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  • Crypto/bitcoin deposits for online play

    I've made several deposits on acr using 3 different exchanges/wallets. (Coinbase, edge, cex) I understand there are some fees 2-3% the exchange charges. But each deposit to acr is %10 less in value than what I sent. For example my last deposit was $140 value of bitcoin I had. 124$ credited to my account. I wrote car and asked about this and they said it was market fluctuations!? Eh!?
    If it costs about 15% right off the top to play it really doesn't seem like a good value.

    Am I missing something.? Does anyone have any insight to share. Thanks

  • #2
    I toyed with the idea of making a deposit using a crypto-currency to play on ACR. In the end the volatility involved dissuaded me and I went elsewhere.

    I'm just sticking to sites where I can deposit in GBP, store my bankroll in GBP, and then convert to the table currency with the same rate guaranteed to be applied to convert back to GBP when I leave the table.

    Poker is risky enough as it is without factoring in more variables.

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    • #3
      The price of Bitcoin and other cryptocurrencies does fluctuate, and the longer it takes between the time you buy your Bitcoin and when your deposit is completed, the more exposed to those fluctuations you are.

      Exchanges stay in business by charging transaction fees. Coinbase's fees for purchasing or selling Bitcoin are high - 1.5% or more, depending on transaction size. I use Binance.us, where the fee is 0.5%. There is also the question of how much one pays for transaction processing speed whenever you make a Bitcoin payment: the lower the fee, the lower the priority that confirming your payment will have, and the more exposed to market fluctuation you will be until it does. This is going to be an issue with any wallet you use, whether hosted on an exchange, a hot wallet on your computer or phone, or external hard wallet.

      When funding an online poker site like ACR, you should never send Bitcoin directly from an exchange-hosted wallet like Coinbase to the poker site. Use an intermediate wallet of your own. Coinbase and other exchanges come down hard on US users using Bitcoin to skirt the UIGEA, and you could have your exchange account frozen or seized. (Using the intermediate wallet means a payment takes two Bitcoin transactions, and thus takes longer and costs more, but that's the price you have to pay for getting around the law.)

      A reasonably priced Bitcoin transaction should take something on the order of half an hour to clear. The charges, in the end, are not that much, a couple of percent, all told. 15% seems excessive . . . unless you let time pass between the time you bought the Bitcoin and made the payment to ACR. For my own part, I keep a balance of US dollars on my Binance.us account, and buy Bitcoin only when I am ready to make a payment right away, to minimize my exposure to price fluctuation.

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      • #4
        update but no real answer or solution. I received another response from ACR. explaining spot and sport prices and they referenced me to blockchain.com as the price they default to. looking at the data from blockchain.coms prices at the time my deposits went through i could not see any difference of note. and using numbers from the site ACR referenced there is a short of at least 10% in each deposit. I asked for more information. not looking good, sad

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