|
Title: Anyone use Bitpay to spend crypto? Post by: Bitman7976 on April 25, 2021, 11:53:26 AM What's your experience? I heard they only report to IRS if it's only transactions of $20,000 or more and more than 200 small transactions per year. Is this conjoined with one another? Like what if you only do over 200 small transactions, but never did a $20,000 transaction, would they still report?
Also, when you fund your bitpay card, can you fund it from your cold wallet like a ledger instead of leaving all your crypto in their wallet? Thanks. Title: Re: Anyone use Bitpay to spend crypto? Post by: o_e_l_e_o on April 25, 2021, 02:10:20 PM My understanding is that the $20,000 IRS limit is for merchants who accept bitcoin via BitPay.
For people spending with BitPay, they initially requested KYC once you hit a limit of $3,000. This was then reduced to $250, and now I understand they request KYC on everyone (https://www.reddit.com/r/Bitcoin/comments/kxhxv7/warning_bitpay_is_now_forcing_every_user_to_both/). They aren't requesting KYC from everyone just for fun. They are doing it because the government has told them to do it. Given that BitPay are anti-privacy and cooperate with blockchain analysis (https://debitpay.directory/anti-bitcoin/), your only safe option is to assume the IRS have full details of every transaction you make using BitPay. |