1. 11-11-15 07:45 AM #1
    ldh1019
    ldh1019's Avatar Become A Pro!
    Join Date: 08-25-12
    Posts: 16
    Betpoints: 163

    Bitcoin

    I know that there is a lot of info on Bitcoins here, but I am still lost. Where is the best place to find info on the process of getting a wallet and buying bitcoins? I understand the concept, but I have tried twice to get a wallet and do the research. I am a little older than most of you guys are and this is still new to me. However, I have been involved in the sports betting world for 30 years and I completely understand that for those in the US, bitcoin is going to be my only/best option for moving money around. Is there a safe and accurate source out there that can help me?

    Thanks guys!
    Reply With Quote Reply With Quote
  2. 11-11-15 08:32 AM #2
    Buffalo Nickle
    Buffalo Nickle's Avatar Become A Pro!
    Join Date: 11-12-14
    Posts: 3,228
    Betpoints: 878

    I learned everything I needed to know right here, mostly from reading the bitcoin threads and asking questions. This is your best resource.

    Here's the process:

    Open an account with Circle/Coinbase. Circle is free.

    Send money from your bank account which you link to your Circle account for deposit.

    Once your account is set up and funded, you send the money to the sportsbook to their bitcoin wallet which they give you the address for. Or you send to a intermediary wallet (most people use blockchain) and then forward it from there to the sportsbook (this is done to keep your gambling activity from being tracked and shut down).

    Then you do the opposite at cash out.

    That's pretty much it.

    Run into a stumbling block along the way and ask your question in this thread and you'll get a reply for what to do.
    Last edited by Buffalo Nickle; 11-11-15 at 08:41 AM.
    Points Awarded:

    Domestic gave Buffalo Nickle 10 Betpoint(s) for this post.

    Nomination(s):
    This post was nominated 1 time . To view the nominated thread please click here. People who nominated: Domestic
    Reply With Quote Reply With Quote 1
  3. 11-11-15 09:13 AM #3
    ldh1019
    ldh1019's Avatar Become A Pro!
    Join Date: 08-25-12
    Posts: 16
    Betpoints: 163

    Thanks! Been reading about the two and it seems most folks like Circle more.
    Reply With Quote Reply With Quote
  4. 11-11-15 09:30 AM #4
    Buffalo Nickle
    Buffalo Nickle's Avatar Become A Pro!
    Join Date: 11-12-14
    Posts: 3,228
    Betpoints: 878

    They are pretty much the same. Some people like Coinbase and pay the fee happily instead of dealing with Circle. Obviously, Circle is the way to go unless you have a reason not to.
    Reply With Quote Reply With Quote
  5. 11-11-15 09:33 AM #5
    ldh1019
    ldh1019's Avatar Become A Pro!
    Join Date: 08-25-12
    Posts: 16
    Betpoints: 163

    Wow! Opened Circle acct and moved $ to Heritage in 5 mins! I am shocked how easy that was!
    Reply With Quote Reply With Quote
  6. 11-11-15 12:42 PM #6
    Optional
    Optional's Avatar Moderator
    Join Date: 06-10-10
    Posts: 57,760
    Betpoints: 9137

    Quote Originally Posted by ldh1019 View Post
    Wow! Opened Circle acct and moved $ to Heritage in 5 mins! I am shocked how easy that was!
    I'm shocked we dont see more posts like this

    Now you know how it works... make sure you you also work out how to opt in to higher security. 2 factor authorization, where they send a PIN number to your phone, is a good start to set up.
    Reply With Quote Reply With Quote
  7. 11-11-15 12:48 PM #7
    spro23
    spro23's Avatar Become A Pro!
    Join Date: 07-17-15
    Posts: 1,129
    Betpoints: 8091

    and you'll be shocked at how easily it can drop in value 15% in a few hours
    Reply With Quote Reply With Quote
  8. 11-11-15 02:30 PM #8
    ldh1019
    ldh1019's Avatar Become A Pro!
    Join Date: 08-25-12
    Posts: 16
    Betpoints: 163

    Quote Originally Posted by spro23 View Post
    and you'll be shocked at how easily it can drop in value 15% in a few hours
    ???
    Reply With Quote Reply With Quote
  9. 11-11-15 03:52 PM #9
    spro23
    spro23's Avatar Become A Pro!
    Join Date: 07-17-15
    Posts: 1,129
    Betpoints: 8091

    idh - a couple days ago btc was $500. now it's$300 per 1 btc, the value fluctuates greatly
    Reply With Quote Reply With Quote
  10. 11-11-15 04:00 PM #10
    Buffalo Nickle
    Buffalo Nickle's Avatar Become A Pro!
    Join Date: 11-12-14
    Posts: 3,228
    Betpoints: 878

    Both Circle and Coinbase have basically made bitcoin bitcoin free. You just have to send and receive and convert immediately to cash. You only have to worry about the time the book takes to send and credit you the coins. Big difference from the past.
    Reply With Quote Reply With Quote
  11. 11-11-15 04:20 PM #11
    ldh1019
    ldh1019's Avatar Become A Pro!
    Join Date: 08-25-12
    Posts: 16
    Betpoints: 163

    Yeah thats what I thought
    Reply With Quote Reply With Quote
  12. 11-27-15 08:06 PM #12
    keepitsimple
    keepitsimple's Avatar Become A Pro!
    Join Date: 11-27-15
    Posts: 51
    Betpoints: 0

    Bitcoin has gone from 215$ to 400$ a coin this fall. It's hovering around 350$ now.
    Reply With Quote Reply With Quote
  13. 11-27-15 09:50 PM #13
    Triumph
    Triumph's Avatar SBR PRO
    Join Date: 09-18-12
    Posts: 1,230
    Betpoints: 7708

    Quote Originally Posted by ldh1019 View Post
    Wow! Opened Circle acct and moved $ to Heritage in 5 mins! I am shocked how easy that was!
    I was shocked how easily a Bitcoin thief emptied my DSI account after my account was hacked, there doesn't seem to be any way to track a Bitcoin thief.
    Reply With Quote Reply With Quote
  14. 12-01-15 03:01 PM #14
    Theo_Goodman
    Theo_Goodman's Avatar Become A Pro!
    Join Date: 11-17-15
    Posts: 26
    Betpoints: 77

    I was shocked how easily a Bitcoin thief emptied my DSI account after my account was hacked, there doesn't seem to be any way to track a Bitcoin thief.
    Yea in that sense it is like cash, there is no way to reverse a payment.
    Reply With Quote Reply With Quote
  15. 12-01-15 11:48 PM #15
    jtoler
    jtoler's Avatar Become A Pro!
    Join Date: 12-17-13
    Posts: 30,967
    Betpoints: 6325

    Quote Originally Posted by Triumph View Post
    I was shocked how easily a Bitcoin thief emptied my DSI account after my account was hacked, there doesn't seem to be any way to track a Bitcoin thief.
    How did that happen? I mean wasnt the bitcoin converted to cash at DSI?
    Reply With Quote Reply With Quote
  16. 12-02-15 04:23 AM #16
    evo34
    evo34's Avatar Become A Pro!
    Join Date: 11-09-08
    Posts: 1,032
    Betpoints: 4198

    Quote Originally Posted by Optional View Post
    I'm shocked we dont see more posts like this

    Now you know how it works... make sure you you also work out how to opt in to higher security. 2 factor authorization, where they send a PIN number to your phone, is a good start to set up.
    Do you mean added security at Circle or at a sportsbook?
    Reply With Quote Reply With Quote
  17. 12-02-15 11:08 AM #17
    Theo_Goodman
    Theo_Goodman's Avatar Become A Pro!
    Join Date: 11-17-15
    Posts: 26
    Betpoints: 77

    Do you mean added security at Circle or at a sportsbook?
    I mean at ANY website that you deposit bitcoin on, at a very minimum email 2fa but best would be with authy, google auth, other similar 2fa methods. Nitrogen has 2FA for example as does nearly every bitcoin exchange.
    Reply With Quote Reply With Quote
  18. 12-02-15 12:11 PM #18
    Optional
    Optional's Avatar Moderator
    Join Date: 06-10-10
    Posts: 57,760
    Betpoints: 9137

    Quote Originally Posted by evo34 View Post

    Do you mean added security at Circle or at a sportsbook?
    I meant your bitcoin wallet. It would be a nice upgrade for traditional books to offer 2FA as well.
    Reply With Quote Reply With Quote
Top
« Previous Thread | Sportsbooks & The Industry | Next Thread »