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Bookmaker.eu Withdrawal via BitCoin
I'm new to the whole BitCoin era. Been getting checks or Debit Card withdrawals for as long as I could remember. Was wondering if anyone could help me with BitCoin.
I just made my first withdrawal via Bitcoin. I signed up for Blockchain and had it sent to the address there. Once it goes into blockchain, I'm planning on sending it to my coinbase account. Then to my bank.
Can anyone give me timeframes and let me know if this is the right way to go about this?
Yeah that's the correct order. It takes anywhere up to an hour or less or so from your blockchain to coinbase. Then 4 or 5 days to your checking from coinbase.
How quick is Coinbase to PayPal over Checking?
5 days isn't bad but Betonline.ag to CredECardPlus takes a day or 2, and usually if you request a check from Bookmaker on monday morning, you'll have it by Wednesday or Thursday latest.
How long does it take from Bookmaker to Blockchain usually?
Appreciate the response btw!
Bookmaker to Blockchain same day usually 4 to 8 hours or so. Never used Paypal or CredeCard. Bookmakers checks go up to 3 grand yeah.
CredECard is the debit card option from Betonline.ag. Bookmaker used to have a sevencapital debit card which was really nice but they got rid of that.
7Capital was 2500 max, 20 fees, 2 load fee and whatever the atm charged per transaction. If you went to a credit union, you could get 1000 per transaction, pay no fee from the bank, 3$ per transaction from 7capital, and in total you'd spend 31$ a week. Wasn't bad to get 2480 out, accounting for the atm fees.
CredECard lets you take 3000 every 72 hours. Not positive on the fee but I think it's 40$ initial plus a 5$ load fee. Then they charge like 5 or 15 per withdrawal which is a bit high. You still end up getting around 2940 or 2960 each withdrawal.
The Checks are 3000 Correct.
CoinBase has the option to transfer to PayPal. I wonder what's better between that and going straight to the checking account
Haha yeah I used to have one of those 7 Capitals from Bookmaker.
Hang out for a bit somebody will show up with some Coinbase to PayPal info.
Or even maybe google might have an answer on the speed of transfer.
Haha there you go.Originally Posted by dabears34ft
7Capital was freaking great!!! CredECard has sucky fees but the extra 500 you can take out makes up for that. Debit has always been a preferred choice for me. The checks from 5dimes got me a nasty letter from Chase lol. No longer bank there.
It takes 10-20 mins to be confirmed once Bookmaker actually send it.
You can on-send it to Coinbase in about the same network time.
so 20-40 mins to get it there minimum.
Good info about the instant paypal withdraws.
I actually thought a bank transfer happens over night to cashout though. Unless its changed to 4 or 5 days now.
So I did this around noon today. Sent from Bookmaker to my blockchain address. Contacted Bookmaker around 7:30 pm to see what the status was and they said everything in order. I asked around when should I expect to see it in blockchain. They said anytime now. Still nothing. Just wondering if that's normal? I took images of the blockchain address on both bookmaker and blockchain to make sure I had proof of no errors which there are any. Just new to this so a little bit nervous lol
Update: 10:30 it went through!!! Twas painless.
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11:30 cleared with coinbase. Transfer to Paypal was instant. It'll be in my bank by tomorrow. Nuts stuff!!!
Ended up costing 87.29 in fees. 3000 to 2912.71. Not bad for same day
Seems steep
If you use the Coinbase Pro exchange and sell it yourself on the open market the loss will be closer to 0.5% than 3%
It's not difficult to use and just as fast.
I'll try to work my way up to that. Right now I'm just ecstatic that this was so seamless and fast! If only I had this in 2012 or 2017!!!
You did have the option for the last maybe 5 years. You must have missed it. lol
You're going well. A lot of late adopters make it into a big drama trying to over think everything before starting.
Lot of methods for quick cash with bitcoin in the US. Be careful not to sell more than 20k in one year to any one site though including coinbase or this will trigger a 1099 to be sent to IRS. Obviously pay taxes but it is harder to write off gambling losses when associated with bitcoin as the IRS deems bitcoin an investment. While you can write off gambling losses, crypto 1099s are going to raise audit flags.
Gemini (1% fee), Cash app (no fee), Abra app (have not used yet), Coinbase etc. Once you're more experienced you can sell on Localbitcoin, bitquick or a couple other sites which have people deposit cash into your bank account same day, not next day. Greater risk with this though so makes total sense if you stick with a licensed exchange.
No it's always taken that long. They specify 3 to 7 days it usually ends up in the middle somewhere.
You'll get more familiar on how Bitcoin works... and ways to save you more in fees.
You can cut the costs/fees under $15.00 for 3k. You'll get the hang of it.
Before coinbase banned me 2 or so years ago, their withdrawals hit my bank account usually next day if sale was made in morning or early afternoon. Not surprised they slowed that down.
Last time I sold on Coinbase and withdrew to my bank was a couple months ago. It showed up next business day. However, I'm now using Paypal for withdrawls since I have their debit card that gives 1% cash back.
Does the same go for Blockchain or just Coinbase?
Oh no I didn't miss it. I was always just a little skeptical of it. Honestly the video I saw on youtube is what made me decide to try it out. Surprised how easy it actually was.
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You’re fine with moving bitcoin around. If an exchange sends you $20,000 USD to a bank account YOU own, this is supposed to trigger a 1099. All the big names will do it. If you send 50k of bitcoin to an exchange and do not sell and then send it to a wallet you own for example, no USD occurred and thus no tax form triggered.
So what is a list of the best sites that do the same function as Coinbase? Preferably ones with ease of use. I'm not worried about 50-100 in fees if I'm pulling out multiple thousands
I mentioned several in my first comment to this post.
Going for round 2. This time from Betonline.ag. Lets see if who is faster...
Gemini.com
Coinbase robs you on fees.
Gemini is very fair with pricing.
I am new to this as well.
I have coinbase with the shiftcard, which has worked well. Just signed up for edge wallet and bitpay card. This new card will have higher limits for withdrawals from ATM, but I have heard the fees can be a bit high. One thing I did the next day was purchase a gift card for the "big home improvement chain" as I have several projects to do around the house. And the card was immediately available on my phone to make purchases with no wait.
As Moneyshot suggested, gemini.com is a similar service to Coinbase with lower fees, and many say better service.
The BitPay card is great, if you don't mind not being able to transfer directly to your bank account. (can only withdraw cash or buy money orders to deposit into your own bank)
The "Cash App" on your phone from Square Inc is another good way to buy and sell.
Kraken exchange is another place. Not 100% sure on withdraw options. Might be wire.
Localbitcoins is a person to person exchange. Maybe read up a bit on that before jumping in.
For regular large sums, I think I would prefer to spread it around.
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