Ilovethisforum you provide useful information here mate,a lot of members will thank you.Keep on.ilovethisforum wrote:If you want to convert btc to usd the best option is to give the bookmaker your coinbase pro btc address of your -> sell your btc using coinbase pro(coinbase pro is the professional platform which you have less fess than coinbase) -> withdraw to Revolut. Coinbase pro has high fees vs other exchanges but if you sell more than 50K per month your fees will be reducted. The total fees that you will pay are 0.5% if you trade less than 10K per month. I believe that you will not have any problem with 5K transfers from coinbase to revolut. But be prepared to have some documents for source of funds. It doesn't matter if the funds that the document will be from other sources, they just want to see that you have declared more than 5K. So if for example you have declared to your tax authorities that you earn 10K, then you will not have any problem to send batches of 10K, but no more than that. You can send many batches of 10K but not even a single batch with 11K for example.gamblehappier wrote: Excellent answer i lovethisforum!You look to have a lot of experience on Bitcoins.
I decide to start occupy with bitcoins,and also why not betting with cryptos in the future.As i see also you can move bigger amounts with bitcoins.
I am thinking to make my first withdrawal with bitcoin.A bookmaker wants to send bitcoins rather than funds(they cannot send real money,at this moment)
I have also Neteller and Revolut.
Which of these ways do you think is the best with lower fees?
1)Bitcoin wallet>>>Coinbase(convert bitcoin to usd)>>> withdraw converted usd from coinbase pro with revolut>>revolut to bank account :When you mean coinbase pro i believe that you mean verified coinbase with bank account and identity,right?
2)Bitcoin wallet>>Bitstamp-Coinbase or other Fiat exchange(convert bitcoin to fiat-usd)>>withdraw money from fiat exchange to my bank account
3)I think with Neteller is not a good option because it has big fees.In this scenario i will prefer Revolut rather than Neteller
Again it is for a small amount(5k).So in this scenario maybe it is better to split the 5k to 2.300 and 2.700 and make two withdrawals direct to bank account?Or even 3 withdrawals.What do you suggest?
I like the idea of Revolut because your local bank cannot tracks you.Maybe the best option is cut the amount and transfer some with Revolut and other with direct bank accounts.
But as you said above if we make a withdrawal with traditional banks we will not have problem with so low amounts,(for example 3000euro),right?Above you said with more than 10k you will have problem.
So in my occasion what will you do?
Take point lower fees.With 5000 euro i want to withdraw, I am thinking to do 2-3 direct bank transfers from fiat exchange(2nd way) because the amount is low and as you said this option has the lower fees.
Me,i will avoid to transfer directly 10k to Revolut or to bank account.I think it is better option to split (5k +5k) for the tax authorities as you said,but also for not to attract attention.
Most of us,have Neteller,Skrill,Revolut,Ecopayz cards.So in this occasion you transfer 5k euro(from converted bitcoin via coinbase pro) and the 5k just to the above cards and use it as real cash.For 1-2 transfers of 10k euro we may do not have problem(i believe it also depends from the country),but i think the "split of money" via cards and bank accounts is the best option . And of course not only for bitcoin withdrawals but also for all profits from sport betting.
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