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Old 05-24-2015, 01:01 AM   #326
PunnyYouSayThat
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Re: Bitcoin Deposits and Withdraws

i contacted WPN support and they said a middle wallet is not necessary. I have gone from coinbase straight to WPN numerous times without problem. Worst case you can just use a different wallet, but i don't think its going to be a problem tbh

and my amounts are 5k+
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Old 05-24-2015, 01:13 AM   #327
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by RU18LOL View Post
i contacted WPN support and they said a middle wallet is not necessary. I have gone from coinbase straight to WPN numerous times without problem. Worst case you can just use a different wallet, but i don't think its going to be a problem tbh

and my amounts are 5k+
It's not necessary but could get you banned from a service and maybe they don't refund you. If you want to take that risk to save a few minutes of time then fine but don't listen to some uneducated in the bitcoin arena reps from WPN on the subject.

Just a note every time I've had my money sent from ACR to Blockchain I lose a couple bucks but then when I have it sent to my Circle account I receive more then my WPN cashout was. Circle always seems to have a better rate.
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Old 05-24-2015, 01:17 AM   #328
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Re: Bitcoin Deposits and Withdraws

theres no way someone like coinbase keeps the money. Worst case they would just close the account. Ill take my chances
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Old 05-24-2015, 02:07 AM   #329
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by berry1 View Post
How noob friendly is this for withdrawals? Would I be better off requesting a cheque or eating a bunch of $$ in Western Union fees? Looking to withdraw a bit over 1k
It's pretty easy, and all the steps should outlined be in the last few pages of this thread. Ask if you have any other questions.

It's worth the effort to try it out. Bitcoin is the quickest and cheapest way to withdraw.

Quote:
Originally Posted by RU18LOL View Post
i contacted WPN support and they said a middle wallet is not necessary. I have gone from coinbase straight to WPN numerous times without problem. Worst case you can just use a different wallet, but i don't think its going to be a problem tbh

and my amounts are 5k+
You're right that it's not necessary, but I'd still recommend it to be safe.

It's only going to add an extra 10 minutes on average and a couple cents for a transaction fee.

Quote:
Originally Posted by RU18LOL View Post
theres no way someone like coinbase keeps the money. Worst case they would just close the account. Ill take my chances
That is true though. The worst that would happen is that they'd close your account but still let you withdraw your bitcoin.
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Old 05-26-2015, 04:13 PM   #330
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Re: Bitcoin Deposits and Withdraws

Waiting about an hour and 45 minutes on a withdrawal. Anyone else experiencing delays?
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Old 05-26-2015, 05:07 PM   #331
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Re: Bitcoin Deposits and Withdraws

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Waiting about an hour and 45 minutes on a withdrawal. Anyone else experiencing delays?
Eventually got it. Most of my withdrawals took a few minutes so I was just a little concerned, until I thought about checking the transaction page where it was listed as pending. New to Bitcoins and all that.
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Old 05-26-2015, 07:46 PM   #332
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Re: Bitcoin Deposits and Withdraws

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Congrats brother now you can buy a new car.

And bit coin isn't sketchy at all. Really dude, bitcoin is totally legit and safe, and govt approved. Keep at it. You'll make a killing with bitcoin/acr.
Haters gonna hate.
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Old 05-27-2015, 12:00 AM   #333
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by Boney526 View Post
Eventually got it. Most of my withdrawals took a few minutes so I was just a little concerned, until I thought about checking the transaction page where it was listed as pending. New to Bitcoins and all that.
Bitcoin withdrawals can take up to 24 hours. If you withdraw on a Friday, it is possible you would not receive your withdrawal until Monday due to office hours.
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Old 05-27-2015, 08:28 AM   #334
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Re: Bitcoin Deposits and Withdraws

Yep. I was told that they don't process on weekends, but the last time I requested on a weekend they got it to me anyway.

Anyway bitcoins are the nuts. I've never waited longer than half a day for a withdrawal, and the time I waited that long was when I requested the withdrawal pretty late in the day. They got it to me in the morning.
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Old 05-27-2015, 09:09 PM   #335
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by Boney526 View Post
Eventually got it. Most of my withdrawals took a few minutes so I was just a little concerned, until I thought about checking the transaction page where it was listed as pending. New to Bitcoins and all that.
Quote:
Originally Posted by Boney526 View Post
Yep. I was told that they don't process on weekends, but the last time I requested on a weekend they got it to me anyway.

Anyway bitcoins are the nuts. I've never waited longer than half a day for a withdrawal, and the time I waited that long was when I requested the withdrawal pretty late in the day. They got it to me in the morning.
I was hoping they would eventually get to processing them that quickly but didn't know that they already were.

Nice job WPN.
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Old 05-28-2015, 09:39 AM   #336
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Re: Bitcoin Deposits and Withdraws

What is a site that you can instantly buy bitcoins online using a card?
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Old 05-28-2015, 10:53 AM   #337
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by EndTheFed View Post
I was hoping they would eventually get to processing them that quickly but didn't know that they already were.

Nice job WPN.
'

I did a withdrawal on Tuesday as well (posted in the general cashier thread) and WPN processed and had the bitcoin in my wallet in less than 90 minutes. I seriously doubt they staff 24/7 so middle of the night requests I'm sure will take longer but they do seem to have gotten the process down quite well now and are fast during business hours.
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Old 05-28-2015, 11:05 AM   #338
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Re: Bitcoin Deposits and Withdraws

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What is a site that you can instantly buy bitcoins online using a card?
I'm not sure about the "instant" part because I haven't done it, but the 2 big ones in the US are Coinbase and Circle. I set up with both but use Circle as they seem to be better with fees.
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Old 05-28-2015, 04:01 PM   #339
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by glutenfree View Post
I'm not sure about the "instant" part because I haven't done it, but the 2 big ones in the US are Coinbase and Circle. I set up with both but use Circle as they seem to be better with fees.
I'm about to set up soon with Circle as I heard that about their fees, but FWIW, Coinbase has a one percent fee when changing from BTCN to USD, which is tiny considering the fast and reliable withdrawals.
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Old 05-28-2015, 06:40 PM   #340
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Re: Bitcoin Deposits and Withdraws

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What is a site that you can instantly buy bitcoins online using a card?
Localbitcoins.com. You'll pay a significant premium though.
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Old 05-28-2015, 09:21 PM   #341
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by Boney526 View Post
but FWIW, Coinbase has a one percent fee when changing from BTCN to USD, which is tiny considering the fast and reliable withdrawals.
I did a Circle withdraw to my bank (bitcoin to USD) Tuesday about 5:30 pm ET and had it available Thursday morning with no fee. Can't beat that imo

Really digging the bitcoin option.
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Old 05-29-2015, 06:30 AM   #342
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Re: Bitcoin Deposits and Withdraws

Quote:
Originally Posted by YandySavage View Post
What is a site that you can instantly buy bitcoins online using a card?
You can buy instantly on Circle with a credit card, but there may be extra fees. Haven't done it myself so don't know how much exactly... just make sure that you check and are cool with it before purchase.

Quote:
Originally Posted by glutenfree View Post
I did a Circle withdraw to my bank (bitcoin to USD) Tuesday about 5:30 pm ET and had it available Thursday morning with no fee. Can't beat that imo

Really digging the bitcoin option.
Yeah, that's been the same timeline in my experience with Circle also.

It may vary depending on your bank, but my withdrawals from Circle have shown up a day or two quicker than from Coinbase.

But like Boney said, even with Coinbase you're still getting a great deal compared to other withdrawal options.

As WPN gets their system running smoothly I wonder if offering some kind of Bitcoin only deposit bonus might get more people to start using it.
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Old 05-29-2015, 05:34 PM   #343
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Re: Bitcoin Deposits and Withdraws

What about the huge exchange rate risk when using bitcoin? For instance, about a year ago, buying and getting at 1 bitcoin cost you around $1100. Today, the exchange rate if I am not mistaken is about $230 to 1 bitcoin.

In other words, simply doing a transaction in bitcoins would have cost you a lot of money over that time frame, everything else held constant. Huge losses could occur over even shorter time frames. Nonetheless, I do not want to concern myself with speculating on exchange rate risk in addition to main focus on poker profit/loss.
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Old 05-29-2015, 05:39 PM   #344
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Re: Bitcoin Deposits and Withdraws

And two years ago BTC cost $3, if you're going to cherry pick endpoints.
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Old 05-29-2015, 05:48 PM   #345
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Re: Bitcoin Deposits and Withdraws

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And two years ago BTC cost $3, if you're going to cherry pick endpoints.
Still have not told me if I missed something. Regardless of endpoints or any gain or loss for this "currency" is variance I do not want to deal with. Only poker profit/loss here is what I want as my focus. If I wanted to speculate and gamble on wicked movements relative to the dollar in this, there are other venues for that.
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Old 05-29-2015, 06:06 PM   #346
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Re: Bitcoin Deposits and Withdraws

If you're holding on to your bitcoins for a signifcant amount of time there is risk, although I think that Bitcoin has settled roughly at this price range for a while.

If you're just using them as a medium, there's very little risk. Obviously the price changes slightly, but you could just do multiple small withdrawals to mitigate risk for the most part. As long as you're quick, you'll likely make a lose a few dollars per 1000 which really isn't a big deal considering it could easily go up or down.
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Old 05-29-2015, 06:25 PM   #347
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by HurtLocker View Post
Still have not told me if I missed something. Regardless of endpoints or any gain or loss for this "currency" is variance I do not want to deal with. Only poker profit/loss here is what I want as my focus. If I wanted to speculate and gamble on wicked movements relative to the dollar in this, there are other venues for that.
It is possible to deposit with zero bitcoin price exposure, and to withdraw with minimal exposure.

If you deposit dollars on a bitcoin exchange, you can then make a deposit to WPN, and will be instructed to deposit a specific amount of bitcoin that represents a locked in exchange rate for 15 minutes. Then you buy just enough bitcoin to cover this plus two mining fees. Send it to your wallet and then send it to the deposit address. No need to wait for confirmations on the bitcoin network for the wallet transfer here.

On the way out, the exposure is minimal, a few hours at most. Big adverse moves in the bitcoin price in short periods of time are rare, so the odds you will catch one are very small. If they happen once a month, which is very generous, and you are stuck holding for 4 hours, which is also generous, your risk is about a half percent that you will face a big adverse move during a withdrawal. Compare that to the hassles, fees, and speed of other withdrawal methods and bitcoin stacks up well.
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Old 05-29-2015, 06:47 PM   #348
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Re: Bitcoin Deposits and Withdraws

does anyone know of or use websites that you can buy bitcoins using debit cards and receive the bitcoins instantly, not a week later like coinbase does?
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Old 05-30-2015, 12:19 PM   #349
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by zapzer View Post
does anyone know of or use websites that you can buy bitcoins using debit cards and receive the bitcoins instantly, not a week later like coinbase does?
+1 would love an instant option
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Old 05-30-2015, 12:38 PM   #350
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by zapzer View Post
does anyone know of or use websites that you can buy bitcoins using debit cards and receive the bitcoins instantly, not a week later like coinbase does?
No idea about using debit cards for Coinbase, but no transaction I've ever done on Coinbase took nearly that long.
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