I use coinbase with no middleman, and have for about 2 years.
I love it, no complaints, very simple layout.
Step 1: Open an account at coinbase.com
Step 2: Link it to your checking account
Step 3: Fund your coinbase USD account from your linked checking account. This will take a few days to process. But once your USD account is funded, your bitcoin buys will be instant. Your other options are buying btc straight from your linked checking account (takes up to 5 days to process), or set up instant buy with a CC backup method (but there is a fee). I prefer my method.
Stop, take a deep breath, admire all you have done. No rush to move on to step 4, your money is totally safe, not fluctuating value, and can be transferred back to your checking account in 2 days max if you want.
Step 4: When you are ready to deposit, initiate a bitcoin buy from your USD wallet balance. Yes you can buy fractional bitcoins. The site does the conversion for you. Just specify the USD amount you want to buy and it will convert for you. Very simple. The buy should be instant.
Step 5: At the book, initiate the deposit. You will tell them how much you want to deposit (USD), and they will give you their bitcoin wallet address and the exact amount of bitcoin to send. It is only good for like 30 minutes due to fluctuation and changing wallet addresses, etc.
Step 6: Go back to coinbase, click Send, it will ask how many bitcoin and for a wallet address. Put those 2 things in from what the book told you.
The USD balance will be in your book in 15 minutes tops.
Some people may add a middleman wallet like blockchain in between steps 5 and 6, but I'm too lazy. I figure if I get booted I'll just go to circle and then be more careful. I haven't had any troubles yet.
Note that you can flip flop steps 4 and 5. You could initiate at the book first, and find out the exact amount they want you send. Then go to coinbase and buy exactly that amount (by specifying how many btc to buy instead of how many USD you want to spend). It will prevent you from having odd cents in your account after the deposit. The reason I do it as outlined above is when I initiate at the book, I like to already have the btc in my coinbase btc wallet, so I can immediately send it over before it expires. I'm sure there's enough time to squeeze a buy in there though.
We'll talk withdrawals later. Baby steps.
Ideally you would keep your USD funded with some balance, so you can make instant deposits. When you w/d you can immediately sell it and put the proceeds back into your USD wallet instantly, avoiding fluctuation. You can always w/d from your coinbase USD wallet back to your checking, it takes mine 2 biz days to process.
I love it, no complaints, very simple layout.
Step 1: Open an account at coinbase.com
Step 2: Link it to your checking account
Step 3: Fund your coinbase USD account from your linked checking account. This will take a few days to process. But once your USD account is funded, your bitcoin buys will be instant. Your other options are buying btc straight from your linked checking account (takes up to 5 days to process), or set up instant buy with a CC backup method (but there is a fee). I prefer my method.
Stop, take a deep breath, admire all you have done. No rush to move on to step 4, your money is totally safe, not fluctuating value, and can be transferred back to your checking account in 2 days max if you want.
Step 4: When you are ready to deposit, initiate a bitcoin buy from your USD wallet balance. Yes you can buy fractional bitcoins. The site does the conversion for you. Just specify the USD amount you want to buy and it will convert for you. Very simple. The buy should be instant.
Step 5: At the book, initiate the deposit. You will tell them how much you want to deposit (USD), and they will give you their bitcoin wallet address and the exact amount of bitcoin to send. It is only good for like 30 minutes due to fluctuation and changing wallet addresses, etc.
Step 6: Go back to coinbase, click Send, it will ask how many bitcoin and for a wallet address. Put those 2 things in from what the book told you.
The USD balance will be in your book in 15 minutes tops.
Some people may add a middleman wallet like blockchain in between steps 5 and 6, but I'm too lazy. I figure if I get booted I'll just go to circle and then be more careful. I haven't had any troubles yet.
Note that you can flip flop steps 4 and 5. You could initiate at the book first, and find out the exact amount they want you send. Then go to coinbase and buy exactly that amount (by specifying how many btc to buy instead of how many USD you want to spend). It will prevent you from having odd cents in your account after the deposit. The reason I do it as outlined above is when I initiate at the book, I like to already have the btc in my coinbase btc wallet, so I can immediately send it over before it expires. I'm sure there's enough time to squeeze a buy in there though.
We'll talk withdrawals later. Baby steps.
Ideally you would keep your USD funded with some balance, so you can make instant deposits. When you w/d you can immediately sell it and put the proceeds back into your USD wallet instantly, avoiding fluctuation. You can always w/d from your coinbase USD wallet back to your checking, it takes mine 2 biz days to process.
Willie,
Trust me when I say USE A MIDDLE BUFFER. Block chain is best. Some may be lucky enough to use coinbase directly for years and years without being caught. Some may be caught the first time. But keep in mind it only takes one time to be blacklisted for life.
And using block chain as a middle takes about 6p seconds longer than going direct.
I have done hours upon hours of research on this and I use block chain as a middle every time I withdrawal or deposit with no issues ever.
Trust me when I say USE A MIDDLE BUFFER. Block chain is best. Some may be lucky enough to use coinbase directly for years and years without being caught. Some may be caught the first time. But keep in mind it only takes one time to be blacklisted for life.
And using block chain as a middle takes about 6p seconds longer than going direct.
I have done hours upon hours of research on this and I use block chain as a middle every time I withdrawal or deposit with no issues ever.
no need to use it to bet this weekend, just setting it up for other and future transactions
if the last few weeks are any indication you should buy into the weekend as it has been rallying more then (but you can always move to the vault to insultate from movement)
in general price has been going up (some speculate people trying to get capital out of china around govt restrictions), could also be weekend debauchary demand
think whether to use middle/blockchain depends on where/who you will be sending to
takes a while for coinbase to clear with bank acct (but you lock in value/conversion when you buy) and it took a few dime deposits before they increase limit beyond
in any case it has been on a run....would never put serious money into it, but kind of fun to check the movement as that market is open 24/7
good luck!
in general price has been going up (some speculate people trying to get capital out of china around govt restrictions), could also be weekend debauchary demand
think whether to use middle/blockchain depends on where/who you will be sending to
takes a while for coinbase to clear with bank acct (but you lock in value/conversion when you buy) and it took a few dime deposits before they increase limit beyond
in any case it has been on a run....would never put serious money into it, but kind of fun to check the movement as that market is open 24/7
good luck!
I was one who also was intimidated by bitcoin and the whole process. I am a big time believer now. This Thursday I withdrew 9k. The withdrawal took a little longer because of the amount as they needed me to call them and verify some info. But it was approved Thursday at 5pm. I then moved it from blockchain to circle. Took minutes to do. I did this from my seat at Game 1 of the finals. Then requested s cash out at circle to two debit cards. Just verified my checking accts and money is there. Last Thursday I withdrew 4K and received money Tuesday due to the 3 day weekend. No kings a skeptic of Bitcoin. It works
Coinbase and the like adhere to a ban of online gambling. By using your funds there to gamble online you are breaking your user agreement. If they find out that money coming in or out is from a sportsbook they will shut you down.
Since you are using Blockchain as a buffer they will never know where it originated
No they are not at all the same. Blockchain.info is a fantastic site that shows every transaction on the blockchain ledger. It also offers a free bitcoin wallet service.
I wrote on article about gambling with bitcoin:
http://bitcoinhustle.com
