[mister bee]

Also, would it prevent one from getting banned from Circle/Coinbase? If so, I would go Localbitcoin-blockchain-book? Could I then go book-blockchain-circle/coinbase, then ultimately to my bank to get USD?

thanks guys!

[GoldRush7]

I was wondering the same thing myself. Even after reading other threads, I'm still sort of unsure how localbitcoin works. I've looked into it, and at least in my experience some of the options to buy end up costing more than just using circle/coinbase. I've yet to have an issue with those two, but in the event that I do, I've been wondering about this option as well.

Can anybody weigh-in with their experience? What is the best payment option on there, how long does it take, etc?

[mister bee]

After a little research bitstamp looks even better.

[GoldRush7]

After a little research bitstamp looks even better.

Can you buy instantly with this one, or do you have to wait for a few days for them to show up?

[littlekona]

I've been using local bitcoins since coinbase ban and circle restricted account..easy peasy very fast w direct cash deposits and you can sell or buy with many options too..I rate it a++++

[mister bee]

I've been using local bitcoins since coinbase ban and circle restricted account..easy peasy very fast w direct cash deposits and you can sell or buy with many options too..I rate it a++++

Awesome.

[mister bee]

Seems most of the sellers are jacking up the price north of 8%!! Am I reading this correct?

[Shagaf]

I've been using local bitcoins since coinbase ban and circle restricted account..easy peasy very fast w direct cash deposits and you can sell or buy with many options too..I rate it a++++

And how much over market value are you paying?

[littlekona]

And how much over market value are you paying?

normally about 3-5% not bad for no hassle fast funding...the bitcoin ATMS in my area Chicago are priced at 11% over market...for the convenience of instant and its well worth it IMO

[kj8210]

Localbitcoins is the best way to cashout. However if you want to buy coins to deposit, I would try coinbase and circle because sellers on localbitcoins often raise the prices substantially above market value because: 1) they need to make a profit - these guys usually arent gamblers but miners or traders who make profit based on margin and 2) they know you need the coins ASAP

[kj8210]

If you are within the US I would stay away from Bitstamp when cashing out, I have heard of many transactions being delayed or blocked by them. I have cashed out over 17k using coinbase and haven't really had an issue but it seems that alot of people are beginning to so I am doing business solely on localbitcoins. If you have any more questions feel free to ask!

[mister bee]

If you are within the US I would stay away from Bitstamp when cashing out, I have heard of many transactions being delayed or blocked by them. I have cashed out over 17k using coinbase and haven't really had an issue but it seems that alot of people are beginning to so I am doing business solely on localbitcoins. If you have any more questions feel free to ask!

Thanks kj, that's some good info. Can't wait until the day when sports betting is legal in the US. Then us degenerates will only able to bitch about bad beats!

[HappyHounds]

BitStamp is top notch. You're not going to have problems cashing out. Done 20k multiple times.

However, if you're in the USA, use a US-exchange.... itBit and Gemini are all you need. You'll never need coinbase or cirlce again unless you just need a small instant amount.

Gemini: Free wires and free *************** (I've done large on both). You can deposit $500 via ***************. I usually do a wire for 3k and up and it costs only $15 (my banks charge) and it shows up the same day...
itBit: same thing very cheap fees , free *************** up to $3000. The biggest thing I don't like is that they do cashouts like 6 times a day, where as Gemini is instant bitcoin transactions... But overall, both way better than coinbase and circle.

[HappyHounds]

http://www.sportsbookreview.com/foru...e-bitcoin.html

no one really paid much attention to it, everyone wants to just keep using circle and coinbase because it's "instant" . Take 12 hours and plan your money and you'll get more coin and then you will not have to worry about circle/coinbase tracking your activity.

the only advantage of using circle is to cashout funds. They have a 1% usually above market price (hence no "fees" when buying). However, if you win anything respectable you have to be smart about how you cashout the funds from those places.

[Jliao4]

I've said this before but the best way to get around them both is to use both together. For example you want to dedicate all your buys on Coinbase and all your sells on Circle. Coinbase will typically not ask you why you're buying bitcoins but if they do just tell them you're spending it on local BTC businesses. If Circle asks you where you're getting all this bitcoin to sell simply show them your buy receipts from Coinbase and tell them any excess bitcoins are from friends asking you to day trade their bitcoins for them. This strategy can apply to more than Coinbase and Circle as you can mix and match between almost any exchange/btc provider. I usually prefer to keep my buys on Coinbase and sell my btc at various places. By doing it this way there is no consistent flow of money coming into any one exchange/provider that would be suspicious.

[ace7550]

BitStamp is top notch. You're not going to have problems cashing out. Done 20k multiple times.

However, if you're in the USA, use a US-exchange.... itBit and Gemini are all you need. You'll never need coinbase or cirlce again unless you just need a small instant amount.

Gemini: Free wires and free *************** (I've done large on both). You can deposit $500 via ***************. I usually do a wire for 3k and up and it costs only $15 (my banks charge) and it shows up the same day...
itBit: same thing very cheap fees , free *************** up to $3000. The biggest thing I don't like is that they do cashouts like 6 times a day, where as Gemini is instant bitcoin transactions... But overall, both way better than coinbase and circle.

I also use itbit. My transactions go site>blockchain>itbit>bank account. I still use blockchain as an intermediary because you don't have to wait for one of itbit's scheduled withdrawals. Sometimes I withdraw and deposit back into another site. I actually like the scheduled withdrawals though on itbit. Any layer of added security when it comes to bitcoin is a good thing.
I also use coinbase too though. I have their "Shift" card so that I can spend my bitcoin anywhere just like cash. It eliminates USD, banks and wire fees. I only withdraw USD if I am really having a great month...

[Shagaf]

I also use itbit. My transactions go site>blockchain>itbit>bank account. I still use blockchain as an intermediary because you don't have to wait for one of itbit's scheduled withdrawals. Sometimes I withdraw and deposit back into another site. I actually like the scheduled withdrawals though on itbit. Any layer of added security when it comes to bitcoin is a good thing.
I also use coinbase too though. I have their "Shift" card so that I can spend my bitcoin anywhere just like cash. It eliminates USD, banks and wire fees. I only withdraw USD if I am really having a great month...

Raiders, do you think that it is safe to share your SSN (required) with a company like itbit? Thanks.

[3runhomer]

BitStamp is top notch. You're not going to have problems cashing out. Done 20k multiple times.

However, if you're in the USA, use a US-exchange.... itBit and Gemini are all you need. You'll never need coinbase or cirlce again unless you just need a small instant amount.

Gemini: Free wires and free *************** (I've done large on both). You can deposit $500 via ***************. I usually do a wire for 3k and up and it costs only $15 (my banks charge) and it shows up the same day...
itBit: same thing very cheap fees , free *************** up to $3000. The biggest thing I don't like is that they do cashouts like 6 times a day, where as Gemini is instant bitcoin transactions... But overall, both way better than coinbase and circle.

Great info in here...I'm still newer to Bitcoin...could someone explain how going through an exchange makes your coins all of a sudden "clean"?

What's different about going through an exchange and going through some wallets?

[raiders72001]

Raiders, do you think that it is safe to share your SSN (required) with a company like itbit? Thanks.

yes, they are fine.

[raiders72001]

Exchange - Turn bitcoins to cash or cash to bitcoins.

Bitcoin wallet - When some one pays you bitcoins, you put those bitcoins in your bitcoin wallet. When you want to pay someone, you take bitcoins from your wallet and pay them. It's the same as a physical wallet in your back pocket.

[3runhomer]

Thanks Raiders!

So Gemini and Itbit are the same type thing as Circle and Coinbase...?

[raiders72001]

Thanks Raiders!

So Gemini and Itbit are the same type thing as Circle and Coinbase...?

yes

[3runhomer]

So is there a chance...that places like Gemini and Itbit could start asking questions in the future, like Circle and Coinbase have done?

[daveydips]

i tried gemini... its not available in new jersey at the moment.. I signed up for itbit, than they wanted my social security number and started talking about tax forms being sent out and what not.. Ill pass on all that.. I went through my coinbase the other day and counted that in the past year i've transfered a little over $11,000 into my bank account through them.. Thats a nice chunk of change,i hope somewhere down the line this doesn't all backfire and bite me in the ass with taxes somehow.. its def not all profit, but im still moving a lot of shit around back and forth

[raiders72001]

i tried gemini... its not available in new jersey at the moment.. I signed up for itbit, than they wanted my social security number and started talking about tax forms being sent out and what not.. Ill pass on all that.. I went through my coinbase the other day and counted that in the past year i've transfered a little over $11,000 into my bank account through them.. Thats a nice chunk of change,i hope somewhere down the line this doesn't all backfire and bite me in the ass with taxes somehow.. its def not all profit, but im still moving a lot of shit around back and forth

itBit may send you out a 1099. They haven't disclosed the reason for someone to get a 1099. Everyone doesn't get one.

[ace7550]

I have been using itbit for about a year and I did not receive a 1099 from them. I withdrew around $10,000 in 2015.
I have also had success selling my bitcoin for cash on craigslist. I have met someone and sold them bitcoins twice. Both times at a coffee shop. I live in a highly populated area though (near SF). It's easier to withdraw it through a site like itbit but if you are worried about taxes you might consider this option.