Questions about bitcoins and appreciate if anyone here can answer it and would love if anyone here used bitcoin to deposit into a sportsbook like 5dimes.
Anyone able to buy a few thousand at least or have that amount of Bitcoin and then deposited no problem?
5dimes recently allowing users to deposit with bitcoins. Can someone tell me how i do this?
1. What about be the best way to buy bitcoins? Is it through coinbase? And if so, how do you pay by? So i see 1 bitcoin is worth $636.13 now. If I want around $3000 or a bit more, i go and buy 5 bitcoins correct? 5 Bitcoins would be worth $3180.65 but how much fees do i have to pay? I assume credit card is what most ppl use to pay for it? Im confused b/c i did read something that credit card and paypal is not allowed b/c it can be charged back. If thats the case, then what is the preferred payment? I have credit card, paypal, bank of america transfer.
I would recommend coinbase if you are located in the US. You will need to verify your identity and link your bank account with your coinbase account. You can purchase bitcoin in terms of dollars, meaning that you can simply buy exactly $3,000 worth of bitcoin as you can divide bitcoin up to 8 decimal places.
2. Bitcoin fees. I assume the only time you pay bitcoin fees is when you want to cashout those bitcoins into cash when you sell them? So when you transfer them from your account to 5dimes or from a site to your bit coin balance... there isn't any fee? I read the first million dollar transfers are free but then it would cost after that? Is that what is meant by the transfers?
The only time you have to pay any fees is when you send bitcoin from one address to another, these fees go to the miners who help secure the network. Many exchanges will charge you some kind of trading fee, while coinbase will charge a "spread" or the difference between the buying and selling price. Overall it is much cheaper to spend and use bitcoin then it is to spend fiat, but the costs are much more transparent to you.
3. I know u cant cashout via bitcoin with 5dimes yet. But lets use another site for example. Assuming i buy 5 bitcoin for $3180.65 and deposited it into some site. Then i turned that amount into $5180.65 and want to cashout. I would withdraw to my bitcoin balance and it would be converted to whatever bitcoin its worth at the current price? And the only fees i pay is if i sell the bitcoins but if i want to use those bitcoins and deposit into another site theres no cost? And what are the fees for selling bitcoins?
See #2
4. Can you buy bitcoins in fractions of bitcoin? I know you can buy 1 bitcoin, 2 bitcoin etc but can you buy 2.5, 2.2, 2.08 etc or is it only flat 1 or 2 etc or 2.2 bitcoin thus 1 decimal only?
See #1
5. I also read ppl buying bitcoins from other ppl. Is that b/c it costs less but the risk is higher? Yet i do read once you receive bitcoin from someone, its not reverseable right?
This is correct, your risk is much higher as you are dealing with a stranger. It would probably be best if you used something like coinbase for your first few purchases of bitcoin and continue to use a service like coinbase until you better understand how bitcoin works. Once a transaction is confirmed by the network is not reversible (there are exceptions to this, however they involve an attack against the network and are difficult to pull off)
