1. 11-07-16 09:00 PM #1
    mancity
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    Quick Bitcoin Question

    Bitcoin users,

    Do banks question you for suspicious activity when you transfer funds to your bank account using bitcoin? I use Coinbase and just transferred about 5k to my bank account.
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  2. 11-07-16 09:17 PM #2
    mancity
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    Anyone?
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  3. 11-07-16 09:22 PM #3
    KickShootThrow
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    No you'll be fine
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  4. 11-07-16 09:36 PM #4
    shocka1212
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    Quote Originally Posted by mancity View Post
    Bitcoin users,

    Do banks question you for suspicious activity when you transfer funds to your bank account using bitcoin? I use Coinbase and just transferred about 5k to my bank account.

    Can you explain using Bitcoin for payouts? I use 5dimes but am a little confused as to how it works.. (Setting up an account, linking all of them and requesting a payout)
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  5. 11-07-16 09:39 PM #5
    badgerguy
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    nope
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  6. 11-07-16 09:46 PM #6
    gauchojake
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    Just keep it to exactly 9999.99 and you will be fine
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  7. 11-07-16 10:04 PM #7
    mancity
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    Quote Originally Posted by shocka1212 View Post
    Can you explain using Bitcoin for payouts? I use 5dimes but am a little confused as to how it works.. (Setting up an account, linking all of them and requesting a payout)
    It's really simple.

    1. Open a bitcoin account with any of the bitcoin wallets of your choice (I use Coinbase). Once you open your bitcoin account, there will be a wallet address, which consists of letters and numbers.

    2. Go to 5dimes Cashier, Payouts, enter amount, select Cryptobitcoin, enter your wallet address, then click submit request. Since the wallet address changes, copy and paste the wallet address you entered while requesting your payout in 5dimes to Notes or somewhere safe. You will need it later.

    3. The processing takes between 24 - 48 hours. 5dimes will send you a verification email. They will ask for your wallet address (the same one you entered when requesting the payout) and your 5dimes account id and password. Reply to the email with this info and you're set. After a few hours, money will be funded into your bitcoin account.

    Hope this helps.
    Last edited by mancity; 11-07-16 at 10:08 PM.
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  8. 11-07-16 10:07 PM #8
    Memento
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    Quote Originally Posted by mancity View Post
    It's really simple.

    1. Open a bitcoin account in any of the bitcoin wallets of your choice (I use Coinbase). Once you open your bitcoin account, there will be a wallet address, which consists of letters and numbers.

    2. Go to 5dimes Cashier, Payouts, enter amount, select Cryptobitcoin, enter your wallet address, then click submit request. Since the wallet address changes, copy and paste the wallet address you entered while requesting your payout in 5dimes to Notes or somewhere safe. You will need it later.

    3. The processing takes between 24 - 48 hours. 5dimes will send you a verification email . They will ask for your wallet address (the same one you entered when requesting the payout) and your 5dimes account id and password. Reply to the email with this info and you're set. After a few hours, money will be funded into your bitcoin account.

    Hope this helps.
    I would use a blockchain wallet middle step here unless this is a one time payout.
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  9. 11-07-16 10:08 PM #9
    slambam
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    Banks don't care.
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  10. 11-07-16 10:11 PM #10
    mancity
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    Quote Originally Posted by slambam View Post
    Banks don't care.
    Okay good cause I need to withdraw some more.
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  11. 11-07-16 10:13 PM #11
    mancity
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    Quote Originally Posted by Memento View Post
    I would use a blockchain wallet middle step here unless this is a one time payout.
    Could you explain the blockchain wallet middle step?
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  12. 11-08-16 01:27 AM #12
    unluckysob
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    Tellers at my bank told me they never heard of bitcoin. Got a feeling branch manager will tell me same thing.
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  13. 11-08-16 01:58 AM #13
    Optional
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    Quote Originally Posted by mancity View Post
    Bitcoin users,

    Do banks question you for suspicious activity when you transfer funds to your bank account using bitcoin? I use Coinbase and just transferred about 5k to my bank account.

    There have been posts about some banks asking about deposits from Coinbase. Usually smaller names. Major banks are fine with it and Coinbase is properly licensed so there should no reason for a bank to object anyway. If they do ask they just want to hear a plausible reason, like trading crypo-currencies, as all some people know about Bitcoin is Silk Road and drug sales or criminal activity.


    Also, Coinbase bans gambling use for coins bought and sold there. So it is not a good idea to transfer to or from a book directly to them.

    Most people get started by using a free blockchain.info/wallet as the first place they send to from Coinbase. Or last place they send from to Coinbase.
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  14. 11-08-16 10:28 AM #14
    ParlayKing1986
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    I've done hundreds of deposits to circle ..and not one question from the bank side.
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  15. 11-08-16 11:44 AM #15
    SharpAngles
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    Quote Originally Posted by slambam View Post
    Banks don't care.
    The IRS might. IMO depositing into the banking system is a big mistake. Be smart out there boys.
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  16. 11-08-16 04:48 PM #16
    Memento
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    Parlayking....Of course not...only when sending money back in does it matter. Banks want to know where money comes from...try transferring 10000 into your account while closing on a house and see what the patriot act allows the bank to do.
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