Bitcoin-only Deposit/Withdrawal & Discussion Thread - Page 7 - Winning Poker Network -- Two Plus Two Poker Forums

Okay can someone explain this?

Current btc price is $219.52.

If you want to deposit say $2000 worth of btc, it shows you have to deposit 9.23020 BTC which is equal to $2026.20. So basically you are paying $26.20 to deposit btc into it? So basically they are skimming off the top when you deposit with btc?

However when you withdraw $2000 worth of btc, it shows 9.23745 which equal to $2027 roughly. So basically you are paying a 1 percent fee roughly no matter what whether you deposit or withdraw. Is that correct?

So all the costs are on you with WPN? I assume with other sites they incur the costs though right?

02-11-2015 , 11:23 PM

#153

Ice_W0lf

Tremendous

Join Date: Sep 2007 Posts: 13,530

Bitcoin price is different depending on the site you are looking at (Coinbase, Bitstamp, BTC-E, etc).. WPN averages the costs of several different websites to come to the price that they use.

For example, right now it is $218.78 on Bitstamp, $219.33 on Coinbase, and $216.11 on BTC-E.

02-11-2015 , 11:28 PM

#154

PaulyJames200x

Pooh-Bah

Join Date: Aug 2014 Posts: 4,027

okay so when i type in btc to usd on google... then im looking at google's site then? So which site should i be using?

Also if you are selling bitcoin, aren't you always going to sell at coinbase then since its the highest? But if you buy, still coinbase since the fees are lesser than any other site even though the price is higher?

So WPN and every site whether its 5dimes, heritagesports or any gambling site even like seals with clubs are going to average these 3 different websites then? Or do each of them do it differently?

02-12-2015 , 03:59 AM

#155

nnstrt

banned

Join Date: Apr 2014 Posts: 408

Quote:

Originally Posted by nnstrt

Do they show the address that it is being sent to in the history or somewhere after you make the withdrawal? So that there are no mix ups if it doesn't get sent to the address you entered

Could someone clue me in on this?

02-12-2015 , 10:00 AM

#156

Max Cut

Guest

Posts: n/a

Quote:

Originally Posted by nnstrt

Could someone clue me in on this?

I see no record of the bitcoin address.

02-12-2015 , 03:30 PM

#157

RAVegas

adept

Join Date: Sep 2010 Posts: 934

If your coinbase is verified and linked to ur bank account you should be able to buy up to $100 instantly via a bank transfer and that limit goes up after your first 30 days. They put the coin/s in your account instantly and charge your bank account a few days later fwiw. Just go to to buy section in coinbase it's pretty simple.

02-12-2015 , 07:31 PM

#158

a octopus

grinder

Join Date: May 2010 Posts: 669

WPN saves the address in the withdrawal tab under btc.

do i need to still request a new address from blockchain and/or coinbase every time i make a new withdrawal?

02-12-2015 , 08:05 PM

#159

fozzy71

Carpal \'Tunnel

Join Date: Mar 2007 Posts: 38,192

^This was discussed in detail in the big bitcoin thread in BFI forum recently. Cliff notes of the discussion: you can use the same address more than once, but it's more secure if you generate a new receive address each time for your wallet.

02-12-2015 , 08:06 PM

#160

a octopus

grinder

Join Date: May 2010 Posts: 669

thank you

02-13-2015 , 03:19 PM

#161

fozzy71

Carpal \'Tunnel

Join Date: Mar 2007 Posts: 38,192

That is probably only if you want the faster verification. Circle didn't need that info for the slower method where they make 2 small deposits/withdrawals to your bank account that you then verify.

02-13-2015 , 08:38 PM

#162

fozzy71

Carpal \'Tunnel

Join Date: Mar 2007 Posts: 38,192

Laws don't make things legal, they make them illegal. There are thousands of other people that have linked their bank accounts to circle/coinbase and similar exchanges.

02-13-2015 , 08:43 PM

#163

EndTheFed

grinder

Join Date: Apr 2013 Posts: 581

Quote:

Originally Posted by kahnfan

Haha. In order to verify my "bank account," coin base is asking me for my login credentials to my bank account.

Yeah right. I'll stick to western union

I used Coinbase when it first came out and didn't trust that option either. But now that they're established and have received 100's of millions of dollars in investments from NYSE and other investors I'd personally trust that they're not gonna steal my bank login info.

But, you can do the slower verification option too. It's the same as Paypal and Neteller etc. They make two small deposits in to your bank account of like 8 cents and 11 cents.

When they show up in your account you log in to Coinbase and tell them the amounts they sent and you're verified.

02-14-2015 , 12:36 AM

#164

MerginHosOn24s

adept

Join Date: Dec 2011 Posts: 1,083

any updates on the actual timeframes?

from requested to bitcoin in wallet?

02-14-2015 , 01:32 AM

#165

GrimeRat420

veteran

Join Date: Aug 2010 Posts: 2,973

Took 36-48 hours both times

02-14-2015 , 03:13 AM

#166

nnstrt

banned

Join Date: Apr 2014 Posts: 408

Is there no button to initiate a bitcoin withdraw past 11pm - 7 am ?

02-14-2015 , 03:57 AM

#167

GrimeRat420

veteran

Join Date: Aug 2010 Posts: 2,973

Nope you have to wait until tomorrow to request it

02-14-2015 , 04:11 AM

#168

nnstrt

banned

Join Date: Apr 2014 Posts: 408

Cool. I think I will wait a few more weeks to get bitcoin. Price is too high right now because of a China pump after the Chinese new year. The big dogs/manipulators trying to pump this up a little before another downward spiral to $100

02-14-2015 , 04:17 AM

#169

Ice_W0lf

Tremendous

Join Date: Sep 2007 Posts: 13,530

Unless you think that the price is going to plummet in the next 30 hours or so (not impossible), then your theory should make 0 difference.

And if you think it's going to spiral down to $100, then you should be shorting Bitcoin and making more than you will in poker.

02-14-2015 , 02:20 PM

#170

Sharkzilla1

adept

Join Date: Mar 2007 Posts: 834

I was skimming through the thread but wanted to confirm my thoughts.

I'm American and want to just play some SNGs mainly using bitcoin as my mode of deposit/withdrawal. It looks like ACR is the best skin for this? I've used betcoin but I don't like the idea of my bankroll sitting as btc on the poker site as others have mentioned.

02-14-2015 , 03:06 PM

#171

Menace ll Society

journeyman

Join Date: May 2013 Posts: 349

confirmed, although I don't think there's much difference between the ACR, BCP, and True skins.

02-16-2015 , 12:55 AM

#172

yellowbastard

old hand

Join Date: Jun 2005 Posts: 1,674

After winning a couple of MTT's I need to withdrawal ~$15k from ACR. Just to confirm after reading the thread I need to get a coinbase account and go

ACR -> coinbase -> USD -> bank account right?

I think I determined the total fee would be around $125 to sell the bitcoins for USD correct?

02-16-2015 , 01:07 AM

#173

Max Cut

Guest

Posts: n/a

Quote:

Originally Posted by yellowbastard

You should NOT go directly from ACR -> coinbase. Get another wallet that is not on an exchange (blockchain, for example), then go ACR -> blockchain -> coinbase -> bank (USD)

02-16-2015 , 01:32 AM

#174

EndTheFed

grinder

Join Date: Apr 2013 Posts: 581

Quote:

Originally Posted by yellowbastard

Quote:

Originally Posted by Max Cut

You should NOT go directly from ACR -> coinbase. Get another wallet that is not on an exchange (blockchain, for example), then go ACR -> blockchain -> coinbase -> bank (USD)

Right, do what Max said and withdraw from ACR to a separate bitcoin wallet... then send from there to Coinbase.

But other than that step you are right about how it works.

Coinbase charges a 1% fee.

Circle is the other option... they don't charge a fee, but have a lower limit.

Mine is $5,000 a week. On Coinbase it's $3,000 a day and if you give them more personal info you can up it to $10,000 a day.