sportsbettor5
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Nothing that I see. What is the problem with skipping the intermediate step and transferring directly from book to book?
Bitcoin question
- Thread starter Pimike
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rolandcorts
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Rudy does not have a point because pimike asked about transferring funds from one book to another. So he has a book already funded. In this case, he can transfer the funds from Book A to a private wallet *which requires no KYC* and then transfer it from the wallet to book B. End of story.
Why do people find this so complicated that they insist on wanting to do it directly from Book A to Book B? You can install dozens of free wallets on your desktop or your phone. Again, no KYC. The one downside? One more BTC fee, which at the moment is 50cents.
So, you want to know what the problem is with skipping this intermediate step? Countless things can go wrong.
1. Some books like 5D/BAS freeroll you on BTC fluctuations. If Book B is BAS, and you enter that you want to deposit $1000, it will calculate how much BTC you need to send. Now you request the payout from Book A. The longer that Book A takes to pay, the greater the amount that BAS will freeroll you on BTC fluctuations. If BTC goes up in value, they'll ONLY credit you with the $1000. If BTC falls by 50% in value though, they'll credit you with $500. In other words, you want to get the deposit in ASAP. The amount that BAS will freeroll you is huge in comparison to the BTC fee even on small BTC fluctuations.
2. Suppose you use a promo code for a bonus at Book B. Then Book A cancels your payout because of KYC or something, causing a long delay. The promo code may now have expired and if you try to use the promo code again, you will not get the bonus.
3. If at Book B it generates a BTC address for you but then the deposit comes in over 24 hrs later, it can take a long time to get credited as they sweep 'old' addresses less frequently.
I could come up with 10 more. Will going from Book A to Book B work for the most part? Sure. But why complicate your life for no reason?
Why do people find this so complicated that they insist on wanting to do it directly from Book A to Book B? You can install dozens of free wallets on your desktop or your phone. Again, no KYC. The one downside? One more BTC fee, which at the moment is 50cents.
So, you want to know what the problem is with skipping this intermediate step? Countless things can go wrong.
1. Some books like 5D/BAS freeroll you on BTC fluctuations. If Book B is BAS, and you enter that you want to deposit $1000, it will calculate how much BTC you need to send. Now you request the payout from Book A. The longer that Book A takes to pay, the greater the amount that BAS will freeroll you on BTC fluctuations. If BTC goes up in value, they'll ONLY credit you with the $1000. If BTC falls by 50% in value though, they'll credit you with $500. In other words, you want to get the deposit in ASAP. The amount that BAS will freeroll you is huge in comparison to the BTC fee even on small BTC fluctuations.
2. Suppose you use a promo code for a bonus at Book B. Then Book A cancels your payout because of KYC or something, causing a long delay. The promo code may now have expired and if you try to use the promo code again, you will not get the bonus.
3. If at Book B it generates a BTC address for you but then the deposit comes in over 24 hrs later, it can take a long time to get credited as they sweep 'old' addresses less frequently.
I could come up with 10 more. Will going from Book A to Book B work for the most part? Sure. But why complicate your life for no reason?
sportsbettor5
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I think the much bigger downside of [book-intermediate-book] is that this method is twice as slow (half as fast) as it requires two transactions instead of one, therefore fluctuations are a bigger risk. So your (1) above seems like a reason to do [book-book] instead of [book-intermediate-book].
Can you explain (3) in more detail? If "the deposit (to Book B) comes in 24 hours later", that's going to potentially hurt you regardless of which method you use. I don't see how it makes a difference if that deposit is coming from an intermediate address or from Book A.
The only good reason I can see for doing [book-intermediate-book] is if you want to speculate on price by holding in the intermediate address. I've done this with some success.
mikesmith99
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Well yes and no. Transaction speeds are inherent to each cryptocurrency. That's why I've been raving about BetOnline accepting Ripple (XRP) its literally as fast as doing it with at credit card so you minimize that risk as Roland says.
If anything, having your own non-custodial wallet is safer. For example, if you have all your crypto at blockchain.com and something happens to them or they increase KYC then you're toasted.
The only issue with having your non custodial wallet is not losing your seed phrase in case you gotta access your wallet from a new device. Other than that, its the safest way
rolandcorts
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You're clearly not going to be convinced. Good luck with your method.
- Professional sports bettor of 15 years
sportsbettor5
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rolandcorts
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lol
mikesmith99
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Good stuff man lmao.
But gotta agree with Roland. The whole idea of crypto is having the the ability to control and maneuver your money without middle man. With your wallet you're in control. And again, that's just if you are thinking bitcoin but different tokens have different benefits.
I did two deposits from my wallet on Sunday. One litecoin and one with ripple. The latter one literally took less than two minutes to send from exchange, to wallet to SB.
Wouldn't do litecoin anymore unless forced to and even in that situation I wouldn't want the book to handle the transaction
Not your keys, not your crypto.
In this case the book is acting as an exchange which is literally handing over your crypto.
- Dog with sunglasses. Professional tree pisser
rolandcorts
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If you're really moving the $ from one book to another, then just keep an eye on when the $$ hits your wallet and then immediately deposit it at the other book. The hour to hour swings in crypto surely aren't enough to worry you. Besides, the swings can benefit you. Aren't you a gambler, sir???
- Man with bitcoin in avatar
sportsbettor5
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The point is there is no advantage to doing this. It's just slower and subject to more fluctuation.
sportsbettor5
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BAUS:
It's a great point. My statements were referring to the case in which the player wants to transfer $X from Book A to Book B with no other withdrawal.
Another issue you’ll run into is this scenario:
It’s a NFL Sunday morning at 11:00am EST and you withdraw $1000 from Book A to Book B directly.
Suppose it’s a book like that BetOnline that’ll pay in under 15 minutes. They send the Btc at 11:15am EST. Great.
You wait and you wait but the Btc doesn’t hit Book B until 1:30pm EST. Too late, you missed kickoff.
How did this happen? Because you have no control over the sending fee that BetOnline used so it took 2.5 hours get confirmed.
Had you been in control of the Btc at 11:15am you could have sent it with a higher fee ($2-3) and it would have hit Book B within minutes.
This is just one example of many why it is not a good idea to send Btc directly from Book A to Book B.
Should anyone be interested in hiring a Gambling Coach please reach out to me. Rates begin at $750/hour.
BAUS
It’s a NFL Sunday morning at 11:00am EST and you withdraw $1000 from Book A to Book B directly.
Suppose it’s a book like that BetOnline that’ll pay in under 15 minutes. They send the Btc at 11:15am EST. Great.
You wait and you wait but the Btc doesn’t hit Book B until 1:30pm EST. Too late, you missed kickoff.
How did this happen? Because you have no control over the sending fee that BetOnline used so it took 2.5 hours get confirmed.
Had you been in control of the Btc at 11:15am you could have sent it with a higher fee ($2-3) and it would have hit Book B within minutes.
This is just one example of many why it is not a good idea to send Btc directly from Book A to Book B.
Should anyone be interested in hiring a Gambling Coach please reach out to me. Rates begin at $750/hour.
BAUS
That is my summer rate. August 20th rates go back to normal ($1500/hour).Baus, It looks like you lowered your rates?
BAUS
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