Topic: CASHING OUT YOUR CRYPTO-CURRENCY PROFITS - page 6. (Read 1480 times)
In most cases i don't really think that depositing a moderate amount of money is going to be of any trouble, unless you are not being smart about how you deposit like you come in to the bank and drop a case of millions of dollars of course they will have many question and how you got the money, but if you like deposit 10k every couple of moths i don't believe that is an issue, and you should not tell them beforehand because that will lead to complications and you may end up paying high taxes, but to be honost this all comes down to the country that you live in and how the law handles these kind of cases.
The best way to cash out your cryptocurrency profits is using a Bitcoin ATM. You can get cash and some of them do not require to provide identification. However, I do not know why you would want to cash out Bitcoin. You should hold!!
Not all country has bitcoin ATM. Maybe the country that he is living in is strict when it comes to cryptocurrency earning. The best thing to do is to consult it with bank first if they accept earning from cryptocurrency to be deposited or transacted thru them.
unless if we do talk big amounts on here but if you are just cashing out some few amounts then its just okay to proceed yet it wont trigger up the alarm
specially if you are on a country which do have nearly negative views towards bitcoins and other crypto profits.
Its hard but you wont have any options and also you can do p2p but its somewhat risky.
The best way to cash out your cryptocurrency profits is using a Bitcoin ATM. You can get cash and some of them do not require to provide identification. However, I do not know why you would want to cash out Bitcoin. You should hold!!
Not all country has bitcoin ATM. Maybe the country that he is living in is strict when it comes to cryptocurrency earning. The best thing to do is to consult it with bank first if they accept earning from cryptocurrency to be deposited or transacted thru them.
U sell ur Cryptocurrency and buyer will send you cash, simple! If its your personal bank account and ammount is not huge then bank dont ask anything!!
The best way to cash out your cryptocurrency profits is using a Bitcoin ATM. You can get cash and some of them do not require to provide identification. However, I do not know why you would want to cash out Bitcoin. You should hold!!
Tried cashing out my bitcoin using bitcoin ATM, It's quite easy than I think. But I never use it again after that because bitcoin atm in our country were shut downed and it is very far from my residence. You should hold!!
Everyone of us has a reason why we need to cash out our bitcoin depending on the circumstances.
The Banks and government are like a Dog just give them bone... Lol 
If they ask give them some nice Information never mind If its not even Logical, regular bank stuff have no ideas about reality at all.
If they ask give them some nice Information never mind If its not even Logical, regular bank stuff have no ideas about reality at all.
The best way to cash out your cryptocurrency profits is using a Bitcoin ATM. You can get cash and some of them do not require to provide identification. However, I do not know why you would want to cash out Bitcoin. You should hold!!
I dout that bank will contact police, it will contact your tax institution.
I would recommend to ask the same institution how you should pay the income tax correctly and if you are afraid after that, then just divide in smaller amounts.
Watch this youtube video:I would recommend to ask the same institution how you should pay the income tax correctly and if you are afraid after that, then just divide in smaller amounts.
Freezing, Account Closed: Bank of England Targeting Electronic Money Owners - Bitcoin News
https://www.youtube.com/watch?v=PG4etVLuf0U&list=LLmBAtm4HQPSIxnnQWXK36Xg&index=5&t=114s
I dout that bank will contact police, it will contact your tax institution.
I would recommend to ask the same institution how you should pay the income tax correctly and if you are afraid after that, then just divide in smaller amounts.
I would recommend to ask the same institution how you should pay the income tax correctly and if you are afraid after that, then just divide in smaller amounts.
I have to send the money to a local exchange anyway, which requires verification and so far has never had any problem. I don't know how much the bank knows about my exchange account but I'm assuming they already know it involves crypto.
I don't have to do any "tell them first", I just send in the money via exchange and wait for it to reflect on my bank account.
When money gets deposited from your local exchange means it will be directly reported to your government since most exchanges were regulated by the respective governments so all you need to do is pay the right taxes.No need to let the banks to know before depositing any money in a regulated country. I don't have to do any "tell them first", I just send in the money via exchange and wait for it to reflect on my bank account.
If in the UK there are too many strict laws about crypto and its business, I think you should not provide any information about it at all. You can withdraw money from crypto-fiat liquidity exchanges and then use the money to buy gold or stocks. Don't deposit at the bank too much because suddenly you have a lot of money again, the police will come in and investigate what you are doing and have a lot of money. If they detect you trading crypto, I'm afraid you will be subject to very high taxes.
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 accuse somebody 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.
You just need avoid cashout a big amount. Make small deposits, pay bills from friends and take The money of them.
Have a lot of option to avoid of the state
Have a lot of option to avoid of the state
That is what you need to do to stay away from the alert from the exchange. As long as you withdraw in a small amount, I think they will not become suspicious, and they will not check your account. That will be a safe way to prevent something that can happen in the future. But you should not keep your money in the exchanges, especially for the big amount of money. Always withdraw your profit first and leave some amount to continue trading so you can make a profit more and more.
You just need avoid cashout a big amount. Make small deposits, pay bills from friends and take The money of them.
Have a lot of option to avoid of the state
Have a lot of option to avoid of the state
That is what you need to do to stay away from the alert from the exchange. As long as you withdraw in a small amount, I think they will not become suspicious, and they will not check your account. That will be a safe way to prevent something that can happen in the future. But you should not keep your money in the exchanges, especially for the big amount of money. Always withdraw your profit first and leave some amount to continue trading so you can make a profit more and more.
I have to send the money to a local exchange anyway, which requires verification and so far has never had any problem. I don't know how much the bank knows about my exchange account but I'm assuming they already know it involves crypto.
I don't have to do any "tell them first", I just send in the money via exchange and wait for it to reflect on my bank account.
I don't have to do any "tell them first", I just send in the money via exchange and wait for it to reflect on my bank account.
You just need avoid cashout a big amount. Make small deposits, pay bills from friends and take The money of them.
Have a lot of option to avoid of the state
Have a lot of option to avoid of the state
That is what you need to do to stay away from the alert from the exchange. As long as you withdraw in a small amount, I think they will not become suspicious, and they will not check your account. That will be a safe way to prevent something that can happen in the future. But you should not keep your money in the exchanges, especially for the big amount of money. Always withdraw your profit first and leave some amount to continue trading so you can make a profit more and more.
In bitcoin crash in The Last year, i cashed out my money buying a franchise and few terrains, All of this cashing out directly to the sellers Account
Until now im safe
I Live in Brazil. Is not safe let our money in The Banks, and not safe to let This in my house.
In 1994 All people Who had investment lost money, confiscated by governament. The situation now is nothing good, and This can get place again.
You just need avoid cashout a big amount. Make small deposits, pay bills from friends and take The money of them.
Have a lot of option to avoid of the state
Have a lot of option to avoid of the state
That is what you need to do to stay away from the alert from the exchange. As long as you withdraw in a small amount, I think they will not become suspicious, and they will not check your account. That will be a safe way to prevent something that can happen in the future. But you should not keep your money in the exchanges, especially for the big amount of money. Always withdraw your profit first and leave some amount to continue trading so you can make a profit more and more.
In bitcoin crash in The Last year, i cashed out my money buying a franchise and few terrains, All of this cashing out directly to the sellers Account
Until now im safe
You just need avoid cashout a big amount. Make small deposits, pay bills from friends and take The money of them.
Have a lot of option to avoid of the state
Have a lot of option to avoid of the state
That is what you need to do to stay away from the alert from the exchange. As long as you withdraw in a small amount, I think they will not become suspicious, and they will not check your account. That will be a safe way to prevent something that can happen in the future. But you should not keep your money in the exchanges, especially for the big amount of money. Always withdraw your profit first and leave some amount to continue trading so you can make a profit more and more.
In my country a lot of questions asked if the money are came from your work or business. If telling that money are from cryptocurrency they will instantly declined such request to deposit or cashout. This is to avoid money laundering issues. Before making such large of amount to deposits might as well provide necessary documents except on cryptocurrency to avoid investigation.
If in the UK there are too many strict laws about crypto and its business, I think you should not provide any information about it at all. You can withdraw money from crypto-fiat liquidity exchanges and then use the money to buy gold or stocks. Don't deposit at the bank too much because suddenly you have a lot of money again, the police will come in and investigate what you are doing and have a lot of money. If they detect you trading crypto, I'm afraid you will be subject to very high taxes.
I think it varies from country to country since other banks are skeptical when you report that your money comes from cryptocurrency. But it is better to give the banks a heads up before deposting any huge amount to your bank, because banks can freeze money that they think is suspicious and cryptofunds can be sometimes be suspicious in banks point of view. You should weigh the situation and existing policy or law in your country, before planning on depositing crypto money in your local bank, just to be safe.
Jump to: