Cash deposit to BTC | Bitcointalksearch.org

whatisthename

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Quote from: CaliforniaLawyer on March 24, 2013, 04:15:33 PM

Quote from: whatisthename on March 24, 2013, 10:37:35 AM

Regarding me filing those tax forms, I don't see why I'd have to report it, I guess I'll do it though, no biggie. If you care to share your opinion, what's the big deal about me filing that? That money was already taxed before I sent it ($20K, very large to me)

If I someday converted BitCoins back to USD for a "profit", then I could understand why I'd need to report that.

Those BitCoins may always stay as BitCoins from now on.

Now they are untraceable.

Thanks.

You need to speak with a tax professional for all of your answers. But those forms are mandatory and tell the govt that you own a foreign deposit account, it isn't for a tax (yet). The IRS just needs to keep track of all foreign accounts so it can easily seize them when the time comes. That is why bank to bank transactions are a risky idea for sending usd out of the country.

And it doesn't matter if the usd has turned into btc, the govt knows you control a $20k account and you have to account for it. When the govt issues a confiscation order or a tax order a la Cyprus, if you don't cough it up, the Japanese govt will seize it for them and turn it over like the Swiss did. Or the feds can use the IRS powers to seize domestic assets or garnish wages.

So the only way to get untraceable btc is to trade for cash without ID. Once the feds seize your mtgox account, they will have your btc address and can trace your btc if you've sent it out.

And finally, people who exchange cash for btc are not always engaged in illegal activity. But all of them are asserting their basic human right to privacy. It is lamentable they must use btc to do that, but that is the bed we have made and know we all get to lay in it.

Talk to a tax lawyer ASAP.

Thanks for the reply. Very generous of you. I will say though that I'm not really afraid of anything, even if there is a "Cyprus Redux" in Japan and they want to confiscate 10% of accounts there. I'm not afraid because those BitCoins are long gone out of that account and are in several different wallets scattered around BlockChain and my computer

CaliforniaLawyer

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Quote from: whatisthename on March 24, 2013, 10:37:35 AM

Regarding me filing those tax forms, I don't see why I'd have to report it, I guess I'll do it though, no biggie. If you care to share your opinion, what's the big deal about me filing that? That money was already taxed before I sent it ($20K, very large to me)

If I someday converted BitCoins back to USD for a "profit", then I could understand why I'd need to report that.

Those BitCoins may always stay as BitCoins from now on.

Now they are untraceable.

Thanks.

You need to speak with a tax professional for all of your answers. But those forms are mandatory and tell the govt that you own a foreign deposit account, it isn't for a tax (yet). The IRS just needs to keep track of all foreign accounts so it can easily seize them when the time comes. That is why bank to bank transactions are a risky idea for sending usd out of the country.

And it doesn't matter if the usd has turned into btc, the govt knows you control a $20k account and you have to account for it. When the govt issues a confiscation order or a tax order a la Cyprus, if you don't cough it up, the Japanese govt will seize it for them and turn it over like the Swiss did. Or the feds can use the IRS powers to seize domestic assets or garnish wages.

So the only way to get untraceable btc is to trade for cash without ID. Once the feds seize your mtgox account, they will have your btc address and can trace your btc if you've sent it out.

And finally, people who exchange cash for btc are not always engaged in illegal activity. But all of them are asserting their basic human right to privacy. It is lamentable they must use btc to do that, but that is the bed we have made and know we all get to lay in it.

Talk to a tax lawyer ASAP.

BTCBUDDY1

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Bitcoinbuddys.com

whatisthename

newbie

Activity: 56

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Quote from: ?? on ??

Quote from: whatisthename on March 23, 2013, 07:23:31 PM

Not to knock Crypto's Service (looks great), but why use them? It's a 5% fee. Really high. Isn't that why we are going to BitCoins, to get away from fees?

For example I used Mt.Gox. It was a 45$ International Wire from my Bank in Texas. My total amount in Mt.Gox when it arrived less than 24 hours later was $11 less than the wired amount (don't know what the $11 was for...but it was so fast and miniscule in comparison to the very large deposit I made to Mt.Gox that I chose not to care)

Then...when you buy Bitcoins on Mt.Gox it's like a .5% fee.

So...I'm not trying to be rude...or say I have all the facts...but why use Crypto?

A 5% fee is not that high when you consider the fact that we offer prepaid FedEx/USPS overnight labels for those who want to send cash and remain anonymous ... nor is it that high when you consider that most other bitcoin sales sites have similar fees built in. Why use us? Because we don't require ID, we don't have hidden fees, we make sure each and every client is happy with the experience and work to address any issues, we offer email support nearly 24/7, our process is simple (which means less possibility of problems - tech or otherwise), our clients can rest assured that we will provide support until the bitcoins hit their wallets, we aren't automated but we process orders as quickly as we can and since we process them manually it means there isn't the risk of a transaction getting "stuck" anywhere or us not noticing when there is a problem, etc. We go to great lengths to keep our clients happy and we consider each and every client a friend.

Totally understand if those things don't seem worth a 5% fee to you, but we've been selling for months and stand by our claim that a 5% fee is very fair.

Thank you for the reply, your service looks legit and great! For me, though, If I want to deal with $20,000, it's not worth it for me to hand over $1,000 of that to you, especially since I have no illegal intents.

Have a good day!

whatisthename

newbie

Activity: 56

Merit: 0

Quote from: CaliforniaLawyer on March 24, 2013, 10:16:32 AM

Quote from: whatisthename on March 23, 2013, 07:23:31 PM

...but why use Crypto?

To answer your query, use CryptoCurrent to take advantage of a major point of bitcoin: it is anonymous for all intents and purposes unless you do what you did. By doing a bank to bank transfer the US and Japanese govts have a record of your "very large deposit" and now you have to file at least 3 forms with the feds, form 8938, form TD F 90-22.1 and Schedule B.

With what is about to happen in Cyprus and now Spain, plus the concern all govts have disclosed about btc, telling the govt where you keep your money is risky.

Folks like CryptoCurrent allow you to pay 5% for a completely anonymous transaction.

Like I said from the beginning I don't have all the facts, so thanks to both of you for explaining Crypto more.

Regarding me filing those tax forms, I don't see why I'd have to report it, I guess I'll do it though, no biggie. If you care to share your opinion, what's the big deal about me filing that? That money was already taxed before I sent it ($20K, very large to me)

If I someday converted BitCoins back to USD for a "profit", then I could understand why I'd need to report that.

Those BitCoins may always stay as BitCoins from now on.

Now they are untraceable.

Thanks.

CaliforniaLawyer

newbie

Activity: 6

Merit: 0

Quote from: whatisthename on March 23, 2013, 07:23:31 PM

...but why use Crypto?

To answer your query, use CryptoCurrent to take advantage of a major point of bitcoin: it is anonymous for all intents and purposes unless you do what you did. By doing a bank to bank transfer the US and Japanese govts have a record of your "very large deposit" and now you have to file at least 3 forms with the feds, form 8938, form TD F 90-22.1 and Schedule B.

With what is about to happen in Cyprus and now Spain, plus the concern all govts have disclosed about btc, telling the govt where you keep your money is risky.

Folks like CryptoCurrent allow you to pay 5% for a completely anonymous transaction.

SilverVigilante

sr. member

Activity: 361

Merit: 250

Goldsilverbitcoin.com accepts cash deposit at navy fed in the us.

whatisthename

newbie

Activity: 56

Merit: 0

Not to knock Crypto's Service (looks great), but why use them? It's a 5% fee. Really high. Isn't that why we are going to BitCoins, to get away from fees?

For example I used Mt.Gox. It was a 45$ International Wire from my Bank in Texas. My total amount in Mt.Gox when it arrived less than 24 hours later was $11 less than the wired amount (don't know what the $11 was for...but it was so fast and miniscule in comparison to the very large deposit I made to Mt.Gox that I chose not to care)

Then...when you buy Bitcoins on Mt.Gox it's like a .5% fee.

So...I'm not trying to be rude...or say I have all the facts...but why use Crypto?

tommychong

newbie

Activity: 24

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i use cavirtex

CaliforniaLawyer

newbie

Activity: 6

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CryptoCurrent is my new choice in cash to BTC. Leaps and bounds better than bitinstant and even more private. From the time I clicked his "order" button to putting the paperwallet in the safe was less than 90mins. I look forward to many more transactions.

Edit: Want to make clear the 90 mins included traveling by car to the bank branch and standing in line on a Saturday.

catcow

member

Activity: 68

Merit: 10

yea they still do moneygram. $500 limit though, 3.99% fee..no thanks.

i've recently switched to using bitfloor. i'm really liking their websites interface and low/nonexistant fees.

EK11

newbie

Activity: 26

Merit: 0

Quote from: hyphymikey on March 11, 2013, 12:03:47 AM

BitInstant still does MoneyGram deposits, right? Essentially the same thing other than limits, and maybe fees.

not the same thing Roll Eyes

hyphymikey

hero member

Activity: 784

Merit: 1000

BitInstant still does MoneyGram deposits, right? Essentially the same thing other than limits, and maybe fees.

battmann

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I am a student of programming and design.

Quote from: EK11 on March 10, 2013, 09:52:32 PM

Quote from: ?? on ??

Appreciate the mention! Working on starting a thread right now!

do you run cryptocurrent? really like your site design, credibility is important have a few established members to vouch for you

I can vouch for him 100%. Best BTC guy I have ever done biz with; seriously. He quoted a customer 2 hours, delivered, and lost a bit of money on the transaction. Best customer service I have ever seen; its redick.

Just my 2 satoshi's

EK11

newbie

Activity: 26

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Quote from: ?? on ??

Appreciate the mention! Working on starting a thread right now!

do you run cryptocurrent? really like your site design, credibility is important have a few established members to vouch for you

asherp

newbie

Activity: 21

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Localbitcoins is also good for trading cash for bitcoins locally

EK11

newbie

Activity: 26

Merit: 0

Quote from: battmann on March 10, 2013, 08:18:41 PM

I currently use CryptoCurrent.com

thanks, that works

battmann

full member

Activity: 182

Merit: 100

I am a student of programming and design.

I currently use CryptoCurrent.com

EK11

newbie

Activity: 26

Merit: 0

bitinstant/mtgox no longer accept local bank cash deposit
trying to compile list of cash deposit brokers
1.bitfloor.com
2.CryptoCurrent.com

Topic: Cash deposit to BTC (Read 1073 times)