Topic: Hide my money from my country - page 3. (Read 756 times)
Save the old money is suitable for a stable coin. But we need to know still them as time can die or be exposed to problems because of trivial. For Coinbase identity validation is useful to validate that you are actually a person and never will state know the files that are in Coinbase because all are anonymous. Better still you use USDT instead of the other.
Choose TETHER instead of anything else if you want some stable coins. Two to three years holding it, your money will gonna survived and so as the tether, too. That's the best choice you'll gonna have. Or you can consider some coins like Monero, xrp. Transactions are fast and fees are low but storing it for two-three years, you still have to watch and monitor the price for flactuations.
Instead of buying the stable coins without back up, you can go for the BTC or ETH. The volatility will not hurt you unless you have a hundred Bitcoins. It is a better choice than blindly following the advice of stable coin suggestions.
There are ways to buy bitcoin anonymously. If you can bear a 19% fluctuation just go with investing or buying and holding for long-term. Here you doesn't want to fear of any trust, and you need to concentrate on keeping it secure. Why I mentioned 19% fluctuation is, the taxes you supposed to pay. The fluctuation of bitcoin will happen in large scale, same will be the growth.
Why not use bitcoin and create your own wallet ? The only problem is the price volatility of bitcoin ans if the price will drop but if the price will increase its a win situation to you.
That's the key point OP is missing. Bitcoin is known for its wild swings in both directions. Who knows the speculated price of Bitcoin 50k or 100k may be achieved in the next 2 to 3 years. But for that one has to take risk.
Other risk-free investments in the crypto market are stable coins only as far as I know
i think its good if you choice on bitcoin, we dont know and cant speculate how great or how bad bitcoin in 2 until 3 years, but im sure if bitcoin still exist and sure if bitcoin price still good to be investment, im sure if still get profit in that time. and actually, you can buy or sell in the middle if bitcoin price more than your expectation.
Why not use bitcoin and create your own wallet ? The only problem is the price volatility of bitcoin ans if the price will drop but if the price will increase its a win situation to you.
Also i want to know if you are only looking for stable coin?
You have to read the whole sentences made by op before ending up with these questions.Also i want to know if you are only looking for stable coin?
@op If you have an income tax with that percentage do you think that your government will not enforce a law for taxing crypto profits? they might consider you taxable in the future if changes come by if ever you choose to keep your money with stable coins or any crypto of your choice.
pixie85
You are right, if I will withdraw the money to my bank in few years I still will pay the taxes but there is always an option I will withdraw
small amounts for cash and never put it in my bank. Thats the basic of what I planned to do.
Any as someone suggested here, my country is not relevant right now but if I will keep the money on other bank account in different country.
Do you think it wil be a better idea? or there is high possibility the different countries can share bank information and find out.
Keeping it at your own vault is what's on my mind too. As for the offshore bank accounts, I don't have an experience with it but it's likely that they can't share your information unless there's an order from international court or something like that. You are right, if I will withdraw the money to my bank in few years I still will pay the taxes but there is always an option I will withdraw
small amounts for cash and never put it in my bank. Thats the basic of what I planned to do.
Any as someone suggested here, my country is not relevant right now but if I will keep the money on other bank account in different country.
Do you think it wil be a better idea? or there is high possibility the different countries can share bank information and find out.
I think USDT wouldn't scam in the next 5 years or more. Though it has suspicious activities, but yet it has the highest trading volume, support from a large number of traders and much adoption than other stable coins. So, you may try USDT too if you can't process with the USDC.
Protecting one's money from legalized robbery perpetrated by states is certainly a laudable initiative.
For moralists, it is not a question of tax evasion, but of legitimate defense !!!!!!!!!!!!!!!!
For moralists, it is not a question of tax evasion, but of legitimate defense !!!!!!!!!!!!!!!!
As a good citizen, it is better to obey the law and obey taxes, but that depends on each decision.
Well, the right choice if you choose stable coins because you don't want to be associated with high volatility, it's better to choose stable coins that are really decentralized like DAI. But later you will also be in direct contact with the Bank when withdrawing funds, right? so can you really avoid this tax?
Well, the right choice if you choose stable coins because you don't want to be associated with high volatility, it's better to choose stable coins that are really decentralized like DAI. But later you will also be in direct contact with the Bank when withdrawing funds, right? so can you really avoid this tax?
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.
Does not the government charges tax in the receiving moment? Or you charge in other ways when trading? I did not get it because the government must have taken their own tax when the money was included in your debit card. 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.
Some of them may not be suitable for you, but from this list you can find the appropriate one: https://changelly.com/blog/best-stablecoins-2019-comparison/ 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.
Isn't this called tax evasion already?
It's not evasion until he really evades. If his taxes are due by the end of the year he will not evade anything by asking or saying that he wants to hide his income. He will evade if he doesn't pay taxes before the deadline. He said it in his OP that he will hide his earnings for two to three years and I don't know about you but taxes are to be paid by the end of each fiscal year. No matter how you want to circle it with words may it be hiding or avoiding it is still evading taxes you are literally falsifying your real earnings for the year just to avoid on paying your real tax obligation which is counted as tax evasion. Even if you are technically paying your taxes you aren't paying the real earnings you have for that year.
Hey, I sell some stuff online and I am looking for a way to keep my money for about 2-3 years.
Isn't this called tax evasion already?
It's not evasion until he really evades. If his taxes are due by the end of the year he will not evade anything by asking or saying that he wants to hide his income. He will evade if he doesn't pay taxes before the deadline. You are right, if I will withdraw the money to my bank in few years I still will pay the taxes but there is always an option I will withdraw
small amounts for cash and never put it in my bank. Thats the basic of what I planned to do.
small amounts for cash and never put it in my bank. Thats the basic of what I planned to do.
Most countries will only ask you to pay taxes on the profit. If you buy today and next year your coins are worth only $100 more then you probably won't owe any taxes because you'll be under the smallest taxable profit. If your coins are worth less it's the same you won't pay taxes. If you gain 10 thousand USD or something it would be fair to pay taxes and not have to worry about anything. Situation depends on how much money you're making each year.
You did make a valid point as regards bitcoin's value being unstable. Since you're interested in keeping your money safe from your country's government, I suggest you could get DAI while investing a portion of your funds into bitcoin(an amount you can feel comfortable investing, people's risk appetite differ), that way you can also profit from the potential appreciation in price of Bitcoin.
I think USDC would be better than DAI. He is wanting to hold it for 2-3 years, in these years, DAI even can get die, it has low liquidity and low support from the community. But yet DAI is better than USDT, and it's decentralized! bringing your money outside your country is easy to do, do it with BTC. you are like a walking bank already by having a wallet in your phone with you. buying BTC is basically no just investing to BTC but also hiding your money from your country. is your country about to go war?
let us know because value of money always decline when you there is an impending war. the least you can do is support the government instead. pay your tax.
You will also face issues when you're going to sell your items.
Majority of people usually use online payments with fiat to purchase any products.
As BTC is pretty straight forward for anyone to purchase, you can use that and prepare a bot to convert it periodically to stable coins using any exchange and then transferring it to your personal wallet.
Majority of people usually use online payments with fiat to purchase any products.
As BTC is pretty straight forward for anyone to purchase, you can use that and prepare a bot to convert it periodically to stable coins using any exchange and then transferring it to your personal wallet.
Of course, the tax rules vary from country to country. But I'm not sure how wise it is to invest in stable coin. Sooner or later some crypto-based stable coins may disappear one day. Most of them don't have any money. USDC is considered one of the most reliable, because Coinbase is said to hold USD as much as USDC in reserve. It should be noted, however, that the purpose of stable coins is not to store value! The aim is to provide convenience in crypto trade transactions.
The decision is entirely yours, BTC and ETH are one of the other reliable investment types. (DYOR!) However, it is useful to be careful when buying such investments. There is always a chance of losing value.
So its your choice. Make your own choices.
The decision is entirely yours, BTC and ETH are one of the other reliable investment types. (DYOR!) However, it is useful to be careful when buying such investments. There is always a chance of losing value.
So its your choice. Make your own choices.
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.
What makes you think the USDT has no money?I think they have already confirmed that their coin is tied to $ US.It seems to me a better way to save funds than in USDT you currently do not have. 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.
If you want to convert huge money in crypto for a long time like 2-3 years, that won't be easy for you actually. Exchanges are not safe to do it, Coinbase will ask the KYC for sure as it is about huge money. The only solution is a hardware wallet and USDC! In hardware wallet, you are free from KYC and you can create a USDC deposit address too. I would not recommend DAI, USDT!
You did make a valid point as regards bitcoin's value being unstable. Since you're interested in keeping your money safe from your country's government, I suggest you could get DAI while investing a portion of your funds into bitcoin(an amount you can feel comfortable investing, people's risk appetite differ), that way you can also profit from the potential appreciation in price of Bitcoin.
Isn't this called tax evasion already? And what you are trying to do is illegal? I know taxes are a burden but everbody has to pay it and just hiding it whether it is from Paypal funds or with Bitcoin you are just getting yourself in a lot of trouble with the law solely because you don't want to pay any kind of tax. You might be shocked with the tax rate you have but you might don't know the real tax obligation you have so maybe you must ask a friend first the one who knows taxes if the tax obligation you know is the one you really have to pay. By the way in most countries tax rates aren't fix and it depends on how much income you are earning so 20% might be the tax rate for a higher bracket which you don't belong in.
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