BitCoin - What are the risks?

Discussion in 'General Casino Affiliate Area' started by KasinoKing, May 2, 2016.

  1.  
    KasinoKing

    KasinoKing Player turned affiliate.

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    It has just been announced that Betting Partners (Bodog, Bovada, Slots/LV & Ignition) will switch ALL affiliate payments to BitCoin ONLY from June onwards.

    I fully expected this to become an option for payments from many programs - but not the ONLY way! :confused:

    What I'm really worried about is if the USA Government decide to take action to stop these BitCoin gambling related transactions - have they any sort of power to block or take any other action against the BitCoin operators?
    (I'm talking about BOTH affiliate and player payments).

    KK
     
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  2.  
    frankcolt

    frankcolt Member

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    They have just made a huge mistake - we are in questionable business as it is and now a questionable currency - let's say U get paid and one minute later bitcoin goes bust or drops 75 % before U transfer to your bank - so stupid
     
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  3.  
    bonustreak

    bonustreak Administrator Staff Member

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    We wanted to inform you in advance that, effective June 1, 2016, we will be moving all Betting Partners affiliate payments over to Bitcoin. Bitcoin will be the only payment method available moving forward, no other payment methods will be supported as of June 1st 2016 - Including Player Account Transfer.

    This change won't affect your April commission earnings. They will be paid out in May with the payment method you currently have registered in your Betting Partners account (if you are interested in receiving your April earnings paid via Bitcoin please contact btcsupport@bettingpartners.com). Please note, if you have earnings that are accrued or have not been triggered for payment by May 1, 2016, they will fall under the new policy and be paid out via Bitcoin in subsequent payment periods.






     
  4.  
    bonustreak

    bonustreak Administrator Staff Member

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    This title should be edited to announce they crooks at Betting Partners are stealing our income and players by forcing affiliates to join a shady payment processor! This is complete BS!
     
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    Guard Dog

    Guard Dog Guard Dog Staff Member

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    Time to walk away from these jokers. Mass exodus and most of their new players (who are likely sent by affiliates) not being sent anymore... that might get them to reconsider. I would also then put up a banner for players to see that these casinos are working with a very unstable currency. Imagine winning $100,000 and not being able to collect? And it's not only that... doesn't that currency fluctuate value a LOT? ugh - what are they thinking?
     
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  6.  
    slotplayer

    slotplayer Affiliate Guard Dog Member

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    Its not worth it for me. Time to make my own exodus.
     
  7.  
    Engineer

    Engineer Super Moderator

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    This is ridiculous. Paying only via bitcoin is something a new, rinky-dink clip shop would do. Legitimate companies pay via legitimate means -- i.e. wire, ewallet, or check.
     
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    RyanWeb

    RyanWeb Affiliate Guard Dog Member

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    From what I have read, that is the one benefit of Bitcoin is that it can not be touched by the US or any other gov't. The thing to worry about is the value as it is very volatile and can have huge price variations over night.. http://www.coindesk.com/price/ and click on 1 year.. You can see huge price fluctuations. I just started to dip my toe into bitcoin.. Having one program (who I make hundreds of dollars per month with, not thousands) pay me out into BTC. I earn a bit more with bettingpartners.. I feel a little uneasy about being forced in the deep end of the bitcoin pool..

    This is also likely why many casinos are choosing this as a payment method.. http://www.investopedia.com/article...e-overcome-currency-control-their-country.asp

    It seems they can try to control a bitcoin exchange.. (a place you go to buy and sell) but can not control bitcoins themselves (that in which anyone owns).
     
    Last edited: May 2, 2016
  9.  
    KasinoKing

    KasinoKing Player turned affiliate.

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    I started this "spin-off" thread from the Betting Partners section, because the way I see it they will be just the first of very many going down this route.

    Like many of you, I knew NOTHING about BitCoin until about a month ago (I'd heard of it, of course, but had no idea how it worked).
    But recently numerous casinos have been adding it as a funding method for players, and so it can't be ignored any longer.

    I am keeping an open mind: Just because I still don't really understand it fully, don't necessarily mean it's a bad thing. It's now a multi-million dollar currency, and if the casinos (who are undoubtedly MUCH more risk savvy than me) are putting faith in it, then I am inclined to think is IS a safe option. If it went tits-up the casino operators would stand to lose a hell of a lot more than our combined commission payments!

    My only worry, as per my opening post, is what could happen if the FBI, IRS, or whoever, starts sticking their ore in...?

    KK
     
  10.  
    Engineer

    Engineer Super Moderator

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    I have no problem with bitcoin as an option for affiliates that feel comfortable using it, but I do have an issue when it's the only option. Like I said in the other thread, paying only by bitcoin is something a rogue, fly-by-night outfit would do. Reputable companies pay by known, common methods like wire, web wallet, and check.
     
  11.  
    slotplayer

    slotplayer Affiliate Guard Dog Member

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    Well if anyone want to buy my players let me know.
     
  12.  
    frankcolt

    frankcolt Member

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    Will you take Bitcoin?
     
  13.  
    Guard Dog

    Guard Dog Guard Dog Staff Member

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  14.  
    bonustreak

    bonustreak Administrator Staff Member

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  15.  
    slotplayer

    slotplayer Affiliate Guard Dog Member

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    Funny! USD Only.
     
  16.  
    NDG

    NDG Affiliate Guard Dog Member

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    I can understand adding bitcoin as an option for affiliates, and then trying to push your affiliates
    towards using Bitcoin by providing them with guidance and other means to make the transition,
    but to suddenly tell all affiliates that their future earnings will only be paid via Bitcoin is ridiculous.

    I could see Bitcoin being a good option for US affiliates, because they will be able to withdraw lower
    earnings from their accounts, instead of waiting until they reach a minimum for a wire transfer.
     
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  17.  
    abc

    abc Affiliate Guard Dog Member

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    Anyone have any tips on using bitcoin. Never got into it, but guess i have to lean now.. Read a few things and seems banks are closing accounts when you try to sell bitcoins on exchanges then get money wired
     
  18.  
    TheGooner

    TheGooner Affiliate Guard Dog Member

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    If we started moving bitcoins in the volume required for commission payments then we would make a significant splash in our local NZD pool as their total monthly volume is only about 400 BTC per month.

    I am not comfortable playing in this small space - and I would expect both my bank and local Inland Revenue Department (IRS equivalent) suddenly showing up and wanting audits, details etc.
     
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    RyanWeb

    RyanWeb Affiliate Guard Dog Member

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    Lets hope more programs don't follow.. But as everyone all at once started accepting bitcoin, I fear they may all have the same plan.. I love the idea of bitcoin, but I feel like this may be to much to soon...
     
  20.  
    slotplayer

    slotplayer Affiliate Guard Dog Member

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    the fact that programs are moving to bitcoin is imho concerning in itself despite them sugar coating it.
     
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