Bitcoin Forum
May 21, 2018, 07:42:12 PM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Trading Funds for Bitcoin Question  (Read 1062 times)
viking02
Hero Member
*****
Offline Offline

Activity: 770
Merit: 500


🌟 COMSA ICO: 10/02/17 🌟


View Profile
January 31, 2015, 07:02:04 AM
 #1

I would be trading poker funds or other similar funds to others for bitcoin.  Those people who trade bitcoin usually ask for a percentage such as they are willing to swap bitcoin for pokerstars and want 3 or 4 or 5 percent.  First off... can someone translate this to me in numbers how does that work?  I done trades where i would trade $970 bank of america for $1000 pokerstars from someone... thus im buying pokerstars at 97 cents and thus they are selling poker funds for 3 percent vig as real money is always worth more than poker money.


Assuming someone wants to swap bitcoin for poker money and let say they want pokerstars + 3%... can someone translate this to me with numbers?  Say i have $1000 pokerstars and want bitcoin.  So they will send $970 worth of bitcoins right?  At the moment 1 BTC is worth 228.34.  So how it would work is when we both agree on the trade, then we use the current bitcoin price from a site such as okay bitcoin is worth $228.34 right now?  Thus he would be sending me 4.25 bitcoins.  Is that correct?  So if i send him pokerstars, it usually takes a few minutes for the other party to receive it.  But i want to know when is the price locked when doing transfers.  Is it when both of us agree on trade then whatever is the current bitcoin price, then he will send the exact amount of bitcoin?  Also some users say we will use bitstamp prices whereas i recall i seen others mention another site like kraken etc.  I checked and prices seem to be different with all these current btc sites so which site is the main site then?  Thus one site might say 1 btc is worth 250.33 but another site is 249.86 right?  And if so, which one do most ppl generally choose?  So basically once they send it, its pretty quick right?  However when they send 4.25 btc, its almost never 4.25 btc right?  Thus it might be 4.23 or 4.28 btc by the time you receive it?  I believe u can only send btc amount and not dollar amount right?  But even if you do dollar amt, it shouldn't matter since the btc amount would change anyways even during those 5 minutes?


Another question i have is when they send me the bitcoin, are they going to send to my coinbase account or my blockchain/multibit wallet?  I currently have a coinbase acct but didn't verify my bank account yet.  I was told to use blockchain or multibet/electrum for sending/receiving bitcoin and also b/c i will be transferring btc to gambling sites and thus i can't transfer directly from coinbase to it b/c coinbase will ban your acct b/c they dont like gambling transactions.  So would they be sending to my blockchain or multibet/electrum then?  Since if i give them my coinbase address... then theres no point right since i plan to send it to gambling site?  Im a bit confused but can u even receive transfers using just coinbase from other btc users or you have to have blockchain or multibet or some type of secure hardware wallet.   


Another question I have is are there anyone here that doesn't have a coinbase account and just have blockchain account or electrum/multibit only?  Thus they never transfer funds to their bank account directly through coinbase and basically just trade btc a lot for poker funds or even boa?  Thus not cashout directly to coinbase and dont even have a coinbase acct?  Or is that extremely rare.  Im curious if thats even possible if u dont plan to cashout directly to your bank acct and if you just trade btc for someones online bank transfer and its similar.  Obviously having a coinbase acct is pretty essential but im wondering if theres anyone without a coinbase account.

Thanks all.


                               ,,,,╓╖µpp╖╖,,,,
                         ,╓g▄▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▄µ╖          ,╖
                     ,╓@▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓Ñ╖    ,@▓▌
                  ,á▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓µ╫▓▓▓▌
                ╓@▓▓▓▓▓▓▓▓▓█▓▀╜╙            '╙▀▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌
              ╓▓▓▓▓▓▓▓▓█▓▀`                       ╙▀▓▓▓███████▌
             @▓▓▓▓▓▓▓█▀`            ,,,,,         ,g▓███████▀`
           ╓▓▓▓▓▓▓██▀         ,µ▄▓▓▓▓▓▓▓█▓▓▓▄@, ,@▓███████▀
          ]▓▓▓▓███▓`       ╓▄▓█▓▓▓▓▓▓▓▓▓▓▓█████████████▓╜
         ]▓▓▓▓█▓█╝       ╓▓█████▓▓▓▓▓▓▓▓▓████████████▀╜
         ▓▓▓▓███▌       ╙▓███████▓▒       "▀▓██████▀`
        ╫▓▓▓███▌          "▀████████▄        '▓██▀
        ▓█▓███▓▒            `▀████████▄,       `
       ]▓█████▌                ╙████████▓,
       ]▓█████▌                  ╙▓█▓█▓▓▓█▓╖
       ]▓█████▌                    ╙▀█▓▓▓▓▓▓▓╖
        ▓█████▓[            ,,       `▀▓▓▓▓▓▓▓▓▄
        ▓██████[            ╓@        ╙▓▓▓▓▓▓▓▓▓╖
        ╠██████▓          ╓▓▓▓▓m        ╙▓█▓▓▓▓▓█▓@
         ▓█████╜       ,g▓▓▓▓▓▓▓▓▓▄╖╖,,,╓╖▓▓██▓▓▓▓▓▓
         └▓█▓╜       ,@▓▓▓▓▓▓▓▓▓▓▓▓████████████▓▓█▀
          '"       ╓@▓▓▓▓▓▓▓▓▀▓▓▓▓█████████████▀╙        ,
                 ╓▓▓▓▓▓▓▓▓▓╜    ╙▀▀▀▀▓▓▓▀▀▀▀╜          ╓▓▓▓╖
               g▓█▓▓▓▓▓▓▓`                          ,g▓▓▓▓▓▓▓w
            ,g▓██████████▓▄,                    ,╓@▓▓█▓▓▓█▓██╜
            ▓████████████████▓▄▄p╖,,     ,,╓µ▄▄▓██████████▓╜
            ▓█████╜╙▀███████████████████████████████████▀`
            ▓██▓╜     "▀▀███████████████████████████▀╜`
            ▓▀`            ╙▀▀▀███████████████▀▀▀"
. COMSA
ICO: Oct 2 - Nov 6
█████
▄▄▄
███
███
▀▀▀
███
███
███
▀▀▀
███
███
███
█████
█████
▄▄▄▄▄
█████
█████
▀▀▀▀▀
█████
█████
█████
▀▀▀▀▀
█████
█████
█████
█████
1526931732
Hero Member
*
Offline Offline

Posts: 1526931732

View Profile Personal Message (Offline)

Ignore
1526931732
Reply with quote  #2

1526931732
Report to moderator
1526931732
Hero Member
*
Offline Offline

Posts: 1526931732

View Profile Personal Message (Offline)

Ignore
1526931732
Reply with quote  #2

1526931732
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
goregrind
Full Member
***
Offline Offline

Activity: 148
Merit: 100


View Profile
January 31, 2015, 08:31:08 AM
 #2

The bitcoin price is you have to agree on and it will be fixed for a certain amount of time, just enough for you two to be able to complete the transactions.
If you agree on 4.5 btc then thats what you're supposed to get period.
Bitcoin will be sent to whatever address you provide, so if you provide a coinbase address you will get btc to that address, if you provide an address generated by multibit/electrum you
should get btc in your multibit/electrum wallet.
While coinbase is a pretty popular option there are many bitcoiners that don't use them and moving funds in bitcoin is possible without them.

I would recommend you get a wallet like multibit/electrum and play around with it till you get the ropes. Once you receive your btc you can exchange them trough the exchange of your choice

Here you will find a list of wallets you can chose from: https://bitcoin.org/en/choose-your-wallet
Here you will find a list of exchanges to get you started: https://en.bitcoin.it/wiki/Trading_bitcoins

woot?
michinzx
Sr. Member
****
Offline Offline

Activity: 364
Merit: 250


View Profile
February 01, 2015, 12:01:53 AM
 #3

they would send the bitcoin to whichever wallet you give him the address for. If youre doing trades for large sums of money I would recommend using an escrow service.
ranochigo
Legendary
*
Offline Offline

Activity: 1442
Merit: 1056



View Profile WWW
February 01, 2015, 01:34:03 AM
 #4

Everyone have different preference when we come to choosing a exchange for the price. Most of us would either select the largest exchange or use preev.com which calculates the average price over a few exchanges. The price is locked before the transaction, you have to tell him how much he has to send. The amount of BTC would just be the amount of BTC when you agreed on. The amount lost is probably due to transaction fees, usually 0.0001.

Coinbase would not know if you are doing a gambling transaction unless the transaction originate from a well known online gambling address. Even so, they dont ban you. If you happen to send the amount to a onchain dice site, you will not receive your winnings since coinbase sends it from a different address and they wouldnt have ways to verify that you sent it and credit you.

There are loads of people without coinbase account, you can either transfer coins offchain from different accounts or give them your address and your bitcoins will be transferred correctly regardless of wallet type.

(                                   ▄▀▀▀▄
████▄          ▄█████████████████▄ ▄▀▀▀▄
██████▄      ▄█████████      ▀████▀▄▄▄▀
████▀██ ████ ██▀████▄▄▄▄▄     ▄████
████  ▀ ▀▀▀▀   █████████ ███████▀
███            ████▀▀▀▀▀     ▀███▄
███            ███████      ▄████
███            ██████████████████▀
▀▀▀            ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
                              ▀
                ▄▀▀▀▀▄ ▄▀▀▀▀▄ █ █▀▀▀▀▄
                █      █    █ █ █    █
                ▀▄▄▄▄▀ ▀▄▄▄▄▀ █ █    █
)     MB8Coin       .                           
     The new fuel for an existing........
     Loyalty Rewards Network...........
(   WEBSITE   ) (   FACEBOOK   ) (   TWITTER   )
.
(       WHITEPAPER      ) (      ANN THREAD       )
────────────────────────────────────────── 
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!