Bitcoin as the ONLY payment option, lol what?

[Sherlock]

Maybe a bitcoin subforum might make sense. I will try to do my best to help (although I am not a bitcoin expert). There are many btc exchanges, many other monetary instruments; it means a lot of info to be shared. Bitcoin forums are not much help tbh, because the people there are either maniacs of ideology, who are broke, or some weird IT experts. The only important information: how to get money in and our for real business is hard to find there.

I heard for example from one 5dimes bettor that coinbase wallet more or less bans bitcoin transactions.

[Casinorep]

Bye bye betting partners for me. Time to find their replacement.

[TheGooner]

It will not take more than hour and in 99%+ of cases the price will not move more than 2% (randomly up or down).

An hour of my time and 2% ?
Tell me how that's better than traditional payment methods?

[Sherlock]

It is not an hour of the time and the 2% is average fluctuation, so it can be either up or down (if bitcoin keeps rising there is higher probability you will earn than lose). The commission at exchanges is usually like 0.2%. One hour is duration of the transaction. You can do something else in between. And yes, if you pay few tens of cents more to process the transaction, it will be almost instant. There is a possibility to set up the fee for the transaction and only slight increase causes the transaction to go through much faster. Btw. for now affiliates and bookies for sure pay much more than 2% (which are not the price of the transaction) for processing payouts. Those will be money saved and hopefully commissions will be raised, because with bitcoins the transaction fees go way down.

It is much better than traditional methods for the only reason: it is the only method that is able to push money into and out of unwanted areas like US gambling. It was said 100x by me here. There is no other reason. Bitcoin is good and has a value because it has the ability to circumvent governement action. Nothing more and nothing less. The "weird features" of bitcoin exist exactly for the reason: bitcoin can avoid regulation because of them.

[universal4]

For those in the US, do not forget that you will need to also keep track of all capital gains if any.

Rick
Universal4

[Sherlock]

Or you can look for some anonymous bitcoin debit/virtual card and forget about taxes and all that bullshit. It is even easier than transferring to exchange. But it is a bit more costly solution. Good for those who can spend all their affiliate income. You just need to send the bitcoins to the wallet associated with the card.

[TheGooner]

I've checked the bitcoin markets and transfers into my local currency NZD were just 400 BTC or thereabouts per month.
Despite the hype - it's not really something that's hit here locally.

My commissions from BP would be a significant portion of this current market - I'm not comfortable with that.

[Sherlock]

Just transfer it at liquid markets and forex it. Until now you were not paid in NZD by bp as well.

[hublot]

I've checked the bitcoin markets and transfers into my local currency NZD were just 400 BTC or thereabouts per month.
Despite the hype - it's not really something that's hit here locally.

My commissions from BP would be a significant portion of this current market - I'm not comfortable with that.

You would use an exchange to convert your BTC into USD/GBP/EURO etc and then wire to your bank in NZD. Just because you are in NZD doesn't mean the exchange needs to be done locally, you can do it all online.

[TheGooner]

So bitcoin doesn't do away with Forex commission outside major currencies then ?
Epic fail.

[agsgroup]

I've only started with these and after sending CC details.. I was surprised to hear Bitcoin was the only way to pay going forward...I've never used it so it's all a bit new to me, but like sweetbet said, have to give it a go...

[TheGooner]

If they'd said that they were only going to pay out in GOLD BULLION then they would have got a better reaction from me.
At least I gold have sat round acting like a dwarf / dragon / or Scrooge McDuck playing with my gold pieces ...


If some affiliates prefer bitcoin - and/or want to dodge the taxes for small amounts - that's up to them.

But when it comes to sizable amounts that are corporate earnings, well I don't want to get paid via bitcoin yet.
The scope for me committing a costly error is too high while learning the ropes.


If payments by bitcoin were optional then I might trial it with a small amount - a coin or two.

[Jokerman99]

We're receiving big payments and I've no issue with it. Have been getting the same from 5dimes and Bookmaker for several months now and it's hassle free and cheaper than receiving a wire. My last wire from Bookmaker cost 1k to process, so BTC is actually cheaper.

[justbookies]

I have been very much onside with bitcoin, but it is a shame it is the only option from bp. I need to get the bp funds into a GBP company bank account. On the plus side it will end up a cheaper transaction because at moment they pay in USD and then wire in EUR to my GBP account - that's a lot of currency conversions.

Also as a bitcoin 'investor' I like the way the wind is blowing (expansion of usage) and understand the need for bp to do this. We would probably all make the same decision in their shoes.

Sherlock - is kraken one of the best options for the exchange and onward withdrawal to a Uk bank account? I have a coinbase acct but have read they can ask questions about transactions and, while I have nothing to hide, I can do without that hassle.

[hublot]

While this move is an inconvenience for sure, I doubt it was done to annoy affiliates but rather a symptom of operating in the markets that they do.

Reading some feedback on here and AGD it seems as though affiliates would be happier had the program closed than the fact that they switched to Bitcoin?

I mean working in a market like the US you have to expect that changes like this could happen at anytime? I would much rather have to get paid in Bitcoin than not get paid at all. They have always been a decent program for me and the fact that they have paid and been good partners, I'm more inclined to give them the benefit of the doubt in this situation.

[hublot]

If they'd said that they were only going to pay out in GOLD BULLION then they would have got a better reaction from me.
At least I gold have sat round acting like a dwarf / dragon / or Scrooge McDuck playing with my gold pieces ...


If some affiliates prefer bitcoin - and/or want to dodge the taxes for small amounts - that's up to them.

But when it comes to sizable amounts that are corporate earnings, well I don't want to get paid via bitcoin yet.
The scope for me committing a costly error is too high while learning the ropes.


If payments by bitcoin were optional then I might trial it with a small amount - a coin or two.

You can actually convert your BTC into actual Gold.....

https://www.bitgold.com/

[TheGooner]

You can actually convert your BTC into actual Gold.....

No more virtual pretend wealth ... I can't clunk virtual coins together.


(But thanks for the link - interesting stuff - perhaps I'll send it to BettingPartners to suggest they pay in gold).

[Sherlock]

So bitcoin doesn't do away with Forex commission outside major currencies then ?
Epic fail.

This question does not make sense (if it is a question).
FYI I am transferring btc into one small currency via one tiny exchange, so I am a major liqudity provider, and there is no problem with that.

[Vrindavan]

>> 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.

Confusing part, i don't know i can have many Bitcoin wallet addresses to give out to others who is going to send me Bitcoins.
Not just one Bitcoin address ? Every Bitcoin address has an expiry date ?

I need Bitcoin exchanges for Bitcoin to Paypal , or Bitcoin to my bank account, or Bitcoin to USD cheque.

[Sherlock]

While this move is an inconvenience for sure, I doubt it was done to annoy affiliates but rather a symptom of operating in the markets that they do.

Reading some feedback on here and AGD it seems as though affiliates would be happier had the program closed than the fact that they switched to Bitcoin?

I mean working in a market like the US you have to expect that changes like this could happen at anytime? I would much rather have to get paid in Bitcoin than not get paid at all. They have always been a decent program for me and the fact that they have paid and been good partners, I'm more inclined to give them the benefit of the doubt in this situation.

I can not wait for the situation where the whinging affiliates will hopefully quit. I see nothing just my grandma, when I bought her a new mobile phone and she was scared to use it. Nowhere is better seen who is progressive or not. Well the old people always withdraw from life and the new come. It is the same for bookies for the US and for the affiliates as well. Some people and companies will accomodate, some will fade away.

The transition to Bitcoin in gambling in restricted areas was obvious years ago. Anybody could adjust. Not with skills, because using bitcoin is not a rocket science. But with their head. After losing ewallets for Americans 10 years ago. After losing USD wires. After losing ewallets for non-US people 3 years ago. It was obvious that times are tougher and tougher. Everywhere, not just by bp. When my cats complain about bad weather and blame me, it is cute. When people feel the same unjustice as my cats and blame their partners, it is ridiculous.

One thing is positive here: I think it is obvious that sooner than later whole gambling in the US will be bitcoinized. We are here like Guinea pigs forced to use bitcoin. The players will be a next wave. The line between people who are willing to use btc and between living fossils at this thread is drawn by age, not by experience or skills. Therefore there is a possibility that cryptocurrencies will be used for regular bettors too, because we need more the young than the old.

Second positive thing is that I hope Bovada or some bp spin-off will be hopefully soon accepting Bitcoin players from the 5 restricted US states.