Bitcoin as the ONLY payment option, lol what?

[Sherlock]

Well Bitcoin just raised like 7% in few hours, so it was not the best call (btc bottomed almost 1.5 yrs ago). I do not get your logic: bitcoin can go up and it is bad for btc, because it will be extremely valuable or it will go down and it is bad as well. In fact there is nothing wrong with valuable bitcoin, it can be divided into tiny fractions. Bitcoin is just a unit. The basic unit can be milibitcoin or microbitcoin or nanobitcoin.

No country is happy with bitcoin. Bitcoin was not developed by any country, it was not supported by any country. It is a serious threat for economicaland any other policy of any state. Yet it exists in spite of the hate or raised eyebrows. because it is needed. There are numerous examples in history, how some currency (cigarettes in prisons/concentration camps; USD in Cuba until 2012, Gold in the USA) was quite unwanted by those by power, but it did not mean an end of that currency even if it is unlawful to hold it. Furthermore it is impossible to determine or even prove who holds a bitcoin. There is only one way how to really make Bitcoin unlawful: to ban barter trades (because bitcoin is something like a voucher for barter) and allow only trades with allowed currencies.

Btw. for Russian operations is best btc-e.

[yeahfree]

Russian, exactly. Nonetheless, Russia's the 5th country in the world ranking by amount of cryptocurrency operations. Although some other countries, obviously less developed than US and EU, aren't happy with bitcoin either.
But my doubts about its longevity are linked to the fact, that despite bitcoin's ever-growing popularity, its final amount is limited, thus it will either go away, or become something extremely valuable, more like a collectible. As far as I know (please correct me if i'm wrong as I'm anything but a bitcoin connoisseur) bitcoin's value keeps lowering, which is a sign of the first situation that I described.

value is not necessarily relevant. i am getting paid in usd, and i convert it to eur. the moment i get paid in btc it will be an equivalent of the usd amount, no matter if $1000 is going to be 2 BTC or 0.002 BTC or 2,000 BTC. as long as you exchange the bitcoins for USD or EUR the moment you receive them you will still end up with the same amount as you would have when you would have received that amount in USD. if you don't trust where bitcoin might be heading, use bitcoin like this.

out of an investment point of view , when you keep your btc in your wallet, you hope for them to go up of course. there will be a maximum amount of bitcoins (max 21 million). also bitcoins will get lost. this might make them only more scarce. having a maximum amount of bitcoin won't be an issue, since a bitcoin can always be divided in smaller parts.
in the end it all comes down to the supply and demand. it can go down for 100%, or it can go up for 100% (or less, or more).

[Sherlock]

There is one more reason - except the bitcoin lost - for scarcity of btc. It is an uneven distribution. It is known that Satoshi Nakamoto has 1m+ btc. Then there is almost another 1M btc stolen from MtGox (=one owner or few owners who on the top can not manipulate with them). Then there are some early adopters with at least high 5 figures. There are many low5 or 4 figures investors. All those people have extremely high marginal propensity to save. That means just a small fraction of their bitcoins (which can be maybe over half of all bitcoins) will ever make it into circulation. And even the small investors are often fundamentalists, so called HODLers, most of their bitcoins will never make it to the market. Also people who now invest into bitcoin or who use btcoin (e.g. gambling affiliates) are generally rich. Those people also have high marginal propensity to save and maybe they will decide part of their savings in bitcoins.

So will be alway much less bitcoins in circulation, because some holders can not use the bitcoins and some are always expecting much much higher price. The result should be upwards trend. Next month bp is starting to buy big to pay us off, right before halving. I have huge expectations.

[Sherlock]

Russian, exactly. Nonetheless, Russia's the 5th country in the world ranking by amount of cryptocurrency operations.

I found the chart with the more important distribution.

If China is 1st with 95% of btc volume, USD is second with 3.5% and Euro is 3rd with 1%... does it really matter the 5th place? NZD will be maybe in top 10...

Btw. I called it. There was the huge hike in btc price during the last 24 hours. Now it seems it is the bigest % gain from the incredible run 3.5 years ago, that is not a correction of downtrend (=the hike started from stable, slightly uptrending level). In China where the price now is much higher than elsewhere the price hike is over 15% in 24 hours. So beware all affiliates paid by btc, I think we are going to the more volatile period of btc now than during last 2 years.

[zuutroy]

Would anyone be interested in taking my Bitcoin for Skrill each month with a slight commission in your direction? Typically low-mid 4 figs.

[Sherlock]

https://coinsbank.com/cards-details

i see coinsbank is promoted a lot everywhere, they use GI processor, the named card is not bad, I saw better, but is fine IMO
it is a wallet, exchange and card in one
since it is GI based http://www.wavecrest.gi/clients/ , there should not be problem with gambling I guess

[pokertramp]

I am one of the affiliates making $ w/ Betting Partners so now of course having to use Bitcoin I have read threads (there are way too many to read them all!!) I have watched dozens of youtube videos, googled the hell out of bitcoin, bitcoin wallets, cashing out to my bank in US$ etc etc. I am LOST I have gotten as far as transferring from Blockchain to Breadwallet, and am stuck on what to do now, how the heck do I get money to my bank? Did I even need to transfer to Bread? I'm seriously lost

[UncleSam]

Got the first payment from BP in BTC - followed the instructions as they provided and hit a roadblock with Kraken - Kraken does not allow the withdrawal of US dollars.

Any ideas on how to get the funds withdrawn?

[Sherlock]

1. They offer USD SynapsePay wires in certain states.

2. It is possible to withdraw EUR from Kraken, isn't it? If you have already converted the bitcoins, try to make an EUR wire to your account. The bank will charge you a conversion fee, but that is it.

3. Choose another exchange. Your first interest should be that you look for banking that matches with your country and state.

PS. Ask customer support about obvious things rather than boards.

[Sherlock]

Did I even need to transfer to Bread?

Yes, always rather transfer money to some wallet. I have explained it here maybe 5x. You do not get it, fine. Just do it. I will not repeat myself. Just blindly follow someone's instructions and pray to be lucky or do your homework.

am stuck on what to do now

Now you just have two options (assuming that you want the bitcoins being converted into USD asap):
1. You have either choose a bitcoin debit card (but there will be a delay)
2. You have to choose a bitcoin exchange, send the btc there, convert into normal money and cash it out from the bitcoin exchanage to your bank account

[zuutroy]

Bleagh. Tried to send my payment to localbitcoin to convert...ended up putting a tiny fee on the transaction and it's still sitting unconfirmed 24 hours later

[Sherlock]

how tiny?

[pokertramp]

Yes, always rather transfer money to some wallet. I have explained it here maybe 5x. You do not get it, fine. Just do it. I will not repeat myself. Just blindly follow someone's instructions and pray to be lucky or do your homework.

I have read so many threads here regarding Bitcoin, some are 5+ pages,I have tried to do my homework I've watched youtube videos for hours and still not "getting it" I'm dense in some areas! But I appreciate the info, you have no idea!

Ask customer support about obvious things rather than boards.

I have, some of these wallets don't have good customer service, I have tried over and over, I've been emailing Natasha from Betting Partners and she has been very little help. They force you to use this payment method then leave you in the dark.

Now you just have two options (assuming that you want the bitcoins being converted into USD asap):
1. You have either choose a bitcoin debit card (but there will be a delay)
2. You have to choose a bitcoin exchange, send the btc there, convert into normal money and cash it out from the bitcoin exchanage to your bank account

Yes, I wanted to get the money converted to USD and to me as soon as possible. In your experience, is it much more costly (on $300USD) to do the exchange versus doing a debit card and which bitcoin debit card site would you recommend?
Also, there is a bitcoin ATM an hour away from me...has anyone experienced using this and if so, which wallet can you use them with and do you get actual USD from this machine?

[hublot]

I have read so many threads here regarding Bitcoin, some are 5+ pages,I have tried to do my homework I've watched youtube videos for hours and still not "getting it" I'm dense in some areas! But I appreciate the info, you have no idea!

Ask customer support about obvious things rather than boards.

I have, some of these wallets don't have good customer service, I have tried over and over, I've been emailing Natasha from Betting Partners and she has been very little help. They force you to use this payment method then leave you in the dark.

Yes, I wanted to get the money converted to USD and to me as soon as possible. In your experience, is it much more costly (on $300USD) to do the exchange versus doing a debit card and which bitcoin debit card site would you recommend?
Also, there is a bitcoin ATM an hour away from me...has anyone experienced using this and if so, which wallet can you use them with and do you get actual USD from this machine?

For an amount of $300, use a service like:

https://bitpay.com/visa/
www.xapo.com

[Sherlock]

I have, some of these wallets don't have good customer service, I have tried over and over, I've been emailing Natasha from Betting Partners and she has been very little help. They force you to use this payment method then leave you in the dark.

Wallets will not have good customer services, because they are often made by bunch of geeks. Exchanges should have a good customer service, but they often fail too. I did tests just with CS, because the CS is the most important part by exchanges
Really terrible CS:
okcoin
huobi
so-so:
bitfinex, bitstamp, itbit
very good only
kraken
gatecoin (be careful, were hacked)

I agree with Hublot, for small amounts go with debit card and forget about exchanges. BTC ATM is probably possibility as well. You do not need any wallet, you just need your address I guess to be able to convert the btc. The fees will be higher than debit card.

[hublot]

Also some good info on reddit for people new to BTC....

https://www.reddit.com/r/Bitcoin/com...s_please_read/

[zuutroy]

how tiny?

Transaction fee: -0.03213 mBTC
Net amount: -2557.03213 mBTC

The client set that fee automatically. Not sure why. I didn't spot it until after I sent.

[Sherlock]

I think it is at the lowest possible border, but should be ok. My fees usually are 0.05 or 0.1. I have never had transaction done in more than 90 mins, but usually lower than 10.

Was it already processed?

Was it really unconfirmed or just the localbitcoins said it is unconfirmed? Sorry if I am saying something obvious but I mean you can check the transaction at blockchain.info and the number of confirmations too. Localbitcoins might have some restrictions if it is the first deposit or something like that.

[zuutroy]

Yea still no confirmations on the network. Sitting there 30 hours now!

https://blockchain.info/tx/010f27bbb...cd4a152db7737c

[Sherlock]

Yes that is weird. Like really. Try next time doubling or trippling the fee.