Ive never used bitcoin and was wondering what happens if the only way you can withdraw from a sportsbook is using bitcoin and you have a large amount in there say $200 000+.
If you withdraw 20 000 at a time and once that gos from coinbase to the bank what will appear on your bank statement...does it say coinbase transaction on my bank statement?
If you withdraw 20000 a month for say 10 months in a row will someone like the IRS be wondering where you got that money. In australia gambling is legal and there are no taxes payed for gambling, but bitcoin is taxed and will the IRS think youre doing mining?
You have so many bookies advertising about using bitcoin. My whole issue with the bitcoin process is now if you have make alot of money from betting you may now have to prove to someone in the future about what you where doing with the bitcoin money. I've been doing sportsbetting for over 15 years and using moneybookers was much more conveniant as in australia gambling isnt taxed so had no worries when doing my withdrawals.
I was with sbobet and they allowed me moneybookers and bank transfers after they said they didnt allow australians anymore so i could get my money out.
This certain bookie only allows me to withdraw using bitcoin even though it says moneybookers as a option and has declined it each time making up different reasons then saying they just dont allow it now.Are some bookies only allowing bitcoin withdrawals to make it so people are hesitant to withdraw. Bookies do that in the hope peoples balances go down sometimes.
Now i will have to
join blockhain
join coinjar
send in id to blockchain
send in id to coinjar
wait a week or so for them to be verified
withdraw 1000 to blockchain move that to coinjar sell the bitcoin for approx 1000 in coinjar then withdraw it to bank
withdraw 9000 do same as above
withdraw 19000 do same as above
withdraw 19000 several times and during each time have to worry about the price changing of bitcoin and also coinjar closing my account altogether and taking my money
take a screenshot of my bookie balance and days and weeks of bets i made and profit losses
take screenshots of each bitcoin withdrawal to blockchain
take screenshots of the transfer to coinjar
take screenshots of the transfer to my bank
have to record my bitcoin transaction numbers dates amounts on paper
have to record my bet amounts due to having to prove i made my money from sportsbetting in the future
Then have to worry about ato tax people in the future wanting to know what i was doing with bitcoin...why i was transacting alot...why such big amounts.
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