Originally Posted by
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!!!