BitCoin - What are the risks?

[casinonewbie]

I have no problem with bitcoin as an option for affiliates that feel comfortable using it, but I do have an issue when it's the only option. Like I said in the other thread, paying only by bitcoin is something a rogue, fly-by-night outfit would do. Reputable companies pay by known, common methods like wire, web wallet, and check.

Well seems like Betting Partners ain't that reputable anymore....(or maybe they never were)

 

[Sidney]

This doesn't bother me at all. They are not big earners for me and I don't already use bitcoin. Maybe I'm missing something,

 

[Guard Dog]

I think you are missing something. Even if you only earn $100 in a month and get paid out to Bitcoin. When you withdrawal that, if the 'bitcoin currency' is down, then maybe it is $80. Do you want to lose 20% of your earnings based upon fluctuation in market?

This part is pure conjecture for me... but similar to insider trading... if someone flooded the market suddenly with new Bitcoin members and affiliate commissions and player money - couldn't they make a bunch of money knowing they were about to greatly affect the currency in their market? Seems like it to me, but again... only conjecture based upon how the currency fluctuations and how insider trading works in the stock market.

 

[Kadabra]

Not sure insider trading will affect here. Average daily trading volume USD/Bitcoin is 80-140m.

 

[RyanWeb]

I have been thinking about this a lot since last night.. I wouldn't say that they are suddenly rouge or no longer reputable because of this change. Bitcoin is the most stable digital currency by far. While market fluctuations do concern me, as they should all of us.. But my point is, has anyone pointed them to this thread? Maybe they didn't expect such a backlash and would be willing to provide another option to address our concerns rather then lose (what looks like it could end up being) a good amount of affiliates? Maybe they know something the rest of us don't..

I would like to see an AM at least explain the reasoning behind this move. Are more programs going to soon follow?

So far I have BettingPartners, Drakeaffiliates, Genesysaffiliates, and Deckmedia all accepting bitcoin.. I would also like to hear from other AMs if they have feature plans to follow BP in BTC only commission payments?

 

[WCD Admin]

First and foremost, I thought that was pretty bad tact of them. I actually came here last night cause I was betting there was a thread like this one. Options would have been fine. But personally, I think most people are looking at this upside down. If you read up on bitcoin, most of you here would probably find the idea extremely positive (about BTC itself). In fact, I was an affiliate that went around PUSHING programs to pay this way....am I the only one with banking issues with these programs? But beyond that, take a look at the mechanics of bitcoin and realize the benefits of removing SWIFT and IBAN and all that (we're gonna take $45 from you and take 4 days with your money) ... welcome to .04 cents for each transaction in ten minutes anywhere in the world. Personally we hold onto our bits, I've guys in town asking me to buy btc + 10%. -- most bitcoin fanatics are jealous of you. They say the easiest way to get bitcoins is to be paid in the via affiliate business. This is honestly a great time to get some while they are "remotely" cheap. We hold ours. we turn the buyers down. just my 2 cents - if anyone has some direct questions, I'd be happy to try to answer them to the best of my ability. It's also up to you when you get rid of your bitcoins, its just as easy to wait for a market spike and get extra money, just sell when its high, lots of people do this.

 

[WCD Admin]

I suggest using a trezor device or an offline wallet; storing them in an e-wallet basically brings you back into a centralized system. if you take them offline you actually are holding your bits, much like you hold cash in your wallet. don't leave them online to hack. there are a few other cold-storage devices out there, too. my friend gave me a trezor, he basically bought a box of them for his renters... if they pay in BTC they get 10% off their rent.... pretty slick stuff. And by the way, don't listen to most of your affiliate managers about bitcoin, I've heard some pretty uninformed affiliate managers at this point making no sense what-so-ever. (no offense or anything , its new to most of them) ... and i consider myself a total learning novice, no expert by any means.

 

[RyanWeb]

I 100% agree with WCD.. My plan was to hold what I had earnings from in deckmedia.. But I make much more from bettingpartners, and wasn't ready to jump in that deep. I see it as moving money into an extended stock portfolio.. Maybe being pushed in now is great for feature earnings. As said before I love the idea of bitcoin.. I think its the fact that it is unfamiliar that worries most. Fear of the unknown, is usually the worst type of fear.. So before anyone says 'screw this' and walks away.. Really dig in and research the direction bitcoin may be moving in.. We are all pretty big risk takers here.. I for one don't want to miss out on what could be an amazing opportunity..

 

[TheGamblingGuru]

Can one of you Bitcoin experts please explain to me in simple bullet point steps or such, as you would explain to a 5 year old child, ....

*How do you get the actual cash in your hand from Bitcoin?

*Can you walk up to an ATM with your Bitcoin card and get cash?

*Is there a Bitcoin ATM Card?

*Can you simply log-in to your Bitcoin account and transfer money into your bank account?

I'm sure I have many more questions about this but these are the basic ones for me.

Thanks in advance.

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[Engineer]

I've been doing some research on this since yesterday as well.

One concern I have is this: If I have some bitcoin in a wallet, how difficult and/or risky is it to wire-transfer the money to my business bank account in the US? And what is the fee for doing that? The usual high $40-ish amount?

I read something about banks closing accounts that receive wires from bitcoin wallets -- does anyone know if that's true? If so, why would they do that if they have no idea where the bitcoins came from? Are they just assuming everything bitcoin-related is criminal?

If banks are indeed closing accounts that receive bitcoin wires, an alternative way to get the money out is via debit card. Does anyone know how these debit cards are obtained? Are they sent via FedEx or something, and do they actually work in ATMs? I have seen "anonymous" cards available -- are those types less likely to work in an ATM, compared to a card with your actual name on it?

I also read that coinbase (one of the bigger wallets) doesn't like gambling-related transactions. I think coinbase may be based in the US, though, which could be why. So if we decide to get a wallet, I'm guessing we should get one that isn't based in the US -- correct?

Edited: Guru, have you been reading my mind again?

 

[RyanWeb]

Can one of you Bitcoin experts please explain to me in simple bullet point steps or such, as you would explain to a 5 year old child, ....

*How do you get the actual cash in your hand from Bitcoin?

I'm sure I have many more questions about this but these are the basic ones for me.

Thanks in advance.

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I am not expert but I got my first btc payment last month.

You will want to first go here: https://blockchain.info/wallet and open a bitcoin wallet.. That will allow you to generate a bitcoin address.. Once you have that address anyone can deposit money onto it. When you have a bitcoin account you get two numbers, a public and private one. The public one you can give out to anyone and that allows them to deposit money onto it. The private one you keep for yourself as you need this one to cashout from bitcoin into USD.

To get the bitcoins exchanged from BTC to USD you visit a bitcoin exchange. coinbase.com is a well known exchange, you can then exchange BTC to USD and make a wire transfer into your bank account.

Simply put, its pretty simple but sounds complex.. Feel free to correct me on anything I got wrong (anyone) as I am new to this as well, and trying to put it as simple as possible.

 

[RyanWeb]

I also read that coinbase (one of the bigger wallets) doesn't like gambling-related transactions. I think coinbase may be based in the US, though, which could be why. So if we decide to get a wallet, I'm guessing we should get one that isn't based in the US -- correct?

I am told you should not deposit into coinbase directly.. You should transfer your btc to another address first and then deposit to your coinbase address.. For the reason you stated..

 

[slotplayer]

There are a few bitcoin atm's called XBTeller. Mostly in Colorado and California.

watch this video:

WageCan Card
hxxttps://www.youtube.com/watch?v=ha7hDq2xSl0

 

[casinonewbie]

There are a few bitcoin atm's called XBTeller. Mostly in Colorado and California.

watch this video:

WageCan Card
hxxttps://www.youtube.com/watch?v=ha7hDq2xSl0

What are the fees on these ATMS to cash out bitcoin? i read they can be very high.

 

[casinonewbie]

Found this interesting article https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.h71mzqb12

 

[slotplayer]

What are the fees on these ATMS to cash out bitcoin? i read they can be very high.

tbh, I have no idea. I was just researching and came across the videos. Nothing like have pictures when trying to learn/understand something new.

 

[RyanWeb]

Looks like the fees range from 5% to 8%... I am sure as they become more competitive they will go down.. There are actually a good handful of bitcoin ATMs in the US.. I had no idea..

 

[abc]

Been reading alot on the atm machines.. they have low withdrawal limits, and high fees up to 10%..
(coinatmradar just add the dot com i cant post links) shows a list of every bitcoin atm in the world.. Be sure if your looking for one that you search for 2 way atms, as alot of the machines only allow you to buy bitcoin, not sell it

Also,to withdraw up to $1000 you need to provide your phone number, anything over you need your id scan..

 

[Guard Dog]

Sounds to me like if I want to make money, I get out of the affiliate business and into the BitCoin ATM business. 10% sounds pretty nice to me.

 

[edgarf76]

I would not want the option of Bitcoin only. Although the European Union has regulated Bitcoin, Canada and the United States have not. I think it is a great option for people that "Think" that they are gambling anonymously, but not for us.