Hello all, just joined and have a question about the whole bitcoin process. just like many of you, i am new to bitcoin and have one primary question. I am using Circle with Blockchain as the "middle man". My question is if all i do is withdrawals and never use Circle to deposit bitcoins (just keep using CC's like have forever for my sportsbook deposits), will that raise any red flags with Circle? Does there need to be some form of "equal" deposits and withdrawals (not necessarily in value but transactions) to keep things on the "up and up". If all i'm doing is withdrawing my winnings will that make them wonder even more where these funds are coming from seeing as how there have been no deposits through them. I hope this makes sense. Any help would be appreciated. thanks again.
-
-
They might ask where the money comes from but just give them a plausible answer.
If you are using a regular book like 5dimes or Heritage they are not going to let you keep depositing that way and withdrawing with bitcoin. They dont want to be used as a place to buy bitcoin and will quite quickly ask you to deposit that way if you want to withdraw that way..Comment -
Thanks for the reply. So you don't think just withdrawing and never depositing will be an issue as long as I have a "plausible excuse". If you don't mind me asking what would be a plausible excuse? Is something as simple as a "business transfer" good enough or do I need better? Again I'm new to all this and based on what I've read on this forum I'm preparing myself for that email saying "we have to check your account" just in caseComment -
How do you plan on getting BTC? Are you going to use Coinbase? Localbitcoins? Paxful? Books will stop you from using your card to get BTC without depositing BTC. You can say you sell things online but they might ask for some sort of receipt or something to show proof. My advise is to limit your transactions as much as possible....as constant depositing or constant withdrawing set of red flags.Comment -
I'm receiving bitcoin as a payout from my sportsbook. I used to just receive checks but that option had become problematic. I am getting my withdrawals via bitcoin now at the sportsbook request. I still deposit with a CC like I have for 15 years. I've already received one payout. I have a circle account and a blockchain wallet. The book is not the issue. It's not the question I'm asking. I'm wondering if I don't purchase the bitcoin through circle and ONLY receive payouts from the sportsbook via bitcoin and withdraw from circle will THAT raise the red flag. Will circle look and say "why does this person keep transferring his bitcoin to his bank account but he never purchases the bitcoin through us". I'm trying to explain the best I can but maybe I'm not doing a good enough job. I hope this explanation makes more senseComment -
I don't think anyone here can tell you for sure what will or wont raise a red flag. But I do not think just withdrawing at circle will relieve you of scrutiny or attract more for you. Anyone selling goods or services is only going to cash out.
Which book can I deposit like that and withdraw by bitcoin from?.Comment -
It's everybody's favorite book...sportsbook.ag. I know their rep. I've read all the negative reviews here. I'm aware. But they've always done right by me. I've never had to deal with these prolonged payouts I've read about. Sure I would have loved some to be faster but that's alright. I can be patient. Been with them for 15 yrs and I haven't had any major issues. They no longer offer the check option so maybe the bitcoin option I have is temporary like u guys say. I don't know. Haven't been told anything. Will cross that bridge when we get there I guessComment