Deposit via Bitcoin.....Pro's and con's????

[Leatherballs]

Loooking to deposit to my Betonline account and seems they are pushing bitcoin pretty heavy. Is this the best route these days? Any pros or cons to bitcoin? Seems to me you are really gambling when depositing via this method.

What happens if if I cash out for 3 bitcoins for a value of $12k and do not cash them in and the value of a bitcoin drops to $2k per bitcoin and I want my money? Seems very volatile and sorta like you are double gambling with your money.

I am new to Bitcoin so please bare with me.

 

[Shua12]

You have to ensure you move your money from book to bitcoin wallet to bank immediately. OR...you are subjected to bitcoin value changes, good or bad

once your book cashes you out, he is no longer responsible for the value of your bitcoins.

 

[Shua12]

There is no negatives with BITCOIN.

Fast. Anonymous. Nearly untraceable

just monitor the values, or use BC wallet as an intermediary.

 

[thebiggbird]

when i deposited bitcoin with betonline they wouldn't give me the bonus, dont really know why, they didnt say it had to be a new account

 

[Shua12]

when i deposited bitcoin with betonline they wouldn't give me the bonus, dont really know why, they didnt say it had to be a new account

Not sure, but honestly I would avoid the bonus and they were 35 times roll over anyway. Virtually worthless

 

[Leatherballs]

when i deposited bitcoin with betonline they wouldn't give me the bonus, dont really know why, they didnt say it had to be a new account

I never take the bonuses because I want to be able to cash out and do whatever with my money without some ridiculous rollover or fine print that I did not read. Seems these bonuses are never in your favor.

Thanks for everyone's feedback. I will try the bitcoin thing and see how it goes.

One questions, the wallet essentially converts your bitcoins to money? You are not subject to the ebs and flows of the Bitcoin market? Just trying to make sure I understand.

 

[Willye]

Need to switch it over to a wallet fast thats what i do

i have coinbase once it hits i transfer it to usd wallet

 

[rolltide]

I never take the bonuses because I want to be able to cash out and do whatever with my money without some ridiculous rollover or fine print that I did not read. Seems these bonuses are never in your favor.

Thanks for everyone's feedback. I will try the bitcoin thing and see how it goes.

One questions, the wallet essentially converts your bitcoins to money? You are not subject to the ebs and flows of the Bitcoin market? Just trying to make sure I understand.

true, once you convert to USD that is your money but that might not be a good thing. if you convert 1 BTC (at 2500) to USD ($2500) and then BTC jumps to 4000 then you just cost yourself $1500 ... but yes you can flip BTC to USD pretty much instantly

 

[Huskers4ever]

if you deposit via bitcoin do you have to withdraw via bitcoin? If so, then aren't you at the mercy of the bitcoin valuation still?

 

[JayGross314]

if you deposit via bitcoin do you have to withdraw via bitcoin? If so, then aren't you at the mercy of the bitcoin valuation still?

That is how i understand it and is the exact reason i am uncomfortable about using bitcoin.

 

[NoCoke]

That is how i understand it and is the exact reason i am uncomfortable about using bitcoin.

No. You give the book bitcoin. They convert it to USD and then credit your account in USD. There’s no market risk because you have USD in your account, not bitcoins. When you withdraw, they give you bitcoin. You immediately convert it to cash on the exchange so you aren’t at risk to price changes.

To answer your other question, bitcoin is converted on an exchange, not a wallet. The purpose of the wallet is to act as a buffer between the exchange the the book. Exchanges (allegedly) frown upon sending and receiving directly from books, so sending it to a wallet first helps mask the transaction.

It should look like this:

Bank account USD —> exchange (Gemini, coinbase, etc) where USD is converted to bitcoin —> wallet (Blockchain, etc) —> sports book.

On the withdrawal side:

Sports book —> wallet —> exchange where bitcoin is converted to USD —> bank account

 

[Huskers4ever]

No. You give the book bitcoin. They convert it to USD and then credit your account in USD. There’s no market risk because you have USD in your account, not bitcoins. When you withdraw, they give you bitcoin. You immediately convert it to cash on the exchange so you aren’t at risk to price changes.

To answer your other question, bitcoin is converted on an exchange, not a wallet. The purpose of the wallet is to act as a buffer between the exchange the the book. Exchanges (allegedly) frown upon sending and receiving directly from books, so sending it to a wallet first helps mask the transaction.

It should look like this:

Bank account USD —> exchange (Gemini, coinbase, etc) where USD is converted to bitcoin —> wallet (Blockchain, etc) —> sports book.

On the withdrawal side:

Sports book —> wallet —> exchange where bitcoin is converted to USD —> bank account

So Bitcoin in and Bitcoin out. It's converted for wagering purposes only. For example, I deposit one Bitcoin that is worth $5000 at the time of the deposit. I wager that $5000 on the Vikings season over. Let's say it pays 2/1. January rolls around and I win my wager. I now have $10,000. I withdraw the money immediately but lo and behold, one Bitcoin is now only worth $2500. The book pays me four BTC, correct?

Also, when I want to turn my Bitcoin back to cash, do I have to sell it on the exchange?

 

[NoCoke]

So Bitcoin in and Bitcoin out. It's converted for wagering purposes only. For example, I deposit one Bitcoin that is worth $5000 at the time of the deposit. I wager that $5000 on the Vikings season over. Let's say it pays 2/1. January rolls around and I win my wager. I now have $10,000. I withdraw the money immediately but lo and behold, one Bitcoin is now only worth $2500. The book pays me four BTC, correct?

Also, when I want to turn my Bitcoin back to cash, do I have to sell it on the exchange?

You got it. The only risk is the few minutes from when you buy it on the exchange to when you send it to the book. Vice versa for a withdrawal.

Yes, you sell it on the exchange to convert back to cash.

 

[thebiggbird]

I do the bitcoin deposit method, but there is a lag between when you purchase and actually receive the bitcoin. If anyone knows a faster process please let me know. I get the price at purchase but 1 time it went down.

 

[he_dblhockeystx]

just try not to tie it up with futures.. it could go either way for you, good or bad..
i placed a bet on the superbowl the night the eagles won the nfc championship game..
in that 2 week time frame bitcoin went from like 12,000 to 6,500/7,000 and there was nothing i could do about it.. it fucked me pretty bad, but i was using a bitcoin only book

 

[Huskers4ever]

just try not to tie it up with futures.. it could go either way for you, good or bad..
i placed a bet on the superbowl the night the eagles won the nfc championship game..
in that 2 week time frame bitcoin went from like 12,000 to 6,500/7,000 and there was nothing i could do about it.. it fucked me pretty bad, but i was using a bitcoin only book

So in this case you were actually wagering with Bitcoin rather than USD? I've heard of a couple books like this, I want to say Nitro or Nitrogen was one of em

 

[NoCoke]

So in this case you were actually wagering with Bitcoin rather than USD? I've heard of a couple books like this, I want to say Nitro or Nitrogen was one of em

Nitrogen is one of them. The well known books wager with cash.

 

[sdf]

Nitrogen is one of them. The well known books wager with cash.

massive pain in the ass with nitrogen to bet in BTC. so easy to miss a decimal point if you're betting 0.3 instead of 0.03...etc

also if BTC drops, the value of your acct drops.

 

[theDonger]

There is no negatives with BITCOIN.

Fast. Anonymous. Nearly untraceable

just monitor the values, or use BC wallet as an intermediary.

There is nothing anonymous or untraceable about Bitcoin. Unless you are buying it cash from someone locally and generating a paper wallet outside of an exchange.

 

[FaygoMI]

There is nothing anonymous or untraceable about Bitcoin. Unless you are buying it cash from someone locally and generating a paper wallet outside of an exchange.

Exactly not anymore. All those bit coin exchanges have gone legit and give tax info to the government.