MS with Bitcoin
Jul 13, 2016, 12:20 am
#1
Original Poster
Join Date: Jun 2016
Posts: 14
MS with Bitcoin
Hey everyone,
I'm fairly new to MS, but got the general hang of it. I stumbled upon something interesting recently in relation to Bitcoin. There's a certain website I know (don't want to give away the name) where a new withdrawal option was put in place. Previously You can deposit up to $2500 daily with a credit card into an account on the website, but if I were to withdraw the funds either by check or wire transfer there would be a 3 percent fee of the total amount withdrawn.
Quite recently there was a new withdrawal option added in Bitcoin. The Bitcoin option takes no fees whatsoever and gives you the full amount of your withdrawal in bitcoin based on the current exchange rate. Now I'm guessing if all I did was make a ton of deposits and withdrawals without using their services they would prevent me from doing so. I'm thinking of giving it a go and doing a bit of research. I would assume I would have to create an id and password somewhere to get the Bitcoin deposited into an account. I guess the question I'm really asking is have any of you had experience with Bitcoin, and is it easy to convert it back to cash once you receive it. I don't think the credit card companies take payments in bitcoin. Thanks!
I'm fairly new to MS, but got the general hang of it. I stumbled upon something interesting recently in relation to Bitcoin. There's a certain website I know (don't want to give away the name) where a new withdrawal option was put in place. Previously You can deposit up to $2500 daily with a credit card into an account on the website, but if I were to withdraw the funds either by check or wire transfer there would be a 3 percent fee of the total amount withdrawn.
Quite recently there was a new withdrawal option added in Bitcoin. The Bitcoin option takes no fees whatsoever and gives you the full amount of your withdrawal in bitcoin based on the current exchange rate. Now I'm guessing if all I did was make a ton of deposits and withdrawals without using their services they would prevent me from doing so. I'm thinking of giving it a go and doing a bit of research. I would assume I would have to create an id and password somewhere to get the Bitcoin deposited into an account. I guess the question I'm really asking is have any of you had experience with Bitcoin, and is it easy to convert it back to cash once you receive it. I don't think the credit card companies take payments in bitcoin. Thanks!
Jul 13, 2016, 6:36 am
#3
Join Date: Jul 2014
Posts: 3,688
I know one who regretted doing this because he said it's PIA to turn bitcoins to cash and pay your CC. If he's reading this, he may give the details if he wants to.
I'm not saying it's impossible but this is only for those with huge float to pay their CCs so they don't get into CC debt.
I'm not saying it's impossible but this is only for those with huge float to pay their CCs so they don't get into CC debt.
Jul 14, 2016, 7:34 am
#6
Join Date: Dec 2014
Posts: 74
It's absolutely not difficult to turn your bitcoins into cash at all... established bitcoin wallets like coinbase.com or circle.com will ACH deposit bitcoins as cash into your bank account in 1 day with just a few clicks.
If you can get this to work without fees, then it's a pretty viable method. The only risk would be bitcoin volatility... if price drops, you lose. If price increases, you'd make a profit.
Not true MS as you're taking a risk on the bitcoin price volatility.
If you can get this to work without fees, then it's a pretty viable method. The only risk would be bitcoin volatility... if price drops, you lose. If price increases, you'd make a profit.
Not true MS as you're taking a risk on the bitcoin price volatility.
Jan 31, 2017, 12:25 am
#8
Join Date: Dec 2014
Posts: 156
Provided you have a standing relationship with BC wallet and would turnaround quickly enough to seriously minimize the price volatility, what other risks are inherent in the occasional sub $10k BC MS?
I'm not about to engage in this without researching it, more just hypothesizing, but curious to hear what people's objections are.
I'm not about to engage in this without researching it, more just hypothesizing, but curious to hear what people's objections are.
Jan 31, 2017, 9:24 pm
#9
Join Date: Jun 2015
Location: USA
Posts: 139
Provided you have a standing relationship with BC wallet and would turnaround quickly enough to seriously minimize the price volatility, what other risks are inherent in the occasional sub $10k BC MS?
I'm not about to engage in this without researching it, more just hypothesizing, but curious to hear what people's objections are.
I'm not about to engage in this without researching it, more just hypothesizing, but curious to hear what people's objections are.
May 26, 2017, 8:35 am
#13
Join Date: Jan 2013
Location: USA
Posts: 78
It's not worth it. Coinbase charges 4% fee for credit cards + 1.5% fee of buying/selling. Not to mention the spread for BTC is very wide right now due to the volatlity so you'll lose even more money on slippage. This is probably one of the worst way to MS, and not to mention you risk losing money doing it.
May 30, 2017, 12:01 pm
#14
Join Date: Jul 2014
Posts: 369
Also note, IRS has put out notice that all bitcoin transactions arer considered invetsments. All transactions get reported on schedule D. This sucks for americans, because even buying a can of soda with bitcoin is a reportable transaction. Its all legal and if your buying and selling at the same price, no tax ramification (bill) other than reporting.