Feedback on Bitcoin/cryto exchanging experiences in online poker?

[Coelacanth]

I haven’t see this topic here, pardon if up to date answers to this exist already.
Do you use Bitcoin for online poker or
Prefer/recommend another option?

How do you account for shifting Bitcoin exhange rates when cashing out in say, ACR? Also considering rackback?

Thanks!

 

[Geek_Byte]

Ive been using Bitcoin for years so I was already comfortable with it, when it started becoming an option to fund/cash out with.

I dont concern myself with the exchange rate so much. I check on it occasionally. However I am not an investor of Bitcoin and thus its irrelevant to me. Should however Bitcoin crash, I would just cash out with another form of payment.

Its great, quick, and easy to do, if you have everything set up. Especially if you have a Bitcoin ATM nearby your house.

I have only ever used it on BetOnline though. I cant speak to other sites.

 

[1player2]

Converting Bitcoin Poker Winnings Into Cash

Hello Cards Chat Grinders,


Looking for some winning online poker players to explain the best way to turn Bitcoin poker Winnings into cash? Small and large amounts? Taxable and untraceable? Cost effective vs safety if that is relevant. I want to hear from everyone who has successfully completed the process. Thank you for your time.


Good Luck To All

 

[B1BOMBER]

If you are playing for bitcoin but the tournament amount is listed in dollars how does that work? It bitcoin is in your wallet and the value of bitcoin goes up 15% overnight does your account balance go up 15% or does the poker site make the 15% off you?

 

[fa1920]

It is as simple as transferring your balance to a blockchain and selling it to another user or to the same blockchain, if I can recommend a site that would be localbitcoin

 

[Coelacanth]

I am old fashioned Mastercard,Visa,neteller,Paypal,Ecopayz ect type of guy,
Good questions will be interested to read other peoples answers only started using bitcoin recently and completely new to me as only option to withdraw $102 on Sportsbetting was bitcoin as visa was minimum $500 and $50 fee.
Just exchanged $5 something for 138 of stellar see how that exchange process works trading causes small fees looks like a lot of money is earned or lost in these wild price swings.
Amazing something that was only 5 cents in 2007 peaked at $15000 nearly in 2017 and is currently $6273 insane.
In the couple of weeks sitting there $102 has fluctuated wildly between $97 and $107 two screenshots of it price changes in a minute by $13 dollars.
Assuming withdraw bitcoin value low to wallet deposit bitcoin back to a poker site or withdraw when price higher is the best strategy but not always possible unless your in no rush?
Anyway no clue maybe should learn it a little unsure whether to buy many different cheaper 5 cent digital currencies out there in the hope they rise big like bitcoin make a portfolio or just convert for cash will watch this thread with interest.
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Thank you for your feedback re crypto and poker. I downloaded coincap to start watching the crypto market. I was always a paypal person, but see how Bitcoin is playing a role in the poker world as I hit some online tables. Maybe other altcoins will make a splash in the future of online poker too.

 

[blueskies]

So with other withdrawal options either too expensive or unavailable to US players, I am considering hopping on the Bitcoin train for the first time to withdraw.

I read that when you convert your B into $, you have to report the transaction as a capital gain (or loss) to the IRS. My question is, what type of transaction do you report your poker withdrawals as?

Total novice here about Bitcoin.