Bitcoin made simple

[MadJack]

Bitcoin Made Simple - This is all you need to know for now.


The best thing to come along since Neteller.


Like me, you will kick yourself in the ass for not getting this setup 2 years ago.


Just start here before you do anything else.


Open an account at circle.com. Link your account with your bank and debit card and/or credit card. Follow their online instructions to secure your account and make all verifications (verify email, bank account, etc). You account will be open and ready to use anywhere from immediately to one week. It took me about a week for some reason.


Next, open an account at blockchain.info. Follow their online instructions to secure your account.


As soon as those 2 accounts are open, you are all set and ready to go. You'll be able to make a deposit or withdrawal with most sportsbooks and it will be fast, easy, secure, and anonymous. You will feel like you're back in the Neteller days.


Any questions, post them below.


Tips:


- forget the word bitcoin. You are not buying coins. You're transferring USD and using Bitcoin as the vehicle. You own bitcoin for a matter of minutes. You can buy $5 worth or $30K worth. You're not buying coins.


- don't worry about linking your bank account. These companies are legit and insured. If it still concerns you, open a separate account to use for this only. I'm not the least bit concerned.

 

[saint]

I've started the process. I opened an account with Circle. I use a checking account for sports wagering and that alone, so I am comfortable linking it. I used the BofA sign in at the circle site and the bank account was verified on the spot.

I requested the max amount of $300 to be transferred into Circle. That was Tuesday morning. The transfer is still pending, which is slightly annoying but it's only been 48 hours. An ACH transfer should not take more than 3-4 days tops, so I'm hoping it's in by Friday. Perhaps using a debit card on the same account would have been faster? Either way, you will need some advance time to wait on the funds coming through.

Opening accounts at both circle and blockchain were pretty easy. Jack is right about the security protocol at blockchain, it's multi-layered to say the least.

I will update as the process is completed.

 

[MadJack]

I've started the process. I opened an account with Circle. I use a checking account for sports wagering and that alone, so I am comfortable linking it. I used the BofA sign in at the circle site and the bank account was verified on the spot.

I requested the max amount of $300 to be transferred into Circle. That was Tuesday morning. The transfer is still pending, which is slightly annoying but it's only been 48 hours. An ACH transfer should not take more than 3-4 days tops, so I'm hoping it's in by Friday. Perhaps using a debit card on the same account would have been faster? Either way, you will need some advance time to wait on the funds coming through.

Opening accounts at both circle and blockchain were pretty easy. Jack is right about the security protocol at blockchain, it's multi-layered to say the least.

I will update as the process is completed.

It tells you bank transfers take 3-4 days and debit is instant. I opened coinbase today and hooked up to my bank account and debit card. I went to coinbase because the limits start at $10K daily or some shit.

After you make a couple transactions through circle, just request a higher limit and you should get it. They gave me a $3000 weekly limit.

I had to send a copy of both sides of my drivers license and a selfie, so did Elmer Fudd. Maybe because our banks weren't listed under their standard banks. It took me about a week to get all setup.

Once you're all past the setup process everything should be smooth sailing.

 

[saint]

It tells you bank transfers take 3-4 days and debit is instant. I opened coinbase today and hooked up to my bank account and debit card. I went to coinbase because the limits start at $10K daily or some shit.

After you make a couple transactions through circle, just request a higher limit and you should get it. They gave me a $3000 weekly limit.

I had to send a copy of both sides of my drivers license and a selfie, so did Elmer Fudd. Maybe because our banks weren't listed under their standard banks. It took me about a week to get all setup.

Once you're all past the setup process everything should be smooth sailing.

I assume the process is the same to transfer from coinbase to blockchain and then on to the books?

 

[MadJack]

I assume the process is the same to transfer from coinbase to blockchain and then on to the books?

Yep.

 

[saint]

Yep.

This really is a game changer. It took 3 days for the transfer from my bank account to get into circle. Once there, it took literally 1 minute to transfer from circle, to blockchain, to 5 dimes.

5D told me it will wake 40m-2h to hit my account. One question I have- what if the price of bitcoin goes down in that window? Do I take the hit or will 5D?

Fees: Deposited max $300 to Circle. Sending the $300 from circle resulted in 296.26 in my blockchain account. To send from blockchain to 5D cost 0.07. So- if I end up with 296 in my 5D account, 1.3% transaction costs. Pretty damn cheap for convenience and relatively anonymity.

Jack, how are the fees over at coinbase? Pretty similar?

 

[saint]

Just hit my 5D account. less than 5 minutes. fucking awesome

 

[MadJack]

This really is a game changer. It took 3 days for the transfer from my bank account to get into circle. Once there, it took literally 1 minute to transfer from circle, to blockchain, to 5 dimes.

5D told me it will wake 40m-2h to hit my account. One question I have- what if the price of bitcoin goes down in that window? Do I take the hit or will 5D?

Fees: Deposited max $300 to Circle. Sending the $300 from circle resulted in 296.26 in my blockchain account. To send from blockchain to 5D cost 0.07. So- if I end up with 296 in my 5D account, 1.3% transaction costs. Pretty damn cheap for convenience and relatively anonymity.

Jack, how are the fees over at coinbase? Pretty similar?

I don't know the fees over at coinbase yet, no transactions.

If bitcoin takes a hit I don't know what happens. I'll take a guess that you get credited what it was when you sent it from blockchain. Let us know.

 

[MadJack]

Just hit my 5D account. less than 5 minutes. fucking awesome

Cool. They probably give themselves a 2 hours window in case things are busy. I would try to avoid making transfers during busy times like 12:50 on a Sunday, 11:50 on a Saturday, etc.

 

[MadJack]

It might not hurt to request a higher limit on Monday if you're still on the $300 a week. I don't think Saturday or Sunday is a good time at all, but I don't know for sure.

 

[saint]

It might not hurt to request a higher limit on Monday if you're still on the $300 a week. I don't think Saturday or Sunday is a good time at all, but I don't know for sure.

Did you request the increase after your initial 300$? Was going to do one or two more before requesting but maybe I should just ask. Not in a rush it's for football season. Thanks so much for bringing this to light. Can't see this method getting shut down anytime soon.

 

[MadJack]

Did you request the increase after your initial 300$? Was going to do one or two more before requesting but maybe I should just ask. Not in a rush it's for football season. Thanks so much for bringing this to light. Can't see this method getting shut down anytime soon.

I had 2 deposits and one withdrawal before I requested the limit increase.

The only way it gets shut off is if they find out you use it for sports books, that's the reason for blockchain in between. They will ask you why you use Bitcoin, I just told them I'm learning and exploring because it's new to me.


Sent from my iPhone using Tapatalk

 

[northern ice]

I have a question. It looks simple and effective to use for deposits and withdrawals to sportsbooks, but can it be used for anything else. For instance person to person transfers?

 

[MadJack]

I have a question. It looks simple and effective to use for deposits and withdrawals to sportsbooks, but can it be used for anything else. For instance person to person transfers?

Yes it can very easily. Through circle to a circle member with just an email address to each other. But anywhere really. Stores take it, Starbucks for example gives a 20% discount I believe.

 

[northern ice]

OK I will open one immediately. Thanks for taking the time to share.

 

[redsfann]

It tells you bank transfers take 3-4 days and debit is instant. I opened coinbase today and hooked up to my bank account and debit card. I went to coinbase because the limits start at $10K daily or some shit.

After you make a couple transactions through circle, just request a higher limit and you should get it. They gave me a $3000 weekly limit.

I had to send a copy of both sides of my drivers license and a selfie, so did Elmer Fudd. Maybe because our banks weren't listed under their standard banks. It took me about a week to get all setup.

Once you're all past the setup process everything should be smooth sailing.

Coinbase for me too, boss, for exactly the reasons you mention here. :toast:

 

[redsfann]

This really is a game changer. It took 3 days for the transfer from my bank account to get into circle. Once there, it took literally 1 minute to transfer from circle, to blockchain, to 5 dimes.

5D told me it will wake 40m-2h to hit my account. One question I have- what if the price of bitcoin goes down in that window? Do I take the hit or will 5D?

Fees: Deposited max $300 to Circle. Sending the $300 from circle resulted in 296.26 in my blockchain account. To send from blockchain to 5D cost 0.07. So- if I end up with 296 in my 5D account, 1.3% transaction costs. Pretty damn cheap for convenience and relatively anonymity.

Jack, how are the fees over at coinbase? Pretty similar?

Coinbase fees a slightly higher, but not a deal breaker for me when you can move a fair amount of coin between accounts and sportsbook virtually instantly....:SIB

 

[MadJack]

Coinbase fees a slightly higher, but not a deal breaker for me when you can move a fair amount of coin between accounts and sportsbook virtually instantly....:SIB

Coinbase has that USD vault where you can store your cash instead of always sending back to your bank. Like, you might want to park it there for a weekend, or a week, or whatever. You will have it instantly to use when you want.

 

[redsfann]

Coinbase has that USD vault where you can store your cash instead of always sending back to your bank. Like, you might want to park it there for a weekend, or a week, or whatever. You will have it instantly to use when you want.

:SIB


Will you be posting a list of your sponsors that accept bitcoin deposits and what level of bonus a player can look for at that book?
Thanks! :toast:

 

[IE]

:SIB


Will you be posting a list of your sponsors that accept bitcoin deposits and what level of bonus a player can look for at that book?
Thanks! :toast:

i think the better way to put it is what sponsor does not take bitcoin.

betagame gives a 50% bonus

but the kicker is all the contests to enter here at madjacksports.