CASHING OUT YOUR CRYPTO-CURRENCY PROFITS - page 3.

cotton ball

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Quote from: Tylev on September 19, 2019, 11:53:36 PM

Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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.

Interest Ask. I don’t think that the bank’s employees will be interested in the sources of your potential profit until you replenish your bank account with a huge amount. Indeed, it’s very difficult to prove that the profit you received as a result of doing cryptocurrency. Therefore, it will be better to make your profit in different banks and in small amounts.
In my country, the tax on profit from cryptocurrency has not yet been introduced, so I can deposit large amounts to the bank, explaining the source of profit from working with cryptocurrency.

Better cashing out your money now because price of bitcoin and altcoin still down, never take risk with investing right now when bitcoin or altcoin still down, you can buy after have possible bitcoin and altcoin back to higher price, Now you can cashing out your bitcoin and altcoin assets although waiting when bitcoin or altcoin back again to higher price for recovery how much lost your investment assets.

nasipadang

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I'm the same as you, I don't like to say I make money through cryptocurrency, because I don't like to attract attention. In the internet world we can make a lot of money, so me and some of my friends have never received reports or questions about where this money came from. Making money through adsense doing business online and investing online is common, but for a value of more than 100 million will definitely be subject to income tax.

iamsange

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Quote from: Ryker1 on October 23, 2019, 06:13:58 PM

Quote from: ongkok87 on October 21, 2019, 06:14:26 PM

Quote from: iamsange on October 21, 2019, 01:27:35 PM

I have experience when i want to withdraw big amount of money from Bank, teller really ask me where i get the money from. I only said that i sell handphone via online and it is money from my capital and profit and i want to use it to buy it again. I think some Banks really strict about where is money that their users come. Because some banks really strict especially if there are crypto involved in it.

Maybe it will be a little suspicious if they know that we get from cryptocurrency while some of my experiences at that time withdrew their money also thinking that cryptocurrency is quite dangerous if we invest or work in it. very funny with what they say

Well, if I'm in that situation, I will cash out my earnings in crypto regardless of the feedback of the banking staff or whatever they might say because it's my money and there is bank secrecy that they are not allowed to divulge any personal information in your account. As long as you have any reason for resources much better don't tell them where the money comes from because you have nothing you can do if your money in the bank will freeze by them and hold.

That is what i'm afraid to. Because when people want to withdraw money, Bank teller will chat with us and ask something like what is our job, where is the money come from. Although it is not in formal situation, we should be careful about it.

strunberg

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The decision to withdraw ones profit made cryptocurrency is entirely personal because every investor or holder has set goals for their tokens, hence the holder should know at what time period to hold and at what price to sell to make the desired profit. Once that set price goal is achieved, the profit withdrawal can be made.

withdrawl our profit from our trades was strategy to get back our initial capital when we strart trading. When we get some our initial capital, we will feel comfort and also psychology feel confidence.we must be dicipline with our plan, when we entry and exit from market.included time to withdraw our profits.

Ryker1

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Quote from: ongkok87 on October 21, 2019, 06:14:26 PM

Quote from: iamsange on October 21, 2019, 01:27:35 PM

I have experience when i want to withdraw big amount of money from Bank, teller really ask me where i get the money from. I only said that i sell handphone via online and it is money from my capital and profit and i want to use it to buy it again. I think some Banks really strict about where is money that their users come. Because some banks really strict especially if there are crypto involved in it.

Maybe it will be a little suspicious if they know that we get from cryptocurrency while some of my experiences at that time withdrew their money also thinking that cryptocurrency is quite dangerous if we invest or work in it. very funny with what they say

Well, if I'm in that situation, I will cash out my earnings in crypto regardless of the feedback of the banking staff or whatever they might say because it's my money and there is bank secrecy that they are not allowed to divulge any personal information in your account. As long as you have any reason for resources much better don't tell them where the money comes from because you have nothing you can do if your money in the bank will freeze by them and hold.

Tungsten-1

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Quote from: cotton ball on October 19, 2019, 11:28:14 AM

Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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.

When you make deposit with higher amount to your bank account they will called police and I think extreme way when you make cash out your money to bank, too risk if you make big amount for cash out but if you can cash out with little amount every day to keep your bank account safety without called police men with your activity in your bank, you can cash out in daily day with small amout.

This is done for the safety of people and banks as well. If someone who has history of depositing few thousands into his or her bank accounts and all of sudden comes up with millions, of course everyone is going to doubt it and bank is going to call police for further investigation. They are bound to do so for the betterment of whole nation.

Cnut237

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Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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.

I would recommend to get an accountant who is able to handle crypto. There are some about. Or if you've not done many trades then you might be able to work out your tax yourself. This comes under capital gains in the UK. There is a minimum allowance of £12k for the 19-20 year ( https://www.gov.uk/capital-gains-tax/rates ), so you'd only be taxed on gains above this threshold. The rate I believe is 10% or 20% depending on your tax band. Again though, get an expert to look into it if you can't yourself. If you have conducted a huge number of trades, it might be difficult to work out what you owe, but I would imagine that HMRC are happy with a best-endeavours approach, given that crypto tax is a bit of a grey area. I have paid some CGT on crypto gains myself.

asus09

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Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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.

Cash out profit is very important for every trader, how much profit you get every day never to cash out if you still have chance because if try to re investing your profit and get more you lost your opportunity to get back your profit again, now still have chance when you get profit from investing or trading cash out your profit and use half for starting trade or invest.

Kambal2000

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Quote from: bitzizzix on October 21, 2019, 09:53:49 PM

Quote from: iamsange on October 21, 2019, 09:27:43 PM

Quote from: ongkok87 on October 21, 2019, 06:14:26 PM

Quote from: iamsange on October 21, 2019, 01:27:35 PM

I have experience when i want to withdraw big amount of money from Bank, teller really ask me where i get the money from. I only said that i sell handphone via online and it is money from my capital and profit and i want to use it to buy it again. I think some Banks really strict about where is money that their users come. Because some banks really strict especially if there are crypto involved in it.

Maybe it will be a little suspicious if they know that we get from cryptocurrency while some of my experiences at that time withdrew their money also thinking that cryptocurrency is quite dangerous if we invest or work in it. very funny with what they say

I only think they just not educated yet. A lot of people in here i believe not know about cryptocurrency yet. And some of them will think what best that they can do is real work. If they can know about bitcoin and cryptocurrency itself, they wouldn't resist it.

The lack of more accurate knowledge and information is not a lack of education, if he is not educated he will not work in a bank because the average worker in his education bank is above average.
if that is the case, you should explain it well so that the person knows and understands what cryptocurrency is so that the person is interested in knowing more clearly and eventually joining cryptocurrency. Grin

Yes, it is not because of the education, I know a lot of people who didn't even enter into College, but they are successful one, it is all about how determined you are in changing your life, education maybe an asset but does not guarantee that you will become successful on it. It is sill up to the person how they want to become rich.

bitzizzix

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Quote from: iamsange on October 21, 2019, 09:27:43 PM

Quote from: ongkok87 on October 21, 2019, 06:14:26 PM

Quote from: iamsange on October 21, 2019, 01:27:35 PM

I have experience when i want to withdraw big amount of money from Bank, teller really ask me where i get the money from. I only said that i sell handphone via online and it is money from my capital and profit and i want to use it to buy it again. I think some Banks really strict about where is money that their users come. Because some banks really strict especially if there are crypto involved in it.

Maybe it will be a little suspicious if they know that we get from cryptocurrency while some of my experiences at that time withdrew their money also thinking that cryptocurrency is quite dangerous if we invest or work in it. very funny with what they say

I only think they just not educated yet. A lot of people in here i believe not know about cryptocurrency yet. And some of them will think what best that they can do is real work. If they can know about bitcoin and cryptocurrency itself, they wouldn't resist it.

The lack of more accurate knowledge and information is not a lack of education, if he is not educated he will not work in a bank because the average worker in his education bank is above average.
if that is the case, you should explain it well so that the person knows and understands what cryptocurrency is so that the person is interested in knowing more clearly and eventually joining cryptocurrency. Grin

iamsange

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Quote from: ongkok87 on October 21, 2019, 06:14:26 PM

Quote from: iamsange on October 21, 2019, 01:27:35 PM

I have experience when i want to withdraw big amount of money from Bank, teller really ask me where i get the money from. I only said that i sell handphone via online and it is money from my capital and profit and i want to use it to buy it again. I think some Banks really strict about where is money that their users come. Because some banks really strict especially if there are crypto involved in it.

Maybe it will be a little suspicious if they know that we get from cryptocurrency while some of my experiences at that time withdrew their money also thinking that cryptocurrency is quite dangerous if we invest or work in it. very funny with what they say

I only think they just not educated yet. A lot of people in here i believe not know about cryptocurrency yet. And some of them will think what best that they can do is real work. If they can know about bitcoin and cryptocurrency itself, they wouldn't resist it.

ongkok87

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Quote from: iamsange on October 21, 2019, 01:27:35 PM

I have experience when i want to withdraw big amount of money from Bank, teller really ask me where i get the money from. I only said that i sell handphone via online and it is money from my capital and profit and i want to use it to buy it again. I think some Banks really strict about where is money that their users come. Because some banks really strict especially if there are crypto involved in it.

Maybe it will be a little suspicious if they know that we get from cryptocurrency while some of my experiences at that time withdrew their money also thinking that cryptocurrency is quite dangerous if we invest or work in it. very funny with what they say

iamsange

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Activity: 903

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I have experience when i want to withdraw big amount of money from Bank, teller really ask me where i get the money from. I only said that i sell handphone via online and it is money from my capital and profit and i want to use it to buy it again. I think some Banks really strict about where is money that their users come. Because some banks really strict especially if there are crypto involved in it.

cotton ball

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Quote from: GREEDYJOHN on September 19, 2019, 08:00:36 PM

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.

When you make deposit with higher amount to your bank account they will called police and I think extreme way when you make cash out your money to bank, too risk if you make big amount for cash out but if you can cash out with little amount every day to keep your bank account safety without called police men with your activity in your bank, you can cash out in daily day with small amout.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: GreenStox on October 13, 2019, 04:43:12 AM

indeed after getting profits from trading results I usually make a withdrawal of profit and make cash but not all of it because if I make a withdrawal of all the assets it will only make me unable to trade and can not get any more profit.

This topic is not that. OP needs a methods to cash out his profits once he has made bigger stores in bitcoin. It is risky to go through exchanges with big volumes since they may block your account and force you to undergo KYC keeping your money in lockdown unless you give them your information. While this is mainly meant to prevent criminal money laundering, many so called "innocent" people attempt to evade taxation of their businesses by using crypto and attempt to sell it in bulk.

I think the OP has got enough answers and he should lock this topic.

ice098

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Quote from: ecnalubma on October 13, 2019, 03:56:06 AM

If the money is clean there is nothing to worry about if you've got nothing to hide, banks have protocol and they abide with the law they have right know where your funds coming from but you can only be questioned if your account has been flagged. If a certain bank refuses to accept money from crypto exchange then find another crypto friendly bank or if you have problem with huge amount split your deposits from different banks.

Correct I agree with you, you can cash out it anytime you want if you know that the money you are holding is clean and came from a decent job theres no need to worry about , you may cashout bitcoin now in different ways , you may do it in banks also there are banks that already accepts money from bitcoin transactions.

DabsPoorVersion

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Quote from: Polar91 on October 13, 2019, 04:16:48 AM

Quote from: ecnalubma on October 13, 2019, 03:56:06 AM

If the money is clean there is nothing to worry about if you've got nothing to hide, banks have protocol and they abide with the law they have right know where your funds coming from but you can only be questioned if your account has been flagged. If a certain bank refuses to accept money from crypto exchange then find another crypto friendly bank or if you have problem with huge amount split your deposits from different banks.

Even though it's clean if the amount is questionable, you'll be asked anyway. However it could be avoided if you didn't cashed it out at a single moment. As long as you don't need to cash out huge amount money in crypto immediately, it's better to schedule it in different days and weeks.

Suspicious money can't easily be cashed out in banks, unless you have a decent job and business.
Having a huge amount of money to transfer in your bank account without having any job/business will be a big problem, providing evidences on where you earned that money will be necessary. Saying such thing as its your profit from cryptocurrency is not enough evidence and they might question you deeper for that.

Edraket31

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Quote from: ecnalubma on October 13, 2019, 03:56:06 AM

If the money is clean there is nothing to worry about if you've got nothing to hide, banks have protocol and they abide with the law they have right know where your funds coming from but you can only be questioned if your account has been flagged. If a certain bank refuses to accept money from crypto exchange then find another crypto friendly bank or if you have problem with huge amount split your deposits from different banks.

Exactly! We should not be worry if we got it from the fruits of our hardship, just explain clearly if you have been questioned in the bank, I've questioned by bank and remittance once, but, when I already have record and explain everything they didn't question me anymore, so nothing to worry about it, they are now aware of crypto and they know that we earning online through it.

GreenStox

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indeed after getting profits from trading results I usually make a withdrawal of profit and make cash but not all of it because if I make a withdrawal of all the assets it will only make me unable to trade and can not get any more profit.

Polar91

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Quote from: ecnalubma on October 13, 2019, 03:56:06 AM

If the money is clean there is nothing to worry about if you've got nothing to hide, banks have protocol and they abide with the law they have right know where your funds coming from but you can only be questioned if your account has been flagged. If a certain bank refuses to accept money from crypto exchange then find another crypto friendly bank or if you have problem with huge amount split your deposits from different banks.

Even though it's clean if the amount is questionable, you'll be asked anyway. However it could be avoided if you didn't cashed it out at a single moment. As long as you don't need to cash out huge amount money in crypto immediately, it's better to schedule it in different days and weeks.

Topic: CASHING OUT YOUR CRYPTO-CURRENCY PROFITS - page 3. (Read 1536 times)