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New To Bitcoin - Assistance Needed Please

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Posted: #1
Hello folks:

I have been seeing quite a bit of positive information and reviews for those of you that utilize BitCoin as the method of transfer and withdrawls.

I'm contemplating using this method as well, but to be quite honest, I have no real clue how this all works and I'm a little hesitant to dive right in with personal information, banking information, etc.... to some BitCoin wallet.

So, perhaps you can fill me in on the details.  Here's what I know so far:

1.  Bitcoin is a digital currency, which is then 'exchanged' into US dollars and can be converted at any time within minutes from a bitcoin wallet.  Then, transferred to and from the Bitcoin wallet to your bank account?  Is this correct?

So, what is the most 'secure' bitcoin wallet and what types of information do you need to provide to them?  Is it safe?  Secure?

Any information on the specific steps and information required to set this up would be great.

Lastly, what kind of information is needed to do withdrawals from 5Dimes, for instance.  What info must I provide them to get a BitCoin transfer to my online BitCoin wallet?

Thank you all,
 
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Posted: #2
The most secure wallet is a bitcoin hardware wallet that you can carry around with you. It is the most secure because it does not connect to the internet thus exposing risks to hacks. Google "bitcoin hardware wallets" and you'll see a few of them. 

Now, as far as the internet wallets go, Coinbase is the most secure and then Circle, in my opinion. Blockchain is also good but you cant buy/sell on blockchain, you can only store bitcoins. With the other two, you can buy/sell and store bitcoins. To set up a coinbase wallet, you can simply do it from their website. They may have you go through some id verification steps like all the wallets do. You can then attach your bank account and do transfers. 


 
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Posted: #3
Quote Originally Posted by CountCrisco:

The most secure wallet is a bitcoin hardware wallet that you can carry around with you. It is the most secure because it does not connect to the internet thus exposing risks to hacks. Google "bitcoin hardware wallets" and you'll see a few of them. 

Now, as far as the internet wallets go, Coinbase is the most secure and then Circle, in my opinion. Blockchain is also good but you cant buy/sell on blockchain, you can only store bitcoins. With the other two, you can buy/sell and store bitcoins. To set up a coinbase wallet, you can simply do it from their website. They may have you go through some id verification steps like all the wallets do. You can then attach your bank account and do transfers. 



Thank you, I read some stuff on this posted by VanZack on another thread.  

So, you haven't had issues using this method?

Also, why would I want to 'store' bitcoins.  Why not just get them, and quickly convert to dollars and have cash in hand?  What's the upside to just 'hoarding them' so to speak.
 
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Posted: #4
Quote Originally Posted by Golazo:


Thank you, I read some stuff on this posted by VanZack on another thread.  

So, you haven't had issues using this method?

Also, why would I want to 'store' bitcoins.  Why not just get them, and quickly convert to dollars and have cash in hand?  What's the upside to just 'hoarding them' so to speak.

If you think the price of bitcoin will go up, this is why you would store them. Personally, I think btc will gap up to $400 or more within a year when more people learn about it. It's just the tip of the iceberg right now, once even 25% of the population starts using it, it will soar to $500 or more each guaranteed. 

No issues whatsoever using bitcoin. It's much more hassle free than MG and WU. 

BTC (short for bitcoin) is the future of how all books will accept payments. If you're a online book and not accepting btc, you will be left in the dust in a year or two.  
 
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Posted: #5
If you're just starting, I would recommend opening wallets at Coinbase, Circle, and Blockchain. Those are the three staples of online wallets. Coinbase and Circle are the most secure financial wise. I wouldnt mess with any of the other online wallets, just stick with those for now. 

If you plan on holding a large amount of bitcoins, i would recommend having two or three wallets just to be on the safe side and spreading them out between the accounts. 
 
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Posted: #6
Quote Originally Posted by CountCrisco:

If you're just starting, I would recommend opening wallets at Coinbase, Circle, and Blockchain. Those are the three staples of online wallets. Coinbase and Circle are the most secure financial wise. I wouldnt mess with any of the other online wallets, just stick with those for now. 

If you plan on holding a large amount of bitcoins, i would recommend having two or three wallets just to be on the safe side and spreading them out between the accounts. 

Very helpful!  Thank you.

Two questions still:

1.  When you have CoinBase and Blockchain, which 'account' should you be conducting transactions with sportsbooks from?

2.  Which 'account' should you be storing these coins in?
 
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Posted: #7
Also, this was mentioned in another thread, could someone clarify this?

QUOTE Originally Posted by vanzack:

No idea about banks and BTC.  I would google that one.

You obtain a new address with all wallets every time.  This is a bitcoin thing (not specific to sports gambling or anything else).  Also google this.


Can someone clarify WHICH address needs to be changed?  Is it the COINBASE Address, or is it the BLOCKCHAIN address?
 
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Posted: #8
Going to try it myself. Believe you change the address when you are sending the bitcoin. This is because Coinbase/Circle can determine if you are sending to a gambling site if they decide to and will shut you down. If you only going to do it once or twice, probably no problem. But if you are going to make repeated transfers, you change the address.

If you are sending repeated transfers, you want to send to blockchain as intermediary. This would make changing the address unnecessary.

You can store your coin in either blockchain or Circle/Coinbase. You are only using blockchain to disguise your activity unless you actually want a BitCoin wallet. But this would be for someone that bought using another method such as through an exchange or directly from someone.

You are on the right track in only using BitCoin for transactions. Only reason to hold it in a wallet is if you are a BitCoin believer and consider it a good investment such as holding a stock. Problem with holding it is it makes your gambling winnings secondary. You will win or lose more with BitCoin than gambling so no real reason to gamble unless of course you are going to win with both.

First time, I personally am just sending straight to book with no address changes.
 
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Posted: #9
To clarify address change, you change address with sportsbook so Circle/Coinbase has harder time tracking you and determining that you are sending to gambling site. I think the sportsbooks give you a choice of receiving a different bitcoin address since they have multiples.

When you withdraw, you give them your bitcoin address with Circle or blockchain and they send it there.
 
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Posted: #10
You only need to do the address change if your book uses the same address every time to receive. Most of the big books will give you a different address to use each time. 
 
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Posted: #11
Great stuff.

Tried it yesterday with $100. Got bitcoin funds in 6 hours. Only thing I had question about was how long it takes Bitcoin transfers to be "confirmed" in coinbase or block chain.
 
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Posted: #12
In most cases, it takes a matter of minutes to get the 1st confirmation, usually around 3 to 10 minutes depending on how busy it is and how many mining servers are online to confirm the transaction. In rare cases, it may take 20+ minutes but that has never happened to me. Most books will process your deposit after the 1st confirmation. There are some books that wait for 2 or 3 confirmations. 
 
 
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Posted: #13
Update:

I used this method, and its great.  Thank you for all your help.

Withdrawal request to bank payment took 1.5 days total.
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