Topic: CASHING OUT YOUR CRYPTO-CURRENCY PROFITS (Read 1514 times)

Yes that's right it's good thing now that we do have some payment system such as the remittance center that we can use as an alternate way to cash out our profits from crypto. So, for me it's okay for as long as the remittance fee is lesser so it won't cost that much.

This is a good thing now that we are in innovative world , the impossible is becoming possible.

Good for you, but in some other countries where AMLA is too strict they needed to provide information about the money and it will be frozen if you won't be able to provide the sources of your funds. You have to provide good information to avoid this delays and make sure to have valid proofs to ensure that you can justified your money which not coming from illegal activities.

Here in my country banks do not ask where the money is coming from if you do not withdraw probably more than 10-20k dollars. For amounts smaller than that we don't have to tell anything about our source of money so it is not a problem for us. Cryptocurrency is not something illegal tho.

Here in my country banks do not ask where the money is coming from if you do not withdraw probably more than 10-20k dollars. For amounts smaller than that we don't have to tell anything about our source of money so it is not a problem for us. Cryptocurrency is not something illegal tho.

Bank is not care how much money you deposit in your account and they will glad if you received much money and deposit to your account, they don't care with your money from bitcoin because they only get benefit if you have and save much money in the bank they can use your benefit for loan your money to the other member, maybe you want to get chance with bank to ask you where is from deposit moeny in your bank.

With the passage of time of you are getting profit and are sure that now you are getting expert in trading then you have not to withdraw all of your profit and have to follow the strategy which you mentioned, like you have to continue to trade with even those money which you earn in trade. It will help to have the chance of getting high profit with your high investment. I also started the trade with a smaller amount and when I got the profit from there I continued to trade with all of them and increased my portfolio. Now I withdraw some amount and add the remaining profit to my portfolio.

Hi everybody, I have a serious question to address:

How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

EDIT 2: The reason why I was suggesting contacting the bank first, before making serious deposits (single large deposits or frequent small deposits), is because some banks just call the police (without contacting you first), when they notice strange transactions in your account.
When a bank calls the police on their customers, this automatically gives the police the permission to issue a "search warrant" on your living premises.
This means unwanted visits from the police, who have authority to scuffle through your possessions and seize all of your electronic communication equipment.
While doing this, they now have the opportunity to search your home for anything else that they think is wrong, or to issue trumped up charges against their victims.

The real reason why I want to contact my bank before I make any serious deposits from crypto profits, is to avoid the possibility of unwanted police visits or investigations. Police love to confiscate electronics (computers phones), which could prevent you from accessing any market while the electronics are in police custody.

EDIT 3: I am not scared of paying high taxes. I just want to cash out honestly, without being worried of the unpredictable and punitive behavior of the Authorities, who always criticize or attempt to make accusations "on suspicion" of wrongdoing.
I want to pay the correct tax, and get over and done with this issue. I do not want the Authorities chasing me around for unpaid taxes later in life.

Bank is not care how much money you deposit in your account and they will glad if you received much money and deposit to your account, they don't care with your money from bitcoin because they only get benefit if you have and save much money in the bank they can use your benefit for loan your money to the other member, maybe you want to get chance with bank to ask you where is from deposit moeny in your bank.

indeed there is no harm if I make a withdrawal of the profits obtained from trading but I have to be able to think far because I trade using money capital whereas if I do not increase trading capital then the results I get are very little so that I will not withdraw all of the profit but I will only withdraw 10% -20% of the profit and the rest I use for additional trading capital.

You can still do your daily task without using a bank. It is not that necessary for us to get into traditional banking system because we already have a lot of options in the internet, we can use cryptocurrency as a safe haven of our money and we can use other services to do payments online which is faster and way cheaper than bank fees. Banks will become useless in the next few years.

when I made a bank account book. I don't think there will be employees who ask where my money is coming from. they just ask what I do for a living. and in my country I have accepted and allowed bitcoin as a trading and investment community. so if for example there is a bank employee who asks about where my money comes from, of course I will answer from cryptocurrency. and
I will save the proceeds from the crypto profits in several bank accounts.