How much money would i be losing if i withdraw with bitcoin?

**Optional** · 02-04-19, 01:07 AM

Originally posted by Team Duckets

I went on a crazy run, best run ive had in my 15-16 years of online gambling. Im so proud of myself. In a 4 week span ive won over 20k profit

I have money in bovada and 5dimes..

If i were to withdraw 26k using bitcoin withdrawal
How much cash would that translate to? Is it worth it?

I deposited 5k with bitcoin around a month ago and it translated to around 4800. Now bitcoin is even lower.

Im willing to sacrifice a little money if i can get it all out within a couple weeks opposed to check headaches and such.

What say you?

If you are setup with a way to sell it already, then you won't need to own the bitcoin very long and can hopefully expect close to the 26k.

It will mostly depend on how you sell it. If you go through Coinbase it will cost about $500 for them to convert it for you.

If you sell it on their Coinbase Pro exchange yourself it will cost about $130.

If you go through a Bitcoin ATM you will lose about $2000.

If you use the bItpay card you wont be able to do it all at once, but it would cost you about $260.

**Optional** · 02-04-19, 01:09 AM

Congrats on the nice run too btw

**Team Duckets** · 02-04-19, 08:46 AM

Thanks i appreciate it, well i already withdrew last night from bovada and they sent it in less than 6 hours to my blockchain account. I was shocked it was so fast.
Hopefully 5dimes is the same, but i have much more substantial amount in 5dimes where it may take 2 withdrawals.

Is there a way to put the money in my account without coinbase sending me a 1099. I know anything 10k or more is reported, but i heard you can slowly put the money in your account without red flags popping up. But i also heard when you sell a certain amount coinbase reports it.
Any suggestions?

**Glitch** · 02-04-19, 06:59 PM

If you had a (free) Bitpay card/account, you could load up to $25,000 onto it, converting it straight from $25k worth of bitcoin to $25k worth of cash to spend, withdraw or use where ever **** is accepted. This specifies when or under what circumstanes they say something to the IRS, and it's not often. https://support.bitpay.com/hc/en-us/...-tell-the-IRS-

**Optional** · 02-04-19, 08:47 PM

Thanks Glitch. I thought the BitPay card had a lower load max limit than 25k.

I agree that's a great way, and if you are concerned about tax forms, Coinbase is the last place to use.

**Team Duckets** · 02-05-19, 10:35 AM

So coinbase only report 20k, ill keep it to 19k and just *************** the renaining from 5dimes
Thanks guys

**Optional** · 02-05-19, 11:40 AM

Originally posted by Team Duckets

So coinbase only report 20k, ill keep it to 19k and just *************** the renaining from 5dimes
Thanks guys

I don't think you can bank on that Duckets.

It is generally thought that over 20k per year total will generate a form from Coinbase. But in some states people have received them for a lot less.

**raiders72001** · 02-06-19, 06:21 AM

Originally posted by Team Duckets

I went on a crazy run, best run ive had in my 15-16 years of online gambling. Im so proud of myself. In a 4 week span ive won over 20k profit

I have money in bovada and 5dimes..

If i were to withdraw 26k using bitcoin withdrawal
How much cash would that translate to? Is it worth it?

I deposited 5k with bitcoin around a month ago and it translated to around 4800. Now bitcoin is even lower.

Im willing to sacrifice a little money if i can get it all out within a couple weeks opposed to check headaches and such.

What say you?

I'd go with Bitpay. Keep your transactions under 200 in a year. Use the card as credit for purchases. Don't make any purchase or withdrawals over $10k at one time.

BitPay complies with the requirements of Section 6050W of the Internal Revenue Code. This Section requires payment processors to provide information to the IRS through Form 1099-K reporting.
This requirement only applies in the case of merchants that receive payments from BitPay of more than $20,000 in gross volume and more than 200 separate payments in a single calendar year.

**raiders72001** · 02-06-19, 06:28 AM

You can also spread it out some. I like to keep bitcoin in a few different wallets and exchanges. Keep some at Blockchain, Bitpay and others if you are holding a lot of money. If you want to park 5 figures or more at one sportsbook, Nitrogen is the best place to have it sit. I'm extra cautious and don't like all my money in one place just in case there are any types of problems with one of the companies. Cold storage is the safest place to hold your bitcoin if you don't have plans to move any. It can't be stolen.

**Team Duckets** · 02-07-19, 12:12 PM

Bitpay card seems very cool, im going to order one now. Thanks guys

On a sidenote 5 dimes is FULL OF SH!T

I rarely use Bovada, but i was able to withdraw 9100 on sunday evening and the money went from blockchain to coinbase to my account in less than 48 hours..

5 dimes on the other hand, since im not bitcoin exclusive i have to wait 4 days for them to even review it, then who knows how long they will take to process it, and THATS FOR ONLY 5K..

They say i have to deposit 3 times with bitcoin to be bitcoin exclusive for faster and higher payouts..

So i originally deposited 5k, then 2 seperate 25 dollar deposits lmao.. they told me that isnt allowed and id be banned if i did it again (eventho the minimum is 25 bucks for bitcoin deposit) he said my average is $200 and id have to deposit that 2 seprate times. Which i find stupid if i already have 18k in the account, so why on earth would i need to deposit more, its petty. Ive been with 5dimes for 15 years with no issues. But as of now their payout methods are a joke.

Im payout is still pending, lets see how long they take

**Optional** · 02-07-19, 10:26 PM

Just do the 2 x $200 deposits, if they tell you that will solve the problem you can trust them.

Don't worry why

**Team Duckets** · 02-09-19, 12:45 AM

Update!!

5dimes still have my request pending smh

However im up another 5k, so if they are delaying my payment in hopes that i lose it, that backfired lmao

Give me my Fking money!!!

**bitcoinLuke** · 02-15-19, 05:30 PM

Originally posted by Optional

I don't think you can bank on that Duckets.

It is generally thought that over 20k per year total will generate a form from Coinbase. But in some states people have received them for a lot less.

It has to be over 20k AND 200 transactions. Simply doing 20k worth of transactions won't get you a 1099-k

**Arky** · 02-15-19, 07:36 PM

From the Coinbase website:

How do I determine if I will be receiving a Form 1099-K?
Only transactions that took place on Coinbase Pro, Prime, and Merchant are subject to reporting requirements. To receive one:

You must have had at least 200 orders with matches during 2018, whose total value is equal to or greater than $20,000
Your gross proceeds from those transactions exceed the state’s threshold (see below for variations by state)

State thresholds:
Arkansas (AR) - $2,500
District of Columbia (DC) - $600
Massachusetts (MA) - $600
Mississippi (MS) - $600
Missouri (MO) - $1,200
New Jersey (NJ) - $1,000
Vermont (VT) - $600
All other states - $20k

A couple of notes: kinda sucks if you live in one of those states.

This is all for cashing out. Pretty sure it has nothing to do with buying - that buying itself does not count.... That buying only counts if you cashed out 20k more than you bought. Hope that makes sense.

I bought well over 20k at Gemini and nearly that much at Coinbase last year. Didn't cash out a penny. No 1099.