The best way to not get tracked is P2P, if you ever came into some huge amount of btc, and I mean like 10000 bitcoins, that is still pretty valid on P2P but you have to take it slow, don't do it over night with just one person, do it with thousands of different people over course of many days, many months, even maybe few years, that way you will not get caught.
However know that what you are doing will be illegal, not reporting how much you have to your government will be a punishment, usually a ton of taxes and even tax evasion crime so you will have to pay almost all of that back, I would rather suggest you do it in a legit way. Plus, if you do P2P there is a risk of being scammed, when you do it via a proper exchange you know you will get what you are owed without getting scammed. That is why I would advice not to go with that route and pick the legit one.
Topic: Let's say you have a large amount of BTC and you - page 5. (Read 933 times)
Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?
It's not for me, it's to further my understanding of the space.
It's not for me, it's to further my understanding of the space.
I just thought about it, and I think selling through p2p can help you solve the problem to cash out your bitcoin or exchange it first in XRP or other altcoins before withdrawing. In our country we can do it, bitcoin exchange to xrp then withdraw. After that cash out on different remittance center because if you cash it out in bank , it also a problem.
Firstly it was a confusing concept.Because any person say no to the long earning assets.Surely I won't do that at any circumference.Since bitcoin became a legal one in many countries.It was dam sure will had a huge impact in future.It's better to hold all your bitcoin.If you really had some in your wallet for the future.
You have reason, since the adoption has taken place, little by little it has manifested in many countries, in fact El Salvador wants to adopt it so that they can make their own purchases and transfers, since El Salvador is a country that moves many remittance .It is much better to adopt bitcoin because it saves much more fee than sending money through payment processors such as Western Union, Paypal, among others.
When people in El Salvador know more about Bitcoin, their adoption will be something gigantic, because it will not only cause emotions but the demand will be much greater, therefore the supply will decrease, so I think that for now the best thing is have the BTC in HODL mode, that is the best I think if that is what you want to get OP as an answer.
Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?
It's quite easy to be honest. There are multiple ways of doing it.1- P2P Trading: You can find local traders and sell your coins for cash and there is no need for identity since BTC transactions are irreversible.
2- Buying Gold or such assets which you can later sell for cash.
3- Convert your BTC into paypal and other payment processors and then slowly cash them out to your bank.
There are tons of other ways but these are the ones I can think of right now. I am not advocating for illegal trades but cannot deny that they happen every day.
When we have a large amount of Bitcoin there will be many challenges that will test how much you can hold BTC up to now. Selling some Bitcoins will certainly be done to make a profit from exchanging Bitcoins for Fiat. Bitcoin is growing so that having a lot of bitcoins will make the person who holds it become a billionaire.
It is more useful to properly manage large amounts of Bitcoin for investment or for other projects.
To make transactions untraceable, you can use the chipmixer platform and use P2P so that transactions will be broken down and will not be traced to who the owner is, the most important thing is never to publish your address.
It is more useful to properly manage large amounts of Bitcoin for investment or for other projects.
To make transactions untraceable, you can use the chipmixer platform and use P2P so that transactions will be broken down and will not be traced to who the owner is, the most important thing is never to publish your address.
Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?
It's not for me, it's to further my understanding of the space.
maybe I will do p2p trading...It's not for me, it's to further my understanding of the space.
I will trade it slowly so that it is not detected by the other party because those who do it at once directly will definitely be easily detected. swapping it to monero will also make you untracked.
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Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?
It's not for me, it's to further my understanding of the space.
Binance can do that because Binance has P2P trading, which we can sell or buy bitcoin to other people. Or you can search for a local seller who can help you transfer the money to your bank account pretend that money comes from your other business. Or you can use mixers as other members mention and I think that can also help you. You can find many ways to sell your bitcoin and stay anonymous and it is not hard as a few years ago. It's not for me, it's to further my understanding of the space.
Using mixer will only cover the path of who you are but once you send your BTC to a centralized exchange then using a mixer is useless. The best way to get out is to make the transaction little by little so it won't trigger something. You know banks have a limit to someone who's not a business owners so be mindful of your transactions.
But maybe being honest to them will be a good idea as they will think about bitcoin and search for what bitcoin is. Maybe they will ask about many things related to bitcoin because bitcoin is a new thing.
If you want to be completely anonymous with your bitcoin transactions, you will need to avoid bank and direct peer to peer transaction online! There are many ways rich people hide their money with fiat, such ways too can be adapted to bitcoin transactions. Examples; setting up a trust or making contributions to a charity or picking up investment in cryptocurrency friendly countries!
Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?
It's not for me, it's to further my understanding of the space.
Binance can do that because Binance has P2P trading, which we can sell or buy bitcoin to other people. Or you can search for a local seller who can help you transfer the money to your bank account pretend that money comes from your other business. Or you can use mixers as other members mention and I think that can also help you. You can find many ways to sell your bitcoin and stay anonymous and it is not hard as a few years ago. It's not for me, it's to further my understanding of the space.
Using mixer will only cover the path of who you are but once you send your BTC to a centralized exchange then using a mixer is useless. The best way to get out is to make the transaction little by little so it won't trigger something. You know banks have a limit to someone who's not a business owners so be mindful of your transactions.
It's true that once AMLA got triggered it will create more problem as they'll going to start chasing those money and required you to send every single information about to that huge amount.
Much better to find someone locally and try to work out with them, it will continue to the process without any hassle.
The only thing is your personal security, if that's a huge amount then it also can triggered the interest of local criminals, you need to take more preventions as we are talking about money matters.
If I was already holding that amount in a custodial wallet, I would just try to cash it out by small pieces. I can see where the OP is going with this like where the devs would question the amount of cash to be converted from BTC.
I would not want to go another hassle to satisfy their requirements which would even take mostly around 5 business days.
I would not want to go another hassle to satisfy their requirements which would even take mostly around 5 business days.
Firstly it was a confusing concept.Because any person say no to the long earning assets.Surely I won't do that at any circumference.Since bitcoin became a legal one in many countries.It was dam sure will had a huge impact in future.It's better to hold all your bitcoin.If you really had some in your wallet for the future.
Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?
It's not for me, it's to further my understanding of the space.
Binance can do that because Binance has P2P trading, which we can sell or buy bitcoin to other people. Or you can search for a local seller who can help you transfer the money to your bank account pretend that money comes from your other business. Or you can use mixers as other members mention and I think that can also help you. You can find many ways to sell your bitcoin and stay anonymous and it is not hard as a few years ago. It's not for me, it's to further my understanding of the space.
Using mixer will only cover the path of who you are but once you send your BTC to a centralized exchange then using a mixer is useless. The best way to get out is to make the transaction little by little so it won't trigger something. You know banks have a limit to someone who's not a business owners so be mindful of your transactions.
That's not easy even with mixers. You just mix it with another bitcoin address but how will you go out to cash?
It's still the same. The trace will be the exit point where you would sell your bitcoin to another person and he would need all your details for that to happen.
Bank account number, WU, Moneygram, PayPal, or whatever you and the other person agreed to do it, it needs a name, a phone number, or something that will prove it is you.
These companies are bound by the law to avoid tax evasion and money laundering acts. I guess investing it in a different industry will be the answer.
Exactly what I was wondering, at some point you have to cash them and will have to reveal your identity. Maybe one can buy illegal things like drugs and other illegal items from the dark web but it is nearly impossible to get fiat for your bitcoins without at some point being exposed.It's still the same. The trace will be the exit point where you would sell your bitcoin to another person and he would need all your details for that to happen.
Bank account number, WU, Moneygram, PayPal, or whatever you and the other person agreed to do it, it needs a name, a phone number, or something that will prove it is you.
These companies are bound by the law to avoid tax evasion and money laundering acts. I guess investing it in a different industry will be the answer.
It must be a headache for people who store bitcoins to cash them if their country has banned bitcoins. It's not easy but there must be some kind of service providers who will accept some money and help you out. But again you are exposed to them and they can blackmail you later and demand money to keep your identity hidden.
I guess that he wanted to say diversify portfolio. I guess that there aren't many ways yet to buy stocks or properties with Bitcoin.
I guessed so. I wasn't quite correcting the OP, but rather the idea that exchanging other assets to Fiat is a form of investment or the pure form of all assets. Some people still consider fiat in the bank to be a form of investment.That's not easy even with mixers. You just mix it with another bitcoin address but how will you go out to cash?
It's still the same. The trace will be the exit point where you would sell your bitcoin to another person and he would need all your details for that to happen.
Op was probably talking about how to convert without it being linked to the original source of the Bitcoins. If mixed into different addresses and spent in bits, there would be no link to the original transaction. It's still the same. The trace will be the exit point where you would sell your bitcoin to another person and he would need all your details for that to happen.
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Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?
It's not for me, it's to further my understanding of the space.
Binance can do that because Binance has P2P trading, which we can sell or buy bitcoin to other people. Or you can search for a local seller who can help you transfer the money to your bank account pretend that money comes from your other business. Or you can use mixers as other members mention and I think that can also help you. You can find many ways to sell your bitcoin and stay anonymous and it is not hard as a few years ago. It's not for me, it's to further my understanding of the space.
Bank account number, WU, Moneygram, PayPal, or whatever you and the other person agreed to do it, it needs a name, a phone number, or something that will prove it is you.
These companies are bound by the law to avoid tax evasion and money laundering acts. I guess investing it in a different industry will be the answer.
True, because we still need banks and fiat money as legal means of payment. So however the transaction is hidden in the end it can be found. If your funds are too large you can be suspected. This matter will be the subject of investigation and can certainly involve the government.
Then about taxes. Some countries have different tax rules. Maybe a bag that is already legal crypto tax withdrawal is very good. But for those who forbid it is very strange to take crypto taxes.
That's not easy even with mixers. You just mix it with another bitcoin address but how will you go out to cash?
It's still the same. The trace will be the exit point where you would sell your bitcoin to another person and he would need all your details for that to happen.
Bank account number, WU, Moneygram, PayPal, or whatever you and the other person agreed to do it, it needs a name, a phone number, or something that will prove it is you.
These companies are bound by the law to avoid tax evasion and money laundering acts. I guess investing it in a different industry will be the answer.
It's still the same. The trace will be the exit point where you would sell your bitcoin to another person and he would need all your details for that to happen.
Bank account number, WU, Moneygram, PayPal, or whatever you and the other person agreed to do it, it needs a name, a phone number, or something that will prove it is you.
These companies are bound by the law to avoid tax evasion and money laundering acts. I guess investing it in a different industry will be the answer.
want to spend it / invest it / transform it in fiat
Converting to Fiat is not an investment, spend it feels more appropriate (even though Bitcoin is also a form of money)I guess that he wanted to say diversify portfolio. I guess that there aren't many ways yet to buy stocks or properties with Bitcoin.
but you do not want the BTC to be traced to exchanges or to you
I see three very obvious approaches: Bitcoin mixers, atomic swap through Monero, or p2p sales. I think that established mixers may be friendlier and safer though.
Maybe change to other coins, and then deposit in gambling site, and then play a little, withdraw into another exchange or maybe sell that altcoins to people. I think for common coins still accepted in a community, and in a country usually have their community which can make us to sell or buy coins p2p, and of course must use trusted middleman.
Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?
It's not for me, it's to further my understanding of the space.
Depend in which place you live because if there is a option in yours ? then you can at least use a Mixing site for hiding your coins.It's not for me, it's to further my understanding of the space.
also some you can convert in altcoin that requires no KYC because bitcoin nowadays requires kyc everytime you wanted to transfer in Fiat.
P2P trading, or just hire someone. Though the hiring part is gonna be in the pain to set up due to trust issues, it is one way to actually sell your coins, especially a large amount, without them knowing who you are. I hardly doubt that a large amount of BTC can be traded in one go, so multiple trades would probably be the best option you'd have. There are also mixers but I don't really know if you're able to actually mix a large amount in one go or if they can, but you can try multiple trades.
or using fake KYC? sorry but i don't give consent on this kind but OP is asking how to hide personality so that is one of the option i see..
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