I saw betonline and few other books are now offering bitcoin as a method of deposit and withdrawals.
Curious if anyone out there has given this a go...any problems with the exchange rates? Was it as fast as advertised?
Any anecdotes are welcomed......just curious if this is going to be the new standard in monetary exchange w/offshore books.
I talked to two guys out here just a few months ago about Bitcoin, and they both gave similar responses. One laughed, and said anyone in the U.S. that wants to use bitcoin is just begging to get audited by the IRS. The other flat out stated that it is now a dead currency in the U.S. and nobody will ever use it seriously. I found these responses curious, but their reasoning was based on last year's IRS ruling that Bitcoin is NOT a currency, but instead a property. So if you buy bitcoin to use for funding anything, or buying anything, then you have to meticulously track the value of it at the time of purchase, and then the price of it (on the market) when you spend it. Any gain in value, and you must claim that on your taxes at year's end.
I didn't really do any research after that, only because their answers, coupled with the wildly fluctuating (and at the time, dropping) value of Bitcoin made me shy away from even thinking about it.
Having said that, there is a well respected Covers member who gave some insights in the value of Bitcoin, and its ability to fund sportsbooks quickly and easily. His name is vanzack. But from everything I've read, the advantages only apply if you live outside of the U.S.
He might be able to shed some light on this better than I have. Or even correct me on the issues at hand. I'm just giving the info I've come across. Good luck in finding out more info and depositing with Bitcoin. Hopefully you'll get some info and use it wisely. Good luck.
I talked to two guys out here just a few months ago about Bitcoin, and they both gave similar responses. One laughed, and said anyone in the U.S. that wants to use bitcoin is just begging to get audited by the IRS. The other flat out stated that it is now a dead currency in the U.S. and nobody will ever use it seriously. I found these responses curious, but their reasoning was based on last year's IRS ruling that Bitcoin is NOT a currency, but instead a property. So if you buy bitcoin to use for funding anything, or buying anything, then you have to meticulously track the value of it at the time of purchase, and then the price of it (on the market) when you spend it. Any gain in value, and you must claim that on your taxes at year's end.
I didn't really do any research after that, only because their answers, coupled with the wildly fluctuating (and at the time, dropping) value of Bitcoin made me shy away from even thinking about it.
Having said that, there is a well respected Covers member who gave some insights in the value of Bitcoin, and its ability to fund sportsbooks quickly and easily. His name is vanzack. But from everything I've read, the advantages only apply if you live outside of the U.S.
He might be able to shed some light on this better than I have. Or even correct me on the issues at hand. I'm just giving the info I've come across. Good luck in finding out more info and depositing with Bitcoin. Hopefully you'll get some info and use it wisely. Good luck.
Thanks for the info. I have talked with Vanzack about the use of bitcoin as well. I may give it a shot this summer with some small amounts, and see how it goes.
I am a bit old fashioned when it comes to money exchange, but the instant availability of funds, as well as no fees makes bitcoin worth looking into further.
I am sort of in agreement about the larger amounts though...could wind up being a cluster when it comes to cashing in and cashing out values.
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