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Yeah don't do that. I just had a bad incident with something like this recently. Requested deposit address for Itbit exchange, submitted it, delay on sportsbook end, gets sent 2-3 days later, exchange doesn't add it automatically. Had to email the exchange for the deposit to be manually added.Originally Posted by Crusherrr
Always use a middle wallet. The blockchain app on phone works very nicely.
ItBit is the exchange mentioned that sent out a tax form recently.
I'll wait a few extra days for all that bonus money they love giving out. 50% bonus this week.
First Time Bitcoin
I'm reading this forum today and I just want to clarify something. I set up a coinbase wallet a few months ago and the also a Kraken account as "my wallet." I recently just withdrew Bitcoin from sportsbook.ag and sent the BTC funds directly to Coinbase. The reason I did this is because I don't plan on using online books much more now that it's available in my state.
I know reading these forums its wise to use your own wallet like blockchain or kraken so coinbase doesnt suspect gaming funds but I only plan to do this one time. My question is hypothetically lets say coinbase shuts down my account because they know the funds are coming from a gambling site, will I still be able to withdrawal all my bitcoin funds for US Cash or will they hold my bitcoin?
Kraken is asking me to submit a bunch of paperwork/proof of ID for withdrawals once the BTC funds would be on there so I'm thinking of cutting them out and just going sportsbook to coinbase because as I stated, I've never used Bitcoin and I only plan on using it once.
Will I be OK?
Thanks
Why deal with the headache? Just open up a blockchain.info account and use it as an intermediary. There's no KYC involved with them.
Is the extra fee that big of an issue?
You'll be fine. In the future, if you do continue using bitcoin and offshore just use blockchain.
Also, Kraken is an exchange as well so there's really no point using them as an intermediary. You could sell your BTC there if you prefer.
Blockchain
I had issues creating a Blockchain a few months ago but just made one with no issue. I've never used Bitcoin and I'm new to it. Just to be sure, I requested my payout on Sportsbook.ag and used the BTC address given to me by Blockchain. Book says this will take 5-9 days (what a joke). Once my payout is processed, the BTC funds will be in my Blockchain wallet. Once BTC is in my Blockchain, I will request the funds using Coinbase address. Once in Coinbase, I can withdrawal to my bank.
Does that all sound correct?
Thanks in advance.
Yes. All correct. Just make sure to double check the addresses you send to. These transactions are irreversible.
Yes, thanks for the reminder. I copied and pasted it and double checked twice so should be good.
Thanks
They would tell you to transfer your bitcoin out of their exchange and close your account. They have not been confiscating funds for this.
Follow up question regarding Bitcoin funds. I've been using online sites for 12 years (getting checks) and like anyone else have had countless cash outs at a real casino. With Bitcoin cash outs, how does that work come next year with taxes? I dont technically "buy Bitcoin" to use to put onto the site. I use my credit card and then cash out the funds using Bitcoin, so I only receive Bitcoin and always say it's a personal transfer. I've cashed out three times for a total close to $15K in bitcoin and I sell the Bitcoin for cash maybe after a day or two of trading but it's not all winnings, the net profit isn't even close to that with all my deposits.
I know it's only July but come next year tax time, is this something I should be concerned about? Will I receive any tax documents from Coinbase? I'm I an idiot for even considering this lol, I'm just not sure and new to cryptocurrency.
Any help regarding this issue will be greatly appreciated.
Can't really give you solid tax advice but my understanding is you are required to declare realized profits on your bitcoin transactions, like you would if trading FOREX.
So if you are just using bitcoin as a money transfer mechanism and not holding it for any length of time, that will unlikely be an issue for most bettors.
It's probably smart to keep track of each blockchain tx # for when you are paid and when you sell each time. Matching them up for ease of reporting if needed.
In my opinion. I will create 2 Bitcoin wallets - Coinbase and Blockchain (for example). Yes it's pretty annoying at first to create with two different sites but you'll get use to it day by day. For example. You can use coinbase to put your security funds then you'll use blockchain to transact to whichever book you want.
Newbie to bitcoin and have a quick question. I downloaded coinbase to use as my exchange and set up my bank account all the verification shit I had to go through, anyway they are holding my money for 11 days, which I didn’t know at the time. Hopefully over the 11 days I don’t lose much if any out of it. They got me there. My question is, after 11 days when I send what I have to Bovada for my deposit, I downloaded the coinbase wallet, so when I withdraw from Bovada can I send it to my coinbase wallet then to coinbase exchange. I read where coinbase will cancel if they see it comes from a betting account. Should I download ANOTHER wallet or does it matter? Thanks!
I guess I could have read this first before I posted what I just did lol so my coinbase “wallet” won’t work to cash out from Bovada then? I’m reading I need to creat a blockchain wallet account then use that to send to coinbase. So the coinbase wallet is pointless. I just need a blockchain wallet then send what I have there to coinbase exchange?
Last edited by BullGator1982; 07-12-19 at 07:32 AM.
Bodog is a pure rip off site my experiences have been horrible. Avoid
The "coinbase wallet" is still needed to receive bitcoin in to your account there.
So you have not wasted any time.
You use a blockchain wallet (which you own the private keys for) at one end of every transaction you make.
One reason is so that you are a direct party to every send in case a problem happens.
And the other reason is that Coinbase are known to close accounts who use them for gambling funds. Not sending directly to them from a sportsbook seems to help avoid that problem.
You have two choices. You can load dollars into your US$ wallet there. Wait until it clears. And then buy your bitcoin.
Or you can order your bitcoin at todays price, pay for it with an ACH transfer, and not be able to send your bitcoin outside coinbase until that money is cleared.
In future it will not take as long to clear btw. The standard ACH time after your first one is 5 days.
If you deposit using a wire transfer instead of ACH, the moiney is available and cleared the next day. Your bank will charge $10-$30 to send one for you.
Thanks for the response and help. So I deposited 1k with a $15 fee into coinbase not knowing I’ll have to wait 11 days for it to clear. So it’s been going up and down as low as $960 and now it’s actually at $1017. So when the 11 days are up and whatever I have left, I would send that to coinbase wallet then to blockchain then Bovada? Or just send straight to blockchain wallet then Bovada? I’ve signed up for both coin base and blockchain wallets now.
(That’s basically what I did I linked my bank account up with coinbase and now I’m just in the 11 day waiting period to be able to release them to my wallet)
Last edited by BullGator1982; 07-12-19 at 06:43 PM.
You already have bitcoin in your Coinbase Bitcoin Wallet if you are seeing those price fluctuations.
You will have a US$ wallet and a Bitcoin wallet in your account.
If you wish, you can sell that bitcoin back to Coinbase (2.49% fee) and the money will sit in your US$ wallet and stop fluctuating whilst you wait.
You just can't send it out of Coinbase.
Or if you just leave it there, once it is cleared, get a receive address from your blockchain wallet and use that to withdraw from your Coinbase bitcoin wallet.
From there, get a deposit address from your book and send it from the blockchain wallet.
Small extra pain in the butt but you'll get used to it and wont seem an issue.
I purchased bitcoin at my exchange, sent it to my wallet and had it deposited and available in 5dimes 13 mins later yesterday. The fee used was $1.70 x 2.
Ok man I was freaking out at first when I saw my 1k steady going down yesterday to like $960 and I’m like whooaaa I gotta wait 11 days now I might not have shit in there then. Since then it’s gone up a little over 1k but I still had questions, which you answered, thank you! And I didn’t know I could cash it out now for a fee, and just wait. Guess it’s a little gamble in itself huh? If I don’t see it start to go down drastically f it I’ll probably just leave it there until the 11 days are up and hopefully have more than what I put in it.
Yeah it is. I try to own bitcoin for as short a time as possible as I don't want to gamble on it with my betting money really.
It's not a bad education watching the price change for a few days though when getting started out.
You have one other option you might want to play with whilst you wait.
Coinbase has a public trading exchange called Coinbase Pro where you can buy sell against other people like a regular FOREX exchange.
If you transfer your bitcoin there, you can try some day trading if you want. Trade fees are 0.5% each time to do it yourself.
Learning that will also save you the 2.49% next time you want to buy or sell. Deposit in US$, then use that money to buy your bitcoin on Coinbase Pro instead of their generic buy/sell service.
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thanks optional for the info
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Good deal! I appreciate the help! This bitcoin is all new to me, I used to deposit either ** or on my card since 1996 and was so easy. Now my card never seems to work and it definitely has money on it. I do see the benefit of bitcoin however, just gotta get used to it. I know one thing, I’ll get 50% bonus from Bovada using it! And faster payouts, man I used to have to wait on checks in the mail weeks from Wager7 LoL. I just don’t like this 11 day wait is all. I get it for 2-3 days for fraud reasons and what not, hell the money wasn’t even pulled from my back until day 2. They’re just using my money to do whatever with I suppose 😒 but I think I’m going to let it keep drawing interest as long as it doesn’t take a huge dip fast, I’m definitely keeping an eye on it. Who knows I might come out of it with $50+ extra. Gimme something for my wait lol
Spoken like a true gambler!
I hope we see a rocketship rise this week for you.
It’s gone from $1,020 to $940 from last night at midnight to right now. What do you suggest I do? I know nothing about this stuff man, only sports lol
You’re basically asking someone to predict the short term market price of bitcoin for you. No one can tell you that. If they could with any consistency, they would be rich.
What you do with your bitcoin now is a personal risk/reward decision.
Ok well I guess I should re word my question. What’s worst case scenario? Like should I be worried about losing $100-$300 over night or something? I know he can’t predict shit lol I just don’t know how crazy things can fluctuate with bitcoin is all but f it if it gets to $900 I’ll cash it out. Otherwise I’ll let it ride for now just ready to get my money into my betting account 😩
Last edited by BullGator1982; 07-13-19 at 04:20 PM.
Again, no one can say with certainty. Worst case scenario is we’re actually in a crypto bubble and you lose half your value or more overnight when a few giant Bitcoin holders sell and cause the bubble to burst. Or the value might go up. It’s a personal risk/reward decision.
Personally, I am not in the crypto speculation business, so I keep a small percentage of my bankroll in BTC at any given time. Large enough so that I have bet funding flexibility but small enough so that a sudden bottoming out won’t inflict too much pain. Any daily ups and downs on that amount are just a cost of doing business.
Last edited by DontTailMe; 07-13-19 at 04:26 PM.
Got ya! Yeah my concern was about how this shit fluctuates not for previews or hints on what might happen lol I know that isn’t possible. I’ll let it ride for a bit, it hits $900 which would be $100 down for me I’m out and cash it out wait the next 9 days and get my shit in my sports account where I’m comfortable!
If you just want to know how it fluctuates, then you can see for yourself:
https://www.coindesk.com/price/bitcoin
It's pretty volatile.
It's up and down like a brides nightie.
Very likely to be worth more than $1000 again within the next 24 hours.
But no one knows.
Worst case scenario wont ruin your life. One thing we can be fairly sure of, it isnt going to drop to zero suddenly wihtout warning.
Dont panic... enjoy the ride and it will help you make decisions in future.
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I'm following up on this question now that it's tax time. Can anyone answer this question for me? This past year I probably sold around $32K on Bitcoin from withdrawals I made from Sportsbook.ag > Blockchain. However, I probably lost close to $50K on my credit card depositing on the site, so it in the end, I had no winnings, I lost around $18K.
Do I have to report the $32K in withdrawals on my taxes? How much will this effect my taxes? What is the $32K taxed at? In the end, I didn't win any money and the book is offshore, how does this work? I shouldn't have to pay anything since I technically didn't make any earnings. I'm now in recovery for gambling addiction and I just want this mess to go away but I don't want to misreport my income on my taxes. Can anyone help me?
Sorry to hear what you are going through. Gambling is not an easy thing to keep in control.
Did you send the money to blockchain, or did you send the money to coinbase and withdraw it? It makes a big difference. If you just used cards and sent bitcoin to blockchain and to other sites you didn't have any taxable events to record. If you had deposited $50k with cards, withdrew the $32k into your coinbase/bank account then you would have some problems because Coinbase would probably show you has having $32k of withdrawals and $0 of deposits and would record it as such.
Wishing you the best going forward.
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