What's the max one time payout you can request from bitcoin

**hotcross** · 09-11-17, 09:31 AM

saw $11 Mil transaction once before, looking through the long Blockchain while waiting for my transaction to confirm. There were several there in the same chain for multiple tens and even hundreds of thousands.

The fee was $15k paid on the 11 mil transaction.

Apparently they can be pretty big. Maybe where your limits exist is the site/exchange you are transferring to. Saying like Coinbase probably has a certain max. But maybe not a limit between wallets on the blockchain???

See if poster Raiders or someone more knowledgeable knows the answer.

**Optional** · 09-11-17, 10:02 AM

Originally posted by hotcross

saw $11 Mil transaction once before, looking through the long Blockchain while waiting for my transaction to confirm. There were several there in the same chain for multiple tens and even hundreds of thousands.

The fee was $15k paid on the 11 mil transaction.

Apparently they can be pretty big. Maybe where your limits exist is the site/exchange you are transferring to. Saying like Coinbase probably has a certain max. But maybe not a limit between wallets on the blockchain???

See if poster Raiders or someone more knowledgeable knows the answer.

I wonder why a 15k fee.

Sounds strange.

No technical reason to do that unless there was maybe 15000 or so different inputs to make up the 11 mil.

**Mr. Teaser** · 09-11-17, 10:29 AM

Ok...thanks guys. I was only looking st a 8-10k withdrawal. What would the fees be?

**Optional** · 09-11-17, 11:01 AM

Originally posted by Mr. Teaser

Ok...thanks guys. I was only looking st a 8-10k withdrawal. What would the fees be?

You can find the current optimum fee to pay at this site https://bitcoinfees.21.co/

The amount of money you send does not affect the fee. It is based on the byte size of the transaction file. This can change based on how many inputs are used from your wallet to make the balance.

If you have received a lot of small payments, then it could take 4 or 5 times the 'normal' 1 input transaction size to send as one chunk of money.

Optimal fee for a 1 input normal tx is around $2.30 right now.

If you use a wallet like Electrum then you can preview the send before doing it and view the number of inputs and exact tx byte size.

**Mr. Teaser** · 09-11-17, 11:05 AM

I am pretty unfamiliar with it and will be requesting payout from bookmaker....and thanks for all the info. I have seen you help out numerous people including myself before. You're what the forum is supposed to be about.

**bonz** · 09-11-17, 11:50 AM

How do we get all our money without uncle sam finding out? Does bitcoin atm card work?

**bonz** · 09-11-17, 11:54 AM

I won a shitload on Mich. St. but the capital gains are going to kill me.

**pilebuck13** · 09-11-17, 12:08 PM

I wouldn't go over 10 but that's just me...never know if they are going to come back at you

**Optional** · 09-11-17, 12:52 PM

Originally posted by bonz

How do we get all our money without uncle sam finding out? Does bitcoin atm card work?

If you want to convert it to US$ then person to person, like localbitcoins facilitates, is really the only way.

Coinbase, Gemini, ItBit, Kraken, BitPay and most of the cheaper, reliable, licensed exchangers will all require ID and SSN.

I saw someone post that even BitStamp (non-US) requires SSN and reports for tax purposes.

If you could not hide your funds from gambling before bitcoin, then you probably wont get much further with it even using bitcoin. You need to be a bit tricky and devious.

**Optional** · 09-11-17, 12:54 PM

Originally posted by Mr. Teaser

I am pretty unfamiliar with it and will be requesting payout from bookmaker....and thanks for all the info. I have seen you help out numerous people including myself before. You're what the forum is supposed to be about.

You will be fine with 10k from BM.

Have you got a wallet setup to receive it? And an exchange to get it cashed out through?

**Mr. Teaser** · 09-11-17, 02:03 PM

Yes. I did one cash out for 5k about 6 months ago and that's been it. I have only used the account that one time

**MeanPeopleSuck** · 09-11-17, 03:44 PM

Originally posted by Mr. Teaser

Ok...thanks guys. I was only looking st a 8-10k withdrawal. What would the fees be?

There's no maximum limit on how much BTC you can send in a transaction.

On fees, it's counterintuitive, but they're completely independent of the amount of BTC sent. Miners only care about how much space a transaction takes up within a given block on the blockchain, so the fees to send $1 are identical to the fees to send $1 million

That $15k fee you saw must've either been a mistake or it was an aggregate fee total from a ton of different BTC transactions.

**MeanPeopleSuck** · 09-11-17, 03:54 PM

Originally posted by bonz

How do we get all our money without uncle sam finding out? Does bitcoin atm card work?

Withdraw via bitcoin to an exchange like Bitfinex. There, use your BTC to buy one of the ultra anonymous cryptos -- I recommend Monero (XMR). Then move that Monero which, unlike BTC, is genuinely untraceable to another exchange (Poloniex, Bittrex, wherever) and sell it for BTC. Now you've got "clean" BTC.

To turn that BTC into cash, get a debit card from Bitpay.com. How you sign up for Bitpay is your own business (what name you use, etc.), but once you have your card you can turn BTC into cash you can withdraw at any ATM whenever you want.

**Mr. Teaser** · 09-11-17, 05:27 PM

An fyi to anyone this could help

The fee on a 9200 payout was $140

Is this the norm? Thanks

**MeanPeopleSuck** · 09-11-17, 09:48 PM

Originally posted by Mr. Teaser

An fyi to anyone this could help

The fee on a 9200 payout was $140

Is this the norm? Thanks

Oh, you mean that was Bookmaker's processing fee? I don't have an account there, so I don't know their payout fees, although $140 seems pretty steep to me.

The fees for actually sending your withdrawal to you (meaning the fees paid to the miners on the blockchain who process all bitcoin transactions) would only have totalled a dollar or two.

**pilebuck13** · 09-11-17, 10:02 PM

Originally posted by MeanPeopleSuck

Oh, you mean that was Bookmaker's processing fee? I don't have an account there, so I don't know their payout fees, although $140 seems pretty steep to me.

The fees for actually sending your withdrawal to you (meaning the fees paid to the miners on the blockchain who process all bitcoin transactions) would only have totalled a dollar or two.

Bookmaker does not charge for bitcoin payout

**Mr. Teaser** · 09-11-17, 10:27 PM

It wasn't a Bookmaker fee. Should I sign up for another bitcoin processor? Can I?

Basically the gross amount was sent to me from bookmaker. When. I went to cash out to my bank that's the fee that showed

**Optional** · 09-12-17, 08:49 AM

Originally posted by Mr. Teaser

An fyi to anyone this could help

The fee on a 9200 payout was $140

Is this the norm? Thanks

Somewhere under 2% is about as bad as it usually gets with bitcoin fees and exchange rate premium losses most of the time. $140 is about 1.5% of $9200 so not terrible by any means.

You lose about 0.5% as BM's processor charges that. You should not have lost more than a few dollars in bitcoin network fees and the remaining loss will be because of price variations during the time you were transferring it plus whatever your bank charges to receive a wire, if that is how you sent it there.

What wallet are you using btw? Some of them charge a fee.

Sometimes you will end up with more than you expect too. Probably more often than you end up with less than expected.

**Mr. Teaser** · 09-12-17, 10:20 AM

Bookmaker had me sign up for coinbase. Should I be signing up elsewhere? Thanks again.

**Optional** · 09-12-17, 01:52 PM

Originally posted by Mr. Teaser

Bookmaker had me sign up for coinbase. Should I be signing up elsewhere? Thanks again.

You can use Coinbase to buy new bitcoin and to sell bitcoin when you want to cash out and have it converted to US$ in your bank account.

You should also use an independent wallet which you have full control over as your 'main wallet', like your main bank account for bitcoin. For this you should join blockchain.info/wallet

When you withdraw from Bookmaker have the bitcoin sent to your Blockchain wallet. From there you can send it to Coinbase to cash out, or dposit it to another book, or simply hold it in that wallet if you want to gamble on the price of bitcoin rising.

When you want to deposit, buy new bitcoin from Coinbase and send it to your blockchain wallet, before sending it in to Bookmaker for your deposit.

Two reasons you do this. 1) Coinbase ban use of bitcoins bought or sold there to be sent to/from gambling sites and 2) You want to 'own' one the wallets at one end of every transaction. If you experience a problem you do not want to be relying on two other entities to sort it out for you.

**hotcross** · 09-12-17, 08:08 PM

Originally posted by bonz

How do we get all our money without uncle sam finding out? Does bitcoin atm card work?

Originally posted by MeanPeopleSuck

Withdraw via bitcoin to an exchange like Bitfinex. There, use your BTC to buy one of the ultra anonymous cryptos -- I recommend Monero (XMR). Then move that Monero which, unlike BTC, is genuinely untraceable to another exchange (Poloniex, Bittrex, wherever) and sell it for BTC. Now you've got "clean" BTC.

To turn that BTC into cash, get a debit card from Bitpay.com. How you sign up for Bitpay is your own business (what name you use, etc.), but once you have your card you can turn BTC into cash you can withdraw at any ATM whenever you want.

Could you clarify something here please? You describe how to "clean" the BTC...however I think the question about Uncle Sam still not satisfied. In other words, even if you clean the BTC and transfer to Bitpay card to get cash, you still have amount of BTC which appear on your Bitpay card and then convert to cash balance to withdraw at ATM.

I'm being unclear....But you have the clean BTC however the Bitpay card still has a track record that you cashout...even if they don't know the true source of the BTC. How would you address this concern?

**Mr. Teaser** · 09-12-17, 08:11 PM

Thanks Optional.

**SpeedPro** · 09-12-17, 09:15 PM

It seems that uncle Sam would not care since bitcoin is technically not currency in the US Fed gov eyes. Getting over 10k in cash is the problem. Any reason u can't just take 2 or 3 withdrawals of lesser amount?

**Ghenghis Kahn** · 09-12-17, 09:19 PM

Originally posted by MeanPeopleSuck

Withdraw via bitcoin to an exchange like Bitfinex. There, use your BTC to buy one of the ultra anonymous cryptos -- I recommend Monero (XMR). Then move that Monero which, unlike BTC, is genuinely untraceable to another exchange (Poloniex, Bittrex, wherever) and sell it for BTC. Now you've got "clean" BTC.

To turn that BTC into cash, get a debit card from Bitpay.com. How you sign up for Bitpay is your own business (what name you use, etc.), but once you have your card you can turn BTC into cash you can withdraw at any ATM whenever you want.

fyi, bitpay has your ss#.

**hotcross** · 09-12-17, 09:29 PM

Originally posted by Ghenghis Kahn

fyi, bitpay has your ss#.

thats what I'm saying. MeanPeople said "how you signup for Bitpay card is your business"

I haven't tried the card yet but do they attempt to confirm your ssn# or are we saying you could put a dummy name and ssn# when signing up???

**MeanPeopleSuck** · 09-12-17, 09:47 PM

Originally posted by Optional

Somewhere under 2% is about as bad as it usually gets with bitcoin fees and exchange rate premium losses most of the time. $140 is about 1.5% of $9200 so not terrible by any means.

Who's charging that 2%, the sportsbook? Because as far as I know, no wallet charges fees for deposits (many don't charge for wd's either and those that do usually charge .001 btc -- about $4 -- or less).

**MeanPeopleSuck** · 09-12-17, 10:00 PM

Originally posted by hotcross

thats what I'm saying. MeanPeople said "how you signup for Bitpay card is your business"

I haven't tried the card yet but do they attempt to confirm your ssn# or are we saying you could put a dummy name and ssn# when signing up???

The Bitpay people are cool; I had numerous conversations with them when they were having trouble with US banks. I'm not sure what would happen if you sign up for a card using Elvis's or Kurt Cobain's or someone's SS#, but the worst they can say is no. Besides, I'd bet Elvis would love crypto: http://mattlake.tripod.com/deathwatch.html

My Bitpay card's in my own name, but that's only because I signed up for it at the very beginning of my crypto trading career. If I'd had ANY idea then how profitable crypto trading is, I definitely would've changed that decision. I consider my Bitpay card the weakest link in my IRS armor, so if you do go for the Elvis card, definitely let me know how it goes.

**themike78** · 09-18-17, 06:57 AM

Originally posted by hotcross

thats what I'm saying. MeanPeople said "how you signup for Bitpay card is your business"

I haven't tried the card yet but do they attempt to confirm your ssn# or are we saying you could put a dummy name and ssn# when signing up???

Sure you could. But that's also called identity theft and most likely prison time. Definitely not a good idea to commit bank fraud. Do you really think a United States bank is not going to verify your info? C'mon.

**raiders72001** · 09-18-17, 12:46 PM

I'm not recommending to do anything that's illegal but will mention the following. Illegal immigrants get a slap on the wrist for false SS#. I don't think that Vegas Dave was sentenced to jail time either. https://thedirty.com/sports/vegas-da...urity-numbers/

Bitpay does require a physical address, PO Boxes don't work, to receive a card.

**mrpapageorgio** · 09-18-17, 01:02 PM

Originally posted by raiders72001

Bitpay does require a physical address, PO Boxes don't work, to receive a card.

I don't know if this workaround is viable, but if you have a PO box, the post office will now let you use their street address to receive packages. Instead of saying P.O. Box 12345, you can now give the post office's street address with the PO box being a unit number and address it:
123 Main St. (Post Office street address)
Unit 12345 (Being your PO Box number)
Anytown, ST 00000

I've had it work for UPS packages, but haven't tried it yet on anything like the suggestion of using it to receive a debit card, etc. I think you have to notify the Post Office though you want the service before you can start having packages delivered there. Didn't cost me extra so I signed up.

**themike78** · 09-18-17, 05:17 PM

Originally posted by raiders72001

I'm not recommending to do anything that's illegal but will mention the following. Illegal immigrants get a slap on the wrist for false SS#. I don't think that Vegas Dave was sentenced to jail time either. https://thedirty.com/sports/vegas-da...urity-numbers/

Bitpay does require a physical address, PO Boxes don't work, to receive a card.

Yeah but if you are signing up with debit cards from U.S banks giving fake s.s numbers and fake names you are asking for trouble. I really don't even see the need to considering this card is 100 percent legal anyways.

**MeanPeopleSuck** · 09-18-17, 08:57 PM

Originally posted by raiders72001

I'm not recommending to do anything that's illegal but will mention the following. Illegal immigrants get a slap on the wrist for false SS#. I don't think that Vegas Dave was sentenced to jail time either. https://thedirty.com/sports/vegas-da...urity-numbers/

Bitpay does require a physical address, PO Boxes don't work, to receive a card.

That's a very reassuring link to read. Anonymity's a must in these days of rising IRS and governmental interest in crypto.

**MeanPeopleSuck** · 09-18-17, 09:00 PM

Originally posted by mrpapageorgio

I don't know if this workaround is viable, but if you have a PO box, the post office will now let you use their street address to receive packages. Instead of saying P.O. Box 12345, you can now give the post office's street address with the PO box being a unit number and address it:
123 Main St. (Post Office street address)
Unit 12345 (Being your PO Box number)
Anytown, ST 00000

I've had it work for UPS packages, but haven't tried it yet on anything like the suggestion of using it to receive a debit card, etc. I think you have to notify the Post Office though you want the service before you can start having packages delivered there. Didn't cost me extra so I signed up.

Excellent info, thanks. There's a new BTC compatible debit card called Payza that people on the boards seem to like. I'll report back when I know more.