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Best Bitcoin Wallet & Exchange (U.S. Players)
For U.S. players: Which Bitcoin wallet or exchange are you using to cash out from fivedimes? Currently I'm using Coinbase to blockchain to book and reverse. Coinbase fees are a little steep.
Looking to move $20k from fivedimes into my checking account, what is the best course of action?
I also have a bitpay card which I love. Will this card tolerate high loads (personal experience)? I know the card max is $25k
maybe signup with Gemini.com and ItBit.com and split your buys/cashouts between them if you will regularly be doing transfers this size? Both those have lower fees than Coinbase too.
If was converting large amounts regularly I think I would be using a trading exchange to get the best possible rate each time. Kraken is one US people mention a lot.
As far as best, what you feel comfy with is best probably. I was using blockchain.info/wallet and liked it but have switched to an Electrum desktop wallet and wont go back to relying on a website.
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Thanks Opt! I just signed up for ItBit.com is this a good platform to use? I don't see where I add my bank account info. How would I move money using this account from fivedimes to my checking account?
I think I might just stick with my current format using Coinbase to my checking account and Bitpay card. What do you think?
I have not used ItBit myself but there must be a place to link a bank account in there soemwhere. Maybe under 'deposit'?
Found it. Little concern about this outfit, no recent updates on any of their social media pages. Also unable to reach anyone one from their "24" hour customer service line.
Should I stick with Blockchain and just load the money to my bitpay card?
You can withdraw $3k a day ($750 per wd) from a bitpay card via ATMs. You can spend up to $10k a day.Originally Posted by EricLegend
Definitely stop using Coinbase, as they're being sued by the IRS for their clients' purchase, sales, and trading histories. In fact, it's best to avoid all US based exchanges for the same reason. Instead, I recommend Luxembourg's Bitstamp.net. They don't mind large transactions.
I just signed up with Bitstamp. They say the following:
"Under the Foreign Account Tax Compliance Act (FATCA) foreign financial institutions are obliged to report financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest."
and
"SSN (Required for US taxpayers):"
I'll go elsewhere.
I don't think you will find a reliable licensed exchange that does not want full ID. For any country, USA or not.
I've never been asked for my SSN at Coinbase. I wonder if that was grandfathered in since I've been using them since 2013. Do new accounts get asked for SSN?
That language must be new, but you definitely still want to leave Coinbase. For reasons passing understanding, SBR undervalues the importance of the fact that CB's being sued for its clients' trading records: https://coincenter.org/link/the-irs-...ers-in-the-u-s
In any case, I'm an attorney and my professional advice is to use a non US based exchange, one that won't be subject to whatever precedent gets set in the Coinbase case (so not CB/GDAX, Polo, Gemini, Kraken, Bittrex, etc.)
Bitfinex and Whaleclub both allow you to trade anonymously, but neither accepts fiat (dollars) deposits. Your best bet might be to send your fiat to Bitstamp, buy your BTC there, then move it immediately through several wallets and land it somewhere anonymously. PM me if you need specific advice on anonymizing crypto.
MPS, bitstamp.net clearly states during verification, it will share your financial transactions with FATCA. I definitely wouldn't sign with them, no court order needed, because bitstamps.net will provide it willingly.
Secondly if the IRS is successful in its case against Coinbase wouldn't that be a precedent to use against all similar entities? I use Coinbase to buy Bitcoin and send to Blockchain, I never received Bitcoin or cashout thru Coinbase.
Should I use my bitpay card for withdrawals only?
Last edited by EricLegend; 09-10-17 at 09:11 PM.
Thanks for the great feedback. I am looking to get out of CB for the reasons you mention along with their lack of response to problems.
I am familiar with anonymizing crypto. The problem after doing that still remains that one must eventually cash out. I want an exchange that will allow me to cash out without having to have my SSN on record.
I could go through localbitcoins.com (and have in the past when in a pinch) but they add a 12% or more premium to the transaction.
1. There are ways to buy BTC for cash that are completely anonymous, but they charge a pretty hefty premium (basically, be prepared to be ripped off on price), but let me know if you want to learn how.
2. Do you already have your money in crypto? If yes, then you're golden; let me know and we'll get you safe and anonymized. If that's the case, rejoice, because your headaches are over, regardless of the amount.
3. But if your money's currently in fiat (dollars), that's where it gets tricky. Very few exchanges still accept deposits in dollars; to my knowledge, Bitstamp's the best of a set of bad options. If you know a better exchange, absolutely post it as that'd be great info to have.
4. FATCA's not as bad as I think you suspect. Here's the thing: just like any other security, your tax obligation on BTC only attaches when you realize your profits, when a purchase is matched with a sale at a higher price.
So a good first rule is to make sure Bitstamp can't match your purchase with a sale. Buy your BTC there, then immediately move it to another exchange. Exchange it there for an ultra anonymous crypto like monero or zcash, then move that currency to another exchange, then switch it again to, say, ethereum, move it through another couple wallets, and another couple currencies and very quickly nobody -- nobody -- can follow it. This process is easier than it sounds; it can be completed in a few hours for shockingly little in fees. Let me know if you want to learn more. (There's also things called mixers, but I won't go into those in clear text.)
Bitstamp won't have anything to report on you because after an hour you'll have a zero balance with them, with no matching purchases and sales. If you want to go a step further, after zeroing out your account, under "Settings," you can "Deactivate Account."
5. If the IRS wins its case against CB -- and I believe it will -- that precedent will only immediately apply to the 11th Circuit (SE USA), but Circuits are like lemmings, once one commits on a question of law, generally the rest follow suit pretty quickly. Even if we find a sympathetic Circuit that rules the other way -- I'm looking at you, 9th -- then the question could end up before the USSC where our side will probably lose again.
So, yes, all exchanges in the US may quickly become subject to the CB decision, but NOT any exchanges outside the US, where US law doesn't apply. Bitfinex is located in the BVI; Bitstamp's incorporated in Luxembourg and operates out of Slovenia.
6. Stop using Coinbase, full stop. If you can find a better substitute than Bitstamp, great, as long as it meets two requirements: it accepts fiat deposits and it's based outside the US. On the other hand, your Blockchain.info wallet's fine as an intermediary destination -- it's also a Luxembourg corporation -- but it's in the process of turning itself into an exchange, so in the future they might start turning their noses up at transfers to sportsbooks. As an alternative, have you ever tried Electrum? It's a wallet that exists on your own hard drive, where you, not anybody else, makes all the rules. If interested, it's pretty easy to download, install and use: https://electrum.org/#download
7. Heh, you learn something new every day. I use my Bitpay card literally every day, but until you asked that last question I didn't know we could also use it to go in the opposite direction: from fiat to BTC. I only use it to go from BTC to dollars. But, yeah, it faces the same problem as the other US based exchanges -- things are fine now, but what happens after the IRS beats Coinbase and discovers 99% of us aren't paying our taxes? I'll tell you what: every ambitious AUSA who wants to make a name for himself's gonna get a hard-on the size of a lighthouse and start subpoenaing everyone's trading records from every exchange to catch these "dastardly tax cheats."
My bad, I didn't see your post before I wrote my last reply, above. I didn't mean to double cover what you've already mentioned. Yeah, localbitcoins is the 'totally anonymous but screw you till you're butt sore' option I alluded to there. I rarely use them.
Finding an anonymous site to sell BTC is easy. Bitfinex, Poloniex, Kraken, Bitmex, Bittrex and Whaleclub all allow this (but each has a daily cap for withdrawals without verification -- check the rules). The problem is, what next? At Bitfinex you've now got dollars, but you can't move them or withdraw them. At the rest you've got Tethers, which you can move, but not withdraw.
Is Bitpay your answer? I don't remember the sign up process, but does it require a social security number? If not, you're in. If so -- and I'm just hypothesizing here, not offering advice, legal or otherwise --I suppose a person might sign up for a Bitpay card under a false name and SS #, then use it to wd cash from ATM's.
I believe so.
And Bitpay asks for a SSN too, to answer that question.
I agree with MPS saying use a non-US exchange as the best way to avoid big brother asking questions. I like independentreserve.com which is Australian licensed. They take US clients. Deposit/Withdraw is by wire and they charge $15 per cashout that way.
Set up a intermediary bitcoin wallet and then transfer to coinbase. Coinbase will shut down your account for transferring that sum of money from a wallet they most likely have linked as "gambling." Under their terms of service, they don't allow it. I'm speaking from experience and had my account shut down.
Craig were u able to get your money out after getting shutdown
Last edited by EricLegend; 09-11-17 at 07:29 PM.
I have not heard of any reports of Coinbase retaining funds. Just paying you out and closing the account.
CB is more sensitive to sportsbook transfers than any other exchange -- I'm not sure why.
There's two solutions: either use a different exchange to buy and sell your BTC (Bittrex, Poloniex, Kraken, Bitstamp, anybody) or else use an intermediary wallet to deposit directly to and from Coinbase. This one's easy to download, install and use: https://electrum.org/#home
about LocalBitcoins site, it seems many of the traders make the demand to see your ID card
I'm mostly talking if you want to buy. Not sure same treatment if you want to sell.
with recent news of data breaches at major corporations, just cannot stomach putting my ID card out there on such a site. I mean a regular online bank doesn't ask for that!
I totally agree. Localbitcoins is sort of the 'closing time hook up' of ways to buy BTC. Not recommended.
Yes, they pay you out and then close down your account.
Hello all, newbie here. Thought I'd post here since it'd be on topic more than creating a new thread. Does anyone have a suggestion as to which exchange offers the quickest time for ACH transfers (deposits in particular)?
For deposits, I use Coinbase to deposit FIAT into their USD wallet, then transfer to GDAX to buy Bitcoin (which saves a lot on the fee compared to directly buying on Coinbase), to send the Bitcoin to an intermediary wallet to then deposit into books. I then do the reverse for withdrawals. I don't mind waiting a couple extra days for withdrawals from Coinbase, but it'd be nice if their ACH deposits were a bit quicker. I made a deposit early morning on Sept. 7th with the funds deducted from my bank account on the 9th, but didn't clear into Coinbase until the 13th. They claim they post when they receive the funds, but I have a hard time believing they don't hold onto the funds for an extra day or so if it only takes 2 days for the debit to happen. Does anyone recommend an exchange that allows U.S. ACH deposits that are quicker than depositing FIAT into Coinbase? All of the alternatives I've looked through usually require a wire transfer instead of ACH. CEX.io would seem to be the next best bet, but they don't operate in my state yet.
A little bit of insight from an ex-Coinbase employee:
https://www.coindesk.com/coinbase-ve...eyond-bitcoin/
Shits all too confusing. Come lock me up!!! Wouldn't be the first and sure won't be the last. I'll take the risk. I'm a small fish. They want the big Dawgs.
Both Coinbase and Gemini say they take 5 business days to confirm ACH transfers. I think that is more a function of the ACH system than them stalling though.
I am not aware of another exchange with the ACH option.
To speed up deposits choose wire trasnfer instead of ACH and it is confirmed the next business day usually. Your bank might charge 15-30 dollars for it is the only downside.
Thanks. I just can't help but believe they stall because it took 2 days for the debit to come out of my account, but took a few extra days to show in my account. Plus the fact you can now make ACH transfers with Google Wallet, Square Cash, and even Paypal in one business day or less, there's no reason their system isn't/can't be faster.
Last edited by mrpapageorgio; 09-15-17 at 01:28 PM.
Ok so this is how i get my funds. Block Chain = Coinase = Bitpay ATM card. Can I go BlockChain - Bitpay ATM card directly?
Also how do i avoid getting shut down because of "gambling" ?
Have you made a typo there?
Coinbase is where you buy or sell bitcoin in exchange for Dollars.
If buying to deposit at a book. Coinbase to Blockchain.info/wallet then to Bookmaker.
If withdrawing to cash out to bank, Bookmaker to Blockchain.info/wallet to Coinbase.
And yes, you can send from your blockchain.info/wallet to anywhere safely. Including to the BitPay card.
Coinbase has a huge strike against it: it's currently the defendant in ongoing litigation with IRS, where the IRS is demanding CB's clients' purchase, sales, and trading record. For that reason, CB and GDAX (they're co-owned) are the only two exchanges I absolutely won't use.
Instead of an ACH, would you be willing to send a b_ank wire? The process is pretty similar. If you use a b_ank wire you can fund at Bitstamp, a non USA based exchange (incorporated in Luxembourg, operates out of Slovenia) that isn't being sued by the IRS and won't be subject to any precedent the CB case sets.
Bank wires to and from Bitstamp take about 3 business days to settle, so I'm not sure it'd be much faster, but it's definitely much safer: https://www.bitstamp.net/
*** Talk about weird. The SBR censorship system censors the word "b_ank" when it's not capitalized, but seems to leave it alone when it's "Bank."
Yep, as Opti mentioned, you can send BTC straight from your blockchain.info wallet to your Bitpay card.
As long as you use an intermediary wallet between Coinbase and the sportsbooks in both directions, you should be fine.
Best practice is to never reuse a BTC address more than once and to switch from Coinbase to an exchange that's not currently being sued by the IRS, but for reasons passing understanding, nobody ever seems to listen to me on this point.
If you stick with Coinbase, I highly recommend you pay your capital gains taxes on your BTC profits, as those profits may become known to the IRS, connected directly to your name, in the not too distant future.
I could, it's just much more of a pain in the a$$ to do a wire through my bank than ACH. Plus, why pay the wire transfer fee if I don't have to?
Last edited by mrpapageorgio; 09-16-17 at 02:59 AM.
Is it ok to upload your ID and SSN to Gemini's website? Is this info required to buy btc? I'm done with Coinbase and their high fees.
Is this a good wallet/exchange for U.S. customers?
Yes, ID and SSN is required on the US exchanges at least because of Know Your Customer/Anti-Money laundering laws.
Don't know how their exchange is since they denied my application to open an account after going through the verification and wouldn't elaborate why.
If you don't like Coinbase simply because of their fees (I'm assuming you're referring to the 1.5% bank account, 5% credit card), use GDAX which is Coinbase's exchange site (they're .3% compared to 1.5%-5% on Coinbase's retail side). For buying and selling Bitcoin they're fine, but I would never hold Bitcoin in their wallet for any extended period of time.
Thanks! Good info. With GDAX can I purchase Bitcoin using my credit or debit card? ACH payments take too long.
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