BitCoin - What are the risks?

[TheGooner]

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..

It's sentences like THIS that make it all sound very dodgy and prone to failure / hacking ...

Hide, obscure, double addresses, online / offline / then transfer ... it sounds like a lot of time / effort and expertise is required to be truly secure.
Compare that to simply receiving funds into a nominated bank account - simple / easy / secure !

BettingPartners are significantly reducing their service to affiliates.

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..

If it's so F@#KING easy then why don't BettingPartners do all the steps themselves and simply arrange the final wire transfer from the exchange to go into my nominated account?
Simple for me then - I don't notice any difference.

I do NOT want ANY chance of losing funds due to an error of process on my part when I am dealing with mid-five figure amounts.

(Oh - and Ryan, I am not swearing/ angry at you - I gave your help a like - I am angry at the reduction in service being mandated by a partenr who was previously very solid)

 

[NDG]

I must say that I am of the same mind as The Gooner on this one. I'd prefer receiving payments using an e-wallet
or bank transfer that is simple, easy, secure and without any of the extra hassles. I don't think anyone has a problem
with Bitcoin as a currency or as a payment option, but we simply don't want to be forced into something that we don't
really want or need, especially if we are in a jurisdiction where we can get paid with an e-wallet or other easy method.

 

[casinonewbie]

And if China starts there own version of Bitcoin? https://www.cryptocoinsnews.com/chinas-plans-launch-currency-might-affect-bitcoin/

 

[slotplayer]

Seems like it makes it easy to hide money. Hiding money does have its consequences.

 

[RyanWeb]

(Oh - and Ryan, I am not swearing/ angry at you - I gave your help a like - I am angry at the reduction in service being mandated by a partenr who was previously very solid)

No offence taken I completely understand where you are coming from.. My comments are mainly from the viewpoint that If bitcoin is going to become any bigger, we should all learn to use it sooner then later. But being forced into it, especially in large amounts makes everyone (me included) very uncomfortable. Just trying to stay positive.. But in all honesty I have only received one payment via bitcoin and haven't made any withdrawals as of yet.

And when I say its simple.. I do not mean 'easy as a bank wire'. I mean it seems very complex, but is actually a lot simpler then it first appears.. But it is, at least at first a lot more complex then a simple bank wire. Again I love the idea of Bitcoin, but I think we are being forced in the deep end way to soon.. I do wish a rep would comment, as it seems in their best interest to keep at least one other option open.

 

[casinonewbie]

It's not as if we ever signed up to accept Bitcoin as a payment method in the first place. They are just trying to make affiliates the payment processor now. If you don't like it tough cheese, hardly a smart way to be attracting new or retain the same amount of traffic from current affiliates with this BS. Obviously as they are going to be in possession of Bitcoin from players & they don't want the hassle of managing it, so "lets pay our affiliates with Bitcoin", what a great idea. Betting Partners will keep the real money for themselves, as they say in cash we trust !

 

[slotplayer]

I've been watching these bitcoin videos. (4 parts) The author does a good job.

 

[PROFRBcom]

I posted this on GPWA, I feel like it's worth posting here as well:

My own opinion here is that the swap to full bitcoin is a multi-pronged approach to:

1) Improve profits (it's cheaper to process)
2) Hide their transactions (I'm sure they're using tumblers to obfuscate the source of the bitcoins)
3) Free up other processing channels for customers (imagine how much they free up their ecommerce processing solutions by taking all the affiliate payments out of those systems and using it strictly for the players!)

I think their margins just went up quite a few percentage points and they're loving it. Smart business move really.


If you're one of the people willing to invest in Bitcoin by holding some for the long-term appreciation potential, this is good news. Adding another big vendor to the blockchain who is encouraging Joe Six Pack to use bitcoin for deposits and withdrawals will only help to improve transaction volume, legitimize bitcoin, and thus to improve the price over time.

 

[Webzcas]

This is on par with being paid earnings to a casino player account. I would drop them like a stone. Still, it gave me material for my latest video blog

 

[bonustreak]

They were removed off all our sites the day this announcement was made....

 

[PROFRBcom]

Any of you guys looking to sell your affiliate sheets and/or slap my bettingpartners links in your casino section (I'll pay you in bank wire/skrill and give 27-32%+ depending on monthly volume), perhaps we can work out a deal.

 

[Kadabra]

If I was BP I would be probably buying those accounts myself

 

[bonustreak]

And still no response from Betting Partners....

 

[slotplayer]

I don't really like that whole tumbler thing with bitcoins. I need a paper trail of where the money came from.

 

[edgarf76]

the fact that programs are moving to bitcoin is imho concerning in itself despite them sugar coating it.

yep! nothing to hide, no reason for them. They keywords are good for seo but as far as accepting them I am against it.