need some BTC help, no idea what I'm doing

[chaumi]

Sorry I am a total BTC idiot (and I mean total) and have no clue what I'm doing ....although I think there was a very old post that probably covers this...but maybe valuable to have up to date info....

So I have CAD in a betting account. Not affiliate, an actual user betting account.
For various reasons there is no way to get it other than via BTC
The sportsbook does seem to have a BTC withdrawal method


I'm pretty sure I have to create a wallet.

I have a current Bitpanda account, I thought I could just go there and create a wallet...but there doesn't seem to be an option (or I'm missing it, but guess this isn't the way it works and I create a wallet somewhere else that somehow then ties in with my Bitpanda account???)

Can anyone help and explain in simple terms what I have to do?

[Sherlock]

Do not send money directly from betting sites to exchanges. I am not sure how are Bitpanda terms, but 99.99% they will be against gambling. That does not mean you can not exchange coins there, but you do not have to send money there directly.

I'm pretty sure I have to create a wallet.

Sending money to Bitpanda also is not creating a wallet.

The wallet is either a piece of HW worth of 50 USD or a software. There are always pros and cons whether to buy the HW wallet or to download the SW wallet.

I would say for experienced user is bettter a SW wallet for big amounts (he can secure the wallet) and HW wallet for small amounts (HW wallet is easier to be used).
For inexperienced user it is exactly the opposite: HW wallet is good for larger amounts, bc it gives to people like you much more security; SW wallet is good just for smaller money, because it is very likely the inexperienced user will f**k it up.

So in your case it is up to you, what you want to do with the money and how long you want to hold them. Because you want to sell the coins at Bitpanda and money is very likely not huge, something like wallet downloaded from electrum.org might be sufficient. Just be sure that you write down on piece of paper the random words called seed that appear while you set up the wallet. That is the backup and just from those words you can always generate the same wallet.

But do not take me literally. The decision what to do is based on the amount of value that the bitcoin will carry. Also generally it is not possible to do things this way, it is like driving without a licence. No one will avoid cryptos, so everyone now should dedicate at least few tens of hours spread over few weeks to studying how those things work. And then - as last step - should be using the cryptos. This is not email, or even making a website; trial and error is a perfect way how to lose all coins with one click or even without it.

[PROFRBcom]

This is the newbie guide we provide to our customers. It seems to work well. I don't mind posting it because organically, at least one other GPWA affiliate has linked our guide on their website for their customers to use.

https://professionalrakeback.com/how...nline-gambling

Long story short, you need an exchange account (Coinbase in this example which should work for you in CA) and an intermediary wallet (Blockchain com in this example because it allows you to control your own keys) in order to obfuscate the transaction being from a gambling entity (gambling is against TOS for almost all exchanges).

There are of course even better ways to do this, but they are more complicated, require a hardware purchase, etc.

[chaumi]

Thank you both, that's clear

[tufty]

Get your head around electrum, download at electrum.org (make sure you are on the right site).
It is easy to use, but there is a learning curve. It is well worth learning. Never lose the seed (12 words or so).
You will then be in control of your bitcoin, not an exchange.
Never send from sportsbook to an exchange. Go via your own electrum wallet. You don't want a wallet where someone else has the control.
You can even delete the electrum wallet off your PC if you are keeping the bitcoin longer term and reinstate it whenever or where ever you want via seed. Once you get the hang of it, it is very simple and, did I mention, you are in control of your funds (not some other fecker).

[mediapartner]

Most simple way would be to open an account at blockchain.com or coinbase. the just use services like btc-direct.eu or something similar to transfer it to your bank account. the processes are simple and speak for themselves.

[tufty]

Most simple way would be to open an account at blockchain.com or coinbase.

Don't send to coinbase from a betting site or risk losing the coinbase account.

[Sherlock]

Most simple way would be to open an account at blockchain.com or coinbase. the just use services like btc-direct.eu or something similar to transfer it to your bank account. the processes are simple and speak for themselves.

As tufty says, really, no, no and no.

The crypto circus is really funny.

People who know nothing or very little need to comment things; people who know a bit more are rather silent, because they at least see how little they know.

On the top of that the situation is abused by reckless shills promoting shitcoins and even GPWA made it now to the point where the space is offered to borderline scams.

We deserve it. This is exactly like gambling forums, where tipsters sell their "winning" picks. Of like the affiliate websites, which make the charts of the "best" casinos. Humanity is madness.

[mediapartner]

As tufty says, really, no, no and no.

The crypto circus is really funny.

People who know nothing or very little need to comment things; people who know a bit more are rather silent, because they at least see how little they know.

On the top of that the situation is abused by reckless shills promoting shitcoins and even GPWA made it now to the point where the space is offered to borderline scams.

We deserve it. This is exactly like gambling forums, where tipsters sell their "winning" picks. Of like the affiliate websites, which make the charts of the "best" casinos. Humanity is madness.

Well you can say a lot about me but not that i do not know what im talking about when it comes to crypto. Not to brag but I can guarantee you that i know more about btc and crypto then most others here. I was litterally one of the first on the planet that have used it business wise...started accepting it on my adult sites even before btc was a thing (when it was around 1 dollar), before altcoins excisted. i have also helped building various altcoins from scratch such as navajo, ran multiple ICO’s (not all succesfully but ok), have coded some my own, and so on.... and yes,i can prove it if needed. but ok, not important, ontopic again.

I do agree what you are saying though...but keep in mind that everybody has their own experience and prefers its own channels... nobody states that what they are saying is the absolute truth...everybody just has another opinion.

Have used blockchain from the very start for both porn and gambling sites....never ever had i any problems with them. same with coinbase only the latter not used heavily so cant fully guatantee the coinbase experience regarding gambling..

I did have some issues with dutch banks regarding my btc payments, but that was not related to blockchain. and as long as you can show where the funds are coming from, assuming you dont do anything illegal, there isnt a problem.

[Sherlock]

Yes nowadays who was not in crypto at least in 2011, deserves his existence to be erased from the planet. Just read this...

I used to do an annual predictions piece for the site, and as far back as 2011 I was predicting a sea change in online payments through the rise of Bitcoin. It’s taken longer than I originally projected, in part because Satoshi Nakamoto’s original vision for Bitcoin got hijacked by individuals too wedded to the status quo and their own self-interest.

... but ok, it is not related.

There are at least few threads only at GPWA how coins should not be directly sent to the exchanges. I believe that you all were having parties with Satoshi, but why the hell then you recommend to newbies to send the gambling money to coinbase.

Or why you recommend btc-direct eu, which is a parked domain? Probably a typo and instead a btcdirect eu was the domain, but why should someone (who is either UK or CA based) (1.) use some obscure new local crypto/EUR exchange and (2.) why should be the gambling money used there directly?

There are plenty of guys who need directly exchange the gambling bitcoins into fiat. Is btcdirect gambling friendly? If yes, then it is a real breakthrough. But I doubt that.

Either way, once again for OP: Do not send your coins directly to exchange or some similar service that is exchanging crypto to fiat. It is not worth of the risk. For a fraction of a dollar / or nowadays in times of high fees for a dollar, you can send it between your addresses once of few times before you send the coins to the exchange.

[mediapartner]

yeah i have to agree to you on those points. Sitting here on the couch, typing on my ipad, not fully concentrating, perhaps reacted a bit to fast without thinking while i should have explained it a bit more in detail. apologize for that.

Also need to apologize for not checking his geo...im so used to btc direct the last years that i never checked if it also worked for people from the usa/canada or whatever... its probably a .eu domain for a reason it seems Im from holland, and sometimes i forget that we are a banking country, so most of these things a pretty easy and normal here. its also very crypto friendly for most parts.....lots of options here.. some like bitonic.nl even complete the btc transfer to your bank in less then an hour..

And i indeed meant xxhttps://btcdirect.eu/ - cant really say if its official gambling friendly but i never had problems with them regarding any kind of payments. however i do have to say that i always send my btc from my blockchain account to btc direct. So, they cant see its gambling or adult related, or at least not without deep checking the addresses (blockchain however never complained or said anything, so im pretty sure they dont mind gambling, or at least dont act on it often, else i would have banned long time ago) Funds are always on my bank account within 24/48 hours. btc direct its not an obscure company though..highly trusted (i believe its a dutch company with license) and used here in holland..but okay as said, i should have check if he was living in the euro zone...

[Sherlock]

Banking is always good until it is not. For me NL is a no-go gambling zone, so it is an additional concern. For sure, if you have a good experience, this exchange can be helpful for people in Eurozone.

As they are unknown and new it has pros and cons. The cons are that there is no liquidity, or at least not genuine one. So they are most likely buying it elsewhere, so it will have costs. On the other hand, because they are new, they will be most likely not that strict with blockchain analysis. So in a way they might be like Revolut in banking and if you are using them without hassles and with direct conversions from casinos, it is a very helpful info.

Still, using the few hops in between, can never hurt.

For the record 2 major legit EUR exchanges are Kraken and Bitstamp. I have no experience with Bitstamp, but Kraken can do both GBP and CAD conversions. I was also sending money from Barclays UK to Kraken, it was really a lot of money, and no problem ever. But I have no experience by sending from Kraken and I never let the gambling/affiliate money to touch Kraken, because I really do not want to lose that account. Btw. the coins held at Kraken I consider safer than at any bank, because their security is now polished and business model of crypto exchange is nowadays much better than business model of any bank.

Also - and I am sorry to shill Kraken here, as I shill bet365 elsewhere - you get like 0.25% interest on BTC, 1% on EUR and 2% on USD there.

[mediapartner]

thanks for the info. kraken i wasnt aware of, will check them out.

with bitstamp i have very good experiences. they have been there from almost the beginning, and as far as i know they havent had any scandals yet... havent transferred huge amounts through bitstamp though, but never had problems with the transactions i did send through them.

[Sherlock]

The btcdirect I am concerned because it does not look like an exchange. They most likely resell what they trade elsewhere. I do not see even the fees.

On homepage they show some crypto liquidity, but it is not liquidity at btcdirect, but overall liquidity.

And lastly: https://uk.trustpilot.com/review/btc...rce=MicroCombo this is clearly fake reviews, same case like at Skrill.

Still if they make no problem with gambling transactions, even all above can be forgotten.

[chaumi]

Thanks all Successfully concluded...Bookie-Electrum-Bitpanda. All advice much appreciated.

[Inersha]

First thing I'd recommend is to download your own bitcoin wallet (I'd recommend Electrum if on desktop, or Samourai if on Android). This wallet will generate addresses for you so that you can receive and hold your own bitcoins.

When you set up the wallet it will give your a 12-24 word seed -- write this down on paper and keep it somewhere safe. This seed will allow you to recover all of your bitcoins if your computer explodes or something. Just be sure not to screenshot the seed or save it in a plaintext file on your computer as it's liable to getting stolen that way (and if someone gets your seed, they can acquire your bitcoins).

That's about it for setting up a wallet. You just literally download a program, save the seed as a backup, and you're good to go.

Now you can use the addresses generated by your wallet to receive bitcoins. From here just go in to your sportsbook account, request a withdrawal, and enter one of your addresses.

After the sportsbook approves the withdrawal they will send the transaction in to the network, and at best it will take about 10 minutes before the transaction gets "confirmed" and the bitcoins appear in your wallet. I'd probably give it a few hours before expecting anything to show up.

Once you've received the bitcoins to your wallet you can send them on to your Bitpanda account. Again they'll just show you an address for you to "deposit" to, and you can use your wallet to send them.

It's all rather straightforward, even though it might seem daunting the first time around. But if you can construct an affiliate website, using bitcoin will be a walk in the park.

Note:

You could always bypass the whole downloading a wallet part by "withdrawing" directly from your sportsbook account to the deposit address in your Bitpanda account. In fact this would be the easiest and most efficient way to do it. However, as Sherlock mentioned if Bitpanda aren't cool with receiving bitcoins with obvious ties to gambling you may run in to issues.

On the other hand if you withdraw to your own wallet first it adds an extra hop in the transaction history, plus it's good practice to get a handle on managing your own bitcoins anyway.


Edit: Just noticed I'm a few hours late. Glad to hear you got it sorted.

[chaumi]

Edit: Just noticed I'm a few hours late. Glad to hear you got it sorted.

Yeah but you put a lot of effort in so thanks for that

[Sherlock]

Sure, not a rocket science. Did you exchange the coins into GBP or some other fiat currency and did they send the money to your bank account already? No problems with that?

[chaumi]

Thx for asking Sherlock Yes I'm OK, it's in Bitpanda in GBP, now just have to navigate standard IBAN/BIC stuff to transfer.

Would have left it in BTC, but decision wasn't entirely mine.

But now I had some - there is a very weak argument no longer a nocoiner, rather a hadcoiner.

And now I had a taste, will be good to get some more. Just have to ramp up efforts! Or do it more cleverly. Probably a combination.

May yet make it to a hideaway on Belize or somewhere similar

[Sherlock]

DELETE
THE
LINK

and forget about this