[John Dough]

Yes, I'm late to the party.

I think I've got a handle on how setting up the coinbase account and blockchain.info wallet works (the tutorial is pretty self-explanatory).

My question is this... Is there any issue if I plan to use bitcoin solely for WITHDRAWING from sportsbooks? In other words, I don't plan on buying any btc and using them to deposit.

Also, to clarify, I'm not asking if certain books have rules about only being allowed to withdraw btc if you've deposited via btc (I can find that on my own). I just want to know if there would be any issues as far as blockchain or coinbase are concerned.

TIA.

[Optional]

Yes, I'm late to the party.

I think I've got a handle on how setting up the coinbase account and blockchain.info wallet works (the tutorial is pretty self-explanatory).

My question is this... Is there any issue if I plan to use bitcoin solely for WITHDRAWING from sportsbooks? In other words, I don't plan on buying any btc and using them to deposit.

Also, to clarify, I'm not asking if certain books have rules about only being allowed to withdraw btc if you've deposited via btc (I can find that on my own). I just want to know if there would be any issues as far as blockchain or coinbase are concerned.

TIA.

I don't think it matters to Coinbase if you only use to them withdraw with. But don't send direct from a bookmaker to them. Use your blockchain wallet in between.

Blockchain.info/wallet do not take any interest in your usage of their free wallet.


If you only want a cashout option, take a look at the BitPay debit card.

[John Dough]

I don't think it matters to Coinbase if you only use to them withdraw with. But don't send direct from a bookmaker to them. Use your blockchain wallet in between.

Blockchain.info/wallet do not take any interest in your usage of their free wallet.


If you only want a cashout option, take a look at the BitPay debit card.

Thanks. I'm aware of the using blockchain wallet part; that's why I mentioned it. Debit card doesn't really suit my needs. Would prefer to transfer from coinbase into my bank account (after going through my blockchain wallet of course).

From reading the forum, I know you know your stuff, but if anyone else would like to chime in just to confim, please feel free.

[Smoke]

Download the bitpay wallet app and get the bit pay debit card. Your good to go. Also most books want you to deposit via btc in order to withdrawal via btc.

[Optional]

If you are doing big volume you might want to split your cashouts between Coinbase and Gemini.com too

[John Dough]

If you are doing big volume you might want to split your cashouts between Coinbase and Gemini.com too

1. Define big volume. Amounts? Frequency? Both?
2. Why do you say that?

[Optional]

1. Define big volume. Amounts? Frequency? Both?
2. Why do you say that?

I'd say if you want to cashout weekly or more for a volume average over 5k. Or more than about 20k per month.

Just to fly under the radar a little more. I only "don't think" they will care. But no reason to make yourself show up as a high volume user and test that if you don't have to.

They will probably ask for an explanation of where the funds are coming from at some stage if you show up as a big user. As part of their Know Your Customer responsibilities.

[John Dough]

I'd say if you want to cashout weekly or more for a volume average over 5k. Or more than about 20k per month.

Just to fly under the radar a little more. I only "don't think" they will care. But no reason to make yourself show up as a high volume user and test that if you don't have to.

They will probably ask for an explanation of where the funds are coming from at some stage if you show up as a big user. As part of their Know Your Customer responsibilities.

Thanks again, appreciate it.

[5918mike]

Personally I'd prefer to use the bitpay card from blockchain and avoid coinbase if I can. Otherwise you are on the right track with what Optional said.

[hello1234567]

I'd say if you want to cashout weekly or more for a volume average over 5k. Or more than about 20k per month.

Just to fly under the radar a little more. I only "don't think" they will care. But no reason to make yourself show up as a high volume user and test that if you don't have to.

They will probably ask for an explanation of where the funds are coming from at some stage if you show up as a big user. As part of their Know Your Customer responsibilities.

What would be a good explanation of where the funds are coming from IF they do ask?

[STAY STRONG]

All in.

[7deuceoff$uit]

Should not be a problem. I first created my blockchain and coinbase accts for withdrawing from my book. Went to blockchain to coinbase to bank with no issues.