Bitcoin Q & A thread

MadJack

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Help me out, guys. Post every single question you have about Bitcoin and I'll get you the answer this week coming. Even stupid questions are good. We're all gonna be experts in a week or two.

I plan on making a video on every single step you have to take, from opening an account to making successful transfers.

Dead Money, please post your concerns about the price movement of Bitcoin. PF you have great questions too, try to get those questions moved over here to make it easier for me getting you the answers.

The more questions, the better. I will have answers.

Bitcoin is definitely the future for sports betting offshore and I am way behind getting you guys the necessary information. I'll have it next week.
 

Penguinfan

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From start to finish, how much will I pay in fees to use this?

SEEMS to me that if a (1) Bitcoin is worth $600 you have to pay a little more than that to buy one. I can't find anywhere it's as simple as paying $500 USD for $500 worth of Bitcoin, there is always some juice involved.

I understand that once I have $500 in Bitcoin in my "wallet" that I can send that $500 to a book and have a balance of $500, but it looks like it cost me more than $500 to get it.

Once I withdraw from book to wallet what are the fees to get it to my bank and is there an "exchange" rate for selling the Bitcoin money?

Fees, that's what I want to know about.
 

MadJack

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From start to finish, how much will I pay in fees to use this?

SEEMS to me that if a (1) Bitcoin is worth $600 you have to pay a little more than that to buy one. I can't find anywhere it's as simple as paying $500 USD for $500 worth of Bitcoin, there is always some juice involved.

I understand that once I have $500 in Bitcoin in my "wallet" that I can send that $500 to a book and have a balance of $500, but it looks like it cost me more than $500 to get it.

Once I withdraw from book to wallet what are the fees to get it to my bank and is there an "exchange" rate for selling the Bitcoin money?

Fees, that's what I want to know about.

Great start. Just what I'm looking for. Any single question or concern.

Thank you.
 

Sportsaholic

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I buy a (1) bitcoin value that day is $600, deposit it into Sports Book X......I receive $600 to play from book......Over the next 3 months of betting I decide to cash out, my balance is still say $600 but the bitcoin value that day is $300-----I assume I receive (2) bitcoins and can then cash out for $600.......:shrug:
 

MadJack

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I buy a (1) bitcoin value that day is $600, deposit it into Sports Book X......I receive $600 to play from book......Over the next 3 months of betting I decide to cash out, my balance is still say $600 but the bitcoin value that day is $300-----I assume I receive (2) bitcoins and can then cash out for $600.......:shrug:

Not how this works and I will have the best explanation this coming week. You can buy $20 worth, $50 worth, $10,000 worth. You can buy through your bank transfer or CC. You will send to book within seconds, they will convert to USD immediately and put in your account. You whole Bitcoin investment is over with in a matter of minutes. You bought and sold very quickly. You only used Bitcoin as a transfer vehicle. It doesn't matter what the value is next week or next month, you are out of your Bitcoin investment within minutes. So is the sportsbook. To make a withdrawal, reverse the process. You will only own the Bitcoins for a short time.
 

Sportsaholic

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Not how this works and I will have the best explanation this coming week. You can buy $20 worth, $50 worth, $10,000 worth. You can buy through your bank transfer or CC. You will send to book within seconds, they will convert to USD immediately and put in your account. You whole Bitcoin investment is over with in a matter of minutes. You bought and sold very quickly. You only used Bitcoin as a transfer vehicle. It doesn't matter what the value is next week or next month, you are out of your Bitcoin investment within minutes. So is the sportsbook. To make a withdrawal, reverse the process. You will only own the Bitcoins for a short time.


End result do I still have $600..........:shrug:
 

MadJack

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What is the fee to buy $500 worth of bitcoin?

Good question, keep them coming. I'm pretty sure it's the cheapest way to move money and the books will eat the fees. Depending on the book, that is.

Thanks :0008
 

BobbyBlueChip

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Not how this works and I will have the best explanation this coming week. You can buy $20 worth, $50 worth, $10,000 worth. You can buy through your bank transfer or CC. You will send to book within seconds, they will convert to USD immediately and put in your account. You whole Bitcoin investment is over with in a matter of minutes. You bought and sold very quickly. You only used Bitcoin as a transfer vehicle. It doesn't matter what the value is next week or next month, you are out of your Bitcoin investment within minutes. So is the sportsbook. To make a withdrawal, reverse the process. You will only own the Bitcoins for a short time.

That's always been my concern. The fluctuation in the value of the currency. If I only own it for a short time and it makes transfers easier, I'd use it.
 

Penguinfan

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That's always been my concern. The fluctuation in the value of the currency. If I only own it for a short time and it makes transfers easier, I'd use it.


You will literally own it for seconds (or as long as you want). Think of it as a Visa type gift card. You buy the gift card with cash, send the amount on the gift card to the book and it's now cash in your account.

When you withdraw it's in whatever form you want, check, WU, MG, whatever, which you turn to cash. Bitcoin will be the same.
 

MadJack

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You will literally own it for seconds (or as long as you want). Think of it as a Visa type gift card. You buy the gift card with cash, send the amount on the gift card to the book and it's now cash in your account.

When you withdraw it's in whatever form you want, check, WU, MG, whatever, which you turn to cash. Bitcoin will be the same.

:toast:
 

MadJack

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This is for www.circle.com

Payment Methods Accepted


Payment MethodFunds AvailableCurrencyFees
Credit CardinstantUSD3%
Debit CardinstantUSDfree
Bank Transfer3-5 daysUSDfree

<tbody>
</tbody>

Limits & Liquidity

Users are initially given a limit of $300 of combined buying/selling/sending per week. After some time, you may be able to have this limit increased to $3,000.
For example, if you buy $50 worth of bitcoin and then send $25 worth of bitcoin to a friend, you will have used $75 out of the $300 limit.
Speed

To have your bitcoin available instantly you must buy with a debit card. Buys made with credit card or bank account take 3-5 days for the bitcoin to become available.
Reputation

Circle is a VC backed company and fully regulated. It carries the proper licenses in all of the districts in which it operates.
Fees

Circle doesn?t charge a fee, but generally has a sell price around 0.5% more than global exchanges like Bitstamp. Among Bitcoin brokers, Circle often has the best rate.
PROS
Instant delivery of bitcoin purchased with debit card
Best rate among Bitcoin brokers
Easy way for new users to buy bitcoin
CONS
Limited to $300 worth of purchases per week
Some customers may be able to raise limit to $3,000 per week
Sends count towards buying limit

 

MadJack

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This is pretty simple stuff.

I went to www.circle.com and opened a Bitcoin Exchange account. All you do for starters is enter your email and create a password. They send a confirmation email to the email you used to open the account. Get the email, click the link to verify and you have a Bitcoin exchange account.

Then you sign in and I added my cell phone for security and they texted me a code to punch in to verify my phone. Done deal.

Then you go to settings and hook your account to your bank and/or your debit card. Here's where I ran into a little problem. I have never used my debit card and it was rejected. When I called my bank to find out the problem, they told me if it hasn't been used in over a year, or ever used, they cancel it. Now I have to wait 5-7 days to get a new one. Otherwise I was ready to instantly buy bitcoin.

I added my bank account info and they will make 2 small deposits into that account in the next 2 days so when I have those figures I can sign into my account to verify the deposits and then my bank account will be linked.

I'm going to use the debit card because you get your bitcoins instantly without waiting 3-4 days. You can use a credit card too but have to wait 3-4 days with that option as well.

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The next thing I did was go to www.blockchain.info to open a wallet. Go there, click on 'wallet' then create a blockchain wallet. You'll also get en email from them so that you can verify your account. After your account is created go to the security center and they lead you through that process to make sure your account it secured. I guarantee that you will feel like that is the most secure account you have ever opened. No way will somebody be able to hack your account. No fucking way.


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I'll be back after I get my new debit card and make a video of me buying bitcoins, transferring them to my wallet, then sending to a sportsbook for a deposit. Buying, transferring to wallet, and then transferring to the sportsbook will take a minute or two, tops. This is a very simple process once you are setup and it only took me maybe 20 minutes to set both accounts up.


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Some of you will feel comfortable doing it now without any more instructions but if you want to see how the whole process works first, wait for my video. In the meantime it won't hurt opening your Circle and Blockchain accounts. It's free and secure and you'll start getting a feel for it. I wish I had looked into this 2 years ago. This is just as good as Neteller and the way of the future when dealing with sportsbooks.

I'm pumped!

If you give it a try, use GT Bets in the right column. Once you have an account there, go to deposit options or the cashier to get the address to send the bitcoin deposit. You can do everything right online in a matter of minutes.
 

northern ice

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Jack is GT bets the only one of your books that accepts bitcoin? Wasn't woodson really big on bitcoin a year ago or so. Not sure if he wanted bitcoin for sportsbook use or as an investment though. This looks very simple to operate. Look forward to the video, but don't think it's necessary.
 

MadJack

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Jack is GT bets the only one of your books that accepts bitcoin? Wasn't woodson really big on bitcoin a year ago or so. Not sure if he wanted bitcoin for sportsbook use or as an investment though. This looks very simple to operate. Look forward to the video, but don't think it's necessary.

GT Bets looks like they are setup better than most for being able to make the transfers right from your PC or phone. Bookmaker is setup well for Bitcoin as well.

Woodson was investing in Bitcoin and had other ideas for using that I never received from him.
 

BobbyBlueChip

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You will literally own it for seconds (or as long as you want). Think of it as a Visa type gift card. You buy the gift card with cash, send the amount on the gift card to the book and it's now cash in your account.

When you withdraw it's in whatever form you want, check, WU, MG, whatever, which you turn to cash. Bitcoin will be the same.

Thanks
 

DZ

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Strictly from an investment standpoint and not having anything to do with buying bitcoin for sportsbook use, what is the simplest and safest way to invest in bitcoin? Is it traded like a currency?
 
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