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Originally Posted by Aceuphisleev
Bitcoin is awesome. As someone mentioned, getting all set up with a wallet and initially obtaining Bitcoin (if you are looking to deposit new funds) is a hassle, but after that it is very convenient.
I've been looking at my options for bitcoin deposit. I am happy I can buy and sell bitcoin but I am not happy about how much it will cost me. How much is everybody paying for their bitcoin? My best options seem to be 5-13% commission for buying and 1-2% for selling - unless I go through all the stuff to be a bitcoin seller, then I can earn 5-13% from selling to break even on purchase.
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Due to the quasi-legal nature of online poker in the States, Bitcoin is easier for the site to use because they don't need to worry about banks receiving large deposits from "sketchy" sources. Transactions done in Bitcoin cannot be monitored by the authorities and are therefore done quicker and smoother.
This is only half-true. To buy or sell bitcoin more than about $350 in a single transaction I must verify my bitcoin account (email, passport, utility, bank account). To buy and sell at the best rate I must also verify, so, there is a full paper trail from my bank account - bitcoin wallet - ACR - bitcoin wallet - bank account. I happen to know that in many jurisdiction (ESPECIALLY THE USA) that such activity on bank accounts will lead to at least cursory investigation.
I should point out it is 100% possible for authorities to monitor bitcoin through the bitcoin networks. The only way to conceal actual activity is to use a tumbling service (fee 1-3% if not built in to website) and ensure that all wallet addresses are randomised and unique for each transaction. For example if FBI raids ACR they will have access to all historic bitcoin transactions, the same as they did with SR1 and other sites. So if you are American (or other) and using "ordinary" bitcoin to play ACR from non-legal state, you are taking huge risk for your funds and your own legal status. Do it all correctly though and you can play ACR or any other bitcoin site from any jurisdiction
The withdrawal procedure for bitcoin should be instantaneous. That it takes several days for bitcoin withdrawal should be red flag as unlike normal currency, bitcoin often has large swings. It is stable lately but the reports I read suggest bitcoin is currently over-valued and due to experience a reverse on gains made this year. That means you could cash out on wednesday and by the time you get processed on monday you could lose 5-10% on normal circumstance and 10-35% with bad timing. This is exactly why bitcoin transactions on almost all sites are instantaneous (30 min delay for verification within bitcoin network)
Anyway I would be happy for someone to tell me better ways of buy and sell bitcoin
For anyone else trying to deposit on ACR - I was given options for Visa, Mastercard and VbV (verified by visa the thing most of us are looking for). With advice from ACR I contact my bank to try and remove international restriction on payment processor. My bank gave me another number to ring and those people told me to write to my bank stating who I want to pay and how much I want to deposit. On giving details (the strange name that my VbV declined) my bank refused to authorise funds. I assume it is also difficult to withdraw with normal cards but has anyone from Europe or Canada been successful with this? thanks