Hide my money from my country | Bitcointalksearch.org

Webetcoins

hero member

Activity: 2100

Merit: 546

Leading Crypto Sports Betting & Casino Platform

Quote from: leatutz on December 09, 2019, 08:32:35 AM

Quote from: bolepo on December 08, 2019, 12:34:13 PM

Hey, I sell some stuff online and I am looking for a way to keep my money for about 2-3 years. In my country we have to pay 19% from any income to taxes, so I was thinking fuck them. First I thought about PayPal, but I'm afraid they will freeze my account like they used to do randomly. then I thought about Bitcoin, but it's very unstable and I don't want to gamble on the money.

So I have read and found out about the stable coins, Im newbie but its looks like they might be the solution for me.
1. Tether is the most famous but doesn't have the proof of funds, so one day it can be a problem.
2. USDC coinbase is asking to validate the identity in order to use it, so I afraid my country will find out about that.
3. Paxos is also asking for a documents ID.

I am not sure that I understood everything correctly, so I will be thankful if you could help me to find the best option for me.
Thanks in advance.

edit:
https://bitcointalksearch.org/topic/m.53294999

This really hard to accept 19% from your income to taxes. But this isn't your income that you have to pay taxes. Tether is very good coin from 2014 but if you don't like than swap your money to TAX, TUSD, Dai or Binance USD coin. It is up to you which wallet you prefer software or hardware.

There are countries that have even higher percentage of tax than this. For instance, Denmark is one of those where people have to pay high taxes. However these are also the one with most facilities and peace. In my opinion, it would be best for him to go for bitcoin instead of stable coins. First, bitcoin will return him huge profits which no altcoin can and second it has far brighter future than any stable or unstable coin.

sana54210

legendary

Activity: 3318

Merit: 1128

I personally just exchange with people I know from the crypto community locally and that means I would never have to let the government in my finances at all. Think about it, if I get bitcoin somehow from someone using cash, than I also sell my bitcoins to someone using cash, that means there is no trace of what I have done anywhere in the world. Without any trace government could never know what I have done at all and that is how you can hide it.

For the past 2 years I gave up on that and now I use a local exchange and withdraw the money to my bank account but before that I always used the local ones personally. You have to decide how much you want to hide and how well, if you want super secret the first method I talked about is the best one you can use.

yulionoo

sr. member

Activity: 756

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

where do you live op why tax payments in your country are high. if you want to save money then a stable coin is a good choice. because keeping money on a stable coin is the same as storing fiat money at a fixed value. and I suggest to save on USDT coins I think USDT is a good coin and has liquidity. and in my opinion if you have more money you should try to use some of your money to buy bitcoin. Don't be afraid of bitcoin volatility. if we can exploit the volatility of bitcoin we can benefit.

aamirsuh

full member

Activity: 686

Merit: 101

Avoiding taxes is not the solution. I don't think Bitcoin should go back to local currency. Bitcoin needs to be used as a means of payment. Don't buy dollars or euros. not Conversion. Not necessary. With Bitcoin you can meet all your needs.

darkangel11

legendary

Activity: 2296

Merit: 1335

Don't let others control your BTC -> self custody

One important thing: don't advise him to evade taxes. In some countries this may be a criminal offense. You don't know who's reading this.

I'm not afraid to tell you my views, but this is what I'd do because I strongly oppose income tax. Some taxes are ok, but income tax is not as it punishes you for your work.
I would not disclose my bitcoins and I wouldn't pay them every year, but at the same time I'd think of a way to sell without breaking the law. What I mean by that is selling in a country where you don't have to pay 19%. I'd trade my coins in person for cash to make sure there's no paper trail.

How to trade? Sell stuff for cash and convert to cryptocurrency on DEX, or sell for cryptocurrency and then exchange crypto to cash in person or via DEX.
You can also try things like Revolut. I don't know what kind of money we're talking here. It's easy to hide 10k USD a year, but very hard to hide 100k.

To be clear, if I had over 100k a year to exchange to fiat, I wouldn't hide it from the government. I'd change the country to one that wouldn't take 20% but 0-10 and just pay my taxes because that few % is a small price for peace of mind.

leatutz

full member

Activity: 523

Merit: 100

Quote from: bolepo on December 08, 2019, 12:34:13 PM

Hey, I sell some stuff online and I am looking for a way to keep my money for about 2-3 years. In my country we have to pay 19% from any income to taxes, so I was thinking fuck them. First I thought about PayPal, but I'm afraid they will freeze my account like they used to do randomly. then I thought about Bitcoin, but it's very unstable and I don't want to gamble on the money.

So I have read and found out about the stable coins, Im newbie but its looks like they might be the solution for me.
1. Tether is the most famous but doesn't have the proof of funds, so one day it can be a problem.
2. USDC coinbase is asking to validate the identity in order to use it, so I afraid my country will find out about that.
3. Paxos is also asking for a documents ID.

I am not sure that I understood everything correctly, so I will be thankful if you could help me to find the best option for me.
Thanks in advance.

edit:
https://bitcointalksearch.org/topic/m.53294999

This really hard to accept 19% from your income to taxes. But this isn't your income that you have to pay taxes. Tether is very good coin from 2014 but if you don't like than swap your money to TAX, TUSD, Dai or Binance USD coin. It is up to you which wallet you prefer software or hardware.

Zeke_23

sr. member

Activity: 868

Merit: 333

Quote from: cryp24x on December 09, 2019, 07:23:13 AM

That was a huge percentage for a tax but I think you have to decide well, the risks are too high and you may loose your money. What if you study first the best way to manage your money, whether you invest your money in Cryptocurrency or put it on a legal business that is paying taxes. I remember that there are ways to minimize your taxes and I think that is the safest way and will
give you peace of mind about anything.

I think the tax percentage in their country is reasonable. In our country, the tax percentage will depend on your income (5%-35%).
If OP will invest in crypto, stablecoins will be his choice since if he invests in BTC, the value of his money may decrease anytime. But I think your idea of putting it to a legal business is fine since he can also increase his money, but he can't avoid paying tax (that's the consequence).

Zackgeno96

hero member

Activity: 1778

Merit: 520

Quote from: robelneo on December 09, 2019, 08:09:11 AM

Quote from: bolepo on December 08, 2019, 12:34:13 PM

Hey, I sell some stuff online and I am looking for a way to keep my money for about 2-3 years. In my country we have to pay 19% from any income to taxes, so I was thinking fuck them. First I thought about PayPal, but I'm afraid they will freeze my account like they used to do randomly. then I thought about Bitcoin, but it's very unstable and I don't want to gamble on the money.

So I have read and found out about the stable coins, Im newbie but its looks like they might be the solution for me.
1. Tether is the most famous but doesn't have the proof of funds, so one day it can be a problem.
2. USDC coinbase is asking to validate the identity in order to use it, so I afraid my country will find out about that.
3. Paxos is also asking for a documents ID.

I am not sure that I understood everything correctly, so I will be thankful if you could help me to find the best option for me.
Thanks in advance.

edit:
https://bitcointalksearch.org/topic/m.53294999

Risk and being unstable is part of any coins in the market, but it depends on the situation, and the time elements if you are following the future market potential of Bitcoin every predictions points to profit and another all time high, so by the time that youa re ready to withdraw your coin, you coins could be 50% of it's value.

This is the funny thing about the crypto market, if you don't time your exit well you can end up in deep trouble. Many people have lost their fortune in Crypto but also many of them gained a lot of money just by selling at the right time. What most people do is buy when the coin is everywhere in the news thinking that they could get rich by doing this. But what they should do is that wait for the market to take a dip and then invest in Bitcoin or other crypto.

robelneo

legendary

Activity: 3416

Merit: 1225

Quote from: bolepo on December 08, 2019, 12:34:13 PM

Hey, I sell some stuff online and I am looking for a way to keep my money for about 2-3 years. In my country we have to pay 19% from any income to taxes, so I was thinking fuck them. First I thought about PayPal, but I'm afraid they will freeze my account like they used to do randomly. then I thought about Bitcoin, but it's very unstable and I don't want to gamble on the money.

So I have read and found out about the stable coins, Im newbie but its looks like they might be the solution for me.
1. Tether is the most famous but doesn't have the proof of funds, so one day it can be a problem.
2. USDC coinbase is asking to validate the identity in order to use it, so I afraid my country will find out about that.
3. Paxos is also asking for a documents ID.

I am not sure that I understood everything correctly, so I will be thankful if you could help me to find the best option for me.
Thanks in advance.

edit:
https://bitcointalksearch.org/topic/m.53294999

Risk and being unstable is part of any coins in the market, but it depends on the situation, and the time elements if you are following the future market potential of Bitcoin every predictions points to profit and another all time high, so by the time that youa re ready to withdraw your coin, you coins could be 50% of it's value.

duuuuude

hero member

Activity: 938

Merit: 500

Darknet to help you! You can find similar services there but always be vigilant and accurate because scammers are watching on every corner. But as for cryptocurrency, the market does not know how it will behave in the future, so I would not buy cryptocurrency for long-term storage of money.

cryp24x

sr. member

Activity: 1190

Merit: 253

That was a huge percentage for a tax but I think you have to decide well, the risks are too high and you may loose your money. What if you study first the best way to manage your money, whether you invest your money in Cryptocurrency or put it on a legal business that is paying taxes. I remember that there are ways to minimize your taxes and I think that is the safest way and will
give you peace of mind about anything.

Xcode7

sr. member

Activity: 1148

Merit: 432

Quote from: efxtrader on December 09, 2019, 01:23:07 AM

Saving assets so that they are not tracked by the government using cryptocurrency in my opinion is quite effective, but the problem is that the price is volatile. Stable coins might be an option but in my opinion gold is a good investment besides crypto so that the government is difficult to track our assets

This is also what I do, I keep some assets in cryptocurrency, I am very aware that cryptocurrency has not been accepted by my country, plus our government does not investigate and only looks at the negative side of cryptocurrency. Though many positive sides can be taken from here. But what else can I do? We can only accept their policies and go through all this quietly

Kupid002

sr. member

Activity: 1036

Merit: 329

Quote from: efxtrader on December 09, 2019, 01:23:07 AM

Saving assets so that they are not tracked by the government using cryptocurrency in my opinion is quite effective, but the problem is that the price is volatile. Stable coins might be an option but in my opinion gold is a good investment besides crypto so that the government is difficult to track our assets

The question is how much big he want to hide gold is better idea but you know you still keep it at your home and every one can see it. Unlike crypto currency that no one know that xxx amount hiding in your wallet. Crypto currency will be the answer for him but what currency he want to use?

Wysi

sr. member

Activity: 1638

Merit: 261

That's really a sad state policies in your country I would suggest you to go for Tether as it will not be volatile but yes they don't have a proof of funds but still I don't think USDT will disappear all of a sudden or cheat users due to its reputation moreover if you want you can convert it into bitcoin or ETH if you wanna take risk as it would either give you more returns or you will lose if the value dumps.

jossiel

hero member

Activity: 3150

Merit: 636

DGbet.fun - Crypto Sportsbook

Quote from: mamahdedeh on December 08, 2019, 09:07:51 PM

Quote from: jossiel on December 08, 2019, 08:42:52 PM

He already said that he just can't. He can't the volatility of bitcoin, ethereum and other coins as well. He don't want to bet his money on bitcoin that's why he's looking for much stable coin that he can save his wealth with. It's the top choice that he can make but whether he'll follow the bitcoin advice, there's still some changes that might happen in the future.

What if the gov't becomes active in crypto, they won't ban it but regulate and get tax from profits there? so there are other things that op has to consider.

even though bitcoin or ethereum is a safe coin according to many people, high volatility is inevitable. therefore I don't think it is the ultimate solution to put all wealth in crypto. it would be better if all governments were to legalize, even though collecting taxes, would certainly be safer and get legal protection from the government

Volatility is bitcoin's character and it will never changed nor removed and that's why it's not his choice. He's not for the investment but he's just want to save the money and get back to it maybe years later.

OP is looking for a solution, I guess not that totally avoiding but probably might come up with something to lessen the dues that he has to pay.

TRONTON

sr. member

Activity: 868

Merit: 252

You avoid income tax and only pay transaction tax on online sales. You are not very wise as a good citizen

, but that doesn't matter because of a personal decision.

don't worry if you keep it in a stable coin, even though you have to enter your identity, news about things that tie assets is still limited to discourse, you can also buy through OTC as an additional option.

OasisDre

member

Activity: 532

Merit: 41

Decentralized stable coins is what you need like DAI, you won't be asked for any verifications or your personal Identity cards but its really bad to avoid taxes because it can get you jailed

Coltpython

member

Activity: 700

Merit: 11

I will advise you to just pay out your tax and try not to evade it. The consequences can be grim as you might be facing jail time depending on the laws of your country.

ajiz138

hero member

Activity: 1498

Merit: 785

Steady coins will be the best choice for saving your money to avoid taxes in your country. koun stable among them is USDT. But you do not save in the wallet exchange because you do not have full control, learn from the incident of burglary wallet exchange. So you have to buy a wallet hardware like Trezor or Ledger to store your assets very easily and will be safer, because you have full control over your wallet.

safari88

legendary

Activity: 1960

Merit: 1026

Quote from: efxtrader on December 09, 2019, 01:23:07 AM

Stable coins might be an option but in my opinion gold is a good investment besides crypto so that the government is difficult to track our assets

gold might be an option but the OP said that he want to easly withdraw/exchange his coins whenever he want to spend money
so stable coins is option so IMO the only thing left is to buy hardware wallet for him to store his coins

Topic: Hide my money from my country (Read 756 times)