Bitcoin as the ONLY payment option, lol what?

[xecutable]

Dear "your name"

We wanted to inform you in advance that, effective June 1, 2016, we will be moving all Betting Partners affiliate payments over to Bitcoin. Bitcoin will be the only payment method available moving forward, no other payment methods will be supported as of June 1st 2016 - Including Player Account Transfer.

Anyone else found this hilarious? It's not like I promote them, but am curious how's this seen to those that do get paid there..

[allfreechips]

yeah i was a bit suprised, I only have a small amount from them but gee thanks..

[MMM]

Very annoying. I never used bitcoin to get my earnings and had no intention, but now seems there is no choice.

Also read that they request you to change the bitcoin account each time.

[wonderpunter]

Very annoying. I never used bitcoin to get my earnings and had no intention, but now seems there is no choice.

Also read that they request you to change the bitcoin account each time.

I was the same way, now it's my number one choice for certain programs, and it's pretty simple and my debit card has some fairly high limits

[Scampi]

Bitcoin scares me because they are a constant target of hackers, fluctuating values and zero insurance should anything happen...But I'll give it a go.

[Sherlock]

Now what? It is simple:
- one can either stop promoting the best US brand
- or he can become a bitcoiner

It is simply inevitable development of the (gambling) world. There is no other option with all the tightening bank regulations. I have wrote it here in advance. I have written this to Bettingpartners one year ago, that they should finally switch. I am as much sure they did not like it as you do not like it. But I am sure they are starting to like it now.

So it is easy: one can eaither evolve with evolution or leave the space for the others. US online gambling must go to Bitcoin/crypto/nonbanking solutions completely.

Also read that they request you to change the bitcoin account each time.

There is nothing like a "bitcoin account". There are bitcoin wallets and bitcoin addresses. One bitcoin wallet can contain unlimited amounts of bitcoin addresses. The wallet itself generates the addresses. So it is very easy to generate 12 addresses for one year or 120 addresses for 10 years and send it to them in bulk. I did that.

[Sherlock]

Bitcoin scares me because they are a constant target of hackers, fluctuating values and zero insurance should anything happen...But I'll give it a go.

Bitcoin is not a target of hackers. It is stupid users with unsecured wallets who are being targetted. Just study the system of hot and cold wallets if you intend to hold bitcoins and not to exchange them immediatelly to cash and you will be fine.

The value of Bitcoin is not that much fluctuating. If you do not intend to hold the bitcoins, which I guess most people will not, then bitcoin is very stable. To obtain the bitcoins from Bettingpartners (=to get few so called confirmations) takes few minutes, max half an hour. Then immediatelly you can transfer the Bitcoins to exchange like Kraken, Circle, Bitfinex, Bitstamp etc. and exchange them to USD/EUR/GBP. It will not take more than hour and in 99%+ of cases the price will not move more than 2% (randomly up or down).

[casinoranking]

Completely unacceptable.

[casinobonusguy]

I understand some people may have limited options to get paid but for those living in countries and having legit business why should we have to use bitcoin.Cheques and wires should always be an option ,they have to pay bills just like the rest of us and i doubt the electric and phones can get paid via bitcoin.Negative carry over plus bitcoin = no deal for me .

[Aeternus]

Understandable for US facing brands I guess, but I really hope this don't become the standard for the rest of us. Seems like a pain in the ass to be paid in bitcoin to be honest.

[Sherlock]

Why you should use Bitcoin? It is easy. Because of USA. Because of Fatca. Because of UIEGA. Panama leaks. Because every other governemnt including yours shitted into pants and the world finance system is in **** now and will go even deeper.

Have you tried to move 6 or 7 fig sums recently? It is total pain in the ass. Bookies move higher sums. It is a big gamble for them as well, but they have also the option: either to close the shop or to continue somehow.

This has nothing to do with your country and your legit biz. Your country was weak and played by the rules of other country. And that other country does not wish their citizens to gamble and that country has the influsence. Exactly this is the only reason why I believe in Bitcoin, because there is no other alternative currency system, but there are a lot of businesses that need the alternative currency system.

Just deal with that or let it be. If you need to blame someone, blame USA. It was obvious long time ago that US b2b gambling realtionships head to Bitcoin, I wrote it here numerous times. Now it is obvious that even b2c gambling in midterm will switch to bitcoin.

[Sherlock]

Understandable for US facing brands I guess, but I really hope this don't become the standard for the rest of us. Seems like a pain in the ass to be paid in bitcoin to be honest.

In short term I guess other restricted markets like Turkey head the same way.

In long term it depend only on two factors:
- how strong regulation and taxation will be in the countries
- how much established are the old brands

Whole Europe now is crazy about regulation, taxation and other unbelieveable demands. If this continues, if recent oligopoly brands will seize the market (and if they continue stealing from affiliates more and more), it is possible that Bitcoin will be used even elsewhere.

And I can imagine that even affiliates might start to demand that option, because more and more affiliates can not pay to ewallets like Skrill, while those ewallets are becoming more and more greedy. Bitcoin in fact can be used as the old ewallets, but has much more options.

[wonderpunter]

I understand some people may have limited options to get paid but for those living in countries and having legit business why should we have to use bitcoin.Cheques and wires should always be an option ,they have to pay bills just like the rest of us and i doubt the electric and phones can get paid via bitcoin.Negative carry over plus bitcoin = no deal for me .

Bitcoin is no different to Ewallet, Cash or any other instrument for a legit business, if you declare what was received in local currency it's fine.. or at least it is where i live. I can turn bitcoin into cash quicker than you can waiting on the wire to hit .. it is an extra step but once you start it's a breeze

[GambleThenWin]

I understand if there is a Bitcoin option, but to be the only option? I've done all kinds of articles about Bitcoin as a content writer for other sites, but have never used it myself. If I have to I guess I will try bitcoin...

[MMM]

Thanks Sherlock for all the inputs and yes, you wrote about it in the past.

Will have to understand how it works. Question, you wrote not to transfer it fast to normal currency. Why?

I wonder what it actually means in terms of BettingPartners. Obviously, smaller companies are bellow the radar, but BP are not new to their position on the US market, so are things getting tighter? Obviously, the question is how tighter. They will definitely loose affiliates due to this change. And not a % that can be ignored.

[Former Member 10]

I have been using Bitcoin to get paid by various programs for the past year. I have found that I get paid quicker then getting a wire or check. I don't personally hold BTC but cashout via exchange when I get paid. I had concerns when first starting to use BTC but now that is my preferred payment choice for affiliate payments.

Sent from my SM-G920T using Tapatalk

[Sherlock]

I understand if there is a Bitcoin option, but to be the only option? I've done all kinds of articles about Bitcoin as a content writer for other sites, but have never used it myself. If I have to I guess I will try bitcoin...

I guess you will write much better articles after that

[Sherlock]

Thanks Sherlock for all the inputs and yes, you wrote about it in the past.

Will have to understand how it works. Question, you wrote not to transfer it fast to normal currency. Why?

I wonder what it actually means in terms of BettingPartners. Obviously, smaller companies are bellow the radar, but BP are not new to their position on the US market, so are things getting tighter? Obviously, the question is how tighter. They will definitely loose affiliates due to this change. And not a % that can be ignored.

I am not sure where I mentioned not to transfer it fast to another currency.

The most important thing here is to understand how the blockchain works (You can imagine blockchain I hope as a very large file that anyone can see [even without having "bitcoins"] and that file holds information about all the bitcoins - the so called bitcoin owner is then someone who has a private key = password to the part of the large file and he is able to transfer the access to that part to someone else, who then has a new password {I am sure this is very lame explanation but it works for me.})

Why is important how the blockchain works? Because it is completely public information where you can see for example at https://blockchain.info all transactions between wallets. For example here https://blockchain.info/address/1MBu...FvzXTbdAHKVvqb you can see which adress(es) sent bitcoins to wallet 1MBuGdH3wW83Sa5d8VS3FvzXTbdAHKVvqb and to where were bitcoins sent from that address.

So, it is not that much about speed, but about understanding the blockchain and the public nature of it and then the right decision what to do. E.g. it is obvious that US will hate this and US will hate even offshore gambling affiliates. Therefore for US based affiliate I would not recommend immediate payout, in a way that the affiliate should not just take bettingpartners bitcoins and send them to US bitcoin exchange and then cash it out. There are mixing/tumbling techniques that should at least a bit cover the trace (or there are bitcoin mixers that do this for small fee). There will be for sure not a problem for a long time for US affiliates to send money directly to exchanges and cashing out, especially now, when Bettingpartners itself probably bought the bitcoins at some exchange. But as time will go, this can tighten up. No need to risk. But it will take a while.

For EU based affiliates, for which it is a legal business and nobody is pissed off too much, the concern is to persuade the bank where the money will be cashed out, that this is a legitimate income. Therefore exactly the opposite = not tumbling is an option, because then one can prove that the bitcoins were used just to trasfer the money.

This is of course only if you need to handle bigger amounts of money, more that you spend with cc or bitcoins directly.

If you are an US affiliate I would recommend at least:
1. Using your own wallet installed in your computer like Electrum
2. At least to divide the commission received from bp into more addresses with smaller balances and then fill the exchange from those addresses (the source of money can be easily spotted, but you have at least one virtual entity between you and bp and nobody knows who is that entity; so you are at least a bit protected against UIGEA); I think what bp should do soon, if they do not do that already, is tumbling the bitcoins before sending to affiliates
3. Never use the same wallet twice (applies to everyone)

The bitcoin using is not tricky in a way that it is difficult. It really just sounds like that, we are all conservatives etc. But as Wonderpunter said, once you are inside, it is easy. The tricky thing here is that affiliates/bookies put a part of the responsibility to affiliates. Gambling money is a dirty money more or less everywhere. Until now affiliates were just some guys doing marketing and they were usually paid by different kind of money (or well washed) than the ones from gambling. This makes from affiliates more gambling agents again IMO.

[Sherlock]

I wonder what it actually means in terms of BettingPartners. Obviously, smaller companies are bellow the radar, but BP are not new to their position on the US market, so are things getting tighter?

I guess I can not mention everything I know, but yes, it is now much tougher. Again: one year ago, bettingpartners hated bitcoin more than universal4 and they were obviously thinking I am a lunatic, when I asked about btc. It is hard to change direction for a person, much harder for a big company. So deriving only from that it must be tough now.

As I said: move something like 6 or 7 figs and banks are scared. No bank wants to open bank account to a big affiliate, many banks actually close accounts. Now imagine you need a bank account for higher amounts, you are not an affiliate but a bookie and you are based god knows where and your customers are US persons. I guess it is impossible. That is why the geek toy called Bitcoin has valuation of 7 billions today and why I guess it will be much more.

[sweetbet]

I've never used Bitcoin before, but will give it a go.