Topic: A few random questions (Read 310 times)

I just checked the price of bitcoin from binance (btc to eur) then compare it at the same time to the price of bitcoin from coin market cap. I did it to proov what Upgrade00 have said. The result is the gap seems not as high as WeThePe0ple have said. The Price of bitcoin in binance shows at 24,927



then if we compare it to the price of bitcoin in coin market cap shows at 24,924=

So, the gap is no more than 4 euro. Not as high as WeThePeople said that the difference was 800 euro. i think you forgot to change the button from btc-usd to btc-eur, so the the difference seems so high.

even if what you mean is bitcoin spread price, it is also not so high as you said. spread price occurs from different bid price and offer price on the market.

It was directly priced in euro, not in USD.

Bro are you observing the BTC/USDT pair on Binance or not, because two have differences, This is how? One "euro" has a value of "1.1 USDT" and if you are seeing "27,200 euros" price of BTC, then it becomes "29853.34 USDT" price of BTC as of today, Maybe that day it could be 28,000 USDT. This difference is not due to the fee instead it's a difference in the currency's value you have selected. (if i am not wrong). because there is a term known as "Arbitrage trading" and this is also not that because in AT i haven't seen such huge differences maybe i could miss one but it's not possible, it's could be the price difference of two different pairs, as one is Euro and other might be USDT.

The answer to your question is, No doubt, Binance is under severe scrutiny from law and regulations, but this will pass, and if you are afraid to pay tax which I think at some you have to pay, if you have no idea how much tax you have to pay then you should use some tax calculators, such as myitreturn or Forbes crypto tax calculator. And just to clear another confusion, Centralized exchanges do share their user's data with authorities because other than user data what do they have of value for Authorities? So, you should keep in mind that authorities do know who has how much crypto (like only those who have big amounts in centralized exchanges, not in decentralized or inactive cold or hold wallets).

And for the last of MiCA you should check this thread of Impact of MiCA on Bitcoin and other Decentralized Projects, this might be of great interest to you, try to read all replies for better ideas. Binance and any other centralized exchange is said not to be safe because we have one rule which says," own the key, own the assets"

The prices will always be different, depending on the platform or the currency you get them...
My point of concentration is whether the voucher will be handed over to the government to access and know how much possession an individual has... I think that might likely happen (though we've got alot of exceptions) but what's not gonna happen is having the government request for taxes and revenues from crypto system. AFAIK, the government aren't in control of the centralized exchange, there are  controlled and managed by a set of individuals,...so how fair is it for the government to place a charge on payment of taxes for people that HODL currencies that ain't even approved worldwide by the government themselves?? "You cannot place a rule if you ain't in control over a certain peripheral"

Sandra 🧑‍🦰

Binance has severally been under attack by the government and they have always been cooperative in terms of requirements from the authority, and I don't entirely blame them for that, because no businessman would want to go headlock with the government so as to keep enjoying a smoothe business environment contrary to the establishing of obnoxious policies aimed to cripple it.

On the other hand, the Market in Crypto Asset law (MiCA) is one subject that politicians in Europe feel they can use to infiltrate in details into the asset of crypto asset holders as a  way to ensure regulations through crypto asset service providers like binance and it's prospective is to kick off by 2024. I wonder what more privacy we may keep on benefitting should such policies takes place as confiscation of people's assets just by mere suspicion may be the order of the day just like it is with the banking system.

  Firstly you need to consider the fact that each country has its own specific laws and regulations, as well as the policies and practices of Binance itself. However, in general, Binance is likely to be required to comply with valid requests for user data from government agencies.

Many jurisdictions have laws in place that require financial institutions, including crypto exchanges, to comply with government requests for user data, particularly in cases where there are concerns about money laundering, terrorism financing, or other illegal activities.

The process by which governments access user data may be subject to legal protections and limitations. For example, in many countries, government agencies may need to obtain a warrant or court order before requesting user data from financial institutions. Also,  Binance may have its own policies and procedures in place to protect user data and ensure compliance with relevant laws and regulations.

Yes, because simply setting the withdrawal address to your personal address doesn't break the trail back to you. Most people withdraw to their personal wallets, so exchanges would just assume the same thing. There are privacy tools to further obfuscate the blockchain trail back to you but if your purpose is tax evasion… well...uh..

However, right now holding and transferring between personal wallets aren't taxed  . I also don't see it changing for most countries given how unenforceable it is. People could just use some methods to obfuscate their tracks. Yes, people of power could just investigate but things like that takes resources for each case... and rewards should outweigh the amount of work/money consumed.

Yes when you transfer that to a non custodial then you are safe and either of them dont have access cause they cant comfiscate or hold your asset that you have your own PK. Thats the thing about decentralized, they cant do such things. Also if you are clean from the exchange to a decentralized wallet then you got no problem.

- BTC is a threat towards the CBDC's they are launching. They will go to extremes to attack all competition.
- They want to make money from taxing BTC. My country has the highest income taxes in Europe and the government is always looking for ways to make money
- They can't stand the idea that people own assets that they don't know about

This confuses me. I make an account with Binance so I have a Binance user ID. Linked to my IP address and personal details, I assume. And when I purchase pieces of BTC, I buy them with a personal BTC address. Linked to my identity?

I transfer them to the ledger nano x and store it offline.
5 years later BTC has 20x'ed. The European Union is launching a witch hunt vs BTC owners. They want to see what we own and tax the shit out of us.
Obviously withdrawing BTC and being exposed to ridiculous taxation is not interesting. So I chose not to withdraw and travel abroad with my ledger device.

I choose to travel to El Salvador which is crypto friendly and has 0 taxes. I become a citizen, get a local bank account.
I wish to convert my 1 BTC to the local currency.

Are you telling me that because my BTC comes from a European address, I will be exposed to European taxation?

I thought that once I put my BTC on a ledger device, Binance is no longer my business and I can do what I want and where I want with the coin.

Can I even send my 1 BTC to a local outside of the EU? Or will any exchange/government always link the BTC to my name and expose me to taxes?

These things are critical

Nobody is going to confiscate anybody's wealth, and yes Binance exchange is a centralized exchange, this doesn't mean that the CEO is going to sell their customer's information to the government, if you are worried about this then stay away from any centralized exchange, start using decentralized exchanges, we now have Dex that are very good and secured, like

1. Integral.link
2. GMX.io
3. Gains.trade

Do Your Own Research.

So what makes you think the Government of your state will come after you for buying ordinary 1 Btc? Because do you know how many Btc people buy daily on Binance and yet nobody has gone after anyone, because one thing you just need to understand is that p2p transaction is one of the safest way to bypass government or banks ever noticing a user just bought Bitcoin, since the money will be transferred directly into the bank account of the BTC Binance seller, showing no trace of it relating to Bitcoin.
So if you still have your 27k euros, I will advise you go ahead buying your Bitcoin, while stop worrying about the price difference cause as a result of demand and supply on an exchange.

If you're able to get your coins out and transfer them to a non-custodial wallet like ledger, then yes.

But do remember that centralized and custodial exchanges like binance could block your funds when it sits on their system. For instance, it's possible they might freeze your account before you're able to make a withdrawal. What typically happens with cases like this is, they demand further information about you before you can withdraw e.g. do another ID and selfie with ID, submit proof of address, wealth declaration, etc.

You could try to split your buys into smaller pieces -> withdraw -> repeat. This reduces the risk with centralized exchanges as you won't be risking the total amount you're trying to buy.

There are more no-kyc p2p alternatives here: https://kycnot.me/?cash=on just don't expect them to be as liquid as centralized/custodial exchanges.


But binance knows the addresses where you withdrew your bitcoins and they could be able to piece that out starting with what information they have. Reputable exchanges like binance are also partnered with blockchain analysis companies: https://en.wikipedia.org/wiki/Blockchain_analysis.

But my plan is to buy them on the exchange and immediately transfer them to my ledger device. At this point I assume that neither the exchange nor the government has access to my crypto. They are on the blockchain and only I have the private keys. Am I right?

I expect Binance to be approached by governments and the IRS very soon. I will never keep my crypto on any exchange.

I will transfer the coins to my ledger and if I get approached, I will say that I lost it.

If 1 BTC is on my ledger device and I no longer have a Binance account, can I transfer 1 BTC to someone on a different continent without the government knowing that it is my BTC? I think of it as donating 1kg of gold to someone. It has value but nobody knows that I am the person who originally bought it.
I would transfer it with a decentralized exchange then. This is quite critical. If the 1 BTC always remains known as belonging to my identity, the EU will just make the transfer illegal by law.

Im talking about the government if they found malicious things that arent proper and straight, see what happened to some cases like the big mixer its even decentralized so I expect worse than centralized. Of course Exchanges have that privilege to get our money especially their T&C would likely stated there and this is one

Exchanges can confiscate your coins stored with them at any time and at their discretion. You sign up to this when you accept their Terms and conditions, which reserves them the right to lock and seize your funds for any reason they seem fitting for it at the time. They don't need evidence to do this.

Your coins are not decentralized when you pass it through a centralized channel.

There is a process of that. Plus government have their rights to ask that but in due process. Binance knew how to handle them and we all knew that politics doesnt play well with the likes of crypto but they dont have any rights to comfiscate our wealth since its decentralized unless they knew and have evidences that its been acquired through illegal processes.

They do have a responsive customer support system which mediates between trades, and arbitrators which can help settle any disputes resulting from it. Many zero privacy exchanges do have a very poor customer support system, so it's not a direct correlation.

This is what I do when trading on a new platform or when returning to one after a while of not using it. Risk very little amount to familiarize yourself with the process.

On having to convert back to fiat inorder to use your Bitcoin, that is true for most of the case. There are instances where purchases were made directly in Bitcoin for other assets, but these were peculiar situations.

If you're going to use a centralized exchange, you're going to need to wire in money to the exchange for your account to have a balance. That in itself can let the bank know that you have interacted with the said centralized exchange.

But yea, it may seem to be overreacting for you and for most people, but OP just seems to want to be totally sure that he got all his bases covered — which is totally fine.

Your bank didn't react too much if only a few.
And, this really confuses me, how your bank knows you just bought btc?, are your bank open pair with btc?.
So I don't really care too much about banks, because bank and btc is very much different, both can not put it together at the same time. This is be point your politicians make decisions, I don't know if another currency like USD has tax in your country, that possible bitcoin too, but if not and your politican demanding a tax on BTC, that possible bitcoin is asset like a gold or silver.