Bitcoin withdrawal from one poker site to another

[natsgrampy]

Has anyone tried to withdraw from ACR, or any other site, and deposit it directly to another poker site? In theory, it sounds like it should be pretty simple just using the
Bitcoin address given. No need for a Blockchain wallet or Coinbase Pro as middleman

 

[canabero]

No need for a Blockchain wallet or Coinbase Pro as middleman

lol, bitcoin was created to eliminate the middleman. i'll tell you a secret: if you have an account in such store sites like coinbase, you don't have bitcoins, you own it if you have your private keys.

 

[Canwai]

I had never thought of that. If you find out let us know.

 

[natsgrampy]

lol, bitcoin was created to eliminate the middleman. i'll tell you a secret: if you have an account in such store sites like coinbase, you don't have bitcoins, you own it if you have your private keys.

I have the private key, but, I wanted to $$ from one site to another without "depositing" into a 3rd party in the middle.

I Need to do more research.

 

[canabero]

I have the private key, but, I wanted to $$ from one site to another without "depositing" into a 3rd party in the middle.

I Need to do more research.

but the "third party" in that case is you. but yes, you can do what you're talking but be aware of how fast you can send bitcoins or you can get your withdrawals/deposits cancelled considering they ask a time to wait for confirmations. personally i use to transfer bitcoins with low fee (less than a dollar) but that can take hours to get the first confirmation. but if you do it faster with a regular fee you shouldn't get problems.

 

[natsgrampy]

but the "third party" in that case is you. but yes, you can do what you're talking but be aware of how fast you can send bitcoins or you can get your withdrawals/deposits cancelled considering they ask a time to wait for confirmations. personally i use to transfer bitcoins with low fee (less than a dollar) but that can take hours to get the first confirmation. but if you do it faster with a regular fee you shouldn't get problems.

Should I withdraw direct to Coinbase, or to a "wallet"?

I have a blockchain wallet

 

[plan]

Yes, I did that. To withdraw money, I needed a deposit. There were no restrictions on the minimum deposit amount in bitcoins, and in PokerKing (WPN) the minimum withdrawal is $5, so I withdrew and sent $5 in bitcoins from room to room. $ 0.5 came to the balance. The deposit was accepted and I withdrew the money.

 

[willjosp]

That theory of crypto currencies is interesting, but my question is if it is not accepted in all places to make legal transactions, what is the use of that crypto, what is the monetary backing of it?

 

[77ecos]

I did it and it worked for me in bodog and ggpoker, the problem is to withdraw because it must be in a bitcoin address, it is registered that you deposited by bitcoins and the withdrawal should be the same, what you can do is get a digital debit card to deposit the minimum later and be able to deposit to the account number you register, obviously before all that you must have played the deposited money

 

[canabero]

Should I withdraw direct to Coinbase, or to a "wallet"?

I have a blockchain wallet

it depends. if you want to use just bitcoins to spend or as a store of value, the reasonable option is to send it to a personal wallet. but if you want to enchange it to fiat then use coinbase, coinbase is a good exchanger and it should be used as that, not for store crypto.
there is always a risk having crypto in exchanges, not only because they have some chances to be hacked, there is even a risk to have crypto freezed due to some regulations or not having a verified account. it's not enough to say "i have my account verified" exchanges can change rules and make your account unverified. sadly i had that experience. so don't trust in any exchanger even if they look trusty, lawyers can make a huge pressure against them (note that they can regulate exchangers but not bitcoin). i don't tell this to give panic but just to tell about the risks involved.

 

[natsgrampy]

it depends. if you want to use just bitcoins to spend or as a store of value, the reasonable option is to send it to a personal wallet. but if you want to enchange it to fiat then use coinbase, coinbase is a good exchanger and it should be used as that, not for store crypto.
there is always a risk having crypto in exchanges, not only because they have some chances to be hacked, there is even a risk to have crypto freezed due to some regulations or not having a verified account. it's not enough to say "i have my account verified" exchanges can change rules and make your account unverified. sadly i had that experience. so don't trust in any exchanger even if they look trusty, lawyers can make a huge pressure against them (note that they can regulate exchangers but not bitcoin). i don't tell this to give panic but just to tell about the risks involved.

What if all I want to do is move $ from one site to another. Say ignition to America's Card Room

 

[Canwai]

Did you use the Bitcoin network?
Withdrawing $5 how much did you pay in fees?

Yes, I did that. To withdraw money, I needed a deposit. There were no restrictions on the minimum deposit amount in bitcoins, and in PokerKing (WPN) the minimum withdrawal is $5, so I withdrew and sent $5 in bitcoins from room to room. $ 0.5 came to the balance. The deposit was accepted and I withdrew the money.

 

[Canwai]

You simply send and receive your dollars through Bitcoin. Simple. When you want to withdraw your dollars, simply sell the Bitcoins on an exchange and send them to your bank account.

That theory of crypto currencies is interesting, but my question is if it is not accepted in all places to make legal transactions, what is the use of that crypto, what is the monetary backing of it?

 

[Canwai]

Yes, this would be an issue to be resolved as most rooms require you to withdraw using the same address you deposited.

I did it and it worked for me in bodog and ggpoker, the problem is to withdraw because it must be in a bitcoin address, it is registered that you deposited by bitcoins and the withdrawal should be the same, what you can do is get a digital debit card to deposit the minimum later and be able to deposit to the account number you register, obviously before all that you must have played the deposited money

 

[Canwai]

I don't think this wouldn't be a problem if you use Litecoin. I have already sent and received by wallets with different addresses and had no problems.

I did it and it worked for me in bodog and ggpoker, the problem is to withdraw because it must be in a bitcoin address, it is registered that you deposited by bitcoins and the withdrawal should be the same, what you can do is get a digital debit card to deposit the minimum later and be able to deposit to the account number you register, obviously before all that you must have played the deposited money

 

[natsgrampy]

I tried to make a withdrawal from site and then deposit it into another and was told I can't withdraw, as my account isn't verified. Will have to send some docs to make this happen.

They funny thing is, I looked back on the records I have kept, and, I have made withdrawals from this site at least 3 times prior. Although, not with Bitcoin

 

[mssmotilda]

Poker rooms withdraw money in the same way and to the same address as the deposit was made. And for cryptocurrency funds, the address changes all the time, then is it necessary to make a deposit in cryptocurrency in order to be able to withdraw there if the address of the crypto wallet is still different?