Using Bitcoin for the first time, I have some questions I hope you experts can answer

**Hareeba!** · 08-19-15, 11:43 PM

Get over it.
There was just as much chance that the value would have appreciated by that much.
And even if the transaction had been instant what difference would it have made to you? What would you have done with the btc in the meantime? It would have lost the same sitting in your sportsbook account.

**Nittany Lion** · 08-20-15, 12:14 AM

Originally posted by Hareeba!

Get over it.

Nothing for me "to get over" it's just a few bucks, it was just a test purchase so I can make sure I understand all of this before I really dive in.

There was just as much chance that the value would have appreciated by that much.

Yes, it could have appreciated.

And even if the transaction had been instant what difference would it have made to you? What would you have done with the btc in the meantime? It would have lost the same sitting in your sportsbook account.

I don't think you understand or maybe I don't understand. If the transaction was instant, I could have transferred the Bitcoins to my 5Dimes account where the Bitcoins would have been converted to cash and thus been protected against any kind of depreciation. So as an example, lets say I bought 1 Bitcoin at a make believe market price of $1,000 on 8/17/2015. If the transaction was instant I could have then right away transferred that 1 Bitcoin to my 5Dimes account where it it would been converted to $1,000 that I could gamble with. Then lets say today the price of 1 Bitcoin drops to $500 for whatever reasons, if I went onto my 5Dimes account and decided to cash out my $1,000 5Dimes account balance using Bitcoin as the payment method I would now receive 2 Bitcoins, since 1 Bitcoin now equals $500. So your answer of, "It would have lost the same sitting in your sportsbook account" is wrong. I wouldn't have lost anything because Bitcoins are converted to cash when you transfer them to your Sportsbook account.

I'm curious if people hold onto Bitcoins for long or do you all transfer them out to your partcular Sportsbook account as soon as you buy them?

**Hareeba!** · 08-20-15, 12:59 AM

Ok, but doesn't that depend on the sportsbook?
As I understand it some hold your account in btc rather than dollars?

**Nittany Lion** · 08-20-15, 01:06 AM

Originally posted by Hareeba!

Ok, but doesn't that depend on the sportsbook?
As I understand it some hold your account in btc rather than dollars?

Perhaps, I know 5Dimes converts it to cash. I would never want to play on a Sportsbook that doesn't convert it to cash, especially if you are gambling with a good amount.

**Ra77er** · 08-20-15, 02:15 AM

Personally I added my plastic in order to insta buy so I can get roughly what the market is offering immediately. After you successfully make a few deposits at your instant max it will climb to higher amounts. If you are looking at funding over your insta max limit or do not have a c. c then you have to wait.

Best option is probably to just max the 3k deposit and wait the few days and then from there you will get higher limits after 30 days. This is Cbase I am referencing. Basically it will take some time to get money loaded up but once you do things become much easier.

The deposit/withdrawl options at books are pretty smooth and fast. Payouts were taking me roughly 4 hours to hit Cbase, small amounts though and I have seen others on here say the same timeframe for larger payouts.

The bitcoin only books like nitrogen pay in minutes but it is extremely confusing placing wagers for someone like me that likes to bet 10-50 per wager. (confusing part is the bitcoin numbers themselves not the website)

**Optional** · 08-20-15, 04:58 AM

Is it possible to fund your coinbase account and then buy after it's there and you can do it instantly?

**Nittany Lion** · 08-20-15, 10:26 AM

Originally posted by Optional

Is it possible to fund your coinbase account and then buy after it's there and you can do it instantly?

Great question, I haven't seen anything like that so far. I might have to ask their support team to see. I would add my credit credit to my account for instant purchases but when I went to do that it said something about a cash advance fee being charged by your CC provider....so I guess they don't actually charge your CC like a normal CC charge...they do it as a cash advance or something I guess. After I read that I decided not to use my CC for instant purchases. I wonder if anybody on here uses Coinbase and can elaborate perhaps?

**Buffalo Nickle** · 08-20-15, 10:48 AM

You have encountered the biggest problem with BitCoin as a "currency" which is that it is extremely volatile. A couple of times last week, I considered buying for a sportsbook deposit which could have been $700. Something told me not to go through with it and the price dropped each time by $30 by the time I would have been able to transfer in three to five days.

"Get Over It!" I'd have to get over the fact that I have basically eliminated my ability to win on that deposit by forfeiting 10% of the deposit amount. That's a bit too much gambling for my blood.

I think Coinbase does offer wallets which might help with this sort of thing but it is dependent on your state I believe and whether or not they allow it. That option is pretty limited as most states still don't have the slightest clue what BitCoin is.

To get higher instant access to your money, you will have to make several buys and then they might bump it up to something like $1,000 but Coinbase told me that it would more likely be just $100. So you will have to make a lot of little small deposits to your sportsbook account until they will let you have a bigger instant purchase.

Most of the guys that talk BitCoin are BitCoin believers and don't care about the fluctuation because they are holding long term and think it is going to be a good investment.

If you want to use it for making deposits, you are going to have to take on some additional risk or be willing to play tinker toys with your deposits. Personally, I think using the traditional methods are still better unless you are willing to be a BitCoin investor.

As for the usual fluctuation for BitCoin, it was as high as $1,000 within the past year and is now $220-$230. So yes, this is ordinary volatility. You can expect this sort of thing to happen regularly and just have to hope you don't buy on the wrong day. It is as volatile as an internet stock in the go-go days of internet trading.

**Ra77er** · 08-20-15, 12:03 PM

They don't charge any fees to your plastic, it is simply there to protect them from someone instantly purchasing bitcoins and not having the funds in their bank account to cover it. They have never charged my plastic a red cent and I have used the insta feature probably 8-9 times. No extra fees or anything of the sort. When you get the insta max, that number which is 2 bills will go to 0 and will regenerate daily until it is back up to 2 bills. Usually takes 2 or 3 days to get back up to that amount again. After you have made enough deposits your insta level goes up.

**Buffalo Nickle** · 08-20-15, 12:07 PM

Originally posted by Ra77er

They don't charge any fees to your plastic, it is simply there to protect them from someone instantly purchasing bitcoins and not having the funds in their bank account to cover it. They have never charged my plastic a red cent and I have used the insta feature probably 8-9 times. No extra fees or anything of the sort. When you get the insta max, that number which is 2 bills will go to 0 and will regenerate daily until it is back up to 2 bills. Usually takes 2 or 3 days to get back up to that amount again. After you have made enough deposits your insta level goes up.

You are using plastic as back up for your purchases. You can also buy using your plastic on file. If you buy using the plastic, you may pay cash advance fee plus they charge you a 3% processing fee. Plastic is instant funds though.

**Ra77er** · 08-20-15, 12:10 PM

Right but I do not use plastic as a buy method, I simply put it on there to enable the insta buy feature from my bank account. Good point though buff, if some do prefer to use that method then they may indeed be charged cash advance fees. (Ra77 obv pro tip....just add the plastic but fund with bank account no fees!)

**Buffalo Nickle** · 08-20-15, 12:14 PM

Poster was interested in using plastic for instant funds which is an option if you are willing to pay the 3%. You get instant funds by having it as a backup. He can't unless he uses the plastic. So we are talking two different things here.

**blackHIPPY** · 08-20-15, 12:16 PM

i get my money in and out quick
bitcoin is good for moving money
maybe leave some in btc if it drops below 150 tho

**Ra77er** · 08-20-15, 12:21 PM

Buff I think we may have miscommunication here. If Nitt wants to only use plastic through coinbase then he probably will get charged typical plastic fees such as cash advance along with the coinbase fee. This is not good.

If he sets up coinbase with his bank account AND just adds the plastic as an alternate form of payment it will enable instant purchases with HIS BANK ACCT just because he added a plastic form of payment as an alternate.

Plastic is not the only way to get insta funds, it just needs to be on file to allow for insta bank acct purchases. If you decide to use the plastic as a payment option then yes, you are probably in a bad way.

**Buffalo Nickle** · 08-20-15, 12:26 PM

Right. Plastic is only sure way to get instant fund though unless you have been approved for higher instant purchases. No assurance that you are going to get approved for a significant increase in instant funds. That is an assumption. It does happen and has happened for some. But you cannot expect it and Coinbase indicated to me that it was unlikely after 30 days.

**NewYorkStress81** · 08-20-15, 03:33 PM

The same thing happened to me 2 days ago.

**Nittany Lion** · 08-21-15, 12:41 AM

Originally posted by Ra77er

Buff I think we may have miscommunication here. If Nitt wants to only use plastic through coinbase then he probably will get charged typical plastic fees such as cash advance along with the coinbase fee. This is not good.

If he sets up coinbase with his bank account AND just adds the plastic as an alternate form of payment it will enable instant purchases with HIS BANK ACCT just because he added a plastic form of payment as an alternate.

Plastic is not the only way to get insta funds, it just needs to be on file to allow for insta bank acct purchases. If you decide to use the plastic as a payment option then yes, you are probably in a bad way.

Originally posted by Buffalo Nickle

Right. Plastic is only sure way to get instant fund though unless you have been approved for higher instant purchases. No assurance that you are going to get approved for a significant increase in instant funds. That is an assumption. It does happen and has happened for some. But you cannot expect it and Coinbase indicated to me that it was unlikely after 30 days.

Ah I get it, so you just add your plastic to your coinbase account to enable the insta bank acct purchases, you don't actually buy anything using your plastic. Thanks for clearing it up guys, I will add my plastic to it to enable it.

**Nittany Lion** · 08-22-15, 12:09 AM

Just made a Bitcoin transfer to my 5Dimes account, took only 10 mins or so and it's showing up in my account balance now. So easy to do, no more going to Walmart to do M0neygram. Bitcoin is the way to go!

**FilletMaster** · 08-22-15, 12:25 AM

Originally posted by Nittany Lion

Just made a Bitcoin transfer to my 5Dimes account, took only 10 mins or so and it's showing up in my account balance now. So easy to do, no more going to Walmart to do M0neygram. Bitcoin is the way to go!

nice.

you going thru coinbase>blockchain>5d ?? or something different?. just got mine going, only $50 in btc I can get to start on coinbase

**Nittany Lion** · 08-22-15, 01:01 AM

Originally posted by FilletMaster

you going thru coinbase>blockchain>5d ?? or something different?. just got mine going, only $50 in btc I can get to start on coinbase

I've only created an account on coinbase.com so far, all the reviews I read online said they were the most beginner Bitcoin friendly so I chose them. Their limits are pretty low starting off, I wish I could transfer money to my coinbase account from my bank account I linked THEN purchase Bitcoins so it's instant and I'd not have to worry about their low initial limits.

I was reading through their website (https://support.coinbase.com/custome...t-usd-eur-gbp-), apparently there is an option where you can transfer money to your coinbase account so that way you can purchase instantly without having to deal with the low limits. The only problem is if you look at that link, not all the US states are supported and I'm in Colorado which is not supported according to that link, so that is why I wasn't seeing the option in my coinbase account I guess. This link (https://support.coinbase.com/custome...he-usd-wallet-) says you can change your address to one in a supported state and then you'll have the option. So I guess you could just put in a fake address from what it sounds like and then it will enable the USD wallet option in your account, I might have to mess with it to see what happens.

**FilletMaster** · 08-22-15, 02:30 AM

Originally posted by Nittany Lion

I've only created an account on coinbase.com so far, all the reviews I read online said they were the most beginner Bitcoin friendly so I chose them.

So you didn't use a middle like Blockchain? From what I've read.. you shouldn't transfer straight from coinbase to book or book straight to coinbase/ Coinbase will close you down for gambling.

**raiders72001** · 08-22-15, 07:46 AM

Originally posted by FilletMaster

So you didn't use a middle like Blockchain? From what I've read.. you shouldn't transfer straight from coinbase to book or book straight to coinbase/ Coinbase will close you down for gambling.

Coinbase will shut you down if they suspect gambling. It doesn't make a lot of sense since most bitcoin transactions are for gambling.

Some books such as Nitrogen use multiple payout addresses. They also allow you to change your deposit address up to 5 times per day so you aren't going to have problems with Nitrogen.

Even if you go Coinbase to Blockchain to Book, there is still the chance of being shut down. One way to prevent being shut down is to change your blockchain.info address at times and ditch the old one. Just create another wallet. It doesn't take longer than coming up with a password.

**JRoZe410** · 08-22-15, 03:07 PM

Is there anyway you can buy bitcoins with a card without having a limit?I did with circle and it was $100 limit, any other bitcoin places allow you to purchase with card without a limit that way don't have to wait 2-3 days to clear?

**raiders72001** · 08-22-15, 04:06 PM

We need SBR to set something up so that we can buy from each other.

**Nittany Lion** · 08-22-15, 10:53 PM

Originally posted by FilletMaster

So you didn't use a middle like Blockchain? From what I've read.. you shouldn't transfer straight from coinbase to book or book straight to coinbase/ Coinbase will close you down for gambling.

Oh shit didn't know that, I didn't think you had to watch out for that when using Bitcoin. So blockchain is best wallet then? The fukin hoops us gamblers have to jump through to get money to and from books is ridiculous

**JRoZe410** · 08-23-15, 12:59 AM

Originally posted by Nittany Lion

Oh shit didn't know that, I didn't think you had to watch out for that when using Bitcoin. So blockchain is best wallet then? The fukin hoops us gamblers have to jump through to get money to and from books is ridiculous

yea, you gotta do a process to deposit with this so it don't shut you down. I buy my BTC with Circle, transfer it to Blockchain, and send from Blockchain to the book.When cashing out, Book to blockchain to circle to bank account.

**capitalist pig** · 08-23-15, 07:55 AM

Originally posted by raiders72001

We need SBR to set something up so that we can buy from each other.

That would be a great thing

later

**Ra77er** · 08-23-15, 04:40 PM

I have a question.....where is Circle based out of?

I like Coinbase and they are from San Fran, I think I saw Boston for Circle but I am not sure.

**Nittany Lion** · 08-24-15, 01:14 AM

Originally posted by raiders72001

Coinbase will shut you down if they suspect gambling. It doesn't make a lot of sense since most bitcoin transactions are for gambling.

Some books such as Nitrogen use multiple payout addresses. They also allow you to change your deposit address up to 5 times per day so you aren't going to have problems with Nitrogen.

Even if you go Coinbase to Blockchain to Book, there is still the chance of being shut down. One way to prevent being shut down is to change your blockchain.info address at times and ditch the old one. Just create another wallet. It doesn't take longer than coming up with a password.

If Coinbase "shut you down" would they not allow you to transfer money back to your bank account or confiscate the balance of your account? I wonder what they look for to to catch gamblers, they can't see where you're sending Bitcoin to or who you're receiving Bitcoin from, I'd be curious to know what their system looks for.

**Optional** · 08-24-15, 09:04 AM

Originally posted by Nittany Lion

If Coinbase "shut you down" would they not allow you to transfer money back to your bank account or confiscate the balance of your account? I wonder what they look for to to catch gamblers, they can't see where you're sending Bitcoin to or who you're receiving Bitcoin from, I'd be curious to know what their system looks for.

Bitcoin is kept in your wallet in different bundles from different transactions. Like a wallet with different denomination notes in it.

When you spend bitcoin the entire bundle is 'handed over' like you would with a bank note. And you receive change from that that bundle which creates a new bundle.

This change return function allows trackers to see who is paying and who is receiving and helps keep a link to the original transaction on the blockchain which can be tracked.

Then IF any address can be linked to a book it can be possible to trace back a link to each wallet controlled that BTC at any time. The more people they catch the more data they have to catch others like a snowball effect.

This change tracking effect can be avoided by using a "bit-mixer" service. Which basically transfers your coin around a bunch of times until all traces of change from the original transaction ID are wiped out.

**Buffalo Nickle** · 08-24-15, 09:49 AM

Originally posted by Nittany Lion

If Coinbase "shut you down" would they not allow you to transfer money back to your bank account or confiscate the balance of your account? I wonder what they look for to to catch gamblers, they can't see where you're sending Bitcoin to or who you're receiving Bitcoin from, I'd be curious to know what their system looks for.

BitCoin is not untraceable at all. In fact, it is fairly easy to determine your activities by following the blockchain and this is what Coinbase does to determine if people are gambling. They can spot gambling site activity through the blockchain easily if they decide to do it.

It's not that much to worry about. They need to stop some people from gambling to stay legit in the eyes of the govt. This is just like ** or **. They know why anglos in America are sending money to Costa Rica and they will do it for you but they have to at least shut down some people to keep the govt off their back so they get a few of the people that are just obvious about it. Then when the govt comes calling, they have a whole list of people they have stopped from gambling and show they are making a legit effort.

If you just make a few deposits here and there, you will be fine. If you are going to move money in and out all the time, they are probably going to look into your activity.

Also, my understanding is that they let you transfer your money out to your bank and then they close your account. If Coinbase shuts you down, you've still got Circle. If they both get you, you probably need to stop gambling.

**karamazov** · 08-24-15, 10:10 AM

I would like to start using bit coin too. I just signed up for coin base. Could someone tell me the best way to deposit with bit coin?

**Buffalo Nickle** · 08-24-15, 12:40 PM

Originally posted by karamazov

I would like to start using bit coin too. I just signed up for coin base. Could someone tell me the best way to deposit with bit coin?

Go to the Cashier section for your sportsbook and get the address to send your BitCoins. If they don't have the BitCoin option, you contact customer service and get the info.

Buy your BitCoin through Coinbase and send it to the address your sportsbook gives you.

If you intend to do a lot of deposits, you might want to set up a blockchain wallet and send it there and then send to sportsbook from the wallet.

**raiders72001** · 08-24-15, 12:41 PM

Originally posted by Nittany Lion

If Coinbase "shut you down" would they not allow you to transfer money back to your bank account or confiscate the balance of your account? I wonder what they look for to to catch gamblers, they can't see where you're sending Bitcoin to or who you're receiving Bitcoin from, I'd be curious to know what their system looks for.

They won't confiscate your money. They will allow you to transfer bitcoins back to your bank account.