Bitcoin as the ONLY payment option, lol what?

[Sherlock]

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 ?

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

No, you can have generally thousands, millions or billion addresses if you want in one wallet. (You will then typically see them all with balances and overall amount somewhere). But you can use just one to receive money,if it is your choice. It is not recommended, because then everybody who knows that is your address, can see your balances over time and where you are sending money. But if someone sends there money by accident again, they are not lost and you can reuse the address.

Bitcoin to Paypal is tricky unless Paypal itself does it: https://en.wikipedia.org/wiki/Man-in-the-middle_attack (yes, that is exactly the most frequent case of so called "bitcoin scams", it has nothing to do with bitcoin itself, but with a situation that someone pretends to be someone else)
Bitcoin to wire is easy. I guess you are US located, so Bitstamp, Coinbase, Bitfinex, Itbit or Kraken will do the job.

[WhatxD]

I know absolutely nothing about bitcoin but I do like Bovada so it's time to start learning.

If someone could break down the procedure of receiving money to a UK bank account it would be much appreciated.

I'm not interested in trading, tax loopholes or any other bullshit.

Seen as how Bovada are going to pay me in bitcoin, I just want to convert it to "real" money and send it to my UK bank straight away with the smallest amount of fuss, and ultimately declare it like anything else.

If someone could break down this process it would be greatly appreciated by me and probably many other affiliates who are in the same boat.

[Sherlock]

I can not advise on UK taxes, but until receiving money to the account.
1. Make an online wallet at blockchain.info (use strong password, not public and open wifis)
- there you wil get your addresses (it is the long random string)
- alternative for blockchain.info is offline wallet, that is a must if you will not exchange your bitcoins immediatelly
2. make account at https://www.coinfloor.co.uk/ and probably verify it
3. Provide Bp address from point 1.
4. After Bp sends the money to your wallet/address, deposit the money to coinfloor (they will provide you an address for deposits).To send the bitcoins you just fill in the form inside your wallet. There is field for amount of bitcoins, the address to which you send the btc and alternative is the processing fee. Usually there is some default fee, so it is ok to leave what there is.
5. After the trasaction to the address at coinfloor is confirmed, you can immediatelly buy GBP there and withdraw them to GB bank account in pounds

Note: no experience with Coinfloor but they seems to be most liquid GBP/XBT exchange.
Bp at least for me in the beginning did a test payment of 10 USD. So after you set up the wallet and address, give them the address for the verifikation payment. I think it is vital for not experienced users. if you **** something up, just the 10 USD is lost. They will then send the rest of money to the same address, so no mistake then happens. You can do the same then while sending btc to coinfloor or other exchange. You can try first to send a small money, trade them to GBP to see how it emerges from bitcoin, then the rest.

I guess then you can declare that the money from coinfloor are directly from bp, providing affiliate stats/invoice. It wil be +- the same amount, the small difference can be declared as currency fluctuation. Coinfloor will certainly look more legit that previous Bp Asian companies that sent the wires until now.

[justbookies]

No experience with Coinfloor but they seems to be most liquid GBP/XBT exchange.

Other respected alternatives for coinfloor could be coinbase or kraken.

Sherlock's advice is good and concise and the way to do it. If you decide to use a wallet that you control rather than blockchain.info then try Electrum as a good, easy option. Do not send funds direct from bp to coinfloor / coinbase / kraken account. You could do so, but it is not advised. As Sherlock (and the bp email) says go via blockchain.info or your local electrum wallet.

[WhatxD]

Thanks.

I'm assuming I and other UK based affiliates aren't actually bound to joining a company that converts bitcoin to GBP; we could just join a company that converts it to USD and withdraw from them anyway and allow the banks to do the currency conversion.

[Sherlock]

Yes, you can certainly convert to any currency. You can split the btc payments to more exchanges and convert part to GBP and part to USD as well. But there is then the additional fee from the bank, which may be the most expensive fee of the chain.

Good page where you can compare all currencies, rates and liquidities is this one: http://bitcoincharts.com/markets/
There you can see that for example almost all the time Coinbase has a bit higher rate and btc-e the lowest for USD/XBT. But this rate is somehow compensated by fees (e.g. btc-e had 1% deposit fee for cash, now 20 USD flat etc., so it is priced in)

[hublot]

you mean we cannot keep balance at Blockchain? We need to transfer any balance out immediately after received ?

You can literally use blockchain as a bank account and then transfer to an exchange at your leisure and when you need FIAT currency. Some people could transfer as they need or transfer when the BTC is higher and hold in your blockchain if the price of BTC goes down....

[Sherlock]

you mean we cannot keep balance at Blockchain? We need to transfer any balance out immediately after received ?

note: this is a bit complicated but only for people who want to store bitcoins; not neeeded for withdrawing btc from bp

No, the opposite. I for example keep 99% of my bitcoins, because I expect another massive price hike of btc. Exactly because of the information we all have here in this thread.

You can of course keep your balance, but if it is a large balance then the really good advice is NOT to keep in in the online wallet like blockchain.info. That wallet is good only for small amounts that you want to have ready to pay or to send btc in and out. This is so called hot wallet.

If you want to keep larger amounts of btc, you should either make a wallet in your computer (one of them is Ethereum that I use) or choose a hardware wallet like https://bitcointrezor.com/. Definitely you should choose from those wallets https://bitcoin.org/en/choose-your-wallet, because they are being tested by large communities. This solution is called cold wallet.

I personally use wallet in computer in more compliacted way, when it is mounted and encrypted on flash disc(s). But cheap solution is simply to format some old computer, put there just the wallet and use the computer only for btc transactions and keep it shut off otherwise. This is quite secure way of cold wallet I think, but ofc choose strong password, do not write it by the computer etc. And make some kind of backup, best is so called seed.

[hublot]

I've been researching options for affiliates in the USA.

A new debit card program was launched during this week’s bitcoin conference: https://bitpay.com/visa/


The card is only available for US residents at this time, and has some pretty decent limits:

• $25,000 balance
• $10,000 daily load
• $10,000 daily spending
  
  • $3,000 daily ATM withdrawal ($750/transaction)
  • $2 fee for ATM withdrawal

[Redbush54]

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.

What percentage of your affiliate earnings did you loose because the value of the bitcoin changed from the time it was sent to you and the time you w/d it to another account?

[Jokerman99]

I don't monitor the rates that closely. But you could ask the same question of the USD vs EUR or USD vs GBP or w/e currency you withdraw your BP funds to. I'm sure I've made both small gains and small losses on conversions. However, the price has been quite stable of late and if accepting BTC means helps BP to maintain their processing and ensure their longevity in the market then it's something I'm happy to accept.

[elgoog]

Compliments @Sherlock
Wishing you all the best in this thread!
Maybe ask bp a commision for explaining all this haha
And maybe put together a list of reference-websites

[Redbush54]

Couldn't resist.....hxxps://laughstvshow.com/2016/05/02/craig-wright-reveals-himself-to-be-bitcoin-creator-satoshi-nakamoto/

Other info on the creator of Bitcoin.....hxxp://www.bbc.com/news/technology-36168863

[Sherlock]

I think the guy is not Satoshi again. I do not think his mental profile and blog do not match the Satoshi.

What percentage of your affiliate earnings did you loose because the value of the bitcoin changed from the time it was sent to you and the time you w/d it to another account?

I have written it b4, but once again and detailed:

If we put aside the commission that is taken away (like 0.2%) and some fee for payout (something like 5-30 USD). And if we assume that from the time bp send you the btc until you transfer the bitcoins to exchange and to bank account it will be no more than one hour.

Then this chart will answer your question:
http://bitcoincharts.com/charts/bits...zm1g10zm2g25zv

Each tiny column is representing min and max price of one hour. You can see that usually the price is fluctuating within 0.5%.Only if you are very unlucky (or lucky), you can gain or lose up to 3% of value. There is roughly 50% chance you will lose it and 50% chance you will gain those 3%. But as you can see there were about only 5 such hours during last month. So the risk is minimal. Bitcoin is more volatile than currencies, e.g. like some commodity, but it is not hour to hour volatility.

My observation, that is maybe just a doubt, is that during weekends the prices have a little bit higher tendency to drop, because banks do not process deposits, therefore there might be a little bit less buyers. But even that is no big deal (esp. because bp do not pay out during weekends as well).

[wonderpunter]

As a non US aff this is great news, I have just increased their positions on my site, when i first started bitcoin i was skeptical now it's my preference.. anyone in the EU should also be using this method, can't say the same for U.S but i pay guys in the states via bitcoin and they have no problem cashing in, they actually prefer it

[universal4]

I can not wait for the situation where the whinging affiliates will hopefully quit.

Now for this I agree.

BUT there is a HUGE difference from affiliates that have an opinion that differs from yours, that does NOT make them whining affiliates, that just makes them someone that has a difference of opinion and one of the concepts the GPWA is built upon, is the concept of providing a place that allows affiliates to discuss their difference of opinion respectfully.

I personally see this as a bad move for some of the books.

Rick
Universal4

[rouletteguru]

I'll just weigh in here and remind people never to keep funds sitting in bitcoin. The market is still very volatile and I lost a lot of money waiting for the value of it kind to go up, when it actually went down by about 20%. So if you accept money as a payment, withdrawal it is soon as possible

[ogpaper]

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.

Your commission must be pretty small - there is no surer way to raise a red flag with your bank than having thousands of dollars deposited to your account every month from some Bitcoin exchange...

And for many of us, it's not about progressive, it's about convenience. We have to go from doing absolutely nothing and receiving our commission every month in our bank account (in real, tangible, useful moneys) to having to deal with all this bullshit just to get to the same (or worse) result. Progressive my ass...

And at this point I'd rather be paid in pork bellies futures than in Bitcoins - much better chance to have some bacon at the end of the day...

I love Betting Partners and have been with them for a long time, but this move is a huge negative in my book. At least bank wires should've remained an option for non-US payees.

[Sherlock]

Your commission must be pretty small - there is no surer way to raise a red flag with your bank than having thousands of dollars deposited to your account every month from some Bitcoin exchange...

And for many of us, it's not about progressive, it's about convenience. We have to go from doing absolutely nothing and receiving our commission every month in our bank account (in real, tangible, useful moneys) to having to deal with all this bullshit just to get to the same (or worse) result. Progressive my ass...

And at this point I'd rather be paid in pork bellies futures than in Bitcoins - much better chance to have some bacon at the end of the day...

I love Betting Partners and have been with them for a long time, but this move is a huge negative in my book. At least bank wires should've remained an option for non-US payees.

This is a valid complaint. That is why I think bitcoin subforum has sense now.

But it is not about amounts, it is really about bank and your relationship with them. Raiffeisenbank closed my account for buying btc in small amounts. Now whole this group is known to be closing accounts. But there are banks that repeatedly took 6 figures that I sent to buy btc. I do not have a proof, but I think UK+US banks will have less problems with btc payments than Eurozone banks. But even there the inflection point of their fear was hopefully reached. I have contacted one small bank of mine that wants to know what is going on that I will make a training to them. Curious how it will go.

I think most people do not realize the overall picture of banking. It is not just some bitcoin. Bitcoin is just a cherry on the top. Whole banking and money movements are changing and not in the easier way. That is why bitcoin has value and that is why its value will raise.

Back to

We have to go from doing absolutely nothing

. No, bitcoin transactions are, as I wrote numerous times, traceable much better than cash transactions. This is the part what people have to realize and people in the banks have to realize. There is really no reason why the party that pays you should not write on the invoice their wallet, you can write yours. Then the exchange should give you statement that your address sent btc to them, then there should be a statement of bitcoin exchange of btc -> USD/EUR/GBP (at least Kraken does this very nicely). Then everything is transparent and anybody can see it in public blockchain. I have talked about it with Aurelien Menant short time ago (he is owner of small exchange, but he is a former banker, who can clearly see through this).

I'll just weigh in here and remind people never to keep funds sitting in bitcoin. The market is still very volatile and I lost a lot of money waiting for the value of it kind to go up, when it actually went down by about 20%. So if you accept money as a payment, withdrawal it is soon as possible

That is nonsense. Every market is volatile. Oil dropped 60%+ in one year and that does not mean that nobody has to hold it. If one wants to be a bitcoin investor then he should invest knowing that the drop can happen. I invested quite a lot into btc, almost 10% of my assets. Now, even when I made some decent money, bitcoins are over 15% of my assets, because most of them I bought at 200-250 USD range. The only reason why I am not 100x richer now is that when btc was good for nothing was my father dying painfully during a long period and I had problems only to run my business.

[Sherlock]

I forgot to add that there are 2 new btc exchanges with Euro licences.
Circle should have UK licence.
Bitstamp should have EU licence (from Luxemburg I think).
Maybe it has some additional reason to use those. My experience is only with Bitstamp, I just asked their CS about few things included the banking, and compared to Kraken they were much less responsive.