Quote:
Originally Posted by nitcracker
another bitcoin newb here-
what is the process you guys use to get your bitcoins transferred to your bank account in cash, in a safe and reliable manner? seems like most are using coinbase/circle to sell their bitcoins, but upon further reading it seems that they have frozen accounts when they find out that you're making transactions with online gambling sites. are there better methods out there? (feel free to pm me)
ty in advance
What I've read is that you dont want to use Circle to send BTC directly to Ignition, because if they find out that BTC address belongs to a gambling website they will close your account. Instead what you do is create a secondary BTC wallet that does not belong to an exchange, just a private wallet all to yourself. You transfer money from your bank account to Circle, then from Circle to your private wallet, then from your private wallet to Ignition.
Since all BTC transactions are recorded in the blockchain it wouldnt be very difficult for Circle to see what you are doing, but it more or less absolves them of any connection to a gambling site. They dont want to be seen transferring money directly to one, however using an intermediary wallet on your own is something they kind of look the other way about. Essentially they arent tracking 2nd tier transfers at all to see where they go, they are just looking at the immediate xfer.
At least this is my understanding of it. Interestingly enough I made a deposit and withdrawal directly to/from Bovada using my Circle account without issue, so my guess is they kind of dont always know about it, but if they found out it could create problems.