Bitcoin Forum

I play online poker.  I mainly play on pokerstars and i would many times trade my pokerstars funds for other poker players bank of america online transfer without issues.  I know to not accept paypal or chasequickpay as its reversible.


However, i had read lot about bitcoin and i see quite a bit of online poker players trade their funds whether its poker funds or wire or boa or skrill etc for bitcoins and vice versa. 


I currently dont have anything bitcoin nor bitcoin wallet etc.  I would like to trade my pokerstars funds to other poker players who would trade bitcoins as i like another option along with boa online transfer.  And to those that ask why dont i cashout directly from my poker acct to my bank account... its b/c im an american thats in canada and have a canadian bank account and the poker site i play on... they dont do wires in usd and do it in euros so basically theres a high currency exchange rate where it would probably cost me like 7-8 percent to get say 5000usd from my pokerstars to my canadian bank account to my bank of america.  So i would trade my pokerstar funds for someones boa for like 3 cent vig.


I know many ppl in the poker forum who are reputable that would trade their bitcoins for pokerstars or boa online transfer.  However... i have no clue where to start with opening a bitcoin account.


Can someone tell me how i can do this?  The reason i created a post b/c i recalled ppl mentioned coinbase as the wallet for bitcoins... but then i read coinbase doesnt allow gambling transactions?  And other wallets are not safe.


Can someone recommend me what site to sign up for?  Am i suppose to link my bank account to it?  I have bank of america.  I also would like to use the bitcoins to deposit into other sites that accept bitcoin... note these sites are gambling sites. 


Also can someone tell me how would i turn the bitcoins later on into real cash into my bank of america?


Bitcoin just seems very complicated as when i thought just create a coinbase and i can do this... well i cant because i would be doing gambling transactions.

Ask the others if they use coinbase, if they do then you can trade micro-transactions off the blockchain--No idea if such tiny amounts are of use to you. But since it seems you'll be trading with people, not the gaming site directly, I can't see why coinbase would have any issues of whom you send or receive bitcoin payments to/from. And having a Coinbase wallet will allow you to trade BTC to/from fiat any time you want(with a low fee).

So, I would recommend coinbase for you to start out using bitcoin. It makes things really simple, except for the delay joining up a banking account, if you choose to not allow the coinbase logging you in method. And coinbase has a mobile app to help things out further to spend btc in the real world.

If I understood you wrong, and you are sending money to gambling sites, then depending on how the site's btc payment addresses are it could be really difficult for a bank to know you are paying a gambling site. Maybe you need to look into that further, since we don't know the specific sites. You know there's btc gambling sites out there too.

Post in the digital goods section if you're looking to transfer the Pokerstars for BTC... the simplest way is to find a trustworthy user and just trade.

Coinbase might be easy to start but I wouldn't recommend to keep your Bitcoins there.
It's a centralized place and if they go bankrupt you will loose all your money.

Bitcoin is a decentralized system and thus I recommend you'll be the owner of your private keys by using a desktop program.
I can recommend Electrum.

If you want to buy/sell some bitcoin, Coinbase in a great choice for you since you are in US and don't mind linking your bank account to your Coinbase account. But as a bitcoin wallet, it is better to use blockchain.info for 2 reasons.
1. You are the only person controlling the private keys in bc.i, but Coinbase is the only one controlling the bitcoin you have in your Coinbase account.
2. There have been multiple reports about Coinbase banning accounts that have deposits or withdrawals linked to gambling sites.

I suggest you use blockchain.info wallet or multibit.org. They are easy and you don't have to download the huge blockchain.

I actually prefer Electrum over Multibit because Electrum is a deterministic wallet, which means it is not only easy to use but also easy to make backups.

Blockchain.info wallet is good as well, but you should enable the 2FA function for better safety.

Hey so download blockchain and thats all i need right?  Thus no coinbase or anything else because all i plan to do is receive bitcoin from others in trade then eventually get those bitcoins into cash into my bank of america bank account.




Can someone tell me how easy is it to sign up?  I checked and all i have to do create acct and password and thats all?  Then once i do that, how would someone send me bitcoin?  What information would i need to give them?



I have one other important question.  I'm from the usa but i'm actually in canada at the moment.  Does that matter at all?  Thus i could use blockchain in the usa or canada?  I dont want to open it in canada then find out its country restricted.  Would i be able to access my bitcoin wallet thus blockchain in say mexico?  Thats where im most going to after this so just want to make sure.

I suggest you to create a wallet in blockchain.info no need to download any software but you can't link your bank account to it.

By "blockchain", I am assuming you are talking about the site blockchain.info rather than blockchain the public ledger, right?

It is extremely easy to use the blockchain.info wallet. Just go there and register your account.
When you want someone else to send you bitcoin, you just need to go to the Receive Money tab and give your address to that someone else. You may want to create a new address every time, so to keep track of the payments more easily and for better privacy.

As long as you have your blockchain.info wallet identifier (ie. Account ID) and password, you can access your account at any location.

I like blockchain.info, easy to use, intuitive, lots of good features and integrations
and most importantly, free. That said, be clear that by putting coins in an online wallet you are sacrificing security for convenience

Blockchain hands down! Lot of features, great for import/export and safe (only watch out for phishing)  ;)

Can you explain what you mean if someone sending bitcoin to me then i have to give them the address?  Is it some code with letter and numbers or you mean an actual one?

A bitcoin address is a 34 characters (there are some shorter ones though) starting with a 1 (3 is used for P2SH). You can read more on https://en.bitcoin.it/wiki/Address

For example, my address is 1NEb4W5EsayNnbqgKZUJuvjQV1FUrYCTG7. So, if I want someone to send bitcoin to me, I can give them the address and they can send the bitcoin there.

thank you.

So i just want to receive bitcoins.  So right now just create a blockchain acct and thats all then i tell the person my 34 digit address then they send me the bitcoins?

But in the end, i need coinbase or an exchange to get the funds to my bank of america right?

True and true.
Apart from selling your bitcoin for USD through exchanges, you could also spend your bitcoin for goods and services, or buy gift cards on Gyft.

okay so selling the bitcoins for a bank of america ach deposit will cost me 1 percent plus a 15 cent fee correct?


How much does it cost if i sell it at an exchange?  I mean... is the fee lesser on an exchange then coinbase?  I have tough time believing it cost less than 1 percent...



Also i have no plans on using bitcoin for good/services or gift cards.

hey all.  So im going to create a blockchain account as i read that is what i need since coinbase would close my acct if i use it directly for gambling transactions as ppl here mentioned. 


I heard stories about hacks getting hacked and bitcoins are no longer there.  How do i make sure this doesn't happen?  I heard about hot/cold storage etc.   I had thought if I just have a good password, that i should be fine.  But that isn't enough?  I hear so many complicated things like you need to do these excessive password etc... can someone explain this?


Last thing i want is to log into my coinbase or blockchain wallet, then find out my acct get hacked.  I do know that for blockchain or coinbase u have to remember your password... is that right?  But even if you do, how does the acct get hacked then?

Don't use centralised wallets.

Yes setting up a cold storage (paper wallet, offline wallet, hardware wallet, etc) will provide you the highest security against hacking.

Using blockchain.info wallet (or any other wallets that you are the only one having your private keys) is okay, but you should:
- Never download any suspicious files
- Never click any suspicious links or phishing links
- Never store your password as plaintext on dropbox, gmail etc
- Enable 2FA whenever possible
- Use a long and complicated password that has never been used on any other sites

without a doubt i say use Blockchain.info but also check out coinbase since you can buy bitcoin there and its off the chain

Would putting password in keepass be fine?  Dont now about dropbox and gmail.

How do i do cold storage? 

A cold storage can be a paper wallet or a armory wallet which is on a computer, but the computer has no connection to the internet.

try googling these kind of general stuff, like how to create cold storage. you can find better answers this way. sometimes with good step by step tutorials.

Creating a paper wallet is very simple. You can take a look at http://www.coindesk.com/information/paper-wallet-tutorial/ and follow the steps one by one. Don't forget to read the "Security Concerns" section to know what you should/can do to make it more secure.

Hey! Love it. I use Bitcoin mainly for online poker as well. If you play a lot might want to check out Betcoin.  Great small games, good bonuses, GTD that don't fill... Probably a good place for you to make a few bucks ..

As for a wallet, there's hot and cold storage. Keep all your savings in COLD STORAGE.  Only keep the $$ you're playing with in your account and small amounts in your hot wallet (desktop and mobile phone)

My set up

Multibit for the computer, super fast wallet, shows the rates, customization, you should like it.
Blockchain for mobile, PRetty much use this as access to your cold storage for quick transfer and to grab funds out of your savings fast.
wood wallet for my cold storage Just my choice, but physical storage is your safe box. You can find metal wallets, paper, wood w.e you need. Cold storage removes networks and p[rying eyes from any access to your funds (http://yocrypto.ca/crypto-currency-essentials/get-a-bitcoin-wallet/)


If you need to purchase Bitcoin, third party services are the quickest route but typically charge a premium  I see your with Bank of America... Circle will work good for you although i believe they charge 3% they provide an amazingly fast and easy way to buy bitcoin and send it back to your account in $$..  Exchanges let you convert FAST between Bitcoin and USD, CAD or w.e currency you use, browse for the cheapest exchange rates, they are usually quite low. Find both here http://yocrypto.ca/crypto-currency-essentials/buy-sell-and-exchange-crypto-currency/

Im still really confused at all this.  I know i need something like blockchain so i could send funds to a sportsbook like heritagesports.  But in the end when i want the funds to my bank account, i have to get coinbase or something similar right and then sell it at 1 percent fee plus 0.15 transaction fee?


Right now i want to get btc so i can send it to heritage sports.  So create blockchain account, then find someone to trade with for my boa transfer correct?


Whats the multbit for the computer?  Is that another alternative to coinbase?


This just very confusing to someone like me when i hear ppl say once you put significant amount of money into bitcoin wallet, u have to use cold storage etc and evrything just counds so confusing.  So i cant just keep 10k on it with my regular security settings in blockchain or even coinbase and its fine?  I wont be downloading any files etc.

coinbase and blockchain and other similar services are like banks with some differences. you can store your bitcoins there.
i don't know about the 1% fee is it from coinbase? anyway to sent BTC transaction fee can be different but it is normaly 0.0001 BTC
if you just want to put BTC in a site for gambling or whatever they give you an address which you can use that and skip creating an account on Blockchain but i suggest you do for future uses

multibit is a wallet that you can install on your pc and use it yourself for handling sending and receiving bitcoins

I was told by someone in another forum 1% and 0.15 is the fee to purchase bitcoins from coinbase.  And if i want to go from coinbase and get an ACH transfer to my bank account,  it cost 1% and 0.15 fee. 


Yes all i want is BTC so i could deposit it into heritagesports/5dimes or nitrogensports.  The first 2 are cash books so once i deposit btc, they automatically turn into usd.  Nitrogren sports would be mainly btc though so no converting.  I was told i can't transfer directly from coinbase to gambling site b/c coinbase will ban you for sending to and receiving fro gambling sites and ppl said use blockchain for it.    However... i read recently lot of blockchain accts got hacked and these ppl had 2fa and other security measures so that has me wondering is it eeven safe.


Yes someone mentioned multibit.  They said its easy but if i wanted to create a backup its hard.  Someone else mentioned u dont even needd to create a multibit wallet.


This just sound really confusing when ppl talk about paper storage and wood storage and a whole bunch of other things that i dont really want to be involved with bitcoin.  Just seems realy confusing as ppl say if u have a lot of money in btc, keeping it in a wallet isn't safe.  I mean, i have skrill and funds there i feel are safe.  Yet bitcoin.. i read so many things about it hacked etc.

do you have any links?

every complain about losing BTC on blockchain.info or being hacked that I saw so far was because of the users mistakes and mostly for using Tor and they didn't have 2FA enabled

Ahaha don't be so stressed :D ppl here is like that indeed :D
maybe the important thing is don't try blockchain.info now, because they down with the security issue and coinbase is not good choice for your business.

try another wallet, like electrum, multibit, green address, ect, you can choice here: https://bitcoin.org/en/choose-your-wallet
the important thing for your wallet security is backup private key, make a strong password, clean your computer from malware or virus ect and be careful with software you installed from site bitcoin service, maybe they will steal your btc.
Good luck :D

i suggest you start with coinbase if you are in US otherwise use Blockchain.info
and if you can't make up your mind yet and do not have enough trust, just start with what i said BUT invest low and try out their services and read people's posts that are complaining and figure out for yourself if it is safe or not.
like the security issues that most ppl are talking about in BCI search and find out what they really are and don't listen to random comments on whether it is safe or not

Okay so im going to create a coinbase account now and link it to bank account and buy btc. 


So many of you mention multibit, blockchain, electrum etc.  I then read the page where armory is the most secure one.  So which of the ones on the site would u recommend me for then?  A few ppl mention multibit for desktop client... some other say blockchain but i dont see it though. Is blockchain desktop client?


Also if i use multibit or any of those desktop client, i would 100 percent need to make a backup right?  Thus if my computer no longer works, would that mean my btc is gone then without the backup?  Seems like if u put btc in a desktop client, if ure computer no longer works... u wont be able to get it back or am i wrong?  But if i just decide to use coinbase/blockchain and keep btc in blockchain since its not that safe in coinbase... then my computer not working wont be any issue b/c blockchahin and coinbase are websites? Thus just make sure i remember username/password?


Also eveyrone keep mentioning cold storage.  I see paper wallet and one perosn mention wood wallet to store it.  Here is my situation and looking for advice.  Im from the usa but i dont live here most of the time b/c i play online poker so i have to go out of the country.  So if i stay in the us... then i would keep the paper wallet in my bank in safety deposit box.  But since im not in the usa... if i do get paper wallet, would u suggest me bring it with me or just keep it somewhere safe in a safe deposit in the us even though i wont be in the us?  I obviously dont want to bring the paper wallet with me all the time b/c i would leave it in apt or i could lose it.


If thats the case, would that mean its best for me not to not create a paper wallet and just make sure i have 2FA and strong password and that should be enough and just dont download any weird files? 


Again my whole point of wanting btc is so i could buy it, then send immediately to a sportsbetting site that accept btc which convert to usd.  I will also want to cashout from their usd to btc later when i cashout.  And i will also want to send or receive btc from other users who i do trades with in poker site.  So during these times, whenever i the btc, just keep it in the desktop client like multibit?


Because from looking at my situation, im thinking just buy btc from coinbase and send it to multibit... then send it to sports sites or other users to accept btc.... and vice versa for receiving btc.  Then if i want to convert the btc to cash, just sell it to coinbase for 1 percent fee then get paid by ach then right?  And whenever i have btc, make sure its alaswys in my multibit client?  Thing is again i read ppl say if u have lot of money in bitcoin.... always cold storage.  I would be probably keeping probably 20k usd max in there which is a lot but its like me getting a paper wallet or cold storage seems to be huge problem b/c im not staying in the usa all the time and always out of the us.  Or would that not matter?


Would liek advice on this.

They are talking about blockchain.info, which is a web wallet. The service has been used by many, but there was some security issue on it recently and it has been removed on bitcoin.org wallet page.


Yes, you should make a backup if you are using Multibit, Electrum, Bitcoin Core, Armory, blockchain.info, or any other wallets that give you your own private keys.
If you are using coinbase or any other services that don't give you your private keys, you just need your username and password. But if one day, the service was gone, so would your bitcoin be gone.


Cold storage is extremely safe, as your private key (something that enables you to spend your bitcoin) is kept offline all the time. It is good for long-term storage, but not quite suitable if you are going to spend it regularly. You can keep part of your bitcoin in a cold storage for long-term storage, and keep the rest on Multibit or whatever wallet you like for gambling.

I suggest you to use blockchain.info wallet if you want to use a wallet for fast online transfers. However, because of some complaints about the security of blockchain.info wallet, it's best if you enable 2FA just to be sure and to add another layer of security. In that way, you'll feel secure and you'll have fast transactions at hand. :)

I spoke to someone who said doing the paper wallet would be safe since its offline but issue is if i leave the country which i will soon... they said for me to bring the paper wallet with me.  Does that mean if i ever lose the paper wallet when traveling, then mean i lose all my btc?  Thus if i have 10k worth of btc there, then lose it while traveling, then i lose it all?


Is there a way for me to keep the paper wallet in the usa in a safety deposit box at my bank but also use it when im in mexico/canada and doing transfers to and from it or that cannot be done?  Why does bitcoin have to be this complicated if i want security for it?  I did read about trezor and the only negative is it cost over 100 dollars and u need it with u to do transfers... no big deal but i read even if u lose it, you dont lose your btc right?  If thats the case, isn't trezor the best safety thing for bitcoin without having to put it in a safety deposit box?


What i would prefer is to just know username/password and thats all so if i lose anything, theres no issue.  Also any reason why coinbase or sites dont have something like a bitcoin security token similar to skrill token when logging in and out of accts?  BEcause others cant hack your skrill acct if u have one and even if they do, its insured as long as u have security token.  The thing is u need the token each time u log into your account though but thats not big deal.


Is there anyone here that keeps big amount of btc  like $10k+ that doesn't have a paper wallet?

If you're rolling with $10k of BTC, you can afford this cheap 100000% secure hardware wallet:

https://www.bitcointrezor.com/

Or if you're feeling like a cheapskate, there's this:

https://www.ledgerwallet.com/

BOOM!  Problem solved.

Hi.  Are there any reviews of the ledgerwallet?  Yes i heard about bitcointrezor.  I wouldn't call it exactly cheap at $120 though.  Yes if you have at least 10k worth of btc, $120 seems cheap but overall thats not exactly cheap.



If this is the case why do ppl pay for stuff like wooden wallets when its not much more to pay for ledgewallet then?

A couple reviews of the Ledger Wallet:

https://medium.com/@abrkn/ledger-wallet-the-29-00-hardware-bitcoin-wallet-6716715ac61f

http://www.coindesk.com/ledger-launches-usb-bitcoin-wallet-bank-grade-security/

Here's a video unboxing and review:

https://www.youtube.com/watch?v=ZZ-vh0svJG0


Can't really beat those features, security, and peace of mind at that price.  0.1127 BTC is a practically a steal!

You're going to have to do a lot of reading my friend, once you understand the basics you'll then know what wallets are safe and what wallets are not safe even though the seem safe. If you can afford a Trezor, then go for it, if not there are other simpler, cheaper cold storage wallets, for ex: Paper wallets. And remember the paper wallet you create at Blockchain or Coinbase, they're not exactly cold storage.

I can afford the trezor.  However the thing is shiping takes very long.  Read it take over 1 month from someone in a post who is also from east coast in the usa.


I read paper wallets are easy but im still confused about it.  Do i need to have the paper wallets on me all the time though if i transfer btc quite a bit?  Example i will buy just $100 worth of btc just to test it out.  Afterwards i will buy 5-10k worth of btc.  I would then send it to gambling sites.  but i would also plan to receive btc and send btc to other users while trading poker funds and vice versa.  So if i have all btc in a paper wallet and let say i put it in safety deposit box, does that mean i cannot transfer any of these btc without the paper wallet on hand?


Example say i bought 30 btc.  Do i do the paper wallet now or i do it even before i get any bitcoins?  Then say i transfer 25 btc to gambling sites and have 5 btc left.  Its on multibit let say.  Then i receive 2 btc from someone else.   At what point is the paper wallet ever in use?  It seems like paper wallet is a place where your btc is stored but u cant touch it unless you have the physical paper wallet on hand?  Thus say i have 30 btc and its in paper wallet.  Now let say i cashout 10 btc from gambling site to mulitbit.  So does that mean if i want to cashout 40 btc to my bank acct, i could only do 10btc and not 40btc b/c the 30btc is still in my paper wallet which is in safety deposit box?


I read a lot about it and just still confused.  I thought it was simple when i read coinbase to blockchain to gambling site and vice versa then hear about backups.  I also hate the word private keys as well as thats even more confusing.

If you have 30 BTC to work with, divide that it into multiple wallets like you do your regular money.

You don't carry a single $10,000 bill, do you?  Divide it into multiple paper wallets, hardware, and software wallets as well.

The software ones carry the least, for hot spending, the paper wallets medium amounts like 1-2 BTC, then if you plan on like 5-10 BTC or more, store that on your Trezor.

Someone just told me that if paper wallets are meant for long term storage and not meant to be used if you plan to do transactions daily.  is that true?  If thats the case, then how do you ppl who do lot of transactions with btc keep it safe then with paper wallets?


This is just really confusing and i like to get a straight clear answer. 



If i plan to buy btc to mostly use it for gambling sites like heritage sports/5dimes, basically i need to use some type of desktop client or wallet to go from coinbase to there and then to heritagesports/5dimes.  Reason b/c coinbase doesnt like gambling transactions and also i read dont keep lot of btc in coinbase or blockchain or even a desktop client like multibet without a paper wallet.


I would probably be doing some transfer with btc with other ppl but overall, i guess i probably doing 1-2 transactions with btc a week.  Might even 1-2 transaction every other week.  If thats the case, what is my best option then?  What is really confusing is someone say paper wallet is meant for long term storage and that isn't what i really want.  Like i dont want to keep 10k worth of btc in a palce where i wont touch it for 1 year b/c i would need to send/receive every other week.  Also i still havent gotten an asnwer to this but if i keep the btc in a paper wallet in a bank depsoit box... how am i suppose to send or receive the btc in my paper wallet to others if i dont have the paper wallet with me?  Or i could still do this?


Also when i do btc transactions, they will be at least $1000 each.  I wont be doing small amounts but i probalby do a few of these $1000+ few times a month whether sending or receiving.  So based on my situation, is trezor or ledgerwallet the best for me?  Again, im very not computer savy at all.  All this about doing paper wallet and need computer need to be turned off... then i hear terms like private keys just confuses the heck out of me. 

Yes, paper wallets are meant for long-term storage. You don't generally want to spend from your paper wallet. Keep the bitcoin that you want to spend in a hot wallet such as a bitcoin wallet app on your phone or computer. If you will be conducting large transactions on a regular basis, then I'd probably recommend a strong hardware wallet like Trezor or ledgerwallet. Both should suffice for this need.

It will be too troublesome to use paper wallet then, as you will need to import the wallet to send bitcoin in an online computer, send bitcoin to gambling sites, and send the remaining bitcoin to a newly generated paper wallet.

I believe a hardware wallet like Trezor seems to be the best option for you.