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I won $1.2 million USD on a bitcoin crash gambling site. How do I legally get that money into a bank account?
I know it sounds very ridiculous, but bear with me. I was 17, recently turned 18 and I earned some bitcoins online from doing some grey activities such as selling Netflix accounts. I deposited around $200 on a crash gambling bitcoin site. I didn’t really give a shit and got really lucky. But I didn’t wanna stop, I just kept going. Unlike most gambling addicts I actually got lucky and got millions of dollars. My friends convinced me to stop gambling (lucky for me) and I’ve withdrawn the money to my bitcoin wallet. Not gonna share any info for privacy reasons, obviously. Anyways, I am wondering how I would get that money to my bank legally. Like I can’t imagine having to explain them that I won $1.2 million USD gambling online (which is completely legal where I live, just seems very dodgy). I was also thinking about just keeping my money in bitcoin and slowly withdrawing the money to my bank to avoid any taxes if there are any, I’m not quite sure. I really need some advice here because I’m kinda lost. I would probably be under federal investigation if I ever went to a bank and tried to explain them what happened and that wouldn’t be great for me because before my big gambling win I did do some grey activities online that aren’t entirely legal as mentioned before. EDIT: I currently live in California
If you use crypto to convert to your respective currency for payments on the MCO, will there be tax implications? For instance, if I use bitcoin to place on my card, this action would convert this bitcoin into USD. Is this a tax generating event? Or by doing this via CDC I wouldn’t have to pay taxes on any gains or losses I might have incurred will holding bitcoin?
I think the website changex.com may have scammed me out of 158$ in bch they haven't responded in over a week via email support.
I contacted them over a month ago and their support team hasn't responded in a week. They said they have exchanged my bitcoin into usd but I'm in the USA and their payment options are not available in the USA other than PayPal. They said that they could not pay me via PayPal and when I asked if I could get my money back via bitcoin cash they never responded back. They still have 158$ worth of bitcoin cash that they said they have converted into usd and their support hasn't responded back in over a week what do I do now? Do I contact a legal team to get this sorted out?
Trying to sell, all I have is a private key on paper
I bought 0.1 bitcoins 2 years ago, and transferred them to a paper wallet: Literally characters written on a piece of paper with a pencil. I would like to turn the Bitcoin into USD. How do I do so? Would any buyer of bitcoin allow for the manual input of a private key?
Your daily reminder that BTC's mempool hasnt cleared for 30 days now, currently at > 40,000 pending transactions. Tether did not prove anything (do they have 1 USD for each USDT?). Bitcoin is forking into a shitcoin Bitcoin Diamong with 1 dev on team.
I think the changex.com website may have scammed me and their support has not responded in a week after me paying them 158$ in bitcoin cash.
I contacted them over a month ago and their support team hasn't responded in a week. They said they have exchanged my bitcoin into usd but I'm in the USA and their payment options are not available in the USA other than PayPal. They said that they could not pay me via PayPal and when I asked if I could get my money back via bitcoin cash they never responded back. They still have 158$ worth of bitcoin cash and their support hasn't responded back in over a week what do I do now? Do I contact a legal team to get this sorted out?
Changex has not responded for over a week and I think they may have scammed me.
I contacted them over a month ago and their support team hasn't responded in a week. They said they have exchanged my bitcoin into usd but I'm in the USA and their payment options are not available in the USA other than PayPal. They said that they could not pay me via PayPal and when I asked if I could get my money back via bitcoin cash they never responded back. They still have 158$ worth of bitcoin cash and their support hasn't responded back in over a week what do I do now?
[Wall of text incoming. Sorry about that.] TL;DR: Coinbase is a company at the cutting edge of the Bitcoin ecosystem, who follows all laws in the jurisdictions they operate in. They are an extremely easy to use on- and off-ramp into the Bitcoin economy, and legitimize the space for people who aren't extremely technically oriented. If you were around in the wild-west days of Bitcoin, you know how much the process of buying and selling coins has improved in just a few short years, even my parents would be able to do so now. So tell me, why all the hate? Hey /bitcoin, we need to talk about Coinbase, and the attitude of this community towards them. First, a bit about me: I've been involved in the Bitcoin community since early 2011, I work professionally as a programmer, have a degree in Computer Science, and I am not affiliated with Coinbase (other than having transacted thousands of dollars with them over time). In the early days, buying Bitcoin (off-exchange) was a nightmare. I'm not sure how many of the people reading this went through the process way back when, but if you did, you know what i'm talking about. You would get an IRC client, hook up to the Bitcoin OTC channel, and find someone willing to sell some coins for whatever payment method you might have handy. Then, the "fun" part began: Registering a PGP key to your name, building up trust, figuring out how the hell all of this confusing technology worked, and hopefully in the end, ending up with some coins in your wallet. This process was cumbersome, slow, and required extensive technical knowledge (or hours spent painstakingly following tutorials on how all of it worked). Even when you managed to follow all of these steps to the letter, you had an unreliable exchange rate from each OTC seller, who wanted a variable percentage of the transaction for doing business. These days, buying Bitcoin is easier than ever. Paypal? Credit cards? People will work with those. Cash? Check out Localbitcoins, Bitcoin is widely distributed enough that people probably have them near you. Bank account? Things get complicated. The existing banking structure leaves much to be desired, I will admit, but regardless of its current shortcomings, the existing structure exists, and anyone looking to be a major player in the Bitcoin space needs to work within it. Full stop. End of discussion. If you disagree with that fact, you are blind to the realities of the world around you. I've seen so much undeserved vitriol directed at Coinbase recently, I wanted to reach out to the community, and understand where all the hate is coming from. Some arguments that I've encountered: Transaction monitoring? This is a necessary evil, which is introduced by being a major player in the Bitcoin space, and needing to interact with the existing banking structure. If you purchase Bitcoins at Coinbase, and they see them go somewhere illegal, they are legally obligated to not sell you more Bitcoins. If Coinbase told the government "Actually, once the coins leave our system, we aren't going to track them and see if they go bad places. Sorry, not going to happen, we have principles.", they would be shut down faster than you can say "Intelligence Reform & Terrorism Prevention Act of 2004". In fact, their behavior towards people who have violated their TOS is not to confiscate funds: In literally every case I've heard, Coinbase lets you withdraw both your USD and BTC balances with no hassle, they just shut down your ability to make purchases or sales of coins. 5-day delays for payments? Thats not Coinbase's fault, that's literally the time your money takes to go through clearinghouses and intermediaries before it ends up in their account. 1% fee? Even if you transact $10,000 with them, you get hit with a $100 fee. That would pay a developer for 2 hours of their time, less after taxes. How do you expect them to make money? They don't run a fractional reserve, so that can't be it. I'm ignoring their exchange for this discussion, I feel that is a different product entirely, despite being linked to Coinbase itself. Both products need to produce revenue: business-wise, they would do best to shut down unprofitable ventures. Cancelled purchases? Okay. This one is a valid complaint, and the only one I've encountered so far. They cancelled one of my purchases in the past when the price moved significantly against them, but reinstated it after I complained, their customer service was superb. I have a feeling that the cancelled purchases are due to risk exposure for Coinbase, when they aren't sure whether a transaction will go through or not (not buying the coins right away in case someone interrupts the bank transfer early on in the process, perhaps), but that's purely speculation. Shift payments card? The amount of hate for this product has been absolutely astounding to me. Here we have a company offering a debit card that converts your Bitcoin into USD at the point of sale, effectively letting you spend your coins at any brick-and-mortar retailer that takes Visa cards, and the community is up in arms about it being "useless" and "stupid"? Seriously? As a programmer, I literally cannot think of another way that would be possible to do this. Unless the merchant already accepts Bitcoin at the point-of-sale, if you want to pay in coin, you need to:
Convert them into USD.
Transfer the USD to the merchant.
That is literally what this card does. Am I missing something here? Because this seems like a very nice use case for me personally, and in fact, one of the Shift cards is on its way to me right now. Just because you personally aren't the target audience of the card, isn't enough reason to disregard its utility for anyone else.
Was wondering if simple bank is a wise option for transfering bitcoin from coin base to my main bank account. Because my main bank will not allow me to sync to coin base, but I can transfer usd from my bank to simple and then sync simple to coin base. Wanted to know if any one has any advice on turning the bitcoin into usd with simple and then transfering it back to my main account?
Besides CoinBase are there any other options to consider for converting BitCoin to USD?
American here. Invested awhile back. Been a bit out of the loop, back then Coinbase was pretty much the only show in town from what I know to convert Bitcoin into USD, would anyone have any new recommendations to look at? First time poster please forgive and thanks in advance for your patience.
Bitcoin might have 0% transaction fee, but how would you cash $1,000,000 into USD?
I think it's ridiculous that paypal charges 40% for me to donate my money! Everyone is saying bitcoin doesn't charge the donor anything. So if everyone who donated, did so via bitcoin, how would the recipient "cash out"?
When i'm ready to cash my Bitcoin out, what's the quickest/best way to do?
I'm not looking to cash out soon, but i'm just wondering if anyone has any suggestions on the quickest way to turn my bitcoin into USD? From the exchanges i've used, it seems a lot of them have daily/monthly buy/sell limits, so i'm wondering if there is a reputable exchange out there i could use to sell all my bitcoin at once for USD?
Hey guys! So, here is my case. I am from the US (gambling is illegal here) but I use bitcoin to gamble so websites don't really care about identity in this case. Once lets say I make profit, I send the profited bitcoin into my phone wallet and from there send it to an exchange website and have the website convert the bitcoin into USD for me into my bank and I go ahead the next day and withdraw my money out. Now here is where it gets tricky... I was always a losing gambler I deposited money in my bank and then withdrew it back to gamble and once I won a bit I would deposit back and if I lost then I would withdraw to gamble and this kept happening in a circle for a whole year until recently I finally paid all my gambling debts and I am almost at $5000 profit with proper bank management. Now the $5000 profit is sitting in my phone wallet and I am going to send it to my bank soon, so my question is when this $5000 goes in my bank and I withdraw it out in person how will the IRS know and can they tax me on it? Because as I said I have lost and won untill recently this is pure profit, do I request an IRS form? Do I go sit down with an accountant? I am super confused, should I just ignore this until the IRS come knocking down on my house? (Because as of now they have not sent letteany1 to my house) so what should I do in this case? I am 19 and I live with my parents, they pay for my food, college and everything so am I required to pay taxes in this case? Sorry if this is a weird case but I wanted to hear your opinions and deciding my move... THANKS! Also I don't think the IRS knows I am gambling, because I go through multiple hoops so my transactions never can be traced because the addresses keep switching, but that's not even why I am worried because I can tell them I just invested in bitcoin and sold when the price went up, however, I just don't know if I should report it or not... EDIT: A friend of mine told me to not worry about it until letters start comming in... Is he right? I mean they can't jail me or anything before sending me a letter telling me to pay right?
I'm new here and I see comments along the lines of "I'll sell my Bitcoin when it's $1,000,000" etc. Is this a meme or are we really expecting that today's USD 17,000 will grow into a McMansion within the next few years? /r/BitcoinMarkets
I have some issues with Aadhaar linking, hence can't do KYC at Indian bitcoin exchanges. But I do have Payoneer account. How can I redeem bitcoin into USD or any other currency and get in my Payoneer account which will then transfer into my bank account? Is there any other method which involves less transaction charges? I want to minimise the transaction costs. Please guide.
Your daily reminder that BTC's mempool hasnt cleared for 30 days now, currently at > 40,000 pending transactions. Tether did not prove anything (do they have 1 USD for each USDT?). Bitcoin is forking into a shitcoin Bitcoin Diamong with 1 dev on team. /r/btc
BTC/USD: Aktueller Bitcoin - US-Dollar Kurs heute mit Chart, historischen Kursen und Nachrichten. Wechselkurs BTC in USD. Bitcoin (BTC) zu USD im Überblick: Bitcoin (BTC) zu USD und historische Kurs-Entwicklung zu Bitcoin (BTC) zu USD. Nachrichten und Bitcoin (BTC) zu USD-Charttool Conversion from 1 Bitcoin to Dollar with latest exchange rate and cryptocurrency price. Also, view 1 BTC to USD result in BTC-USD overview table and BTC/USD chart. This is real-time market price of Bitcoin in United States. Calculate how much is 1 Bitcoin in Dollar with a conversion calculator. he CoinDesk Bitcoin Calculator converts bitcoin into any world currency using the Bitcoin Price Index, including USD, GBP, EUR, CNY, JPY, and more. USD [US Dollar] BTC [Bitcoin] 0.01 US Dollar = 0.000001 Bitcoin: 0.1 US Dollar = 0.000008 Bitcoin: 1 US Dollar = 0.000077 Bitcoin: 2 US Dollar = 0.000155 Bitcoin: 3 US Dollar = 0.000232 Bitcoin: 5 US Dollar = 0.000386 Bitcoin: 10 US Dollar = 0.000773 Bitcoin: 20 US Dollar = 0.001546 Bitcoin: 50 US Dollar = 0.003864 Bitcoin: 100 US Dollar = 0 ...
Bitcoin Money: How to Convert Bitcoins to Dollars - Part 1
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