Coinbase/Circle will shut you down if they suspect gambling. They won't confiscate funds but will close your account after settling. It doesn't make a lot of sense since most bitcoin transactions are for gambling.
Some books such as Nitrogen use multiple payout addresses. They also allow you to change your deposit address up to 5 times per day so you aren't going to have problems if you use Nitrogen.
Even if you go Coinbase/Circle to Blockchain to Book, there is still the chance of being shut down. One way to prevent being shut down is to change your blockchain.info address at times and ditch the old one. Just create another wallet. It doesn't take longer than coming up with a password.
I have a second wallet on my computer using the Multibit program. I receive deposits from coinbase.com in one wallet and send it to my second wallet. As far as coinbase knows, I'm sending it to someone else. I'm not responsible for what the second wallet does with their bitcoins. Little do they know both wallets are on my computer.
What is this stuff I'm reading about taxes and bitcoins? Are you issued a 1099? Does coinbase report this info to anyone? Across the street someone said its a tax event as soon as you buy? That you have to record anything you bought with it and then base it off of what its original value? WTF?
Im sure someone here knows a lot more than me or had some experience?
Im sure someone here knows a lot more than me or had some experience?
I saw the same thing, doubledeuce. From a couple of guys. I am not clear on this at all, because nobody made mention of it before. The second guy I talked to, said that on an IRS Expert FAQ page, the point was made that as soon as you buy a bitcoin, it's a tax event. But I asked what that meant and the dude couldn't answer, and the post across the street didn't say for sure what that was either. Then someone else posted that yes, a 1099 is issued (he thinks) as soon as you buy a bitcoin, and you're taxed on it! Then you have to save all your info (buy and sell prices) and declare capital gains on your tax return. So you get taxed and then taxed some more if the IRS gets that 1099. Some responses sad, "yes but oh well that's the price of doing business" and others said "that sounds like way too much hassle" Weird. I'm trying to read more threads and get more info.
May be a stupid question, but if Bitcoin is serious about growing & making this work, then why aren't they in the business of doing it ALL, to eliminate the trouble of the 3rd parties you have to transfer to & from....?
Bitcoins aren't a company. They are mined. It can be compared to mining gold. There are exchanges where you can buy and sell bitcoins from your bank account. After buying, most transfer bitcoins to a wallet. After that all transactions are two party.
Third party transfers aren't needed. You can do your transactions right from the exchange to the sportsbook. The only reason 3rd parties are needed is to hide from Coinbase and Circle. They both ban your account for suspected gambling.
Transactions are so fast that it's just a click to transfer and the only delays occur with conventional books. Bitcoin books accept deposits immediately.
I see people swearing by bitcoin but has anyone actually tested it to see if getting a payout is worth it? I see people on some sites saying they took out 20k in one shot. Seems crazy.
I just want a payout method that won't cost me money anymore. This year I would probably be up $10k if not for bad payout methods. I am in the hole due to all the limits for payouts. If I'm up $2k or $20 I want to be able to take the money out whenever I want.
I just want a payout method that won't cost me money anymore. This year I would probably be up $10k if not for bad payout methods. I am in the hole due to all the limits for payouts. If I'm up $2k or $20 I want to be able to take the money out whenever I want.
