This is a discussion on Bitcoin Fee Madness within the online poker forums, in the Poker Deposits & Withdrawals section; Hello everyone.. I don't mean to sound like i'm on a rant or anything, just trying to figure something out. I've used bitcoin since the
Hello everyone.. I don't mean to sound like i'm on a rant or anything, just trying to figure something out. I've used bitcoin since the beginning, mostly because cashouts are almost instant anymore. I use coinbase as my exchange (to buy and sell) and blockchain for my wallet. The problem now is that I use to be able to switch rooms whenever I want to a room that I don't have a bankroll and quickly deposit 25 or 30 bucks on coinbase move it to blockchain, on to poker room and play. However... NOW when you deposit $25 on coinbase, they charge you $2..(which is fine), then 5 bucks to sent it to blockchain, then blockchain charges (or I should say the "minors" charge) 5 bucks to sent it to the poker site..by the time the money hits the poker site your 25 bucks is down to 13!!!! I cant find a way on either coinbase OR blockchain to change the fees, but I know there must be a way. Yesterday I became fed up with it and used electrum, (which is easy to lower the fees to $2 but I still had the $2 coinbase fee, $5 minor see to send to electrum, and $2 fee to send to my poker room. wound up with roughly 16 bucks. I know the smart thing is to just put a large amount in blockchain and then from that point i'll only have the 1 fee ($5 to send it to poker room) but I can't help thinking there must be a better way.. that would still cost over 20% for a $25 poker room deposit. Any help would be appreciated Thank You
Wow, I had no idea the fees were so high with Bitcoin. Makes the %6.5 pct BetOnline charges for credit card transactions seem like a bargain even though that is a rip off also!! My only option to deposit on ACR is pretty much Bitcoin but I am glad I read your post before I set up an account.
actually they are making it harder and harder to withdraw money, bitcoin I have never used in poker, I use enough the NETELLER to take the money from pokerstars, but after they blocked transfer amount I need to increase the value of winnings and games to withdraw money ! This has discouraged!
I used BTC as my method to deposit with Ignition Poker. It was a very laborious and time intensive method to learn and setup. Largest company USA based wanted my logon info to my banking account. NO THANKS.
I set up a paypal account, got a prepaid visa, signed up to a wallet for my computer and used an online coin exchange w/PayPal. I started with $200 on my Visa. Used PayPal to deposit with exchange and then sent those coins to my computer wallet. From my wallet to poker site's address. My deposit was for about $149 and cost me about $30... I used the rest of the visa on groceries.
BTC (bitcoin) may become economically available in the future. Right now, it is expensive, the coin is expensive and in the middle of my setup, the second largest coin exchange from Texas was shut down for a long list of organised criminal enterprise corruption charges by the Feds.
You can google the bitcoin corruption news and find reports.
We live in an ever changing world. Hard to keep up.