How do you send your Bitcoin to the Sportsbooks? - page 2.

Minus7point5

jr. member

Activity: 191

Merit: 1

Quote from: Panda Trump on January 19, 2018, 05:39:09 PM

Quote from: Minus7point5 on January 18, 2018, 04:01:49 PM

Since you can't send directly from Coinbase to Sportsbook, what middle man do you use?

My strategy:

Buy my coins on Coinbase --> withdrawal to Poloniex (free) --> withdrawal Poloniex to Sportsbook (.0005 BTC fee).

Withdrawal from Sportsbook (fee varies) --> Poloniex --> withdrawal Poloniex to Coinbase (.0005 BTC fee).

So at this rate, I'm paying .001 BTC to complete my transaction.

Does anyone else have a better (cheaper) method?

Thank you!

Why do you buy your coins at coinbase? The last time I checked, they had huge fees. That was about a year ago though, so they might've changed.
However, Poloniex is not a good exchange. I don't get why you don't want to send directly from Coinbase to Sportsbook either...

Anyways, here are my recommendations:
-Buy directly from others at a low rate & send directly to sportsbook.
-Buy from Coinbase, send directly to sportsbook.

I don't get why you can't send from coinbase to sportsbook?

You could also try buying lower-txfee cryptos for sportsbooks.

I actually buy my coins at GDAX.

Then withdrawal for free to Poloniex.

Then withdrawal from Poloniex to sportsbook for a .0005 BTC fee.

If you send directly from Coinbase (GDAX) to a sportsbook, your Coinbase (GDAX) account will get banned.

Panda Trump

sr. member

Activity: 588

Merit: 254

Quote from: Minus7point5 on January 18, 2018, 04:01:49 PM

Since you can't send directly from Coinbase to Sportsbook, what middle man do you use?

My strategy:

Buy my coins on Coinbase --> withdrawal to Poloniex (free) --> withdrawal Poloniex to Sportsbook (.0005 BTC fee).

Withdrawal from Sportsbook (fee varies) --> Poloniex --> withdrawal Poloniex to Coinbase (.0005 BTC fee).

So at this rate, I'm paying .001 BTC to complete my transaction.

Does anyone else have a better (cheaper) method?

Thank you!

Why do you buy your coins at coinbase? The last time I checked, they had huge fees. That was about a year ago though, so they might've changed.
However, Poloniex is not a good exchange. I don't get why you don't want to send directly from Coinbase to Sportsbook either...

Anyways, here are my recommendations:
-Buy directly from others at a low rate & send directly to sportsbook.
-Buy from Coinbase, send directly to sportsbook.

I don't get why you can't send from coinbase to sportsbook?

You could also try buying lower-txfee cryptos for sportsbooks.

piloder

legendary

Activity: 966

Merit: 1006

Buy coins and hold them in blockchain.info or electrum like wallets because there you will have full control over your coins and also you can send/receive Bitcoin from any sources you like.

Coinbase is not a true Bitcoin wallet

Bitinity

legendary

Activity: 3066

Merit: 1312

Quote from: Minus7point5 on January 18, 2018, 08:54:14 PM

Quote from: michkima on January 18, 2018, 06:57:13 PM

Quote from: Minus7point5 on January 18, 2018, 04:38:22 PM

Quote from: michkima on January 18, 2018, 04:22:04 PM

I recall you need to pay a fee when moving out of coinbase, not sure if that was still a thing since I never used coinbased when they had added a transaction fee. But basically you are doing a good job. Poloniex has one of the lowest fees right now to withdraw from the exchange, however, they might flag you though if you do not really trade and just use it for a wallet. Not to mention you are withdrawing and depositing from gambling sites. This could trigger AML policies.

Thank you for the response Cool

I actually use GDAX, no $0 fees.

I agree with you about Poloniex though, which is why I sometimes buy a few bucks worth of other coins.

I know Coinbase (Gdax) is not gambling friendly. Can anyone say the same thing about Poloniex, which isn't nearly as regulated as Coinbase?

I'd say they are fine with it. I've occasionally sent money to and fro Poloniex without problems. However, since I actually trade a lot, I don't get flagged, I am not sure if that would be the case if you mostly use them as a wallet for gambling.

~~Just to correct your math there, poloniex charges 0.0001BTC. So you are actually just paying 0.0006BTC in fees moving your funds.~~
I guess they just changed it. Oh well.

Good luck!

Thanks again for chiming in!

I'm curious what other people to when sending BTC to sportsbooks. Or does everyone use this same method?

My method is simple, buying btc on my local exchange and send it to the sportsbook with 0.0005btc fee. Good thing, the exchange that I use is not against gambling so far so I can send deposit and withdraw directly from and to my account at local exchange.

Minus7point5

jr. member

Activity: 191

Merit: 1

Quote from: michkima on January 18, 2018, 06:57:13 PM

Quote from: Minus7point5 on January 18, 2018, 04:38:22 PM

Quote from: michkima on January 18, 2018, 04:22:04 PM

I recall you need to pay a fee when moving out of coinbase, not sure if that was still a thing since I never used coinbased when they had added a transaction fee. But basically you are doing a good job. Poloniex has one of the lowest fees right now to withdraw from the exchange, however, they might flag you though if you do not really trade and just use it for a wallet. Not to mention you are withdrawing and depositing from gambling sites. This could trigger AML policies.

Thank you for the response Cool

I actually use GDAX, no $0 fees.

I agree with you about Poloniex though, which is why I sometimes buy a few bucks worth of other coins.

I know Coinbase (Gdax) is not gambling friendly. Can anyone say the same thing about Poloniex, which isn't nearly as regulated as Coinbase?

I'd say they are fine with it. I've occasionally sent money to and fro Poloniex without problems. However, since I actually trade a lot, I don't get flagged, I am not sure if that would be the case if you mostly use them as a wallet for gambling.

~~Just to correct your math there, poloniex charges 0.0001BTC. So you are actually just paying 0.0006BTC in fees moving your funds.~~
I guess they just changed it. Oh well.

Good luck!

Thanks again for chiming in!

I'm curious what other people to when sending BTC to sportsbooks. Or does everyone use this same method?

michkima

hero member

Activity: 896

Merit: 514

Quote from: Minus7point5 on January 18, 2018, 04:38:22 PM

Quote from: michkima on January 18, 2018, 04:22:04 PM

I recall you need to pay a fee when moving out of coinbase, not sure if that was still a thing since I never used coinbased when they had added a transaction fee. But basically you are doing a good job. Poloniex has one of the lowest fees right now to withdraw from the exchange, however, they might flag you though if you do not really trade and just use it for a wallet. Not to mention you are withdrawing and depositing from gambling sites. This could trigger AML policies.

Thank you for the response Cool

I actually use GDAX, no $0 fees.

I agree with you about Poloniex though, which is why I sometimes buy a few bucks worth of other coins.

I know Coinbase (Gdax) is not gambling friendly. Can anyone say the same thing about Poloniex, which isn't nearly as regulated as Coinbase?

I'd say they are fine with it. I've occasionally sent money to and fro Poloniex without problems. However, since I actually trade a lot, I don't get flagged, I am not sure if that would be the case if you mostly use them as a wallet for gambling.

~~Just to correct your math there, poloniex charges 0.0001BTC. So you are actually just paying 0.0006BTC in fees moving your funds.~~
I guess they just changed it. Oh well.

Good luck!

Minus7point5

jr. member

Activity: 191

Merit: 1

Quote from: michkima on January 18, 2018, 04:22:04 PM

I recall you need to pay a fee when moving out of coinbase, not sure if that was still a thing since I never used coinbased when they had added a transaction fee. But basically you are doing a good job. Poloniex has one of the lowest fees right now to withdraw from the exchange, however, they might flag you though if you do not really trade and just use it for a wallet. Not to mention you are withdrawing and depositing from gambling sites. This could trigger AML policies.

Thank you for the response Cool

I actually use GDAX, no $0 fees.

I agree with you about Poloniex though, which is why I sometimes buy a few bucks worth of other coins.

I know Coinbase (Gdax) is not gambling friendly. Can anyone say the same thing about Poloniex, which isn't nearly as regulated as Coinbase?

michkima

hero member

Activity: 896

Merit: 514

I recall you need to pay a fee when moving out of coinbase, not sure if that was still a thing since I never used coinbased when they had added a transaction fee. But basically you are doing a good job. Poloniex has one of the lowest fees right now to withdraw from the exchange, however, they might flag you though if you do not really trade and just use it for a wallet. Not to mention you are withdrawing and depositing from gambling sites. This could trigger AML policies.

Minus7point5

jr. member

Activity: 191

Merit: 1

Since you can't send directly from Coinbase to Sportsbook, what middle man do you use?

My strategy:

Buy my coins on Coinbase --> withdrawal to Poloniex (free) --> withdrawal Poloniex to Sportsbook (.0005 BTC fee).

Withdrawal from Sportsbook (fee varies) --> Poloniex --> withdrawal Poloniex to Coinbase (.0005 BTC fee).

So at this rate, I'm paying .001 BTC to complete my transaction.

Does anyone else have a better (cheaper) method?

Thank you!

Topic: How do you send your Bitcoin to the Sportsbooks? - page 2. (Read 205 times)