Coinbase for Poker withdrawals

jsnake716

jsnake716

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I have a Coinbase account. It seems to be one of the easiest ways to transfer Crypto's to and from my regular bank account. has anyone used this for accepting Poker withdrawals from sites and then transferring that to USD, and depositing into a bank account? I hope there are not any regulations or rules which stop me from doing this. Any help or advice would be appreciated.

Who would have ever thought I would be worrying about having too much money floating around in cyberspace???:D
 
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acemenow

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jsnake716 said:
I have a Coinbase account. It seems to be one of the easiest ways to transfer Crypto's to and from my regular bank account. has anyone used this for accepting Poker withdrawals from sites and then transferring that to USD, and depositing into a bank account? I hope there are not any regulations or rules which stop me from doing this. Any help or advice would be appreciated.

Who would have ever thought I would be worrying about having too much money floating around in cyberspace???:D
Click to expand...

Personally given Coinbase history I would not take the chance of direct deposit from a poker or gambling site directly to coinbase. But would txfr from poker site -> any other btc or eth wallet and then from there to coinbase

Note this is from 5 years ago:
https://www.reddit.com/r/poker/comments/2dxuqw/be_careful_seals_users_coinbase_has_blocked_me/

What I do; is export to a bitcoin core address. This is an App that you install on your PC and run for a few days till it syncs with your account. Depending on your internet speed it can take a few days or more initially. From bitcoin core site:

Bitcoin Core has a built in wallet with graphical and command line/API modes. It can also simultaneously support multiple lightweight wallets with similar security and privacy to its built-in wallet.
https://bitcoin.org/en/bitcoin-core/

I can create my own Bitcoin wallets this way, for withdrawal or deposit. TXFR the money into my bitcoin core address and then export to an exchange I feel comfortable with. Coinbase is less likely to impede the transaction if it comes from an innocuous bitcoin address vs. from one of the poker sites.

You will get a lot of people swearing that they have never had a problem which is great for them. But they (coinbase) are held to US regs and if the feds decide to do an audit on Coinbase at some point, there is no reason to think they won't look at all the historical records kept by coinbase,

You don't have to use bitcoincore you can use any number of exchanges out there I just have little experience with it since I collect and HODL more than cash out.
This is just my personal view on it. But I live by the motto just because you are paranoid, it doesn't mean they are not out to get you ~ lol

another link regarding your original question
https://bitcointalk.org/index.php?topic=1508261.0
 
jsnake716

jsnake716

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acemenow said:
Personally given Coinbase history I would not take the chance of direct deposit from a poker or gambling site directly to coinbase. But would txfr from poker site -> any other btc or eth wallet and then from there to coinbase

Note this is from 5 years ago:
https://www.reddit.com/r/poker/comments/2dxuqw/be_careful_seals_users_coinbase_has_blocked_me/

What I do; is export to a bitcoin core address. This is an app that you install on your PC and run for a few days till it syncs with your account. Depending on your internet speed it can take a few days or more initially. From bitcoin core site:

Bitcoin Core has a built in wallet with graphical and command line/API modes. It can also simultaneously support multiple lightweight wallets with similar security and privacy to its built-in wallet.
https://bitcoin.org/en/bitcoin-core/

I can create my own Bitcoin wallets this way, for withdrawal or deposit. TXFR the money into my bitcoin core address and then export to an exchange I feel comfortable with. Coinbase is less likely to impede the transaction if it comes from an innocuous bitcoin address vs. from one of the poker sites.

You will get a lot of people swearing that they have never had a problem which is great for them. But they (coinbase) are held to US regs and if the feds decide to do an audit on Coinbase at some point, there is no reason to think they won't look at all the historical records kept by coinbase,

You don't have to use bitcoincore you can use any number of exchanges out there I just have little experience with it since I collect and HODL more than cash out.
This is just my personal view on it. But I live by the motto just because you are paranoid, it doesn't mean they are not out to get you ~ lol

another link regarding your original question
https://bitcointalk.org/index.php?topic=1508261.0
Click to expand...

Wow! Thanks a bunch for all the information, as you can probably tell, I have spent more time studying poker than "Crypto", my problem is so many poker sites charge unreasonable fees to send a paper check. (intertops charges a $50 fee) just 1 example. So anyway, I will look into the alternative wallets. I do understand what you mean, I know the poker sites are attempting to disguise their payouts, they even put a little note under the withdrawal crypto options: Stating do not name the site to your wallet (smile) , I guess this is going to take a little more research. Again thank you for helping me out.
 
natsgrampy

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Go ahead and use coinbase. It is the fastest and easiest way to deposit and get pay pouts. They have no idea where the $$$ comes from as you are using a bitcoin address to withdraw.

If you are worried, try a withdrawal for the minimum and see how it goes.
 
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Coinbase a legitimate and fair website from my use with them. As George pointed out above there is no way for them to know the source of funds as it come from a btc address.

My only issue with Coinbase is that they do not have help and support for some countries like mine.
 
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acemenow

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[FONT=-apple-system, BlinkMacSystemFont, Segoe UI, Roboto, Oxygen, Ubuntu, Cantarell, Open Sans, Helvetica Neue, Icons16, sans-serif]I in no way consider myself an expert at this but have been reading about this since I got involved in poker sites that were primarily crypto based since about 2016. Do your own research come to your own conclusions.
[/FONT]
The following are not my words but from these sites below:

"...Bitcoin is not anonymous, but, rather, pseudo-anonymous..."

https://bitcoinmagazine.com/articles/is-bitcoin-anonymous-a-complete-beginner-s-guide-1447875283
[FONT=-apple-system, BlinkMacSystemFont, Segoe UI, Roboto, Oxygen, Ubuntu, Cantarell, Open Sans, Helvetica Neue, Icons16, sans-serif]
[/FONT]5 Reasons Why Bitcoin Gamblers Should Avoid Coinbase Like The Plague -
[FONT=-apple-system, BlinkMacSystemFont, Segoe UI, Roboto, Oxygen, Ubuntu, Cantarell, Open Sans, Helvetica Neue, Icons16, sans-serif]
[/FONT]"...Should you decide to take the risk and continue with Coinbase, then we advise you to never link your Coinbase account with any online gambling website. You should also never transfer any funds from your Coinbase account directly to an online gambling website..."
[FONT=-apple-system, BlinkMacSystemFont, Segoe UI, Roboto, Oxygen, Ubuntu, Cantarell, Open Sans, Helvetica Neue, Icons16, sans-serif]
[/FONT]https://www.gambling911.com/online-...n-gamblers-should-avoid-coinbase-plague-.html[FONT=-apple-system, BlinkMacSystemFont, Segoe UI, Roboto, Oxygen, Ubuntu, Cantarell, Open Sans, Helvetica Neue, Icons16, sans-serif]
[/FONT]
 
kbuinowski

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when i want to make a deposit into a poker site. i have a second bank account just for that type of stuff. i would deposit from my bank into coinbase which takes about week or so. then from coinbase to blockchain then into the poker site. then just do the reverse when with drawing from a poker site.
 
natsgrampy

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I use coinbase to withdraw only. I have a separate bank account for poker and when I withdraw, as soon as $$$ is in my coinbase account I withdraw it.
This typically takes less than 48 hours.
When you use a BTC wallet, it adds extra time to the withdrawal/deposit and extra fees.
I don't have coinbase "linked" to anything other than my bank.

If your money is stolen or lost on coinbase, you'll see how anonymous it is. They say there is no way to trace your money
 
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thatgreekdude

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I use coinbase a lot, didn't know Stars offered them for withdrawals, Coinbase has been fine in my experience with using them.
 
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