Bitcoin Forum

I use a site thats a betting site where i deposit and withdraw via bitcoin.  The site like most sites gives you the current rate when you deposit/withdraw.  Obviously depositing isn't a big deal since when you deposit, the price is set... though it may take a while for funds to show up in your account.  Now when its a withdraw, usually it takes a bit of time before the bitcoins hit the wallet.  Though many times its quick, certain times it can take a while.  I see at the moment, bitcoin is going up very fast.  If thats the case, is it smart to not withdraw bitcoin yet?  Because as of now its $448.  But if i request bitcoin at that price, let say it takes a while for the bitcoin to hit my account.  Then the price is $460... then i lost quite a bit if i withdraw a lot of bitcoins.  Is that logic correct?


So when withdrawing bitcoin and let say that site doesn't send the bitcoin to you very fast as in under 30 minutes, is it better to wait till bitcoin price is stable or even dropping before you request the bitcoin?



The other thing that i wanted to know is for all you people who receive bitcoin, what is the average time it takes for you to receive it?  Say a site sends you bitcoin or a friend send you bitcoin right now, on average, how long does it take?  What is the fastest time it takes?

anyone can offer advice on this?

Which website are you withdraw bitcoins from, let us research about it. Personally i do not trade/withdraw on fiat so i deposit/withdraw only bitcoin and few altcoins, sometimes it takes time sometimes the deposit does not show so i have to contact the support, it varies.

You should ask the site's support before you initiate your withdrawal if they lock in the price at the time of withdrawal request (there should be some kind of confirmation of the price at this stage) or if the price gets set sometime later while they process the transaction which could be either good or bad depending on what happens with the price during the process time.

As for your second question, it depends on the site. Some sites require an email verification response before they proceed with processing your withdrawal request for security reasons to make sure you are the one authorizing the wd request and not someone else. Depending on the amount you are withdrawing, some sites also want to check your betting logs and activity to make sure you weren't cheating/exploiting/laundering/etc and may take time to review your account. So it depends on the site and their policies.

If it's a significant amount, they may want to process it manually. If it's not a significant amount, it may be automated. Again, it depends on the site's policies and how fast they are.

You may get more responses if you post this in the gambling section, btw.

the only solution is paying a higher fee, so you have a higher chance to have the coin in 1 hours if the site require six confirmation, or less if require less confirmation

at present the price is very stable you will only lose a few penny, i would not do this when there is an heavy pump and dump, and in that case it's better to leave soem coins on the exchange

Fixed BTC exchange rate for the withdrawal of funds

JETWIN was the first Bitcoin bookmaker company to offer its customers accounts not only in BTC, but also in the traditional currencies, such as, USD, GBP and EUR. Deposits are made quite easily – they are instantly processed and the customer knows the exact exchange rate, as it is indicated on the deposit form. However, the situation with withdrawals is different. Only 95% of the payouts are made instantly, and, moreover, the system uses the exchange rate that is actual at that moment when bitcoins are physically sent to the customer, and not the one fixed at the time of the request. This means that the gamer is unable to foresee the exact exchange rate for the withdrawal.
This situation has raised many questions among customers, and the main requirement was as follows: the customer must know the exact currency exchange rate at which the funds will be converted during the withdrawal. Considering all the above, we have decided to improve the situation by implementing a new logic as to how the withdrawal process should be changed. As a result, we made it possible for the customer to decide upon the fixed exchange rate that funds should be converted at during the withdrawal, regardless of whether the transaction is instant or not. The customer should confirm the exact amount when filling out the withdrawal form.