So i'm fairly new to the concept and had some questions for those that use bitcoins to move money in and out of sites that accept it.

What is your set up? Which sites do you buy from? Do you use multiple sites and for what reason?

Lets say i deposit 5k to ACR in bitcoin and i break even and the bit coin market has split in half does that mean i have 2.5k? even though i broke even at poker?

Also, are sites letting you buy in bitcoin and cashout via check and whatnot?

Thanks!

Yes if you have 5k and the market drops by half you have 2500 worth of bitcoin. You can buy bitcoin from an exchange like coinbase or bitstamp. Google electrum to store coins in if you plan to use coinbase as coinbase frowns on transactions to gambling sites. Coinbase is prob easiest as you can link checking account .gl.

Thanks. I'm wondering if i should just deposit another way. My style is high variance as it is lol

Appreciate the info though

If you buy 10 bitcoin at $200, deposit it at ACR, and get $2000 into your account, it stays in USD. Say the price of bitcoin drops $50 to $150/bitcoin and you still have $2000 in your account. You will get ~13.3 btc.

Think of bitcoin as a payment processor that makes depositing/withdraws very simple and fast. You will rarely hold bitcoin for more than a few minutes if you want to keep everything in USD.

Best of luck.

Oooh ok. So lets say i put 5k on, and i get 5k USD on ACR, when i cash out i can just get a check for the amount i have in my account? Regardless if the bit coin market crashed or w/e

Correct. Bitcoin is simply a payment processor.

You could... but you don't need to get a check in order to get the full $5k.

If you have $5k on ACR and withdraw in bitcoin you will get $5k USD worth of bitcoin... no matter what the exchange rate is at that time.

Hypothetical scenario:

Bitcoin is worth $500 each.

You buy 10 bitcoins and deposit on ACR. You now have $5,000 on ACR.

Someday later, you want to withdraw your $5k from ACR.

Now bitcoin is only worth $250 each.

You withdraw $5k from ACR, and ACR now sends you 20 bitcoins.

You sell your 20 bitcoins and recieve $5k in your bank account.

In the end this means that your winnings will be true as it is, until to the point where you withdraw and get bitcoins, any volatility at that point is changing your moneyvalue. So you gotta hurry to turn those BTC into $ again if you don't want to speculate.


I think holding a seperare in BR in BTC is a cool thing too because longterm the BTC is about to rise. We started at 0.0 something got to 2$, 10$, 30$, 4$, 20$, 200$, 500,$ 1k$, 600$, 300$ and now 200$ but it still is worth a lot compared to some years ago.

Think of a micro BR that you can play into a higher stakes roll which also grows on itself. Sure, BTC might go down but you only paid a micro BR for it.

Got it. Thanks guys!

If you play on a true bitcoin poker site, like SwC or Betcoin, then your bitcoins are subject to volatility.

ACR and others are not true bitcoin poker sites, they simply are sites that accept bitcoins and use them as payment processors.

Oh and its not bit coin its bitcoin

What do you mean by this? Are you referring to the fact that 1 BTC=1000chips on those mentioned sites?

Yeah, since each "chip" is 1mBTC, or 0.001BTC, you are essentially playing directly with bitcoin at the tables.

The downside is that it means those chips could fluctuate in value.

But the upside is that since those sites aren't dealing with converting to dollars it allows them to have really low rake and free, fast cashouts.

I thought his reference was more to the fact that Bitcoin Sites like SWC and Betcoin deal ONLY in Bitcoin. When player deposits, they hoard the BTC, and when player withdraw they give them BTC back. They don't concern themselves w/exchange rates. It might go up, it might go down. If your concerned about volatility, don't leave large balances of BTC on these sites. (If your speculating on a BTC boom however, you might take the opposite approach).

Compared to a site like ACR that simply accpets BTC as one of many forms of payment, that they themselves then immediately convert from BTC to $USD upon your deposit, and store it till withdraw requests come in. These guys are converting your BTC to USD and holding it, in USD, till your withdraw request. At that time you can withdraw in USD or BTC, where appropriate exchange rates (at that time) would be applied (again).

In the 1st example (BTC only sites) while your BTC balance stays the same, it's value in $USD can change daily. It could go up or down in terms of $usd value w/out you ever playing a hand.

In the 2nd example, your poker balance is $USD, and BTC going up or down does not impact it.

Make sense.

Hey guys,

So i just bought 3k in bitcoin on coinbase and it said that i will have the funds Friday. So does that mean if the bitcoin market doesnt do well from now till friday by the time i get the funds i could have like $2500?

Yes, when you do a regular purchase like that you lock in the exchange rate at the time you agree to buy. So you know ahead of time exactly what you're getting, they just hold it until your ACH transfer arrives.

They also have a "USD Wallet" but it's only available in half the states.

With that you're able to first transfer money to Coinbase and then after it clears you can use it to buy bitcoin instantly.

I buy from Circle.com primarily. I also also keep open ads on LocalBitcoins for buys basically all the time.

The main thing you need to know is that if you do buy on Circle or Coinbase they do not like you sending coin from them to Bitcoin gambling sites or vice versa. Transferring your coin to a 3rd party wallet in between can overcome this.

As to the account value question, it depends on the site. Bitcoin poker sites like Seals with clubs hold your account in Bitcoin and you gamble in Bitcoin so in that scenario you are subject to the Bitcoin price volatility. Sites like ACR allow you to deposit/withdraw but hold your account in US Dollars. In that case you are not subject to BTC fluctuations, you would still have 5k when you withdraw you would just end up with more bitcoin. If your poker account is held in USD your deposit is basically you selling Bitcoin and your withdraw is the equivalent of you buying Bitcoin, you are in USD while the money is in your poker account just the same as you are in USD in your bank account.

Last Question: Circle and coinbase can connect direct to your checking account and cashing out is as easy as clicking a button and the money will hit your account a few days later.