bitcoin deposit fee is higher than cc?

[GigaOuts]

Hi fellow SBR,

I am testing variety deposit/payout to minimize deposit/payout cost. I deposit using cc in Canada, the site charge 6.5%, which is fine since I needed but to my surprise my cc charge show another 6.5% addition charge, so I am paying like 12%+ to deposit into the site.So 2g deposit to site cost over $240 of fee using cc. So I quickly try bitcoin.

I when to bitcoin atm (btm) to purchase $50 cnd, I got 0.13934397(1 bitcoin sell at $283 usd at btm) which is equivalent to $42.36 cnd. I pay 15% fee for my bitcoin purchase...doh. ok that is fine it is initiate fee to get bitcoin going.

Than I deposit the bitcoin to the sport site 2 day later, the site give me 1 bitcoin = $231 while 'bitstamp' show $241. So I lost $10 for each bitcoin, lost $40 if deposit $924 usd. Ok maybe the site payout they give the same rate. So I test out what kind of rate I get for $1000 usd, it show 'no bitcoin rate' ….lol. So basically they probably give you the rate that give them the maximum profit for them. My guess is:

bitstamp is $241 for 1 bitcoin
deposit is $231, and I guess payout is....
payout is $251 or worse.

Let say we not that dumb to buy bitcoin at btm to deposit on sport site,we have bitcoin in our wallet for payout/deposit. Let say we deposit 4 bitcoin, they give us $924 usd into our account. We make some wager & broke even. We cashout $924 the same day/time, we get 3.68 bitcoin. We lost 0.3187 bitcoin, which equivalent to $76.81.
So $964 usd deposit using bitcoin and than cash out also using bitcoin cost us $76.81 of fee. So much about the revolution of bitcoin minimum fee to eliminate outrageous bank fee....lol.


Summary:
buy bitcoin at $283
deposit bitcoin at $231
payout bitcoin at $251 or much worse, the cost of using bitcoin is outrageous!!!

[bookie]

There are lots of places to buy Bitcoin for a one percent transaction fee. You seem to have found the most expensive way to buy Bitcoin. Just because you have doesn't change the fact that for a lot of us Bitcoin has made gaming transactions cheaper, easier, and safer than they've been in years.

I grant you that it is a hassle to find the places, discern the fees, get accounts verified, learn how to send the stuff around, worry about price fluctuation, etc. Bitcoin isn't the answer to our prayers, but it sure is a great option.

[jjgold]

Raiders will know

Hold on guy and the bitcoin experts will chime n

[GigaOuts]

Yes, I imagine bitcoin is best for some pundit due to the country they live in. I am just spoil in canada paying $0 fee for deposit/payout using Neteller back in the poker boom, than Moneybooker, now insta-debit also free to deposit & cash out. Than transfer $10,000(or maybe even more) from e-wallet to bank for $2 flat fee! You can't beat that.

[raiders72001]

Hi fellow SBR,

I am testing variety deposit/payout to minimize deposit/payout cost. I deposit using cc in Canada, the site charge 6.5%, which is fine since I needed but to my surprise my cc charge show another 6.5% addition charge, so I am paying like 12%+ to deposit into the site.So 2g deposit to site cost over $240 of fee using cc. So I quickly try bitcoin.

I when to bitcoin atm (btm) to purchase $50 cnd, I got 0.13934397(1 bitcoin sell at $283 usd at btm) which is equivalent to $42.36 cnd. I pay 15% fee for my bitcoin purchase...doh. ok that is fine it is initiate fee to get bitcoin going.

Than I deposit the bitcoin to the sport site 2 day later, the site give me 1 bitcoin = $231 while 'bitstamp' show $241. So I lost $10 for each bitcoin, lost $40 if deposit $924 usd. Ok maybe the site payout they give the same rate. So I test out what kind of rate I get for $1000 usd, it show 'no bitcoin rate' ….lol. So basically they probably give you the rate that give them the maximum profit for them. My guess is:

bitstamp is $241 for 1 bitcoin
deposit is $231, and I guess payout is....
payout is $251 or worse.

Let say we not that dumb to buy bitcoin at btm to deposit on sport site,we have bitcoin in our wallet for payout/deposit. Let say we deposit 4 bitcoin, they give us $924 usd into our account. We make some wager & broke even. We cashout $924 the same day/time, we get 3.68 bitcoin. We lost 0.3187 bitcoin, which equivalent to $76.81.
So $964 usd deposit using bitcoin and than cash out also using bitcoin cost us $76.81 of fee. So much about the revolution of bitcoin minimum fee to eliminate outrageous bank fee....lol.


Summary:
buy bitcoin at $283
deposit bitcoin at $231
payout bitcoin at $251 or much worse, the cost of using bitcoin is outrageous!!!

As bookie pointed out, you chose the most expensive way to use bitcoins. This is similar to saying that book to book transfers cost $300 since that is the highest cost to transfer out of BookMaker.

Many of us make money with bitcoin transactions by selling over market price at localbitcoins. The transactions are very fast with just a couple of clicks. With a book such as Nitrogen, deposits and withdrawals are instant.

Some of the advantages of playing with most pure bitcoin books:

1. No need for personal identification. Your name and address isn't required and you don't have to send a copy of your driver's license or a utility bill. At most an email address is required.

2. Deposits are instant and the withdrawal window is between instant and 2 hours.

3. For those worried about price fluctuations, Anonibet and Jetwin allow you to deposit in bitcoins and use a cash account. Bitcoin price movements are negated.

4. Many bitcoin books allow you to use 2FA by email, text or google authenticater. This prevents people from transferring money out of your account if they know your account number and password.

5. There isn't a need to keep a lot of money tied up to use many books. Transfers are so quick that you can just keep money in an e-wallet and deposit to the book as needed.

6. For those using localbitcoins, there are numerous ways that can be found to deposit and withdraw including in person with cash. Here are all of the methods that can be used. Some of the methods are hard to find or non-existent at times, but you can always find a legitimate person to sell to at higher than market price:

Cash in person
Paypal
M G
W U
Moneybookers
Skrill
Neteller
Dwolla
********
Chase Quickpay
Vanilla
Square Cash
Reloadit
Bank account
Venmo
Other giftcards and more

[thespeculator]

instadeb, is crap, the book put 7 day holds on before getting payout , bitcoin is like having a local or living in vegas

[raiders72001]

The top bitcoin books have very little problems. There are books that have never claimed bad line. This will occur at some point but the top books are attentive to not throwing up bad lines or confusing the "+" and "-".

For those in the US, you will find that some bitcoin books have many more pregame and live betting options. Even for those that can play at European books, bitcoin books can be found that equal offerings of European books.

[raiders72001]

instadeb, is crap, the book put 7 day holds on before getting payout , bitcoin is like having a local or living in vegas

with many more markets available to bet.

[raiders72001]

instadeb, is crap, the book put 7 day holds on before getting payout , bitcoin is like having a local or living in vegas

thespeculator- What methods do you normally use to purchase and cash out? Nice hit yesterday in soccer.

[Texans365]

There are cheaper ways to buy BTC in Canada:

https://www.morrex.com/

https://www.cavirtex.com/home

https://quickbt.com/ca/

The only book who uses Bitstamp's rate is Jetwin. You can see current rate on the deposit form.
I don't understand why others can't indicate it the same way.

[thespeculator]

There are cheaper ways to buy BTC in Canada:

https://www.morrex.com/

https://www.cavirtex.com/home

https://quickbt.com/ca/

The only book who uses Bitstamp's rate is Jetwin. You can see current rate on the deposit form.
I don't understand why others can't indicate it the same way.

I have joined these companies,but there verification process is very annoying. Sent my passport,wasn't clear enough. Finally just gave up

[thespeculator]

thespeculator- What methods do you normally use to purchase and cash out? Nice hit yesterday in soccer.

i use localbitcoins for buy and sell. The top traders will give you close to market value. Even if it isn't quite the same the convenience far outweighs a couple of bucks. Do american banks have email transfer, it is a method quite common in Canada.

[thespeculator]

The top bitcoin books have very little problems. There are books that have never claimed bad line. This will occur at some point but the top books are attentive to not throwing up bad lines or confusing the "+" and "-".

For those in the US, you will find that some bitcoin books have many more pregame and live betting options. Even for those that can play at European books, bitcoin books can be found that equal offerings of European books.

with all the regulations,I think we will have more euros at bitbooks

[GigaOuts]

I am not an experience bitcoin user but the 1st site I test out the deposit rate & payout rate is not the same for bitcoin. I am not talking about trading bitcoin, I am talking about deposit & payout is different rate. Like other person have said in other thread, if you deposit and cash out at the same time using bitcoin, you pay 9% of fee. It is ridiculous site claim it is free, it is far from free.

People who have lots of experience with bitcoin deposit & payout, it would be nice if you list the sport site where deposit & payout bitcoin rate is the same. Betonline is 4.5% under in deposit & 4.5% over for payout compare to bitstamp, it is like currency exchange with bank where they give you 3.5% less for selling & 3.5% over for buying it.

[MoMoneyMoVaughn]

E Wallets are the way to go.

Fees are minimal. Like a $2 when depositing up to $20,000

[raiders72001]

i use localbitcoins for buy and sell. The top traders will give you close to market value. Even if it isn't quite the same the convenience far outweighs a couple of bucks. Do american banks have email transfer, it is a method quite common in Canada.

I've never heard of email transfer so I'm not sure.

[raiders72001]

I am not an experience bitcoin user but the 1st site I test out the deposit rate & payout rate is not the same for bitcoin. I am not talking about trading bitcoin, I am talking about deposit & payout is different rate. Like other person have said in other thread, if you deposit and cash out at the same time using bitcoin, you pay 9% of fee. It is ridiculous site claim it is free, it is far from free.

People who have lots of experience with bitcoin deposit & payout, it would be nice if you list the sport site where deposit & payout bitcoin rate is the same. Betonline is 4.5% under in deposit & 4.5% over for payout compare to bitstamp, it is like currency exchange with bank where they give you 3.5% less for selling & 3.5% over for buying it.

Anonibet and Jetwin allow you to deposit in bitcoins and then play in cash so you never have to worry about the price of bitcoins. Anonibet uses this as their conversion rate https://bitcoinaverage.com/#USD

Deposits and withdrawals are free with all the pure bitcoin books. As posted in an above post, deposits are close to instant and withdrawals between instant and 2 hours.

[Optional]

I am not an experience bitcoin user but the 1st site I test out the deposit rate & payout rate is not the same for bitcoin. I am not talking about trading bitcoin, I am talking about deposit & payout is different rate. Like other person have said in other thread, if you deposit and cash out at the same time using bitcoin, you pay 9% of fee. It is ridiculous site claim it is free, it is far from free.

People who have lots of experience with bitcoin deposit & payout, it would be nice if you list the sport site where deposit & payout bitcoin rate is the same. Betonline is 4.5% under in deposit & 4.5% over for payout compare to bitstamp, it is like currency exchange with bank where they give you 3.5% less for selling & 3.5% over for buying it.

None of these guys want to hear about the making up an exchange rate issue Giga. You gave them the opportunity to just talk about other things with the long winded btm story and extra bits.

I agree that the defacto fee of 9% made through their exchange rate manipulation is piracy.

I think these books think they can get away with it because the average American punter has never dealt with anything to do with currency exchange rates and just assume there is a 'correct' price everyone will charge when there isnt.

[Legions36]

None of these guys want to hear about the making up an exchange rate issue Giga. You gave them the opportunity to just talk about other things with the long winded btm story and extra bits.

I agree that the defacto fee of 9% made through their exchange rate manipulation is piracy.

I think these books think they can get away with it because the average American punter has never dealt with anything to do with currency exchange rates and just assume there is a 'correct' price everyone will charge when there isnt.

Why do u have to act like u don't know what book this guy is talking about. I just have to read the first sentence and know. Please have SBR look into it because it is just wrong what they are trying to do right now. Yes we do want to hear about it because its not some made up exchange rate, its a clear shot to charge a high fee for absolutely nothing.

[Optional]

Why do u have to act like u don't know what book this guy is talking about.

I don't know for sure who he means. And if he doesn't want to say I wouldn't want to force him to anyway. But I do agree these practices should be exposed.

[pierro]

what method do you guys buy the bitcoin mostly on localbitcoin ? It is very hard to buy for new users especially if you have no feedback.

[Domestic]

I can recommend Jetwin for situations such as yours.