You have to separate USD$, BTC, and the books in your mind.
Turning USD into BTC and back to USD is something that happens either in person (like localbitcoins) or on an exchange (Like www.mtgox.com).
As far as the book is concerned, USD doesn't exist. If you want to deposit 1 BTC into a book, the book will give you a "receiving address" to send the BTC to. Once you send the BTC, its usually credited within minutes. When you want to withdraw BTC from the book, you will enter YOUR receiving address from your wallet into the books website, and they will send you your balance within minutes (usually, some books delay a few hours).
In short, how long does it take to get BTC in and out of a book? Almost instant (minutes).
Now, once you have the BTC from the book, you can either keep it as BTC, or turn it into USD at an exchange. Once you are all set up with the exchanges, it literally goes like this:
Green Text is USD, Blue Text is BTC:
Bank account to Dwolla (2days), Dwolla to Gox (1day), GoxUSD to GoxBTC(instant), GoxBTC to your wallet(instant), wallet BTC to the book(instant), book BTC to your wallet (instant),wallet BTC to Gox (almost instant), GoxBTC to USD (instant), Gox to Dwolla (1day), Dwolla to bank account (2days)
Again, I highly recommend you read through post #13 on the gambling links thread and the screenshots i sent you.
Topic: SBR Newbies Check In (Read 562 times)
Bitcoins are valuable, as you see, they are going for $46 a pop right now. There are only two ways to get BTC. You either buy them from someone who has them, or you "mine" them. Personally, I mine bitcoins (get paid for doing work for the system) but its highly specialized and barely profitable, so I don't recommend it.
If you just want to see what the bitcoin world is like, why don't you buy one from https://localbitcoins.com/
It's local like craigslist, but for bitcoins. You could also try buying bitcoins on ebay, but they are overpriced because sellers fear the buyer will file a chargeback and they will have no recourse.
Other than that, you may just have to bite the bullet and go with one of the exchanges. Dwolla and Mt.Gox are probably the most reputable, and I've been using them since I started in 2010. Their verification process sucks, but its no worse than what the offshores put you through, and at least they are legitimate companies.
Let me know if I can be of more help.
If you just want to see what the bitcoin world is like, why don't you buy one from https://localbitcoins.com/
It's local like craigslist, but for bitcoins. You could also try buying bitcoins on ebay, but they are overpriced because sellers fear the buyer will file a chargeback and they will have no recourse.
Other than that, you may just have to bite the bullet and go with one of the exchanges. Dwolla and Mt.Gox are probably the most reputable, and I've been using them since I started in 2010. Their verification process sucks, but its no worse than what the offshores put you through, and at least they are legitimate companies.
Let me know if I can be of more help.
Makes sense.
Now how easy is the deposit /withdrawl to the bitcoin sportsbook? Say I start with 1 BTC in the sportsbook, turn it into 4, how is the cash out process? Do I need to sell the BTC's to get paid from them?
Bitcoins are valuable, as you see, they are going for $46 a pop right now. There are only two ways to get BTC. You either buy them from someone who has them, or you "mine" them. Personally, I mine bitcoins (get paid for doing work for the system) but its highly specialized and barely profitable, so I don't recommend it.
If you just want to see what the bitcoin world is like, why don't you buy one from https://localbitcoins.com/
It's local like craigslist, but for bitcoins. You could also try buying bitcoins on ebay, but they are overpriced because sellers fear the buyer will file a chargeback and they will have no recourse.
Other than that, you may just have to bite the bullet and go with one of the exchanges. Dwolla and Mt.Gox are probably the most reputable, and I've been using them since I started in 2010. Their verification process sucks, but its no worse than what the offshores put you through, and at least they are legitimate companies.
Let me know if I can be of more help.
If you just want to see what the bitcoin world is like, why don't you buy one from https://localbitcoins.com/
It's local like craigslist, but for bitcoins. You could also try buying bitcoins on ebay, but they are overpriced because sellers fear the buyer will file a chargeback and they will have no recourse.
Other than that, you may just have to bite the bullet and go with one of the exchanges. Dwolla and Mt.Gox are probably the most reputable, and I've been using them since I started in 2010. Their verification process sucks, but its no worse than what the offshores put you through, and at least they are legitimate companies.
Let me know if I can be of more help.
thanks for doing this greco. Wish I had gotten into bit coins a while back before the price spiked to $50.
I'd love to give this a shot but am not comfortable with the whole buying process just yet. Wish that faucet site was still up so I could get like 1 BTC for free and then see how it works with depositing into the sports book, withdrawing, and cashing out.
Aside from buying a BTC, there's really no other way to acquire them, right? How exactly do people get more BTCs without buying them?
I'd love to give this a shot but am not comfortable with the whole buying process just yet. Wish that faucet site was still up so I could get like 1 BTC for free and then see how it works with depositing into the sports book, withdrawing, and cashing out.
Aside from buying a BTC, there's really no other way to acquire them, right? How exactly do people get more BTCs without buying them?
I should have made my original thread in the newbie section, but I didn't think about it. If you can't find an answer on this forum, feel free to ask them here and I'll try to help you out.
https://bitcointalksearch.org/topic/m.1604396
https://bitcointalksearch.org/topic/m.1604396
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