Received Bitcoin but ongoing pending...

all4greed

Now we can do business.
Joined
Jul 18, 2004
Location
Pacific NW
I withdrew via BTC from Ignition casino Monday morning, paid me with 45 mintues or so. Received a notice from Coinbase that I had received BTC. However, it still shows as pending in Coinbase. This hasn't happened to me before. Is there a certain amount of pending time set for it to go back to the casino? Or what happens?
 

nelsnik

Experienced Member
MM
Joined
Mar 4, 2014
Location
Nederland
There's a heavy delay with btc transactions, probably because they set a low miners fee, i see several people waiting days to get there funds confirmed by the network.
 

reda

Senior Member
PABnonaccred
Joined
Feb 22, 2005
Location
HOUSTON
also has anyone looked up the info on btc and coinbase ? .. i have read on several diffrent websites that bitcoin and also cash app sends the IRS info on anyone that went over the 600.00 dollar limit. whether it be sending money or collecting money. the info goes to the IRS which then can cause a red flag to anyone that did not report any money and therefore auditing could occur. i also read its the end of december when the info is sent to the IRS. if anyone has any info on this i would love to know more. the last thing i want is IRS sending me a letter with questions.
 

cheetahwind

Senior Member
Joined
Aug 16, 2009
Location
Iowa
also has anyone looked up the info on btc and coinbase ? .. i have read on several diffrent websites that bitcoin and also cash app sends the IRS info on anyone that went over the 600.00 dollar limit. whether it be sending money or collecting money. the info goes to the IRS which then can cause a red flag to anyone that did not report any money and therefore auditing could occur. i also read its the end of december when the info is sent to the IRS. if anyone has any info on this i would love to know more. the last thing i want is IRS sending me a letter with questions.
That's been common practice for a few years now with Crypto sites regulated within the US. Any transactions over X amount has to be reported to them. The $600 your talking about is the new laws for people selling on sites like eBay then not reporting said sales funds.
Yet ever since Crypto exploded back in 2000, the IRS was quick to setup guidance for places like Coinbase and Crypto.com on when and how to report transactions for over X amount. That way folks were stashing money away in Crypto to hide it from our fun little gov't.
 

reda

Senior Member
PABnonaccred
Joined
Feb 22, 2005
Location
HOUSTON
That's been common practice for a few years now with Crypto sites regulated within the US. Any transactions over X amount has to be reported to them. The $600 your talking about is the new laws for people selling on sites like eBay then not reporting said sales funds.
Yet ever since Crypto exploded back in 2000, the IRS was quick to setup guidance for places like Coinbase and Crypto.com on when and how to report transactions for over X amount. That way folks were stashing money away in Crypto to hide it from our fun little gov't.
tks for reply and i know im new to all this . ive asked the accredited casino where i play about this situation if i were to get audited and questioned on the winning funds due to alerts thru my bank or wallets sending alerts to the IRS . i have no idea how to explain to the IRS how i obtained this money if im audited and questioned . i cant say i been gambling online . i definitly dont want to say anything about any gambling.. so how does one explain when questioned on winnings ? tks
 

cheetahwind

Senior Member
Joined
Aug 16, 2009
Location
Iowa
Well if your getting paid in crypto, unless if your getting a rather large sum. There are several creative ways to explain said funds. If you need some ideas, feel free to PM me. Yet I don't think this would something I would want to explain out the open.
 

Users who are viewing this thread

Top