you are not bitcoin sportsbook
your deposit and withdrawal is only on bitcoin, nothing else
if the price jumps/drops huge (depends on how you keep your deposits in fiat or btc ) you will be insolvent immediately
your deposit and withdrawal is only on bitcoin, nothing else
if the price jumps/drops huge (depends on how you keep your deposits in fiat or btc ) you will be insolvent immediately
I'm afraid that I will have to agree to this.
A bitcoin sportsbook platform would offer all its deposits and withdrawals, ONLY in bitcoin. By applying the conversion rate, players lose money, and like sbrzol said, if the price jumps/drops huge, you're out.
We at various times, on this forum including, explained our system work principles in terms of currencies other than BTC. Therefore, I will remind you only the principal points:
To run our company responsibly – is a top priority of JETWIN management. In that regard, all risks, including currency risk, are reduced to minimum. If a player opens account at a currency other than BTC, the system automatically converts funds at the Bitstamp, through API, to relevant amount of USD at the Bid rate at the time of deposit. However, when a player requests for withdrawal, the reserve operation takes place. Many players select this option, as it allows them:
a. to deposit in BTC and to play in their habitual currency;
b. to avoid fluctuations of BTC rate;
c. not to waste their time on the operations mentioned above.
"...when a player requests for withdrawal, the reserve operation takes place. Many players select this option, as it allows them:
a. to deposit in BTC and to play in their habitual currency;
b. to avoid fluctuations of BTC rate;
c. not to waste their time on the operations mentioned above."
I've got no idea what this means.
I read the FAQ and saw nothing about "the reserve operation" that "Many players select".
From what I read, if I set up an anonymous bitcoin account, it converts the bitcoin to US Dollars, and then reconverts them to bitcoin when I withdraw.
What is "the reserve operation"? Where can I read about this on your site.
Can I deposit in bitcoin and play in bitcoin, or is my understanding of your FAQ correct and the only option is to deposit bitcoin, have you convert it to US Dollars, and then have you convert back to bitcoin?
I don't understand what you're talking about re: "reserve operation", "b. to avoid fluctuations of BTC rate", etc.
We provide an opportunity for the customers to select not only BTC as a currency for their account, but also many other common currencies: EUR, USD, GBP, CAD, SEK and RUR.
- If a player chooses the currency other than BTC, BTC deposits are converted to fiat money at the Bitstamp Bid rate at the time of deposit.
- When a player withdraws, fiat money are converted to BTC also at the Bitstamp Bid rate at the time of withdrawal.
“reserve” was just mistyping. I wanted to say “reverse”.
