buying large sums of crypto through bank of america

[H4ck]

if i bought 30k+ worth of bitcoin on coinbase monthly through bank of america with my bank account attached will that ever draw any type of suspicion to my business bank account?

[phaz0rz]

Probably not unless you were being audited or investigated for something else already. But there's definitely a chance of the bank closing your account.

Coinbase on the other hand will shut you down after the first month. They like to say you can buy "$25k a day with ACH" but see what happens to your account if you actually try to do that, lol.

I don't know what kind of shady sh!t you're planning but I wouldn't recommend relying solely on Coinbase for your BTC purchases.

[Sunspot144]

It's on the up and up. Wish I had taken my own advice last week before it jumped 18%

[Sunspot144]

Niiiiice. Easiest money there is!

[Sunspot144]

Haha, starting an underground fight club perhaps.

[ebaystealth1974]

Originally Posted by phaz0rz

I don't know what kind of shady sh!t you're planning

There's no damn telling!

[H4ck]

yeah I read some stuff about bank of america not liking it in terms of buying btc in general with the bank account.....I think If I create a very noticeable pattern.....I think they won't like it.......


I probably will continue with my current method it seemed to work just fine this entire time........

[H4ck]

Originally Posted by phaz0rz

Probably not unless you were being audited or investigated for something else already. But there's definitely a chance of the bank closing your account.

Coinbase on the other hand will shut you down after the first month. They like to say you can buy "$25k a day with ACH" but see what happens to your account if you actually try to do that, lol.

I don't know what kind of shady sh!t you're planning but I wouldn't recommend relying solely on Coinbase for your BTC purchases.

I am not involved in any type of shady stuff whatsoever........................................ .................................................. .................................................. .................................................. .................................................. ................................ ^_^

[H4ck]

i got my coinbase account up and running, does anyone get stopped by bank of america if they send 50-75k wiretransfers to coinbase?

I read awhile back this guy bought 600 and 1000 bucks worth of bitcoin back in 2017, and bank of america asked for MSB registration paperwork........

[phaz0rz]

Yeah you're going to face questions from both the bank and coinbase.

I think it's GDAX that accepts large wires though, not coinbase directly. Correct me if I'm wrong.

Anything over 10K is going to draw attention. You should probably just buy 2-3000 per day via ACH if you're really wanting to stock up - for the sake of your Coinbase account. The fee is only a few cents for each buy on ACH so you'd be saving money over wire transfers and the chances of your bank account and/or coinbase account being frozen are much smaller.

I buy about $5k per week, almost all with ACH coming from WF, and have been for about a year. No issues yet.

[newjerseymax]

any withdraw over 10k in a single day gets flagged reported to IRS (My wife works in banking). Doesn't mean they will do anything about it, its pretty common, however again, it does get reported.

[Ajlin]

Thats " if "
but you cant afford that so fuk off

[Sunspot144]

Ajlin = Saijin's evil twin brother?

[james_112233]

So hold on ... the price of bitcoin is just going up now ?

Should I put 3k on it and just leave it ?

I have never invested in crypto other than £20 that I converted to bitcoin in my revolut app lol.

[phaz0rz]

It's unstable as always, james.

I had to make a purchase yesterday. In the 6 hours I was waiting for the seller's wallet address the value of the BTC I was holding decreased by almost $200 so I had to buy more. So, it's entirely unpredictable.

[Sunspot144]

It could go anywhere right now imo, but in BTC's future timeline "NOW" is the time to pay attention to it as I don't think these insane price swings (upwards of 10-20k) will continue happening and the price will stabilize once gaining traction as an accepted form of payment.

Edit: If I were you and had 3k I did not care about it is worth the risk of losing it. Opportunities outweigh loss risk 100% when it doesn't cripple you.

[phaz0rz]

It will never be a mainstream form of payment IMO. People keep hoping but it's still not going to happen. Where's the bitcoin payment option in eBay managed payments?

BTC's missing all of the protection features that every other payment form has, except maybe cash which has been grandfathered into the 21st century economy.

[Sunspot144]

Originally Posted by phaz0rz

It will never be a mainstream form of payment IMO. People keep hoping but it's still not going to happen. Where's the bitcoin payment option in eBay managed payments?

BTC's missing all of the protection features that every other payment form has, except maybe cash which has been grandfathered into the 21st century economy.

Probably not for a long time, at least not as widely used as cash or cards. The volatility of the price right now won't be like this years down the road imo, BTC will stabilize as a payment option or fizzle out. This is the 2nd upwards trend though, and it's just like the first, no one knows wtf is going on.

[treyallover]

Originally Posted by H4ck

if i bought 30k+ worth of bitcoin on coinbase monthly through bank of america with my bank account attached will that ever draw any type of suspicion to my business bank account?

You want to use crypto friendly banks with easy wire transfer procedures. I wouldn't wire all 30k to one exchanger either.

TL;DR
Banks
-Ally
-Simple Bank

Exchanges
-Gemini
-Coinbase (iffy)

http://lmgtfy.com/?q=crypto+friendly+bank

[phaz0rz]

Wells Fargo hasn't caused me any issues buying about $3k per week from a personal account.

I'm curious why you recommend the (normally bad for us) millennial type/digital bank accounts for crypto though? Are they really better for crypto than bigger banks? Seems like a bank like Ally for example, which won't even allow a mismatched ACH deposit without closing your account, would be more attentive to account activity that could potentially indicate international money laundering.

[treyallover]

Originally Posted by phaz0rz

Wells Fargo hasn't caused me any issues buying about $3k per week from a personal account.

I'm curious why you recommend the (normally bad for us) millennial type/digital bank accounts for crypto though? Are they really better for crypto than bigger banks? Seems like a bank like Ally for example, which won't even allow a mismatched ACH deposit without closing your account, would be more attentive to account activity that could potentially indicate international money laundering.

I haven't had these issues with Ally and their wire procedures have been easy. I also like the fact that if Ally has a question about a purchase, they text me immediately, versus blocking it and making me call them. My 2 business Wells fargo accounts have blocked more online transactions than any other account I've had. I've never sent a wire from Wells, so I wouldn't know.

[darkdream]

CoinBase fees are very expensive yah! Better buy that level from a Crypt Exchange.. You will save a lot of many in fees.