To those who are finally considering Bit Coin
Be free to discuss anything related to casino banking, payment methods etc.
- Started by
- last active 8 hrs ago
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Hello all, I figure there seems to be enough folks interested in Bit Coin I figured a thread about it would do you some good.
- Started by
- at March 25, 2016, 13:37:54
- last active 8 hrs ago
After doing much, much research on this subject and becoming fairly seasoned with the concept. I must confess somethings that I have been glossing over for newbies just to give you somethings to think about before venturing into the world of Bit Coin.
Please note all of this following are very important to consider, so please read bullet carefully and if you don't understand what I am talking about. Feel free to PM me or ask in this thread.
1) Price fluctuation, the price of Bit Coin stabilizes from time to time. Which at that point it may only gone up and down a few dollars for a week or so on end. Yet there are times like as I stated before in a few previous threads. Where the price swings violently up, then back down, and back up, and then sometimes way down. So be prepared if you are going to invest in Bit Coin. Even if you plan on owning small amounts at a time for online gaming. Be prepared that the $20 in bit coin you bought 5 minutes ago, could be worth $20.50, or could be worth $19.50, even half of that.
Most of the times the swings are that violent, but if you do happen to catch Bit Coin at the wrong time you may experience a good up swing or a bad one.
2) You really do need a separate wallet, even if your comfortable with Coinbase, Circle, Local Bit Coins, Paxful, etc, etc, etc as the place to buy and sell your coins from. You really should have a separate wallet, even it's another cloud base one. Just something anything is better than leaving your coins in the same place you buy and sell for.
Reason being, I have had my Coinbase account closed, granted yes I could move my coins out of there. Yet it was scary knowing that I could have lost way over 30 BTC, because I was selling too many coins in a short period of time. The risk you run into with Paxful and Local Bit Coin, is if a trade goes south and you have a dispute against you. Then at that point you also run the risk of having your account locked and not being able to do much with your coins.
PC, Lap Top, or Smart Phone based wallets are the preferred method. That way you always have control over your keys. Yet I understand for some who don't always use the same device at any given time this may not be convenient for them.
3) Always have a backup plan of what to do with your coins if your avenue for buying and selling shuts you down or just disappears one day. If you notice on my Paxful profile, you'll notice I just don't trade with one person.
I've built rapport with several people, in the case one day one trader goes on vacation, has there payment method they were using shut down, or just simply wants no part of bit coins for the moment or ever. That way I have several people I can go to any given time who already trust that I'll give them a fair shake.
I also can get my coins changed into gift cards as well, if I can't get any cash and I want to use my coins for entertainment. There are several gift card sites that'll accept bit coin for a gift card of your choice, example Gyft.com and CardCash.com just name a few examples.
4) Always use Escrow anytime you deal with someone outside of a trusted site. There are plenty of web sites out there that offer services for insane BTC to USD prices. If you wish to trade with them and there not on a site like LBC or Paxful. You could always ask for Escrow. Then at that point it's a matter of finding someone you can trust to hold your coins and there item there sending you until both parties of made sure both ends of the bargain are fulfilled.
Anywho, hopefully that gives you folks some more clearer insight into the BTC community. I'm really trying to not scare anyone. I'm just wanting to make sure your completely prepared with facts and information before you venture into BTC. Cheers everyone.
- Hero Member
Life is like a game, remember play fair!
- Replied by
- at March 25, 2016, 16:06:32
- Hero Member644
- last active 1 day ago
Well the main thing is I realize lots of folks are seeing Bit Coin as a great currency to help them get back into online gaming with out a bunch of hoops. Which yes it is, but as stated previously. It does come with some risk. So I just figured I've made a few happy posts about BTC, just to get folks interested.
- Replied by
- at March 25, 2016, 16:13:04
- last active 8 hrs ago
Yet I also figured it was about time now that I've seen some of the good, bad, and evil of BTC. That I might want to share a few things about this wonderful currency that could go terribly wrong.
- Thank you for sharing Cheetah. Yes, there are definitely some cons to playing with bitcoin.
For me, the biggest downside of bitcoin is that the cost is always greater then the actual value. I purchase through an exchange and because I choose PayPal to purchase, my price is significantly higher then the market value. PayPal is seen as high risk because of the Buyer Protection Service in place at PayPal.
For example, every $20 deposit I want to make, usually it will cost me about $23-26 due to the seller mark-ups & transfer fees. Only recently did I establish a relationship where I can buy them at face value. If this particular seller weren't so fond of me, I would still be paying close to 25% markup.
Sounds crazy when I actually have to admit it out loud... BUT the rationale for paying that extra comes down to my favorite thing! INSTANT GRATIFICATION! Playing online is definitely exciting but every gambler knows that the satisfaction of receiving your cash at a land casino is an entirely different thrill! Online gamblers want to be able to cash-out and head over to the cashier just like we do at the land casinos. FINALLY NOW WE CAN! I realize European players have had this privilege for years, but it's brand new to me & I can't even put my enthusiasm into words.... This is the best image for describing how I feel about Bitcoin:
- bongo wrote:
Whoa!! that is a huge markup! I have never seen a discrepancy that size whether it be mining fees or finance charges. That seems pretty steep, Jenna. Is that specifically because of PayPal? I use a VISA card tied to my checking acct. and the fees are really small.
Yes, it does seem crazy, doesn't it? The high fees are specifically linked to the Paypal purchase option. Most of the traders on LBC or Paxful won't even trade with PayPal buyers. This is all because of PayPal's guaranteed Buyer Protection Policy. The possibility of a chargeback is much higher then with any other type of transaction.
I have traded PayPal for every single transaction I have done in Bitcoin, both buying & selling. I have used my PayPal account to gamble for almost 5 years & I have never linked my banking information to any online gaming activity. I don't even take my ATM card with me to the casino, I just prefer not to have the option. I have gone overboard in the past & it was a mess to say the least.
- Honestly, I don't know why these casinos haven't assumed the middle-man position. There is definitely money to be made. They have a large amount of Bitcoin coming in so they could easily cover the player requests. For instance Extreme could set up Extreme Exchange & you could trade directly with the casino for a small premium. It would save the hassle of finding a decent trader online & then waiting on the blockchain, since everything would be internal transactions for Extreme. Of course there are flaws with that idea, too, but I think it could work.
- If that were already in place, they could have made a killing off just my transactions... luckily for me, I now have a friend who trades with me wholesale. His employer pays him in Bitcoin & he does not gamble so he has a stock pile of coins that he lets me chisel away at. I just have a tiny little ice pick though... I would love to have a huge mound like Cheetah has set aside. I just discovered the interview he gave LCB last year when he won over 30 bitcoin from Bitcasino.io ... WOW! I would probably use them to trade with dummies like myself that pay 25% more then the value.... The dark days are over...
- Your welcome and for most small time players. Places like Coinbase and Circle won't be an issue. As most people will be buying small amounts to gamble with anyways.
The warning is there mainly for those who win big or happen to feel a bit generous with money because they got a bonus at work or something. Just be aware because Circle and Coinbase are registered money transmitters. They do have to do there due diligence on why said person is buying lots of coin or trying to sell a ton of it. Hence why if they don't like your answer they can shut you down for any reason.
Also FYI the price of coin is on it's way up again. Hopefully it's not someone doing a pump and dump.
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