You should set up an account on blockchain or perhaps there are similar sites? So when you deposit you would go from coinbase to blockchain to book. When you withdraw it's the reverse. I remember reading reports that people were being blocked when depositing directly from coinbase to book - I don't know if that's still true, but having a buffer is probably the safer way to go.
You should set up an account on blockchain or perhaps there are similar sites? So when you deposit you would go from coinbase to blockchain to book. When you withdraw it's the reverse. I remember reading reports that people were being blocked when depositing directly from coinbase to book - I don't know if that's still true, but having a buffer is probably the safer way to go.
After a while, ome of the exchanges may start telling you that their site is supposed to be used to trade on.
Not certain on taxes
Blockchain is just a wallet.
Consider it the middle man.
Instead of having your book transfer directly to Coinbase, for example, and somehow Coinbase finding out it is a book that you just transferred from, have the book transfer to a wallet which just holds Bitcoin (no selling, buying, or trading) first.
Then to Coinbase or another of your choice.
To answer your question though, ive heard of no problems with blockchain since it it just a wallet.
Again, wallets simply store Bitcoin.
You cannot buy, sell, trade, or withdraw to bank.
Its like a safe where you store your Bitcoin
This is a wallet.
There are others besides Blockchain.
Therefore, you have to also create an account at one of the places like Coinbase to transfer your Bitcoin to from your wallet, so you are able to cash out (sell) to your bank. (Or buy).
I know i was repetitive in explaining this, but trying to help others understand who havent yet.
Once you get started, it's a piece of cake...
Yes, it is a taxable event. Like selling a stock. You have to report it as a trade.
Hopefully, that will change as you don't have to report the difference when you exchange currencies if you go out of the country and buy some foreign currency and then return and sell it back in to dollars. Bitcoin should be treated like any other currency. But for now, they ruled it like a commodity.
I think it amounts to a 10x rollover on the deposit and bonus once you read the fine print. You need to accumulate loyalty points so you only get credit for half your wager amount. I did it and came out ahead but it wasn't easy as their odds are not that great. You will give back some that way also.
I'd definately recommend using a mixer.. For payouts I always went book to blockchain to exchange and circle closed my account down.. I only used circle 4 times, never direct and they still shut me down .. They can still see where the coins come from if they decide to look into it... I haven't had any problems with coinbase, which Ive got a good 30+ transactions in the past year.. I haven't cashed out since the end of nhl last season , but I plan on using a mixer every time for now on just to cover my ass..
Yes i remember raiders saying circle shuts too many ppl down.
I believe Coinbase is satisfied with the cashout fees they receive therefore no problems...
Alright...starting this process...signed up for coinbase and looks like I was able to verify my bank basically instantly, thought it said 4-5 days and have $3000 daily limits. Blockchain next, but questions has emerged....and probably a silly bitcoin 101 question...
So in order to be able to make a withdrawal with bitcoin, my book is telling me I need to 1st make a bitcoin deposit, as little as $5. Great, I think, but I now see 1 btc is $602. So can I buy partial bitcoins? I'm assuming not...I hate to put more money into a book where I can't even get the money I have off. But 9 weeks+ for a check...I guess it may be worth $602 to get my balance off, but i felt alot better about depositing $5...
So the question...can partial btc's be purchased?
EDIT: Nevermind...appears I can buy partials.
So in order to be able to make a withdrawal with bitcoin, my book is telling me I need to 1st make a bitcoin deposit, as little as $5. Great, I think, but I now see 1 btc is $602. So can I buy partial bitcoins? I'm assuming not...I hate to put more money into a book where I can't even get the money I have off. But 9 weeks+ for a check...I guess it may be worth $602 to get my balance off, but i felt alot better about depositing $5...
So the question...can partial btc's be purchased?
EDIT: Nevermind...appears I can buy partials.
EDIT: Nevermind...appears I can buy partials.
2nd EDIT: So i lied about the bank account evidently/maybe. Bought a small amount and will appear within 6 days...but have this message for delay...
"Partially Degraded Service: An issue with Ethereum transfers has resulted in delayed ETH deposits and withdrawals. We are working to restore service as quickly as possible." What the hell does that mean?
2nd EDIT: So i lied about the bank account evidently/maybe. Bought a small amount and will appear within 6 days...but have this message for delay...
"Partially Degraded Service: An issue with Ethereum transfers has resulted in delayed ETH deposits and withdrawals. We are working to restore service as quickly as possible." What the hell does that mean?
Maybe some books require you to make Bitcoin deposit before you withdraw using the same method, but the books i am aware of do not.
Makes no sense for them to want thatanyhow since you could possibly be using different Bitcoin addresses each time you withdraw from them if you possibly wanted to use different sites (which would mean different Bitcoin addresses)
Alot of things about them make no sense. They are no longer a top book, and probably haven't been since 2001, just been there forever, but time to go. Evidently their policy is btc withdrawal is only available for those that used btc for deposit, but they are getting shadier everyday. Even in an email chain, a different rep responds each time so I keep getting slightly different answers, but multiple ones have confirmed this. It's worth the risk depositing a little to try to get my balance off eventually , but waiting for the rug to be pulled out from under me again.
