5dimes is adding bitcoin as a payment option.

RenoChazz · Jul 9, 2014

Just read about this, I'd post a link but it's from one of TheRx competitors. This is a pretty big deal for sports bettors in the USA and everywhere. No more fees, no more waiting, or going to Walmart and getting the weird looks. It'll be like the Netteller days.

pocketrockets · Jul 9, 2014

Any more details on this?

RenoChazz · Jul 9, 2014

I'll PM it to you.

RenoChazz · Jul 9, 2014

It's in final Beta stages and 5dimes is looking for volunteers to try it out. Here's a link to the info hope it's okay.

http://www.sportsbookreview.com/sbr-news/5dimes-sportsbook-add-bitcoin-payment-option-12967/

pocketrockets · Jul 9, 2014

Thanks Chazz. We are analyzing adding this to our shop so this is important to me.

packer2012 · Jul 9, 2014

Thanks for the info Reno!

KingofNicotine · Jul 9, 2014

Finally. This is what i was waiting for.

tnvolfan · Jul 9, 2014

Say I make a deposit with 1 bitcoin and it's valued at 623.00 is that locked in or does it fluctuate
with what ever the price may be a month after you deposit?

CHOPTALK · Jul 9, 2014

This could be huge. Im talking massively huge.

Im talking poker stars and pinny coming back to the USA huge.

RenoChazz · Jul 9, 2014

TNVOLFAN said:
Say I make a deposit with 1 bitcoin and it's valued at 623.00 is that locked in or does it fluctuate
with what ever the price may be a month after you deposit?

From what I read they convert it from bitcoin to cash, then you covert it back when you withdrawl.

CHOPTALK · Jul 9, 2014

TNVOLFAN said:
Say I make a deposit with 1 bitcoin and it's valued at 623.00 is that locked in or does it fluctuate
with what ever the price may be a month after you deposit?

If I'm not mistaken the bit coin gets converted to USA dollars the moment you make the deposit.

Then once its time to withdraw your money whatever US dollar amount that is gets converted back to bit coin at whatever the current rate the bit coin is worth vs the dollar amount of the payout.

Its a lot simpler then it sounds.

Let me make it simple.

Lets say you wanted to make a deposit to 5dimes for 500 dollars.

You just buy 500 worth of bit coin and send it to 5D.

5D will then convert the BC into US dollar so you will have $500 in your 5D account just like you always would.

Then you run it up to $3000 and want to make a withdraw.

5Dimes will then send you $3000 worth of BC that you can sell for 3K USD once you get your bC.

CHOPTALK · Jul 9, 2014

I have been waiting for a major player to make this move.

This will put the sports books in the lead in this cat and mouse game.
Yes one day the government will take it away and retake the lead.
But this could be huge for the next 5 or 6 years until the slow government catches up.

I expect all the other majors to eventually follow this path.

Once that happens its neteller all over again.

loomis41973 · Jul 9, 2014

RenoChazz said:
Just read about this, I'd post a link but it's from one of TheRx competitors. This is a pretty big deal for sports bettors in the USA and everywhere. No more fees, no more waiting, or going to Walmart and getting the weird looks. It'll be like the Netteller days.

Good news but no where near those days. Not even close.

loomis41973 · Jul 9, 2014

CHOPTALK said:
I have been waiting for a major player to make this move.

This will put the sports books in the lead in this cat and mouse game.
Yes one day the government will take it away and retake the lead.
But this could be huge for the next 5 or 6 years until the slow government catches up.

I expect all the other majors to eventually follow this path.

Once that happens its neteller all over again.

DOJ already looking at it...luckily they move slow.

CHOPTALK · Jul 9, 2014

loomis41973 said:
Good news but no where near those days. Not even close.

Potentially better then the neteller days.
Give me a one good reason why it can't be better unless bit coin itself goes under.

akphidelt · Jul 9, 2014

CHOPTALK said:
If I'm not mistaken the bit coin gets converted to USA dollars the moment you make the deposit.

Then once its time to withdraw your money whatever US dollar amount that is gets converted back to bit coin at whatever the current rate the bit coin is worth vs the dollar amount of the payout.

Its a lot simpler then it sounds.

Let me make it simple.

Lets say you wanted to make a deposit to 5dimes for 500 dollars.

You just buy 500 worth of bit coin and send it to 5D.

5D will then convert the BC into US dollar so you will have $500 in your 5D account just like you always would.

Then you run it up to $3000 and want to make a withdraw.

5Dimes will then send you $3000 worth of BC that you can sell for 3K USD once you get your bC.

Dang, that seems like a huge risk for books. Is that really how they're going to do it?

pocketrockets · Jul 9, 2014

This could be great, but uncle Sam will find a way to fuck it up

loomis41973 · Jul 9, 2014

CHOPTALK said:
Potentially better then the neteller days.
Give me a one good reason why it can't be better unless bit coin itself goes under.

That's the only reason i need...going under.
THEN you can add the government in there..... not getting their cut...money laundering....etc. Won't last long and
where's that $$$ gonna be when the DOJ gets seroius

Accepting bitcoin is a move i would make if i were looking to cut and run with some easy MONEY knowing what's coming down the road.

Bol to you

loomis41973 · Jul 9, 2014

akphidelt said:
Dang, that seems like a huge risk for books. Is that really how they're going to do it?

You get dumber every day...

Do you really think the sportsbook is going to give you the rate they can sell it at? They sure as hell aint gonna hold it all. It's damn near a cambio/money exchange. Now, they can make $$ off of players in two ways.

Brilliant move i have used to my advantage more than once

Mr.Jones · Jul 9, 2014

Don't know enough about bitcoin. Could be really good and could possibly be a disaster...at least appears that way to me. Maybe I just don't understand it enough, but what's to prevent your $500 being worth $250 in a few weeks. Also many other questions I have right now about potential pitfalls including theft.

What this does show is maybe a sense of desperation in moving $, even small amounts by p2p when biggest and most reliable shop for Americans decides to go this route. Why would anyone think it would take years for the Feds to f*ck this up for us.

Of course I do hope it becomes viable and workable because right now things ain't too good. And BTW, nothing will ever replace the neteller days.

5dimes is adding bitcoin as a payment option.

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