This is a discussion on Any thoughts on Bitpay card? within the online poker forums, in the Poker Deposits & Withdrawals section; So, just recently created accounts at Ignition, Betonline and ACR. Waiting for a few bills to be taken care of before I try making my
So, just recently created accounts at Ignition, Betonline and ACR. Waiting for a few bills to be taken care of before I try making my first deposit, so I've been trying to look up good methods for deposits and withdrawals. My issue is I'm a US based player in a state that seems neutral on the legality of online poker, but it seems like the list of options is rather short when it comes to the banking. I was thinking of using bitcoin, and am likely going to be using Electrum as my wallet. Now I know I'll have to use a site like coinbase to buy it, and send it to electrum before moving it to one of my sites, and the same in reverse for withdrawals, sending it to electrum to coinbase to bank. Then I heard someone mention the Bitpay card, and while I'll still have to buy from coinbase to make the initial deposit, it seems like I can use the bitpay card to effectively cut out both my bank and coinbase by simply sending my withdrawals to the bitpay card through electrum. It would also keep my poker money separate from my regular finances. Anyone have thoughts or experience with this?
My understanding is that bitpay both a wallet and a prepaid card that you can load USD onto using bitcoin in your wallet.
So it does seem that you could do everything with bitpay.
You can make direct deposits or one time deposits to your bitpay card, then use funds on your card to buy bitcoin. You can then send those bitcoin to poker sites as deposits.
Then you can withdraw earning in the form of bitcoin and send them to your bitpay wallet.
From you bitcoin bitpay wallet you can use it to load up your bitpay card.
This can protect your earning against of the volatility of the bitcoin market instead of keeping your earning in crypto. This also give you access to your funds in your hands for use. It would be even more awesome if local casinos accepted this card to register for tournaments etc.
What I'm unsure about is if you can use bitpay as a visa with USD to deposit to any of these sites. In general I haven't had any luck in site accepting credit cards for deposits even when they say they do. But if you can transfer USD on your bitpay card to bitcoin then it seems like the problem is solved.
There is likely fees involved for transfer from bitpay card to bitcoin and vice versa. But you are going to find similar fees when using another provider like coinbase.
I used the card for close to a year when I want to quickly convert btc to cash. The only issue I have is that 10k is the max load per day and the max balance is 25k. Also keep in mind that every time you load the card, it's considered a taxable event.
Other than that I think it's pretty good. There are practically no fees to convert btc to usd and if you want quick cash, you can take out 3k per day from the atm.
Thanks for the posts. I'm still trying g to figure out exactly how to handle any possible future poker winnings as far as taxes are concerned, so I'll have to look up on it being a taxable event, but still looks like a decent option.