Is Bitcoin deposit a bad choice? - Internet Poker

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Is Bitcoin deposit a bad choice?

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12-06-2018 , 08:35 PM

GotThaNutz

newbie

Join Date: Dec 2018 Posts: 28

So my only option for deposit right now on Betonline poker is bitcoin. My walmart money card doesnt allow for foreign transactions so cryptocurrencies seem to be my only option, but with the recent declining trend in bitcoin prices it doesnt seem like such a good idea. So my question is: if I deposit with bitcoin can I withdraw other ways like the money transfer or casheirs check?

Ps I cant play on any American sites because of the state i live in.

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12-06-2018 , 08:49 PM

krcmdc

grinder

Join Date: May 2009 Posts: 541

Quote:

Originally Posted by GotThaNutz

I don't play at BetOnline, but the declining price of bitcoin isn't relevant to someone who is just making deposits and withdrawals for poker. It's only relevant if you're holding bitcoin longer than the few minutes those transactions take.

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12-06-2018 , 09:30 PM

nostalgic7

banned

Join Date: Dec 2018 Posts: 104

betcoin is ok but like the previous guy said you have to deal with the volatality of the currency on top of what you are playing which can be iwns and losses.

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12-06-2018 , 10:00 PM

kahntrutahn

Minbet Millionaire

Join Date: May 2005 Posts: 8,054

Bitcoin deposit is actually the best choice. Bitcoin price won't affect you in any meaningful way if you are promptly depositing and withdrawing it with little hold time. Simply use it as a medium for using funds and you'll be just fine.

In fact, the more people that use bitcoin for commerce, such as deposits and withdrawals to poker sites, the more intrinsic value Bitcoin has and the higher the price will go

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12-07-2018 , 12:44 AM

goodsaint

veteran

Join Date: Nov 2012 Posts: 2,377

Quote:

Originally Posted by GotThaNutz

Ps I cant play on any American sites because of the state i live in.

Quiet as its kept, you may be able to play on WPN. Even if it states your state is restricted. Call them and ask. You may be in for a pleasant surprise.

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12-07-2018 , 03:58 AM

sixfour

should be called sevenfour

Join Date: Dec 2005 Posts: 74,975

If you convert $200 to funny money, deposit said funny money to your internet pokers site straight away, and they then store it back as $200 minus some fees, why does it matter that the funny money is hyper volatile? Doesn't matter if the value goes down the toilet tomorrow if you get rid of it today

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12-07-2018 , 04:18 AM

PokerPlayingGamble

Dispute Unresolved

Join Date: Mar 2018 Posts: 4,669

Just buy as much as you need for the deposit.

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12-07-2018 , 01:19 PM

krcmdc

grinder

Join Date: May 2009 Posts: 541

Quote:

Originally Posted by nostalgic7

betcoin is ok but like the previous guy said you have to deal with the volatality of the currency on top of what you are playing which can be iwns and losses.

No, because...

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Originally Posted by sixfour

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12-07-2018 , 03:53 PM

txdome

Carpal \'Tunnel

Join Date: Mar 2007 Posts: 17,993

I've been waiting for blockchain's sfox to process my btc withdrawal for a month, so they "can let the market stabilize". Quick in and out isn't that much of a reliable route.

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12-07-2018 , 04:09 PM

#10

kahntrutahn

Minbet Millionaire

Join Date: May 2005 Posts: 8,054

Quote:

Originally Posted by GotThaNutz

Ps I cant play on any American sites because of the state i live in.

I missed this the first time. It does not matter what state you live in, there are at least 3 sites available to you. Probably up to as many as 6.

--
Kahn

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12-07-2018 , 04:12 PM

#11

krcmdc

grinder

Join Date: May 2009 Posts: 541

Quote:

Originally Posted by txdome

I've been waiting for blockchain's sfox to process my btc withdrawal for a month, so they "can let the market stabilize". Quick in and out isn't that much of a reliable route.

I don't know much about sfox, and I've never read about anyone else having a similar problem. But with that said, this is clearly an sfox issue, not a bitcoin issue, and this problem wouldn't occur on a traditional exchange. I'm sure that sfox has it's practical use cases, but I wouldn't think poker transactions would be one of them.

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12-07-2018 , 06:13 PM

#12

Hoopster81

Carpal \'Tunnel

Join Date: Feb 2005 Posts: 7,277

poker site <-> blockchain.info <-> coinbase is so stupidly easy after you do it once

can we not get a sticky in here detailing the steps required to do this?

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12-07-2018 , 10:21 PM

#13

goodsaint

veteran

Join Date: Nov 2012 Posts: 2,377

Quote:

Originally Posted by Hoopster81

poker site <-> blockchain.info <-> coinbase is so stupidly easy after you do it once

can we not get a sticky in here detailing the steps required to do this?

YouTube bitcoin poker deposit/withdraw videos, take you step by step.

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