Topic: Other way to transfer or withdraw your BTC (Read 301 times)
Hold it or use this site (when get trust you can exchange it easy and gain a lot with this exchange )
I think the regulation is simply missing right now. What happens if you sell, I don't know, $1M worth of bitcoins? Even if you obtained it legally, currently I think there is no way authorities do not get suspicious, especially if you do not have another source of income.
i always withdraw a little by little and split bank account into 3, never get any problem with tax or anything maybe because bitcoin still not have binding regulation in my country
Here in the Philippines we can transfer our BTC to some website call rebit and coins and there we can convert it to our local money to withdraw and have that easy-peasy right
If you have a big amount of BTC, is there a way to transfer or withdraw the amount without getting the bank or the authority suspicious of you?
At present there is no other way than getting into the bank but if bitcoin is legal in your country there is no need to worry just you have to pay the taxes for the money you converting.But I hope in future there is no need to do these things we can just use bitcoins as direct payments like fiat currency.
You a have a big chunk out there ha.
In transfering your btc, i think you should be skeptical in withdrawing them little by little if you really want to cash it all. Some exchange have regulations or a limit in your withdraws, just read first the terms and conditions of your current wallet ojust to be sure before transfering it.
In transfering your btc, i think you should be skeptical in withdrawing them little by little if you really want to cash it all. Some exchange have regulations or a limit in your withdraws, just read first the terms and conditions of your current wallet ojust to be sure before transfering it.
as long as you keep each transaction relatively low under 5000 dollars you should have no problem.If you have so many bitcoin/money it not so hard to set up a bank account that not in your name or in a foreign country that has very little taxes
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If you have a big amount of BTC, is there a way to transfer or withdraw the amount without getting the bank or the authority suspicious of you?
It depends what is you definition of a large amount and what country are you in. The sad thing is bitcoin growing up and that means lots of goverments want their cut in taxes. They might say bitcoin is a fraud and used for bad things but that dont stop the tax man when it is harvest time lol.
You mean exchanging Bitcoin for fiat without the authorities noticing it?
I think the only way to do that would be meeting in person to make the exchange.
Online exchanges are not save for these things, because they keep records of all your trades and require or can easy identify you as a person.
I think the only way to do that would be meeting in person to make the exchange.
Online exchanges are not save for these things, because they keep records of all your trades and require or can easy identify you as a person.
If you have a big amount of BTC, is there a way to transfer or withdraw the amount without getting the bank or the authority suspicious of you?
There are many ways to withdraw this amount without any problem but if you can provide any information about your country then any one can give you better reply about this you can use Western Union Localbitcoins and by face to face these all are good and easiest way to cashout your big amount
The banks are not the ones who are getting suspicious of you but it is the governments who are being alerted with that kind of big amount. For instance my wallet has the option to directly by my Bitcoins in exchange to Fiat Currency via Bank Deposit which only has a daily limit of 10,000$ per day because they are required to send a report anything above 10,000$ that you are converting. Sometimes you need to check your laws as it varies from country to country what may apply to me may not apply to you.
I do not think that there is any way you can withdraw that much amount in a single week or time. Try investing that money somewhere or just split that amount into smaller pieces and withdraw them in every week so the authorities will not be suspicious about your activities. And anyway it is not actually any illegal thing to be worried of it's just banks and government do not want actually hate Bitcoin and they want to avoid it at any circumstances.
If you have a big amount of BTC, is there a way to transfer or withdraw the amount without getting the bank or the authority suspicious of you?
Yes, there are ways to exchange your bitcoins to your local currency without raising any alarm. However, if you want to cashout all your bitcoin at once, alarms will be raised by the bank itself. Banks are very strict with the AML (Anti money laundering) norms and any unrelated transactions are reported to the enforcement agencies.
So the best thing you can do is transfer small amount. Use localbitcoins website to exchange your bitcoins to your bank account. Instead of exchanging the whole amount at once, use small fractions on weekly basis or monthly basis. A huge amount of money will draw immediate attention. But small transfers will go unnoticed. Play smart!
There are a lot of regulations on almost all the countries around the world, i would not suggest you to try to withdraw more than 1 thousand dollars because you are going to have a lot of troubles, because they might think that you are just laundering money in there.
Just go to localbitcoins and find a good buyers, and sell him your bitcoins for fiat money, that is the best way to sell them if you want to stay away from all that bank system. That is what i do, and i have never had any problems with this kind of transactions.
Just go to localbitcoins and find a good buyers, and sell him your bitcoins for fiat money, that is the best way to sell them if you want to stay away from all that bank system. That is what i do, and i have never had any problems with this kind of transactions.
It's not a suspicious action at all to sell BTC.
You just need to declare the fact that you sold them so that you can pay the appropriate taxes in your jurisdiction. That way you shouldn't get any trouble for doing so (in theory).
You also need to comply with your jurisdiction's KYC regulations and use an appropriate exchange.
With larger amounts, you may have to fill out information about potentially suspicious activity, but as long as you're confident that the funds were obtained legally and you can explain how they were obtained, you should be fine.
You just need to declare the fact that you sold them so that you can pay the appropriate taxes in your jurisdiction. That way you shouldn't get any trouble for doing so (in theory).
You also need to comply with your jurisdiction's KYC regulations and use an appropriate exchange.
With larger amounts, you may have to fill out information about potentially suspicious activity, but as long as you're confident that the funds were obtained legally and you can explain how they were obtained, you should be fine.
If you have a big amount of BTC, is there a way to transfer or withdraw the amount without getting the bank or the authority suspicious of you?
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