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  1. #1
    TravG's Avatar
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    Default Need New BTC Wallet

    I just received an email from Coin base that they are closing my account. I have asked for for reasons why but they have yet to get back to me. So In short I am looking for a new BTC exchange/wallet where I can receive affiliate payments and then transfer them to my USA bank account.

    I am in the USA and do move a decent amount of BTC through my wallet. Probably 40-50k per month.

    Does anyone have any suggestions as who to use?

    Thanks,

    Travis
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  2. #2
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    Will contact you

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  3. #3
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    I have told you before did not I?

    First of all if you are using BTC for some time, it is really time to know the difference between a wallet and exchange. I think I elaborated in my previous posts.

    Then you will know you need a wallet (and after that an exchange), because using an exchange directly is a madness. If you are an US resident, you just by your own ignorance, caused that you are out of the biggest US exchange and they will most likely never allow you to return.

    First you must understand at least a bit how crypto works and then use it. This is "a bit" more complex than Paypal. If you ignore me again, you will run into other troubles and in the end, after you finally learn things, you will have no options left to cash out.
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  5. #4
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    FFS get you head around something like electrum. It will be the best time you spent. It is very simple but make sure you keep the 'seed' somewhere very safe so it is still available if your house and laptop blows up. Only use exchanges to change from fiat to BTC or vice versa. Make all payments to electrum first. As Sherlock says, you'll get banned from all the exchanges at this rate - they are not wallets.

  6. #5
    TravG's Avatar
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    East there champ - get off your horse that is not so high. If I want a smart ass answer ill ask you directly for now on. Otherwise dont waste your time trying to be a know it all and lecture me on what I should and should not know and then not even add anything of value.
    Quote Originally Posted by Sherlock View Post
    I have told you before did not I?

    First of all if you are using BTC for some time, it is really time to know the difference between a wallet and exchange. I think I elaborated in my previous posts.

    Then you will know you need a wallet (and after that an exchange), because using an exchange directly is a madness. If you are an US resident, you just by your own ignorance, caused that you are out of the biggest US exchange and they will most likely never allow you to return.

    First you must understand at least a bit how crypto works and then use it. This is "a bit" more complex than Paypal. If you ignore me again, you will run into other troubles and in the end, after you finally learn things, you will have no options left to cash out.
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    Any alternatives to Kraken for businesses using BTC payments?
    We would like to collect BTC payments from operators and then withdraw them to company bank account.

  8. #7
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    Quote Originally Posted by mgaming View Post
    Any alternatives to Kraken for businesses using BTC payments?
    We would like to collect BTC payments from operators and then withdraw them to company bank account.
    Yes, I have one, send me a pm and I will make an intro. They are a retail crypto group that has started working with affiliates in the gambling space as more and more operators are shifting to crypto payments.

    I know they handle many top affiliates in the USA and help them convert their crypto to fiat landed in their bank accounts with no issue.

    Its by referral only so PM me for more info.

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    Get a trezor. Receive payments to your trezor in bitcoin. When you are ready to sell your bitcoin for USD, send it from your trezor to an exchange (coinbase, gemini, kraken). Sell your bitcoin there and then wire your USD to your bank. Do not skip the step of sending it to your trezor first.

    If you don't want to buy a trezor, get the blockstream green wallet for your phone.

    ALWAYS send to your personal wallet (trezor/blockstreamgreen) BEFORE sending to an exchange.

  10. #9
    MMM
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    Quote Originally Posted by TravG View Post
    East there champ - get off your horse that is not so high. If I want a smart ass answer ill ask you directly for now on. Otherwise dont waste your time trying to be a know it all and lecture me on what I should and should not know and then not even add anything of value.
    Hey Travis,

    Sherlock reply is harsh (for sure too harsh for my stomach) but he is correct.

    Use a wallet. Electrum or some other suggestions here. Then from wallet send it to an exchange, from there to your bank.

    This is an important topic and in your case seems that quite big amount of money is involved, don't let Sherlock way of speaking derail you from the point he is making.
    Last edited by MMM; 8 October 2020 at 12:11 am.
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    Depends on the setup you want/need regarding safety. simplest would be installing electrum on your desktop. which is pretty safe assuming you are the only one who use the pc and that you store your info securely.

    Or if you want a more user friendly one, bit less secure just use blockchain.com and activate 2fa.

    trezor is most safe solution, but personally i find it a pain in the ass as im always in a situation where i dont have the needed gear with me when i need it...

    Or perhaps bitstamp, although im not 100% sure if they accept usa people...

  12. #11
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    This is my horse. Anti-hooligans police veteran. His height is 177 cm, so 17.2 hh.

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    We are all bloodsucking ticks, hungry, devious
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    I am also in the US.

    You should take the time to have two wallets.
    Divide your BTC between the two.
    I also have two exchanges.
    This lets me minimize the amount going to any one exchange.
    I also have the advantage of being in a city with a lot of BTC ATMs.
    They are expensive but instant cash and not being dependent on one source is worth it.

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    One wallet can generate unlimited amount of addresses and outsider has no way to know that those addresses are from one wallet (unless you give them xpub).

    So anyone can generate within one wallet those addresses and split and resend coins as many times as he wants. If I were in the USA I would do it 5-10x. It cost nothing (= around 1 cent per transaction if you are not in hurry).

    Does not hurt to send the coins to some no-KYC exchange as used to be Bitmex: (gambling money->your wallet(s)->no_KYC_exchange->your wallets -> coinbase).

    Just there has to be a rule: never reuse an address.
    We are all bloodsucking ticks, hungry, devious
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    Quote Originally Posted by Sherlock View Post
    Does not hurt to send the coins to some no-KYC exchange as used to be Bitmex: (gambling money->your wallet(s)->no_KYC_exchange->your wallets -> coinbase).
    The reasoning behind this is that exchanges "know" if BTC that you send them are coming from gambling. That's why you should not send gambling money directly to an exchange. You should have it make a detour. The question is how many such detours are necessary.

    Be careful when sending your BTC to a "no KYC exchange" as they probably start wondering soon when you don't trade there, but just use them to hide the real source of money. So, maybe sending the coins several times around within your own wallet is better. And I'd use different amounts that you send around.

    Wasabi Wallet could also be an option, but I think Sherlock mentioned before that it could make your BTC "dirtier" instead of "cleaner" because who uses such a mixer wallet? Certainly not someone as innocent as an angel...
    "Semper paratus!"
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    Good point. You have to trade = you have to gamble. Roll the money over a bit. It is a zero sum game nearly, so when done carefully, you should end up with a tiny loss in fraction of percents. I do not think those no-KYC exchanges care that much, because if they can avoid KYC, they can avoid AML as well. They also charge higher fees for payouts, up to 1% typically, so they will be happy to make some cash from you. With some luck you will not be accused of gambling but of drug dealing

    The weak point of this strategy is simply to stay focused. The no-KYC exchanges pay until they do not. The good thing is that their no-pay mode starts when they switch to KYC, which indeed for us is not a problem.

    Another thing is to know a bit the source of money and how the program is concealing it. The biggest US program for example I believe is mining coins for themselves and does not use processors and does not mix money of gamblers with affiliates, which is very good.

    Which brings up our future and future of money laundering: with dirty coins will be bought miners and every typical criminal like us will be mining clean coins.
    We are all bloodsucking ticks, hungry, devious
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    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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    MMM
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    just to add some perspective - i doubt this process is needed for majority of people here. It's relevant for big numbers. If you move around 4 digits per month and less, you are less on the radar.
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  23. #17
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    Quote Originally Posted by MMM View Post
    just to add some perspective - i doubt this process is needed for majority of people here. It's relevant for big numbers. If you move around 4 digits per month and less, you are less on the radar.
    no doubt about it

    with 4- figures that are being turned into fiat income that pays the bills maybe even the ledger is not needed; just electrum in normal computer and if you lose the coins, at least you paid low price for knowledge that your device is not safe
    We are all bloodsucking ticks, hungry, devious
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    ass-blood sucked by the first from the last is his own

  24. #18
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    Another thing directly from DOJ website (the upper part of picture).

    The No-KYC exchange can be also no-fiat-exchange. Just do something like BTC->ETH at obscure exchange 1 and ETH to fiat at Coinbase. You can add more hops in between. Just I advise NOT to use the anonymous coins like XMR, because it draws suspicion exactly as the BTC privacy wallets.

    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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    Thanks everyone for the answers! It is very helpful for me

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    Send me btc ill give you cash, 20 vig : )

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