5dimes is adding bitcoin as a payment option.

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You get dumber every day...


Do you really think the sportsbook is going to give you the rate they can sell it at? They sure as hell aint gonna hold it all. It's damn near a cambio/money exchange. Now, they can make $$ off of players in two ways.

Brilliant move i have used to my advantage more than once

I was just asking a question. Your trolling and insults are noted.
 

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I was just asking a question. Your trolling and insults are noted.


Duly noted is your stupidity and ignorance...

Do i get another check mark in your book? :nosepicki
 

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Guys, I'll just go ahead and ask it. How does Bitcoin work? I have no clue. Can someone walk me through it like I'm a five-year-old kid. Start from how you purchase it etc.? I really have no idea.
 

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This is the short version. There are other videos that explain it in more detail on youtube but they are longer. Vegas has a bitcoin ATM now that makes it easier to use. Basically it's like digital cash.

 

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So it's insured?
Exactly it's like digital cash (not like a bank account) where there's no middle man. More like the Cash in your wallet. If you lose it you're screwed. And it's anonymous like cash. You just have to be careful to only trade it with respectable sources.
 

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So, here's what I understand. Correct me if I'm wrong. You set up a bitcoin account just as you would a bank account but it's strictly online. You purchase bitcoins using your ATM card via your online account then you just send the bitcoins to people or merchants that take bitcoins? Sounds pretty simple.
 

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How do you cash in these bitcoins? What rate do you get? :guillotin
 

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Dang, that seems like a huge risk for books. Is that really how they're going to do it?

I would not say that.
It would always be an equal trade for an equal trade.
So it does not really matter how much bc goes up or down vs the dollar.

But you are the currency expert. Maybe I'm overlooking something
 

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I would not say that.
It would always be an equal trade for an equal trade.
So it does not really matter how much bc goes up or down vs the dollar.

But you are the currency expert. Maybe I'm overlooking something

I messed up. I made the assumption that they would hold on to the Bitcoins. But if they instantly sell the Bitcoins when you deposit and have usd instead, there is no risk. I just don't view Bitcoins as a stable currency, so if the value plummets and they're holding on to a bunch of Bitcoins, they're out some serious money.
 

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I messed up. I made the assumption that they would hold on to the Bitcoins. But if they instantly sell the Bitcoins when you deposit and have usd instead, there is no risk. I just don't view Bitcoins as a stable currency, so if the value plummets and they're holding on to a bunch of Bitcoins, they're out some serious money.

They're converting them as soon as they are deposited. As of now in Beta you can't withdrawal by converting back to bitcoin, but you will be able to once they work out all the kinks. Really no risk for them. The only risk I see is maybe becoming a target in the game of Big Brother.
 

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They're converting them as soon as they are deposited. As of now in Beta you can't withdrawal by converting back to bitcoin, but you will be able to once they work out all the kinks. Really no risk for them. The only risk I see is maybe becoming a target in the game of Big Brother.

Yea. That makes much more sense. For some reason I thought originally they were holding on to them. That's my bad. Are there any transaction costs people have to pay?
 

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I messed up. I made the assumption that they would hold on to the Bitcoins. But if they instantly sell the Bitcoins when you deposit and have usd instead, there is no risk. I just don't view Bitcoins as a stable currency, so if the value plummets and they're holding on to a bunch of Bitcoins, they're out some serious money.

Yea but as long as they convert instantly the risk is almost zero. As long as they don't hold onto them.
 

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Yea. That makes much more sense. For some reason I thought originally they were holding on to them. That's my bad. Are there any transaction costs people have to pay?

That's what the bitbooks do, and probably why they're so up and down. I think it'll be pretty awesome when the day comes that you convert to bitcoin, deposit it to US currency, make a bet, win the bet, covert back to bitcoin, go to a bitcoin ATM and have the cash in your hands.

Bitcoins aren't a stable investment, but really good for moving money around.
 

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That's what the bitbooks do, and probably why they're so up and down. I think it'll be pretty awesome when the day comes that you convert to bitcoin, deposit it to US currency, make a bet, win the bet, covert back to bitcoin, go to a bitcoin ATM and have the cash in your hands.

Bitcoins aren't a stable investment, but really good for moving money around.

One thing politically we can always agree on is that it is insane you can't gamble your own money and can't get paid instantly via books! I hope this Bitcoin thing works out. Just such a risk with the big bad Govt around the corner. But I'm sure you and the books know far more about what the risks are.
 

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So, here's what I understand. Correct me if I'm wrong. You set up a bitcoin account just as you would a bank account but it's strictly online. You purchase bitcoins using your ATM card via your online account then you just send the bitcoins to people or merchants that take bitcoins? Sounds pretty simple.


Yes.

I bought my first BTC last week. I did my research beforehand and found somewhere I felt safe (my brother's a bitcoiner). It took me 5 minutes to set up a free bitcoin wallet and link it to my bank account. Basically like setting up a ppal account but there is instant verification of your bank account.

I bought .10 BTC for like $63 just to get my feet wet with it. It's sitting in my BTC wallet waiting for me to use it somewhere.

It really is as simple as funding ppal.
 

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