So i finally dipped my toe into the bitcoin and wanted to share my experience with u guys. So i deposited into circle, the only let u dep $300 a week. I didnt realize circle is not only a exchange but a wallet, so youre money will fluctuate with btc's value. Circle's btc prices have a bit of a mark up when u buy them compared to almost every other btc exchange. Soo u lose problly 2% every time u deposit around $600. By the time i was ready to move my 0.89btc into my blockchain wallet,, of course btc value starts to plummet, i bought it at $663 and had to sell it at $617. So i ended up losing $10 by just depositing into circle and another $30 by the market collapsing on me. Then it takes about 2 hours for your transaction to be completed from circle to blockchain. Then it took another hour to send form blockchain to heritage. I suprisingly didnt get raped by heritage when depositing my 0.89btc. All in all it ends up costing me $40 to depsoit $600 into heritage so a 6.67% fee ouch. When depsoiting via credit card u get hit for a fee as well thou. I realize the market collapsing on me was very random, and i will continue to deposit via bitcoin.
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It will work in your favor sometimes. Over the long haul, it will even out.its the best deposit method ever! Hopefully it will be around the whole football season. I see the US gov't penetrating it up somehow. Maybe making banks reject all BTC transactions..Comment -
You keep it as USD in circle and it should only fluctuate in your blockchain wallet or a BTC book (e.g., nitrogen) and it never takes me more than a few seconds to transfer to blockchain. When you deposit money into circle it comes in at USD and stays that way until you send it to blockchain. I am not sure why you had such a delay. When you sell to blockchain you get a lower rate but you send it back to circle for USD you get a higher rate....so it essentially evens out. I don't use Heritage but every book I send to from blockchain is instant. The only delays I encounter are from books to blockchain (varies by book) and from blockchain to circle (about 40 minutes). After a few months of using cirlce...they will up your limits to $3000/week instant if you verify information.Originally posted by scottgodson1985Comment -
thanks for the comments guysComment -
I don't know about Heritage as far as the deposit fee, but at 5d you can deposit via cc (no fee) and withdraw via btc. A way to avoid some of those early fees you had to pay.Comment -
They will stop you after a few times...must deposit btc to withdrawal btc rule.Originally posted by 7deuceoff$uitComment -
Good to know. ThxOriginally posted by MementoComment -
how do u sign up. I see like 80 linksComment -
just to update guys,, uve made 2 more additional btc deposits since my first one and theyve been succesfull, without my lossing alot on the transfer itself. 500 deposit lost only $4,, $400 dep lost $8. not bad at all, and all my accounts are ready to go for fball seasonComment -
You shouldn't be losing money. You'll get it on the way back since the Bitstamp price will be most likely be lower than the Coinbase price.Originally posted by scottgodson1985Comment -
when i send money back to circle i should get it back, due to circle's 1-2% markup on btc priceComment -
It's not really due to a markup. It's due to the different prices at each exchange along with the price that Circle uses. Fiat books use the the price at Bitstamp.Originally posted by scottgodson1985
If you ask a book for a $500 bitcoin withdrawal right now sent to Circle, you can cash the bitcoins out at Circle and you'll get more than $500.
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Still trying to catch up, but.... so I couldn't have a book send my money to Blockchain first? It needs to be sent somewhere else before it goes to Blockchain? My goal is to have it show up in NT. What route is best/easiest/safest for me to achieve this. I am not USAComment -
The blockchain wallet is just a benign bitcoin wallet that doesnt care where your btc comes from or goes to. If you are dealing with an exchange or any service that bans gambling use of bitcoins then it can help to 'hide' your activities by sending everything to your blockchain wallet before depositing to a book or when withdrawing, before on-sending it to NT.Originally posted by katstale
It's not just Coinbase and Circle than ban gambling and this doesnt just affect USA residents btw.
BUT... where you are and using NT to cash btc out, I don't think you need to do anything to 'hide' as they allow it.
BUT AGAIN... if I was you, I would still withdraw to a blockchain wallet and then send to NT from there anyway. Reason is that if there ever is a problem with the send, then I want to be one of the parties involved in the transaction. Not have to rely on my book and NT to sort it out between them.
One last thing. Check with NT how much they will let you send to them for your account. Not sure what happens if you just send too much to them either..Comment
