Depositing and withdrawing with cryptocurrency.

[Newzooozooo]

What cryptocurrency do you use for deposits and withdrawals, and what are its main advantages in terms of fees?

 

[TeUnit]

I think its best to go with one of the main ones BTC or ETH.

You can even get interest on ETH depending on your wallet.

 

[Rost]

What cryptocurrency do you use for deposits and withdrawals, and what are its main advantages in terms of fees?

I use USDT. But depending on the network and your wallet, you may also need to have another currency to pay the transfer fee and make a withdrawal. In general, I recommend using one of the most popular exchanges to receive funds. For Ukraine, Binance seems to be the best option.

 

[john_entony]

I haven't verified my crypto wallet yet, but I think I'll use TRC-20. It seems we won't have any other choice but to withdraw cryptocurrency from Americas Cardroom. But I don't think that's so bad. After all, having an alternative is always good.

 

[najisami]

What cryptocurrency do you use for deposits and withdrawals, and what are its main advantages in terms of fees?

I only used crypto once.
I deposited some BTC into a poker/casino site but soon realized that approximately 25% of the amount was gone.
I'm not even sure who charged me that huge fee, the site, my wallet or both.
Did not bother verifying, just let everything go. So, as far as I'm concerned, no recommendation here .

 

[belizebum]

I used it once and the fees were ridiculous. Wont do that again. Although, I just received an email from the site I use and they are reducing the fees of withdrawals...soooooooooo we will see.

 

[najisami]

I use USDT. But depending on the network and your wallet, you may also need to have another currency to pay the transfer fee and make a withdrawal. In general, I recommend using one of the most popular exchanges to receive funds. For Ukraine, Binance seems to be the best option.

Yeah, apparently, Binance is the best right now, especially that they're operating all over the world.

 

[black and]

I always withdrew to BTC. Since I considered BTC to be the most reliable cryptocurrency, I used it. As for commissions, there are different times and different periods, so commissions can vary. For example, when withdrawing $100, the commission sometimes did not exceed 50-70 cents, but there were periods when the commission for withdrawing $100 could be $50 or even $80.

 

[Sunz of Beaches]

Me personally I use the cryptocurrency that has the least commission at that very moment. There are many different cryptocurrencies to choose from.

 

[Youvraj365]

wow is that even possible i did not knew we can make deposit through crypto.
thanks but i prefer using neteller or visa card in dollar
some poker sites do not have that option for using crypto currency

 

[MishkaZL]

I have been using my Binance account for several years now, easily depositing and withdrawing money. I even have small investments in cryptocurrency, which have already given me quite good results. I usually deposit and withdraw money in USDT, but I also withdraw money in BTC or ETH.

 

[Tero]

The question should be Why would one use crypto for these use cases?
If it is the only option, then yes, that makes sense.

But as EU citizen that would probably make it more difficult for me. I've bought and sold crypto at Binance and made meticulous reports about it to tax officials when the time arrived to report my earnings. And as I understand it exchanges operating inside EU probably have to report some tax related info about their customers as well so customers can't really hide their possible earnings.

So here's the issue:

For most EU citizens who win at sites that have EU gambling license the winnings are tax free.
If I would win on site A, then withdrew it as crypto, and then sell it in a crypto exchange for actual money, I would still have to report it in my taxes to make it clear where I got it from. Selling crypto and not saying anything about it when doing taxes is a big no no. And if the value of the crypto would increase before I had time to exchange it I would have to report this "profit" as well.

So crypto and gambling would mean a heck of a hassle.

 

[R.Melnyk77]

The question should be Why would one use crypto for these use cases?
If it is the only option, then yes, that makes sense.

But as EU citizen that would probably make it more difficult for me. I've bought and sold crypto at Binance and made meticulous reports about it to tax officials when the time arrived to report my earnings. And as I understand it exchanges operating inside EU probably have to report some tax related info about their customers as well so customers can't really hide their possible earnings.

So here's the issue:

For most EU citizens who win at sites that have EU gambling license the winnings are tax free.
If I would win on site A, then withdrew it as crypto, and then sell it in a crypto exchange for actual money, I would still have to report it in my taxes to make it clear where I got it from. Selling crypto and not saying anything about it when doing taxes is a big no no. And if the value of the crypto would increase before I had time to exchange it I would have to report this "profit" as well.

So crypto and gambling would mean a heck of a hassle.

This can certainly be an additional hassle. But if there are no other withdrawal options, then what?
Not withdraw the money?
Or withdraw it anyway and be prepared for the extra hassle. Of course, if we're talking about $100, it's not a lot of money, but if we're talking about $1,000 or more, then you need to understand which cryptocurrency is best to use. I've only used ETH this year. The commission is acceptable to me.

 

[Sunz of Beaches]

Yes ethereum probably not the worst choice when it comes to cryptocurrency but I also heard about usdt having not too much fees at all.

 

[VictorOd]

I haven't verified my crypto wallet yet, but I think I'll use TRC-20. It seems we won't have any other choice but to withdraw cryptocurrency from Americas Cardroom. But I don't think that's so bad. After all, having an alternative is always good.

I'm afraid so, very disturbing. How do we convert that crypto into a real money? Do you have a plan?

 

[john_entony]

I'm afraid so, very disturbing. How do we convert that crypto into a real money? Do you have a plan?

Not yet. I need to see if Americas Cardroom works without verification. I'll try it next week. Then I'll write about my experience in the thread.