Bitcoin withdrawal help

MTCashman

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Hi all, I am about to make my first withdrawal using bitcoin but I have absolutely no idea how it works. I see that my money is being converted to "BTC" and all it is asking for is an address? Do they send the bitcoin to my address? Do I need to make an account for bitcoin anywhere? How do I convert the bitcoin back into cash once I receive it? Thank you in advance for your help.
 
Pokerguy6666

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Hiya, first off I would suggest that you read this thread from CC:

https://www.cardschat.com/forum/poker-deposits-withdrawals-54/bitcoin-wallets-exchanges-279149/

Here is what you need to do, you setup an account with Circle. You link this account (Circle) to your bank account or debit/credit card to buy and sell bitcoins. Then you open a wallet at Electrum (many use Blockchain).

If you want to deposit to a poker site you buy bitcoins off Circle, you send the bitcoins to your wallet (in my case Electrum) and then you send the bitcoins to your poker site.

For withdrawals you do the reverse; you get the bitcoins from the poker site, you send them to your wallet(Electrum), then you transfer the bitcoins (from Electrum) to your Circle account where you can then sell them for cash (US dollars) and send the money to your bank account.

Btw when you request your money(bitcoins) from your poker site you will need to send them an address, something like this:
1c91MCo1KeP1vqmPNM8xxoCJyU8MGqPf9
(you get this address from your wallet (Electrum) under the receive tab)

One last thing, if you are wondering why we use a bitcoin account(Circle) and a bitcoin wallet (Electrum), it is because you cannot use a bitcoin account for gambling, they will close your account if you try to deposit directly from Circle.

I hope this helps, if you have any questions just send me a private message and I will gladly answer any questions.
 
smallfrie

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I use coinbase as the final destination before bank. example of what you can do ----->set up blockchain account----> set up coinbase account or circle account ------> get blockchain address for receiving bitcoin send cashout to that address------> get address from coinbase or circle ------> send bitcoins you received in your blockchain account to the coinbase or circle account address------> sell/convert to cash and deposit to a linked bank account. Hope this gives you an idea of the "flow" you are a smart guy sure you will figure it out. It is a little convoluted setting it up the first time, future transactions will be fast and easy because you have it already set up. Cheap too :)
 
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MTCashman

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Thank you guys for the informative responses, appreciate the help, will have to look into all the details you guys provided. Cheers!
 
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Thank you guys for the informative responses, appreciate the help, will have to look into all the details you guys provided. Cheers!

I'm assuming that this is an ACR cash out. Please let us know your experience with the whole process, or DM me if you don't feel like posting.

future transactions will be fast and easy because you have it already set up. Cheap too :)

Can you talk more about the fees? I know that you could win or lose with converting BTC to USD/CAD/ect. How much are the fees, and at what stage in the transfer do you receive a fee? Does Coinbase and Blockchain both charge fees?
 
smallfrie

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Can you talk more about the fees? I know that you could win or lose with converting BTC to USD/CAD/ect. How much are the fees, and at what stage in the transfer do you receive a fee? Does Coinbase and Blockchain both charge fees?

The fees are incurred when you send the BTC through a "miners fee" and were so low I really can't remember what they were last time I sent.
Take a look at this it may help.
http://www.investopedia.com/news/how-much-cheaper-are-bitcoin-fees-credit-card-fees/
 
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MTCashman

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Not yet, will probably sign up for them this week and let you guys know how it goes.
 
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Not yet, will probably sign up for them this week and let you guys know how it goes.

Awesome, I'm still following this one, and I look forward to seeing how it works out for you.
 
cwdignus

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Hi all, I am about to make my first withdrawal using bitcoin but I have absolutely no idea how it works. I see that my money is being converted to "BTC" and all it is asking for is an address? Do they send the bitcoin to my address? Do I need to make an account for bitcoin anywhere? How do I convert the bitcoin back into cash once I receive it? Thank you in advance for your help.
hi Mike ...after you receive the btc using a Blockchain account, you can transfer to neteller
 
hyrum

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I'm unfamiliar with how Bitcoin works too, so thank you for discussing here and providing us with useful info. It's much appreciated.
 
Pokerguy6666

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hi Mike ...after you receive the btc using a Blockchain account, you can transfer to Neteller

Are you certain that Canadians (like MTCashman and myself) can still use Neteller? When I go on my Neteller account I get the following message:


"Recent policy changes at NETELLER mean that members from canada will no longer be able to transfer funds to or from websites using our service.

However, you can still use your Net+ Prepaid mastercard® to make purchases both online and in person and make cash withdrawals from ATMs."
 
MTCashman

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Ok guys I signed up for Blockchain as my bitcoin wallet, I have processed a withdrawal from the site using the address on my wallet, my next step is getting it to my bank account, I am hoping for the most safe and secure site for this one, which one would you guys recommend using? I see circle and coinbase suggested already, are these reputable?

PS. Yeah you're right Neteller will not work for us Canucks.
 
smallfrie

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Ok guys I signed up for Blockchain as my bitcoin wallet, I have processed a withdrawal from the site using the address on my wallet, my next step is getting it to my bank account, I am hoping for the most safe and secure site for this one, which one would you guys recommend using? I see circle and coinbase suggested already, are these reputable?

PS. Yeah you're right Neteller will not work for us Canucks.

My bank (USAA) has connection to coinbase on the bank website So I would say yes. coinbase has links on their site to link accounts but one of the reasons I liked them was my bank actually has the link to initialize the process on the bank site as well.
 
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Easiest way is to open Xapo btc wallet.Then buy their debit card or link it with skrill,paypall etc..... your choice
Hope i help :)
 
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ekgbeat

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Ok guys I signed up for Blockchain as my bitcoin wallet, I have processed a withdrawal from the site using the address on my wallet, my next step is getting it to my bank account, I am hoping for the most safe and secure site for this one, which one would you guys recommend using? I see circle and coinbase suggested already, are these reputable?

PS. Yeah you're right Neteller will not work for us Canucks.

Awesome to see the first step is completed. Did you have any trouble with ACR? How long did it take for the withdraw to happen? Did you incur any fees yet in the process? If so, how much. Thanks for taking us along for the ride.
 
smallfrie

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Here is a video explaining sending and receiving and cashing out bitcoin to real money (He uses Circle in video I like Coinbase) and another video from ACR explaining the bitcoin cashout there. ****Remember-----> don't send bitcoin directly to Circle or Coinbase from ACR or any "Gambling Site" first send it through blockchain or some other wallet then on to Circle or Coinbase.

******Click this link for ACR cashout video******
https://www.youtube.com/watch?v=3dRWja-icDg&feature=youtu.be
 
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I do not know wish Coast if you are on the coast but you can hit a bitcoin atm as well to cash out from the blockchain,just download it onto a cell phone and its a pretty easy go after the first couple goes.
I use mycellium for ease of use,blockchain tends to have issues sometimes in service and I put a little on both just in case one is acting up.

Neteller is a no go but there are sites that exchange bitcoins for a price,its a shame pokerstars does not take bitcoin.
 
smallfrie

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Can you talk more about the fees? I know that you could win or lose with converting BTC to USD/CAD/ect. How much are the fees, and at what stage in the transfer do you receive a fee? Does Coinbase and Blockchain both charge fees?

I have not used my coinbase account in a while signed on and my limits are ridiculously low so I am switching to circle. I made a $10 deposit just to see what the fees would be. From coinbase to blockchain to Blackchip poker. So I started with $10 sent that to Blockchain and in the Blockchain it showed up and was now $9.57 Blackchip deposit limit is $10 min so I entered that to get the black chip address and just sent what blockchain said i had $9.57 minus fee ended up $9.44 about 3 minutes later $9.44 showed up in my Black chip account so on a $10 transaction I incurred .56 cents in fees. I know we are talking withdrawal in this thread but the fees are going to be the same going the other way I don't know what the cash out fee at the end the other way is but it is small.
 
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I have not used my coinbase account in a while signed on and my limits are ridiculously low so I am switching to circle. I made a $10 deposit just to see what the fees would be. From coinbase to blockchain to Blackchip poker. So I started with $10 sent that to Blockchain and in the Blockchain it showed up and was now $9.57 Blackchip deposit limit is $10 min so I entered that to get the black chip address and just sent what blockchain said i had $9.57 minus fee ended up $9.44 about 3 minutes later $9.44 showed up in my Black chip account so on a $10 transaction I incurred .56 cents in fees. I know we are talking withdrawal in this thread but the fees are going to be the same going the other way I don't know what the cash out fee at the end the other way is but it is small.

Thanks for taking the time to go through that. I think I will give the bitcoin route a try since it seems to be the cheapest.
 
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ekgbeat

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I have not used my coinbase account in a while signed on and my limits are ridiculously low so I am switching to circle.

Not sure what "my limits are ridiculously low so I am switching..."means, but it brings up some good questions.

Why would you use Circle over Coinbase? Are the fees lower on Circle? What are the benefits of one over the other?
 
smallfrie

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Not sure what "my limits are ridiculously low so I am switching..."means, but it brings up some good questions.

Why would you use Circle over Coinbase? Are the fees lower on Circle? What are the benefits of one over the other?

Both Circle and Coinbase set limits on bitcoin you can buy via different methods. They have a weekly buy limit on debit card, a different buy limit on bank account etc. I don't see a real problem with the sell side limit in my coinbase account but the buy limits in my account have dropped to a ridiculously low level. I don't know if this because of inactivity or some other arbitrary internal CoinBase policy, but I find it annoying and when a business annoys me they lose me.
 
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ekgbeat

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Both Circle and Coinbase set limits on bitcoin you can buy via different methods. They have a weekly buy limit on debit card, a different buy limit on bank account etc. I don't see a real problem with the sell side limit in my coinbase account but the buy limits in my account have dropped to a ridiculously low level. I don't know if this because of inactivity or some other arbitrary internal CoinBase policy, but I find it annoying and when a business annoys me they lose me.

Ah, that makes sense. So it sounds like the fees are the same for both sites then. Thanks again for sharing the info.
 
MTCashman

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Sorry that I have not updated in awhile, my withdrawal has been pending almost 2 weeks now, when it goes through I will keep you all posted.
 
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