So you're saying even if you send from WPN > your own wallet > Circle that Circle can still trace it back to being a gambling transaction? I really don't want to be taking chances with my money

With Bitcoin the ledger of transactions is public... so you can go back and follow all the previous transactions that coins have taken since being created.

But, you don't know who owned any of those addresses used in past transactions. The addresses are just long strings of numbers of letters.

So Cirlce would have to know that a certain address belonged to WPN to know that your money came from them. That would be very difficult to do if WPN creates and uses new addresses every time.

And even if they did know a certain address was WPN's... they won't know that the address WPN sent the withdrawal to was yours.

An example:

- Bob withdraws from WPN to an address in his personal wallet, then sends to his own Circle account.

- Dave withdraws from WPN to his personal wallet, sells that bitcoin to Bob for cash, and sends the bitcoin to Bob's Circle account.

Both of those situations look exactly the same to Circle or anyone else that looks at the transaction records.

You're Bob... Circle won't know if you withdrew from WPN, or if you received bitcoin from someone else after they had withdrawn from WPN.

TL;DR: It's technically possible, but unlikely. Can't guarantee anything... but the method described has worked for many people for a long time.

And from the few cases I've seen so far, even as a worst case they would only refuse service and you'd be free to withdraw your bitcoin and sell it another way.

They do in my experience.

Ok good, I was hoping they did. Thank you for confirming.

Some other bitcoin gambling sites pass all of their withdrawals through the same addresses. That's probably the biggest reason people have had Coinbase/Circle accounts closed for gambling.

Assuming WPN holds no bitcoin and buys/sells for each transaction it should be:

WPN creates new address for player deposit -> Player sends bitcoin to WPN -> WPN sends it to an exchange and sells for $

WPN buys from bitcoin exchange with $ -> WPN withdraws btc to new address -> Sends to player

If they follow that and create a new address for every deposit and withdrawal it would be nearly impossible for Circle or Coinbase to flag a transaction with them.

If they always consolidate their deposited coins to a known address, it's pretty easy to figure out the deposit address must belong to WPN. I don't know if this is happening or not, but all these companies need to stop address reuse, even for internal transactions.

Yes, exactly.

Like you said that would be bad and would negate the benefits of using new addresses for deposits/withdrawals.

I don't want to sound like I'm being critical of WPN for doing something wrong without knowing whether they actually are or not.

I love that WPN is using bitcoin and just want to make sure they are doing everything the best way possible.

if i withdraw to euro bitcoin sit that allows gambling transactions/does not care, then send it to my coin base to cashout is best way?

Made my first 2 withdrawls using bitcoin on WPN and im pretty happy with the result. Each transaction took about 16 hours

can somebody refer me to a link where i can find a step by step procedure to set up my first bitcoin cash out? do i need to send any documents to the site? do they need my SSN? bank info? ect ect

thanks

The first post in this thread tells u what sites to use go set up the accounts at those places

I just deposited into circle.com using my Visa for $50, but it isn't in my account. On cirlce's site it says CC transfers are instant. Anyone else have this issue?

Besides the first post on setting up your Bitcoin wallets, ACR will need information on you before they process your first withdrawal. Here is what I was requested to send:

I had never used bitcoin but the process was painless.

- Transferred funds from bank account to Circle (took 2 days)
- Transferred funds from Circle to block chain wallet (instant)
- Transferred funds from blockchain wallet to ACR (10 min)

As long as you follow directions and can turn on a PC you'll have no problem with bitcoin

This is definitely the nuts. One question, is it possible to increase circle's weekly withdrawal limit of 5k?

Thanks for posting.

It can seem complicated at first if you've never used bitcoin... but once you actually do it you realize how simple and awesome it is.

You might be able to contact them and request an increase. Or you can do $5k at Circle and the rest on Coinbase.

I think Coinbase starts out at $3k daily limit, and you can increase it to $10k after 30 days by verifying your identity.

Since I haven't tried to cashout over the weekend by Bitcoin yet do they process those transactions on Saturdays and Sundays or just during the week?

I'm just curious so I know for the future.

u can only request withdraws during the week between 7am and 11pm EDT

Pretty sure its just 7am-11pm 7 days a week. I put a request in just now. Maybe it wont get processed until Monday but the cashier let me request it.

You can request it anytime. The person/dept who processes the requests are only there M-F.

Thanks guys! I knew you could request anytime but wasn't sure if they processed them on weekends.

^^^^-

Okay just to see I did a withdrawl via bitcoin at 3pm and not sure when it got credited to my blockchain since I didn't follow up a bunch looking for it but when I checked at 9pm in was in my blockchain account so ACR at least processes bitcoin withdrawls on Saturdays.

Very nice! That's new, or maybe you got lucky there... the first one I did when it first came back up I did on a Friday, when I contacted support to find out the timeline they said they don't process the requests on the weekend, it would happen Monday (and it did, Monday morning). Maybe they've adjusted to provide more thorough coverage, or have all hands on deck for the freebuy weekend given the traffic it's bringing. Hope it stays this way.

So I understand the process of bank --> Circle --> Blockchain --> WPN but when cashing out from WPN --> Blockchain --> Circle or other wallet, at what point/how is the BTC converted back to USD? Is that a big process or minimal? Sorry I know this is super newb.

When you transfer from Circle to your bank it's converted to USD. It's just as simple as going from bank to Circle, assuming your bank is linked up.

Yeah, you'll deposit the BTC into your Circle account and then sell it to Circle for whatever the current value is in dollars.

In my experience Circle has the money deposited in my bank within 1-3 days, but that may vary depending on your bank.