I have been doing a few bitcoin transfers to get the hang of using it to fund and withdraw from books as per the advice and direction of a few respected cappers here at covers.
A few thoughts on depositing and withdrawing funds via bitcoin:
1) Holy crap the process is easy.
2) Holy crap the process is fast.
3) Holy crap the process is cheap.
4) The only thing that is concerning is how fast the BTC market moves in regards the USD. It is important to get the money in and out of these wallets asap.
BTC for use with sportsbooks is a game changer...no doubt. How long before the Feds start busting these processors and turn this thing into another Netteller?
One question...anybody use BTC with their credit card? Curious to see how you are billed, and if the CC treats buying Bitcoins as a cash advance. Any help there is much appreciated.
Never Make A Winner A Loser. Never.
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To remove first post, remove entire topic.
I have been doing a few bitcoin transfers to get the hang of using it to fund and withdraw from books as per the advice and direction of a few respected cappers here at covers.
A few thoughts on depositing and withdrawing funds via bitcoin:
1) Holy crap the process is easy.
2) Holy crap the process is fast.
3) Holy crap the process is cheap.
4) The only thing that is concerning is how fast the BTC market moves in regards the USD. It is important to get the money in and out of these wallets asap.
BTC for use with sportsbooks is a game changer...no doubt. How long before the Feds start busting these processors and turn this thing into another Netteller?
One question...anybody use BTC with their credit card? Curious to see how you are billed, and if the CC treats buying Bitcoins as a cash advance. Any help there is much appreciated.
The Feds can't stop bitcoin even if they tried. Asking the Feds to stop bitcoin is like asking the Feds to stop the internet.
Now, what the Feds can do is stop the online wallet platforms like Coinbase or Circle from processing your bitcoins to US dollars. Even if they did that, many more will prop up or it will all go underground which they don't want either.
Bitcoin is nothing like Neteller. It has no location for the Feds to raid thus it can't be shutdown.
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The Feds can't stop bitcoin even if they tried. Asking the Feds to stop bitcoin is like asking the Feds to stop the internet.
Now, what the Feds can do is stop the online wallet platforms like Coinbase or Circle from processing your bitcoins to US dollars. Even if they did that, many more will prop up or it will all go underground which they don't want either.
Bitcoin is nothing like Neteller. It has no location for the Feds to raid thus it can't be shutdown.
To answer your question about the CC purchase, if you buy it from legit places like Coinbase, it will show up as "Coinbase". They have nothing to hide which is a good thing. If you bought it from shady places like Coin.mx, they will try to mask it as "collectibles goods" which is why coin.mx is shut down right now.
How long will this last for allowing cc purchases? It will depend on your bank. Some banks will allow bitcoin purchases and dont care. Other banks are more stringent and will stop you from purchasing bitcoins until they get a better understanding on what it is.
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To answer your question about the CC purchase, if you buy it from legit places like Coinbase, it will show up as "Coinbase". They have nothing to hide which is a good thing. If you bought it from shady places like Coin.mx, they will try to mask it as "collectibles goods" which is why coin.mx is shut down right now.
How long will this last for allowing cc purchases? It will depend on your bank. Some banks will allow bitcoin purchases and dont care. Other banks are more stringent and will stop you from purchasing bitcoins until they get a better understanding on what it is.
Thanks count...I am a longtime gambler but new at Bitcoin.
One thing that the feds can do is restrict banks from taking deposits from bitcoin dealers; meaning you will be able to send money but not receive it. It seems like when something is working well the Feds ruin it.....it would not take them long to build a case against a big firm like Circle for funding gambling, and put their balls in a vice......and in the process f-up the entire industry.
Admittedly, I am not educated enough to properly discuss what could happen with bitcoin. All I can say is that with bitcoin I can easily fund and take withdrawals of potentially substantial amounts from 5 of the top books in the world without leaving the house; hopefully be able to get back with pinny and matchbook via the use of a broker.....need a refresher on how to do that one.
IF bitcoin becomes the industry standard, then it is a real gamechanger. No more fees, ever. And the speed of the transfers will only get faster. Good stuff.
Never Make A Winner A Loser. Never.
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Thanks count...I am a longtime gambler but new at Bitcoin.
One thing that the feds can do is restrict banks from taking deposits from bitcoin dealers; meaning you will be able to send money but not receive it. It seems like when something is working well the Feds ruin it.....it would not take them long to build a case against a big firm like Circle for funding gambling, and put their balls in a vice......and in the process f-up the entire industry.
Admittedly, I am not educated enough to properly discuss what could happen with bitcoin. All I can say is that with bitcoin I can easily fund and take withdrawals of potentially substantial amounts from 5 of the top books in the world without leaving the house; hopefully be able to get back with pinny and matchbook via the use of a broker.....need a refresher on how to do that one.
IF bitcoin becomes the industry standard, then it is a real gamechanger. No more fees, ever. And the speed of the transfers will only get faster. Good stuff.
Bitcoin is great. I'm a big supporter of the technology even for non gambling purposes. It's a truly remarkable commodity once you fully understand what it is.
People that don't understand it may not call it a commodity but it surely is just like gold or diamonds, except it's a information based commodity. If it wasnt a commodity, there wouldnt be exchanges set up to trade it just like oil and stocks.
All the big name banks like Goldman, UBS, Barclays, etc...are starting to embrace bitcoin now that they fully understand it's potential and getting ready with seed money to fund bitcoin projects. This technology is not going down anytime soon, matter of fact it's just the tip of the iceberg:
Bitcoin is great. I'm a big supporter of the technology even for non gambling purposes. It's a truly remarkable commodity once you fully understand what it is.
People that don't understand it may not call it a commodity but it surely is just like gold or diamonds, except it's a information based commodity. If it wasnt a commodity, there wouldnt be exchanges set up to trade it just like oil and stocks.
All the big name banks like Goldman, UBS, Barclays, etc...are starting to embrace bitcoin now that they fully understand it's potential and getting ready with seed money to fund bitcoin projects. This technology is not going down anytime soon, matter of fact it's just the tip of the iceberg:
Wow....I guess the banks are in the can't beat them join them category.
As for BTC being a commodity, that was my first impression of what I saw out of the volatility and changing account balances. The balances are constantly moving.
I would like to get intraday data on BTC/USD prices and possibly trade BTC's....if such data is being catalogued.
Never Make A Winner A Loser. Never.
0
Wow....I guess the banks are in the can't beat them join them category.
As for BTC being a commodity, that was my first impression of what I saw out of the volatility and changing account balances. The balances are constantly moving.
I would like to get intraday data on BTC/USD prices and possibly trade BTC's....if such data is being catalogued.
It's going to be difficult finding many bitcoin wallet providers that will allow credit card purchases due to the high amounts of fraud/chargebacks.
If you do find one, the limits are very small. It's better this way because the ones that do accept large credit card purchases are exposing themselves to high amount of risk and won't be in business for long. The legit ones do mostly bank wires or ACH for purchases which is how it should be.
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It's going to be difficult finding many bitcoin wallet providers that will allow credit card purchases due to the high amounts of fraud/chargebacks.
If you do find one, the limits are very small. It's better this way because the ones that do accept large credit card purchases are exposing themselves to high amount of risk and won't be in business for long. The legit ones do mostly bank wires or ACH for purchases which is how it should be.
The Feds can't stop bitcoin even if they tried. Asking the Feds to stop bitcoin is like asking the Feds to stop the internet.
Now, what the Feds can do is stop the online wallet platforms like Coinbase or Circle from processing your bitcoins to US dollars. Even if they did that, many more will prop up or it will all go underground which they don't want either.
Bitcoin is nothing like Neteller. It has no location for the Feds to raid thus it can't be shutdown.
100% not true! look at coin.mx
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Quote Originally Posted by CountCrisco:
The Feds can't stop bitcoin even if they tried. Asking the Feds to stop bitcoin is like asking the Feds to stop the internet.
Now, what the Feds can do is stop the online wallet platforms like Coinbase or Circle from processing your bitcoins to US dollars. Even if they did that, many more will prop up or it will all go underground which they don't want either.
Bitcoin is nothing like Neteller. It has no location for the Feds to raid thus it can't be shutdown.
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