address.

[thespeculator]

got 3k yesterday and took just 2 and half hours. very easy , if they keep that up it is certainly comparable to the bit books

[bookie]

got 3k yesterday and took just 2 and half hours. very easy , if they keep that up it is certainly comparable to the bit books

Good news! Thanks for reporting your experience.

[JRoZe410]

I been messing around with this bitcoin stuff and I think i grasped it haha.So, what I do is when i want to withdraw from my book I will give them my Bitcoin address(at blockchain) then when i receive the money from that, transfer it to my bitcoin address(at circle) and withdraw to my bank account from there?Is that how to do it?

[raiders72001]

I been messing around with this bitcoin stuff and I think i grasped it haha.So, what I do is when i want to withdraw from my book I will give them my Bitcoin address(at blockchain) then when i receive the money from that, transfer it to my bitcoin address(at circle) and withdraw to my bank account from there?Is that how to do it?

perfect

[Art Vandeleigh]

got 3k yesterday and took just 2 and half hours. very easy , if they keep that up it is certainly comparable to the bit books

Wow.

As I wrote earlier, my situation at 5dimes was that I had 0 deposits and 2 bitcoin w/d between July 2014 (when they added bitcoin as an option), and earlier this year when they changed policy to only exclusive bitcoin user can use it.

I explained the situation to them a month ago after they rejected a 3rd bitcoin w/d from them. They told me to ask again in amonth if they'd make an exception for me, and let me use bitcoin even though I didn't make a deposit during that timeframe, when they didn't even tell us we needed to make one in order to keep it. I didn't need to deposit during that time, wtf do they want from us!

What are they trying to tell their customers, or what kind of lesson were they trying to teach us? Make lots of deposits and w/d's, otherwise you're considered a lesser customer if you don't?

So I asked again recently, and they said no, no exceptions.

And now I read you're getting 3k like they're made out of bitcoin there. A+, lol.

[thespeculator]

Wow.

As I wrote earlier, my situation at 5dimes was that I had 0 deposits and 2 bitcoin w/d between July 2014 (when they added bitcoin as an option), and earlier this year when they changed policy to only exclusive bitcoin user can use it.

I explained the situation to them a month ago after they rejected a 3rd bitcoin w/d from them. They told me to ask again in amonth if they'd make an exception for me, and let me use bitcoin even though I didn't make a deposit during that timeframe, when they didn't even tell us we needed to make one in order to keep it. I didn't need to deposit during that time, wtf do they want from us!

What are they trying to tell their customers, or what kind of lesson were they trying to teach us? Make lots of deposits and w/d's, otherwise you're considered a lesser customer if you don't?

So I asked again recently, and they said no, no exceptions.

And now I read you're getting 3k like they're made out of bitcoin there. A+, lol.

I am considered a bitcoin only player and I have been there over 10 years. I guess in the time frame they made these rules I used only bitcoin , and have ever since. I don't get why they don't make it easier for everyone, as bitcoin makes the whole process easier .

[Art Vandeleigh]

I am considered a bitcoin only player and I have been there over 10 years. I guess in the time frame they made these rules I used only bitcoin , and have ever since. I don't get why they don't make it easier for everyone, as bitcoin makes the whole process easier .

Needless to say, I've got nothing against you speculator.

It's not that they're just being dicks about this issue, it's that they're being irrational dicks. Dicks for the sake of being dicks.

It's one thing if a player did something wrong or behaved in a gray area, and they want to take a tough stand so others won't do it either.

They are just doing something that makes no sense, as they gave no warning that bitcoin deposits would be required for future bitcoin use.

If they can be irrational about this with me (and others like me), they can be irrational with anyone for any other reason. And that gives players a lack of confidence with even the higher rated books.

[ryanvick]

SBR mods/admin!!! Do you have any way of contacting 5dimes and voicing these concerns? I could see allowing long-time customers or people without incidents to use bitcoin and not saying that you must have only deposited via bitcoin to be eligible for bitcoin withdrawals. I think the concerns have been discussed enough above, could you please let us know if they will consider a change.
5dimes is the most reputable book I know so I'd rather deal with them then the other bit books.

Thanks

[evo34]

I think the main reason books are not allowing BTC payouts to all customers is, ironically, the fact that it is so easy. Basically there is never any reason to use BTC to get funds moved between books that allow direct transfers. So say 5D allowed unlimited BTC withdrawals and Heritage was very stingy with them. People who wanted actual withdrawals (to their bank accounts or to an obscure book) would always choose to take the money from 5D via BTC and replenish it with a transfer from Heritage to 5D. So suddenly money is moving in and out of 5D much more rapidly than ever before and they decide to slow everything down by limiting payouts to those who deposited BTC.

Not saying I agree with their solution at all -- would prefer to see small fees applied and/or stricter limits for payout frequency instead -- but just trying to put myself in the shoes of the book and think what they are probably experiencing. I'm not sure that inter-book transfers and BTC payouts are compatible unless all books involved have the same policy in place.

[byronbb]

I think the main reason books are not allowing BTC payouts to all customers is, ironically, the fact that it is so easy. Basically there is never any reason to use BTC to get funds moved between books that allow direct transfers. So say 5D allowed unlimited BTC withdrawals and Heritage was very stingy with them. People who wanted actual withdrawals (to their bank accounts or to an obscure book) would always choose to take the money from 5D via BTC and replenish it with a transfer from Heritage to 5D. So suddenly money is moving in and out of 5D much more rapidly than ever before and they decide to slow everything down by limiting payouts to those who deposited BTC.

Not saying I agree with their solution at all -- would prefer to see small fees applied and/or stricter limits for payout frequency instead -- but just trying to put myself in the shoes of the book and think what they are probably experiencing. I'm not sure that inter-book transfers and BTC payouts are compatible unless all books involved have the same policy in place.

Exactly. Books actually love the slow as molasses p2p situation because it keeps player funds at their site where it will more than likely be lost. While I doubt 5dimes isn't financially secure, many books undoubtedly could not pay out all their client funds at once. They run a fractional reserve ponzi where incoming deposits are used to payout winners.

[Art Vandeleigh]

I think the main reason books are not allowing BTC payouts to all customers is, ironically, the fact that it is so easy. Basically there is never any reason to use BTC to get funds moved between books that allow direct transfers. So say 5D allowed unlimited BTC withdrawals and Heritage was very stingy with them. People who wanted actual withdrawals (to their bank accounts or to an obscure book) would always choose to take the money from 5D via BTC and replenish it with a transfer from Heritage to 5D. So suddenly money is moving in and out of 5D much more rapidly than ever before and they decide to slow everything down by limiting payouts to those who deposited BTC.

Not saying I agree with their solution at all -- would prefer to see small fees applied and/or stricter limits for payout frequency instead -- but just trying to put myself in the shoes of the book and think what they are probably experiencing. I'm not sure that inter-book transfers and BTC payouts are compatible unless all books involved have the same policy in place.

Logic is sound, but....5Dimes is not giving people this option in reality.

They need to put an agreement somewhere where a customer can CHOOSE to commit to using only bitcoin.

Instead what they did was, one day in February or March of 2015, they decided to retroactively allow exclusive bitcoin depositers between July 2014 and February 2015 to be the only users of bitcoin. Illogical, irrational, and unnecessarily frustrating to those who would like to use this option exclusively (but got shutout because 5dimes didn't tell cutomers this was going to happen).

[soxwin1917]

I think the main reason books are not allowing BTC payouts to all customers is, ironically, the fact that it is so easy. Basically there is never any reason to use BTC to get funds moved between books that allow direct transfers. So say 5D allowed unlimited BTC withdrawals and Heritage was very stingy with them. People who wanted actual withdrawals (to their bank accounts or to an obscure book) would always choose to take the money from 5D via BTC and replenish it with a transfer from Heritage to 5D. So suddenly money is moving in and out of 5D much more rapidly than ever before and they decide to slow everything down by limiting payouts to those who deposited BTC.

Not saying I agree with their solution at all -- would prefer to see small fees applied and/or stricter limits for payout frequency instead -- but just trying to put myself in the shoes of the book and think what they are probably experiencing. I'm not sure that inter-book transfers and BTC payouts are compatible unless all books involved have the same policy in place.

A play-through on 5Ds end or a rollover on Heritage's end would solve the problem just as well...

[evo34]

A play-through on 5Ds end or a rollover on Heritage's end would solve the problem just as well...

Not necessarily if 5D is currently subsidizing too much of the cost of the transactions (both book transfers and BTC transactions + the labor/security checks involved).