Bitcoin Faq
Facebook; Twitter; Reddit; Bitcoin is uncharted territory for many people due its complexity but cryptocurrency is rapidly becoming one of the premier tools for online gamblers, sports bettors and poker players alike. The reality is it’s actually fairly straightforward when you get down to it: Bitcoin is digital currency that.
August 3, 2017: Update on Bitcoin Cash
July 27, 2017: Update for customers with Bitcoin stored on Coinbase
Do I need to withdraw my BTC from Coinbase?
The UAHF will functionally create two different versions of Bitcoin. In contrast, the UASF will likely not create another version of Bitcoin. However, the UASF may initially cause instability on the Bitcoin network. To ensure the safety of customers' funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork. If:
(a) you wish to access your coins on the UAHF chain, or
(b) you want to ensure you can access your funds immediately while the UAHF/UASF forks are happening, you should withdraw your BTC from Coinbase to an external wallet address under your control by July 31.
Is there any risk to simply leaving my BTC in Coinbase during this event?
No, there is no risk to your existing funds. Leaving BTC in your Coinbase wallet will not change anything about your BTC. However, you should move your BTC off Coinbase if you would like access to coins on the new UAHF chain.
If I leave my BTC in Coinbase during the UAHF/UASF, will my BTC turn into the new version, or stay as the old version?
The UAHF is incompatible with the current Bitcoin protocol and will create a separate blockchain. Should the UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin. Any BTC within customers' accounts will remain accessible over the main blockchain only, and will not be converted into BTC on the UAHF chain.
Bitcoin is an innovative payment network and a new kind of money. Find all you need to know and get started with Bitcoin on bitcoin.org. Bitcoin.org is a community funded project, donations are appreciated and used to improve the website. Bitcoin: invented in 2009 by Satoshi Nakamoto, it is the largest Cryptocurrency by value. Ethereum: also known as Ether, it is the 2nd largest Cryptocurrency by value. It is a decentralized Blockchain featuring smart contract functionality. Venmo Frequently Asked Questions.
The UASF will not alter any customer funds which are stored in Coinbase.
Does this affect funds stored on GDAX as well?
Yes, this affects BTC stored on both Coinbase and GDAX.
What is the UAHF? What is the UASF? What is Segregated Witness?
There are two major upcoming proposals that will affect the Bitcoin protocol and network. These are known as the UAHF and UASF.
The current User Activated Hard Fork (UAHF), including BitcoinABC, is a proposal to alter the Bitcoin protocol by creating a new version of the Bitcoin software, which will operate on its own, separate blockchain.
In contrast, the User Activated Soft Fork (UASF), also known as BIP148, is a proposal to alter the Bitcoin protocol by merging new features into the Bitcoin software, but continue using the same existing blockchain. The proposed features for the upcoming UASF include Segregated Witness, a technology designed to increase the amount of transactions that can be made over the Bitcoin network, and increase the security of the network.
When will the UAHF happen? When will the UASF happen?
The UAHF is scheduled to activate on approximately August 1, 2017. The UASF is scheduled to activate at approximately the same time as the UAHF.
Will Coinbase eventually support withdrawals for the UAHF version of Bitcoin?
We do not plan to offer support for the UAHF chain at this time. You will not be able to withdraw the UAHF version of any Bitcoin from Coinbase. Although we have no plans to support additional blockchains at this time, we will continue to monitor UAHF developments.
Can you recommend which wallet software I should use if I want to withdraw my Bitcoin?
While we cannot recommend any particular third-party wallet, a helpful list of wallet options is available here: https://bitcoin.org/en/choose-your-wallet
Does Coinbase support the UAHF? What about the UASF?
We support the growth and scaling of the Bitcoin network. Although we have no plans to support additional blockchains at this time, we will continue to monitor UAHF/UASF developments.
Will Coinbase keep UAHF coins for itself?
No.
Coinbase does not intend to support or interact with the UAHF chain. If this were to change, Coinbase would make those coins available for customers to withdraw, not keep them.
General Questions
Can my committee purchase bitcoins as an investment?
Yes. In Advisory Opinion 2014-02, the Commission concluded that a committee can purchase bitcoins with funds from its campaign depository for investment purposes. The bitcoins do not need to be deposited in a campaign depository within 10 days of receipt. Bitcoins may be received into and held in a bitcoin wallet until the committee liquidates them.
How do I report bitcoins purchased as an investment?
When the committee sells any bitcoins purchased from funds transferred from a campaign depository, the committee must report any earnings or losses as an 'other receipt' (Line 14 for Form 3 filers; Line 21 for Form 3P filers; Line 17 for Form 3X filers). Losses should be reported as a negative entry.
Can I use bitcoins that the campaign buys as an investment to purchase goods or services?
No, committees cannot use bitcoins to purchase goods or services. The committee must sell the bitcoins and deposit the proceeds into the campaign depository before using the funds to make disbursements for goods and services.
Can my committee receive bitcoins as contributions?
Yes, a committee can receive bitcoins as contributions. The Act defines a “contribution” to include “any gift, subscription, loan, advance, or deposit of money or anything of value made by any person for the purpose of influencing any election for Federal office.” In Advisory Opinion 2014-02, the Commission concluded that bitcoins are 'money or anything of value' within the meaning of the Act.
Bitcoins may be received into and held in a bitcoin wallet until the committee liquidates them. Holding bitcoins in a bitcoin wallet does not relieve the committee of its obligations to return or refund a bitcoin contribution that is from a prohibited source, exceeds the contributor's contribution limit, or is otherwise not legal.
How do I determine the value of the bitcoins that I receive as a contribution?
A political committee that receives a contribution in bitcoins should value that contribution based on the market value of bitcoins at the time the contribution is received.
How do I report receiving contributions in bitcoins?
The initial receipt of bitcoins as contributions should be reported like in-kind contributions. The committee will disclose the receipt of the contribution and also report the bitcoins as a disbursement. These offsetting entries allow the committee's reported cash-on-hand to remain unchanged while holding the bitcoins outside of a campaign depository. It is recommended to include the number of bitcoins that the committee received and that the bitcoins were not liquidated. Please see Advisory Opinion 2014-02, Attachment 1 for an example of how to report receiving bitcoins as contributions.
Any usual and nominal fees that the processor charges should not be deducted from the reported value of the contribution. The committee should report the usual and nominal fees and commissions that it pays to an online processor as an operating expenditure.
How do I report liquidating bitcoins?
Reporting for liquidating bitcoins depends on whether the committee sells to a known purchaser or to an unknown purchaser.
Bitcoin Faq Deutsch
Selling to a known purchaser
Bitcoin Atm Faq
If the committee sells the bitcoins directly to a purchaser, and therefore knows the identity of the purchaser, the purchaser is considered to have made a contribution to the committee. The committee will report the purchaser's name, address, and employer/occupation information as well as the date of the purchase, the value of the bitcoins purchased, and the number of bitcoins purchased as a receipt on the committee's report. The committee will also report a memo entry disclosing the original contributor's information, date of contribution, original value of the bitcoins, and the number of bitcoins originally given to the committee. Please see Advisory Opinion 2014-02, Attachment 2(a) for an example of how to report selling bitcoins to a known purchaser.
Selling to an unknown purchaser
Bitcoin Farm 3
If the committee sells the bitcoins through an established market mechanism where the purchaser is not known, the purchaser is not considered to have made a contribution to the committee. The committee will report the market or exchange's name, and address information, as well as the date of the purchase and the value of the bitcoins purchased. The committee should also include a notation stating how many bitcoins were purchased and that the purchaser is unknown. The committee will also report a memo entry disclosing the original contributor's information, date of contribution, original value of the bitcoins, and the number of bitcoins originally given to the committee. Please see Advisory Opinion 2014-02, Attachment 2(b) for an example of how to report selling bitcoins to a unknown purchaser.