Topic: Questionable wealth because of Crypto (Read 1023 times)
For now, it's not a concern. because bitcoin is now popular and all countries are connected to the internet. so I think you can show bitcoin and how it has been recognized by some countries. But it's different if in your country bitcoin is a prohibited currency.
BTC can't be blocked by governments. BTC is still legal, you keep telling them why you are rich that you invest in BTC. They can not make us so absurd, if we invest in loss, it will not affect them. If they do you, you have the right to voice your objection.
If you pay the taxes apropriately, there is nothing to fear at all.
If investing in Bitcoin is not illegal in your country, then you can explain your source of income to them as such, but if it is a prohibited investment, then you are likely to be fined, but will not be imprisoned!
If you want to stay safe, find p2p buyers who will give you cash for your bitcoin. Make multiple smaller transactions. No KYC, no paper trail, if you are afraid of being targeted for wealth or falsely accused. If you want to transfer your bitcoin to your bank account, document how you earned the bitcoin (print out any project descriptions, exchange logs, mining logs, forum posts, any way you can show source of transactions) and find a local lawyer who can give you better advice than here.
Doing your taxes while providing a record of your accumulation of wealth within crypto should be sufficient in avoiding any instance of becoming suspect to involvement in illegal activities. There still are gray areas concerning the reporting of crypto assets. Governments should be given time to adjust to the existence of a new digital currency, deciding whether they should attempt to regulate or altogether ban its use for its citizens. Either way, crypto can still be successfully used if they decide to do either.
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
Oh, That's to scary, But why should i need to explain them why i am become rich ? And i know the money i holding on is not from bad doing.
But if they question me ,Where did i get that money ? I could say to them that this is from bitcoin and if you dont believe me you could search it. The money i got is from the energy and knowledge that i contribute to bitcoin and this what i gain All of my money.
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
Track everything you do. Use a tracking service such as CoinTracking. Record all your deposits, withdrawals and trades. Seek appropriate tax advice and pay your taxes. You shouldn't have any problems.
Pay your tax, no matter the amount - No one can bother you then
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If you declared what is needed to declare and pay appropriate tax I think it is enough there is no questionable wealth because of crypto.or if that all are not sufficient show them the proof that you get all your wealth in crypto.
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Just declare your income so that you are taxable. Declaring your profit, your nature of business / source of income then you are safe.
If you just pay your taxes, you should have nothing to fear. So I see nothing wrong in becoming rich through bitcoin if you used it legally and pay your taxes.
You pay taxes for your Bitcoin earnings. They can't accuse you of anything illegal. However, it is difficult to pay the tax correctly.
One of the reasons people are tickled by Bitcoin is that nifty immutability thing. This means you can categorically prove when you received your coins, when you controlled your coins and when you sold them.
If you have a bank statement showing a transfer to an exchange to buy them and a similar one to receive the proceeds of the sale then there's absolutely zero question of the source of your funds. So what if your $100 turned into $10 million? It's your property that you sold on a legit market. You can prove it all.
Hang on to all of your private keys, including the empty ones, and you're bulletproof. People seem to be very cavalier with their records when it's no sweat to retain them and may well save your arse at some point.
If you have a bank statement showing a transfer to an exchange to buy them and a similar one to receive the proceeds of the sale then there's absolutely zero question of the source of your funds. So what if your $100 turned into $10 million? It's your property that you sold on a legit market. You can prove it all.
Hang on to all of your private keys, including the empty ones, and you're bulletproof. People seem to be very cavalier with their records when it's no sweat to retain them and may well save your arse at some point.
just show them how you get your bitcoin. give them the prove. if you are miner, ask them to go to your place to see your miner, if necessary. if you are trader, show them your trading account
You don't have to explain anything to anyone just pay your taxes that will be due based on how much you earn through cryptos. Crypto currencies haven't been declared illegal that you are fearing so much and there are billionaires who are investing millions of dollars into bitcoin and don't fear anything than why do you fear.
We don't need to make things complicated, just let us make sure that before we will buy something from our earnings here in bitcoin we have to make sure that we have done our part and that is to pay the right taxes before anything else, so no question will ask later. 
You don't have to explain anything to anyone just pay your taxes that will be due based on how much you earn through cryptos. Crypto currencies haven't been declared illegal that you are fearing so much and there are billionaires who are investing millions of dollars into bitcoin and don't fear anything than why do you fear.
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
If you live in a country where you are already paying taxes on your crypto earnings, then you should be fine. If you don't, then just make sure you keep a record of the transactions you have made so that you can provide proof that your earnings were legal, should you ever need to prove it (of course this is assuming all your BTC / crypto transactions were legal).
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