A few years ago I had it all down, but someone hacked my bank account and I had to start a new account. Right now, I have around $700 in bitcoin in blockchain (I won $600 from SBR and made another $100 due to the flucuation). I want to send that money to my bank account. What else do I need?
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Open an account at Gemini or Coinbase, attach your bank account, send the bitcoin to your account there, sell your bitcoin and transfer the funds to your bank.Comment -
Probably a really dumb question but I'm newish to BC investing and holding for long-term so haven't gotten to the withdrawal process yet: what's the purpose of Blockchain when you have to make a Coinbase account and send it there anyway to get it to your bank? Can you just do it all-in-one on Coinbase or no?Comment -
For the sports bettors, Blockchain acts as an intermediary to keep the Bitcoin "clean". Coinbase and Gemini prohibit using their platform for the purposes of facilitating online gambling so you risk your account being closed if they trace the Bitcoin being sent/received from an offshore book. Blockchain makes that harder to track that by acting as an intermediary wallet so it's not going directly to/from a book.
Also, you hold the private keys to your Blockchain wallet. If you have your coins stored on Coinbase, it's the equivalent to having your money held in a bank; you risk losing those funds if the bank fails. With a wallet like Blockchain, you're in control of the Bitcoin so there's no worries of losing Bitcoin if an exchange fails. However, you're also responsible for the security of your wallet.Comment -
Alright, cool. Thank you for the detailed and very well-explained answer. I appreciate itComment -
big risk with bitcoin, can go down very quickComment
