Bitcoin
Out of context: Reply #1224
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- allthethings0
So, I'm about to try to cash out some gambling winnings, and my book has Bitcoin withdrawals for free, and it sounded straightforward enough until I actually began the process. Two things are hanging me up that are probably easy but are testing my ability to comprehend the 21st century.
1. I set up a wallet, and the Bitcoin outlet will sell me a Visa card to load with Bitcoin for $10. Even though they require me to have a credit card on file to set up a wallet, they won't let me use the credit card to pay the $10 Visa card fee. I'm like, huh? So how am I supposed to give them $10 without it?
2. Once I figure out #1, which is probably obvious to anyone younger than 25 (I'm 56), something I don't understand is, if my book lets me cash out $1,000 of what in other circumstances I'd call cash, but as Bitcoin, does the balance on the card fluctuate with the whims of the market, or is my $1,000 still $1,000 until I use the card to make a purchase?
I just hit myself in the temple with a ball peen hammer. Felt good.
- Who is it that's trying to sell you a Bitcoin visa card? Most people are not using Bitcoin like that, they just keep their coins in a wallet (either on ayuekit
- website like Coinbase or on their local machine) and convert to $$ as needed.yuekit
- BitPay. It just seemed to me like being able to use a Bitcoin debit card would be the best circumstance. Like, I don't get how to "convert to $$" as you sayallthethings
- Ah I see... https://bitpay.com/c…yuekit
- So it looks like how this works is that you convert the Bitcoin to dollars whenever you load money onto your card.yuekit
- The balance on the card itself doesn't fluctuate since it's not really Bitcoin. It's just a quick way of selling the Bitcoin in your wallet and cashing out.yuekit
- Aha...that's helpful, thanks. Quick is good, because (I guess it's generational) I feel like it could just disappear in a heartbeatallthethings
- Now I just have to figure out how to pay for the card. Maybe it's barter...I bring a virtual goat, and...allthethings
- Yeah it's a cool thing to have (I might even try to get one) but keep in mind you can always sell your Bitcoin with the click of a button on any other exchangeyuekit
- website such as Coinbase etc. It might just take a few days to withdraw the dollars to your bank account, whereas this seems to give you faster access to it.yuekit
- omfg. I bought BTC with Coinbase to cover the 9.95 cost of the BitPay card, linked my two accounts, and it sent 7.35, still pending, so now both accounts areallthethings
- frozen. And neither company has a chat or phone that you can use to get help.allthethings