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  1. #1
    Administrator . MadJack's Avatar
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    Bitcoin made simple

    Bitcoin Made Simple - This is all you need to know for now.


    The best thing to come along since Neteller.


    Like me, you will kick yourself in the ass for not getting this setup 2 years ago.


    Just start here before you do anything else.


    Open an account at circle.com. Link your account with your bank and debit card and/or credit card. Follow their online instructions to secure your account and make all verifications (verify email, bank account, etc). You account will be open and ready to use anywhere from immediately to one week. It took me about a week for some reason.


    Next, open an account at blockchain.info. Follow their online instructions to secure your account.


    As soon as those 2 accounts are open, you are all set and ready to go. You'll be able to make a deposit or withdrawal with most sportsbooks and it will be fast, easy, secure, and anonymous. You will feel like you're back in the Neteller days.


    Any questions, post them below.


    Tips:


    - forget the word bitcoin. You are not buying coins. You're transferring USD and using Bitcoin as the vehicle. You own bitcoin for a matter of minutes. You can buy $5 worth or $30K worth. You're not buying coins.


    - don't worry about linking your bank account. These companies are legit and insured. If it still concerns you, open a separate account to use for this only. I'm not the least bit concerned.

  2. #2
    Go Heels saint's Avatar
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    I've started the process. I opened an account with Circle. I use a checking account for sports wagering and that alone, so I am comfortable linking it. I used the BofA sign in at the circle site and the bank account was verified on the spot.

    I requested the max amount of $300 to be transferred into Circle. That was Tuesday morning. The transfer is still pending, which is slightly annoying but it's only been 48 hours. An ACH transfer should not take more than 3-4 days tops, so I'm hoping it's in by Friday. Perhaps using a debit card on the same account would have been faster? Either way, you will need some advance time to wait on the funds coming through.

    Opening accounts at both circle and blockchain were pretty easy. Jack is right about the security protocol at blockchain, it's multi-layered to say the least.

    I will update as the process is completed.

  3. #3
    Administrator . MadJack's Avatar
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    Quote Originally Posted by saint View Post
    I've started the process. I opened an account with Circle. I use a checking account for sports wagering and that alone, so I am comfortable linking it. I used the BofA sign in at the circle site and the bank account was verified on the spot.

    I requested the max amount of $300 to be transferred into Circle. That was Tuesday morning. The transfer is still pending, which is slightly annoying but it's only been 48 hours. An ACH transfer should not take more than 3-4 days tops, so I'm hoping it's in by Friday. Perhaps using a debit card on the same account would have been faster? Either way, you will need some advance time to wait on the funds coming through.

    Opening accounts at both circle and blockchain were pretty easy. Jack is right about the security protocol at blockchain, it's multi-layered to say the least.

    I will update as the process is completed.
    It tells you bank transfers take 3-4 days and debit is instant. I opened coinbase today and hooked up to my bank account and debit card. I went to coinbase because the limits start at $10K daily or some shit.

    After you make a couple transactions through circle, just request a higher limit and you should get it. They gave me a $3000 weekly limit.

    I had to send a copy of both sides of my drivers license and a selfie, so did Elmer Fudd. Maybe because our banks weren't listed under their standard banks. It took me about a week to get all setup.

    Once you're all past the setup process everything should be smooth sailing.

  4. #4
    Go Heels saint's Avatar
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    Quote Originally Posted by MadJack View Post
    It tells you bank transfers take 3-4 days and debit is instant. I opened coinbase today and hooked up to my bank account and debit card. I went to coinbase because the limits start at $10K daily or some shit.

    After you make a couple transactions through circle, just request a higher limit and you should get it. They gave me a $3000 weekly limit.

    I had to send a copy of both sides of my drivers license and a selfie, so did Elmer Fudd. Maybe because our banks weren't listed under their standard banks. It took me about a week to get all setup.

    Once you're all past the setup process everything should be smooth sailing.
    I assume the process is the same to transfer from coinbase to blockchain and then on to the books?

  5. #5
    Administrator . MadJack's Avatar
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    Quote Originally Posted by saint View Post
    I assume the process is the same to transfer from coinbase to blockchain and then on to the books?
    Yep.

  6. #6
    Go Heels saint's Avatar
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    Quote Originally Posted by MadJack View Post
    Yep.
    This really is a game changer. It took 3 days for the transfer from my bank account to get into circle. Once there, it took literally 1 minute to transfer from circle, to blockchain, to 5 dimes.

    5D told me it will wake 40m-2h to hit my account. One question I have- what if the price of bitcoin goes down in that window? Do I take the hit or will 5D?

    Fees: Deposited max $300 to Circle. Sending the $300 from circle resulted in 296.26 in my blockchain account. To send from blockchain to 5D cost 0.07. So- if I end up with 296 in my 5D account, 1.3% transaction costs. Pretty damn cheap for convenience and relatively anonymity.

    Jack, how are the fees over at coinbase? Pretty similar?

  7. #7
    Go Heels saint's Avatar
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    Just hit my 5D account. less than 5 minutes. fucking awesome

  8. #8
    Administrator . MadJack's Avatar
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    Quote Originally Posted by saint View Post
    This really is a game changer. It took 3 days for the transfer from my bank account to get into circle. Once there, it took literally 1 minute to transfer from circle, to blockchain, to 5 dimes.

    5D told me it will wake 40m-2h to hit my account. One question I have- what if the price of bitcoin goes down in that window? Do I take the hit or will 5D?

    Fees: Deposited max $300 to Circle. Sending the $300 from circle resulted in 296.26 in my blockchain account. To send from blockchain to 5D cost 0.07. So- if I end up with 296 in my 5D account, 1.3% transaction costs. Pretty damn cheap for convenience and relatively anonymity.

    Jack, how are the fees over at coinbase? Pretty similar?
    I don't know the fees over at coinbase yet, no transactions.

    If bitcoin takes a hit I don't know what happens. I'll take a guess that you get credited what it was when you sent it from blockchain. Let us know.

  9. #9
    Administrator . MadJack's Avatar
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    Quote Originally Posted by saint View Post
    Just hit my 5D account. less than 5 minutes. fucking awesome
    Cool. They probably give themselves a 2 hours window in case things are busy. I would try to avoid making transfers during busy times like 12:50 on a Sunday, 11:50 on a Saturday, etc.

  10. #10
    Administrator . MadJack's Avatar
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    It might not hurt to request a higher limit on Monday if you're still on the $300 a week. I don't think Saturday or Sunday is a good time at all, but I don't know for sure.

  11. #11
    Go Heels saint's Avatar
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    Quote Originally Posted by MadJack View Post
    It might not hurt to request a higher limit on Monday if you're still on the $300 a week. I don't think Saturday or Sunday is a good time at all, but I don't know for sure.


    Did you request the increase after your initial 300$? Was going to do one or two more before requesting but maybe I should just ask. Not in a rush it's for football season. Thanks so much for bringing this to light. Can't see this method getting shut down anytime soon.

  12. #12
    Administrator . MadJack's Avatar
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    Quote Originally Posted by saint View Post
    Did you request the increase after your initial 300$? Was going to do one or two more before requesting but maybe I should just ask. Not in a rush it's for football season. Thanks so much for bringing this to light. Can't see this method getting shut down anytime soon.
    I had 2 deposits and one withdrawal before I requested the limit increase.

    The only way it gets shut off is if they find out you use it for sports books, that's the reason for blockchain in between. They will ask you why you use Bitcoin, I just told them I'm learning and exploring because it's new to me.


    Sent from my iPhone using Tapatalk

  13. #13
    I have a question. It looks simple and effective to use for deposits and withdrawals to sportsbooks, but can it be used for anything else. For instance person to person transfers?
    It's you vs you.

  14. #14
    Administrator . MadJack's Avatar
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    Quote Originally Posted by northern ice View Post
    I have a question. It looks simple and effective to use for deposits and withdrawals to sportsbooks, but can it be used for anything else. For instance person to person transfers?
    Yes it can very easily. Through circle to a circle member with just an email address to each other. But anywhere really. Stores take it, Starbucks for example gives a 20% discount I believe.

  15. #15
    OK I will open one immediately. Thanks for taking the time to share.
    It's you vs you.

  16. #16
    ale connoisseur redsfann's Avatar
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    Quote Originally Posted by MadJack View Post
    It tells you bank transfers take 3-4 days and debit is instant. I opened coinbase today and hooked up to my bank account and debit card. I went to coinbase because the limits start at $10K daily or some shit.

    After you make a couple transactions through circle, just request a higher limit and you should get it. They gave me a $3000 weekly limit.

    I had to send a copy of both sides of my drivers license and a selfie, so did Elmer Fudd. Maybe because our banks weren't listed under their standard banks. It took me about a week to get all setup.

    Once you're all past the setup process everything should be smooth sailing.
    Coinbase for me too, boss, for exactly the reasons you mention here.
    "Live the full life of the mind, exhilarated by new ideas, intoxicated by the romance of the unusual."

    Ernest Hemingway

  17. #17
    ale connoisseur redsfann's Avatar
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    Quote Originally Posted by saint View Post
    This really is a game changer. It took 3 days for the transfer from my bank account to get into circle. Once there, it took literally 1 minute to transfer from circle, to blockchain, to 5 dimes.

    5D told me it will wake 40m-2h to hit my account. One question I have- what if the price of bitcoin goes down in that window? Do I take the hit or will 5D?

    Fees: Deposited max $300 to Circle. Sending the $300 from circle resulted in 296.26 in my blockchain account. To send from blockchain to 5D cost 0.07. So- if I end up with 296 in my 5D account, 1.3% transaction costs. Pretty damn cheap for convenience and relatively anonymity.

    Jack, how are the fees over at coinbase? Pretty similar?
    Coinbase fees a slightly higher, but not a deal breaker for me when you can move a fair amount of coin between accounts and sportsbook virtually instantly....
    "Live the full life of the mind, exhilarated by new ideas, intoxicated by the romance of the unusual."

    Ernest Hemingway

  18. #18
    Administrator . MadJack's Avatar
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    Quote Originally Posted by redsfann View Post
    Coinbase fees a slightly higher, but not a deal breaker for me when you can move a fair amount of coin between accounts and sportsbook virtually instantly....
    Coinbase has that USD vault where you can store your cash instead of always sending back to your bank. Like, you might want to park it there for a weekend, or a week, or whatever. You will have it instantly to use when you want.

  19. #19
    ale connoisseur redsfann's Avatar
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    Quote Originally Posted by MadJack View Post
    Coinbase has that USD vault where you can store your cash instead of always sending back to your bank. Like, you might want to park it there for a weekend, or a week, or whatever. You will have it instantly to use when you want.



    Will you be posting a list of your sponsors that accept bitcoin deposits and what level of bonus a player can look for at that book?
    Thanks!
    Last edited by redsfann; 07-22-2016 at 03:30 PM.
    "Live the full life of the mind, exhilarated by new ideas, intoxicated by the romance of the unusual."

    Ernest Hemingway

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    Quote Originally Posted by redsfann View Post



    Will you be posting a list of your sponsors that accept bitcoin deposits and what level of bonus a player can look for at that book?
    Thanks!

    i think the better way to put it is what sponsor does not take bitcoin.

    betagame
    gives a 50% bonus

    but the kicker is all the contests to enter here at madjacksports.

  21. #21
    Administrator . MadJack's Avatar
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    Quote Originally Posted by redsfann View Post



    Will you be posting a list of your sponsors that accept bitcoin deposits and what level of bonus a player can look for at that book?
    Thanks!
    Pretty sure they all take it and it won't be long until that is about the only way.

  22. #22
    ale connoisseur redsfann's Avatar
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    Quote Originally Posted by MadJack View Post
    Pretty sure they all take it and it won't be long until that is about the only way.
    That was my thought as soon as I posted. A book would be insane to NOT accept Bitcoin seeing how easy it is and since it allows the player to remain anonymous it's a win-win for everyone involved


    Sent from my iPhone using Tapatalk
    "Live the full life of the mind, exhilarated by new ideas, intoxicated by the romance of the unusual."

    Ernest Hemingway

  23. #23
    Go Heels saint's Avatar
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    So I deposited another $300 at circle and just now tried to send to blockchain. Last time I did this it was instantaneous. This time the transfer of bitcoin to blockchain is pending. Why would that be? I understand why they pend money deposits into circle, but why wouldn't the bitcoin be send right away from circle to blockchain? Going to have to look at that other option.

  24. #24
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    Quote Originally Posted by saint View Post
    So I deposited another $300 at circle and just now tried to send to blockchain. Last time I did this it was instantaneous. This time the transfer of bitcoin to blockchain is pending. Why would that be? I understand why they pend money deposits into circle, but why wouldn't the bitcoin be send right away from circle to blockchain? Going to have to look at that other option.
    Same thing happened to me today it took a couple hours then I was able to transfer to the sportsbook, probably going to do a couple more deposits in the coming weeks too

  25. #25
    Administrator . MadJack's Avatar
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    Quote Originally Posted by saint View Post
    So I deposited another $300 at circle and just now tried to send to blockchain. Last time I did this it was instantaneous. This time the transfer of bitcoin to blockchain is pending. Why would that be? I understand why they pend money deposits into circle, but why wouldn't the bitcoin be send right away from circle to blockchain? Going to have to look at that other option.
    I haven't had that yet. I know others who had it happen.

  26. #26
    Go Heels saint's Avatar
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    Quote Originally Posted by MadJack View Post
    I haven't had that yet. I know others who had it happen.
    So if bitcoin dropped 40% in value I doubt circle would pick it up.

    My assumption was that there is no way to circle to know where I am sending the bitcoin, other than knowing to another wallet. Is this correct?

  27. #27
    Administrator . MadJack's Avatar
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    Quote Originally Posted by saint View Post
    So if bitcoin dropped 40% in value I doubt circle would pick it up.

    My assumption was that there is no way to circle to know where I am sending the bitcoin, other than knowing to another wallet. Is this correct?
    They know you send it to blockchain but they don't know who blockchain sends it to, is my understanding.

    Did you adjust any fees on the blockchain side?

  28. #28
    Go Heels saint's Avatar
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    Quote Originally Posted by MadJack View Post
    They know you send it to blockchain but they don't know who blockchain sends it to, is my understanding.

    Did you adjust any fees on the blockchain side?
    Not that I know of.

  29. #29
    Administrator . MadJack's Avatar
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    Quote Originally Posted by saint View Post
    Not that I know of.
    You didn't then. Is it still pending?

  30. #30
    Go Heels saint's Avatar
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    Quote Originally Posted by MadJack View Post
    You didn't then. Is it still pending?
    Went through after about 1.5H of pending status. Bitchain to 5D to account in about 5 minutes. $294-is of the original $300. Still happy about this route. I will have to ask for a limit raise at circle, or move over to the other option you guys are using.

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